Insurance to cost more.... WTF!!!!!

[Kb27]

This problem will continue as long as insurance companies take the easy way out and load everybody else.

 

In the meantime, everybody is encouraged to change every part possible to maximize claims.

Workshops are part of the scam bcoz they make tons of money.

[Albeniz]

Unless there is a big penalty on making false claims or if the false claims and workshops have to pay all legal fees and such, then will this problem cease.

 

Yes, should impose heavy penalties on those cheats.

 

 

 

 

[Sabian]

Time for renewal

 

was insured with lonpac $636 (30% ncd)

checked with msig $774 (40% ncd)

 

41% increase!! (if without the extra 10% ncd this year)

[Albeniz]

The government should step in to do something about the absurd insurance. The companies are getting out of hand.

 

 

 

[RadX]

Acherlee it is those gungho drivers who bring up the premiums...Those of us who pay 50% NCD should nt be bearing the brunt

[Sabian]

Time for renewal

 

was insured with lonpac $636 (30% ncd)

checked with msig $774 (40% ncd)

 

41% increase!! (if without the extra 10% ncd this year)

 

Update: Managed to get $654 (40%+5% NCD) from RSA.

 

So for those looking ard, RSA seems to be a gd place to look at. (>30yr old+clean driving record, tom yam opc altis)

[Vroomtattat]

The government should step in to do something about the absurd insurance. The companies are getting out of hand.

 

Not professional at all, just want to make tons of money . . . . . Kracccccck PUI.

[Thug]

From Straitstimes.com

 

"Motor insurance to cost more

 

INJURY claims arising from road accidents nearly doubled last year to more than 16,000, and motorists at large are expected to foot the bill.

Citing such claims as one of the causes for last year's motor insurance underwriting loss of $214 million - an all-time high - the General Insurance Association (GIA) said on Thursday premiums may rise this year. Yet again.

 

The average motor premium has been creeping up since 2006. Last year, it shot up 15 per cent to $1,013 - the sharpest in years.

 

This year, the Big Three - NTUC Income, AIG and AXA - have indicated that they will raise rates. Income said its premiums will go up by 20 per cent 'on average', while the other two did not have figures on hand.

 

The rises come in spite of repeated attempts by the trade to check fraudulent or inflated claims, which the GIA said were largely responsible for the losses.

 

Last year, the industry - consisting of 27 insurers - paid out $742 million in motor claims, up from $582 million in 2007.

 

Motorists got into 17 per cent more accidents last year, resulting in 473 reports of scrapes a day. But these resulted in a far bigger jump in injuries - an 86 per cent jump to 16,174 reports last year.

 

Mr Pui Phusangmook, the GIA's motor convenor, said many insurers are facing 'multiple injury claims', many of which are suspicious. He cited the example of an accident that resulted in minor dents on the bumper of an old Japanese car. But its driver and four passengers filed injury claims exceeding $40,000. 'Their medical reports were from a family clinic, and were almost identical,' he said. 'Only the names were changed.'"

 

NBCCB....................

 

I think its quite unreasonable for those who has never made any claim to raise the premium altogether.

They should raise those who made claims only. Seriously, 16,000 claims is only a fraction of the number of cars in singapore. To make higher premium for all motorist is unreasonable.

[Mikeyeo]

I feel that it is simply unjustifiable to impose the insurance premium increase across the board just because of a few black sheeps. Car owners like me who have maximum NCB still have to pay more for the premium.

 

To be fair to car owners with clean record or those with certain percentage of NCB, what the GIA should do is to evaluate the past records of individual vehicle owner and compute the premium charge accordingly.

 

For those vehicle owners with bad records, they should be charged higher premiums as they deserved to pay higher insurance premiums.

 

I read in the TODAY newspaper today that IDAC who was supposed to provide independent and fair accessment of the vehicle damages is one party that has caused the escalation of the repair claims. It was also mentioned that the assessments by IDAC is a failure.

 

The most fair way in assessing the premium charge should be based on the vehicle's owner driving record and should not be one system applies to all. Besides being the easiest way of making money from vehicles owners, the motor insurance companies are doing less work.

 

If our CPF and income tax departments are so competent in computing our CPF contributions and taxable incomes respectively, I don't see why GIA can't do the same.

[Hamburger]

Not professional at all, just want to make tons of money . . . . . Kracccccck PUI.

i still prefer ur "sak kin" avatar

[Hkspower323]

I agree that those drivers not at fault should not be penalised.

 

but if we were to solely penalised the driver at fault, be it lousy driver/suay factor/tiredness etc which caused the accident and load on the driver, the renewal premiums will be sky high. Would the driver be happy? If you were the one, would u be happy? I guess some might have to give up driving.

 

I myself may not like what bigger insurance companies are quoting me for my premiums, but i understand why they are doing so. Imagine the majority of market share is with them. With so many pplp, the percentage of accidents are high.high accidents = high loss = high premiums

 

I belive smaller insurers are the ones who can afford to offer lower premiums to attract customers as their market share is small hence small percentage of accidents which relate to less cost and lower premiums.

 

therefore when customers complain abt high premiums and jump ship to another insurer, the insurer will have higher market share = higher percentage of accidents = higher chance of loss = higher chance of premiums.

 

 

so those who blow up the claim amt and claim third party is indirectly causing the increase in premiums to be loaded on to the rest and in time to come may affect the person who started it as well.

I sure if someone bang into you, you would want to max the claim such as if bumper got dent, do you think u just want to knock back and spray? surely u would want to change a new bumper etc. worst still if the person u bang into has a policy which allows to go back Agent wkshop. The repair cost is worst...

 

 

If one would be reasonable and claim reasonably and not blow up the claim cost, we would not be facing such issues.

 

 

[Getzoooom]

... if only rule change.. and car does not need any insurance paper to be on road...

 

then insurance company will panick..

[Getzoooom]

but if we were to solely penalised the driver at fault, be it lousy driver/suay factor/tiredness etc which caused the accident and load on the driver, the renewal premiums will be sky high. Would the driver be happy? If you were the one, would u be happy? I guess some might have to give up driving.

 

They did it, they face it. so be it necessary to give up driving.

 

If u r suay and accident, is it my problem? if u r tired and still drive and accident, is it my problem??

 

same, if I suay and accident, issit your problem??

if yes, give me ur phone number.. next time I give u a call...

[King]

i kena accident,

agent quote me repair 6k, i was shock...

my repair only three hundred, i no $$$ , ask them claim my insurance

 

wow, they quote 9k.....

what u think, of course our insurance go up

[Kezg1]

 

 

 

Of coz they know is a fraction... but they also know they can just capitalise on it... we are meat on the chopping board.

[Eddymerckx]

To quote Shakespeare : "Something is rotten in the state of Denmark"... Or should I say, the auto insurance industry?

 

Similar to another poster's experience, years back I hit a Chevy's rear at a filter lane when moving off. Pretty minor cosmetic damage and I went through the IDAC process. They photographed the damage to my car and presented a 'report'. It claimed there was extensive damage to the radiator etc which I then questioned. Their reply was that was their independent, expert assessment.

 

I did not send out my car to be repaired immediately as I was still mulling whether to claim or pay out of pocket.

 

Until that is, I was notified that the other party was claiming over $8k in damages.. I mean the rear bumper has no critical component (unless you define reverse sensors as critical), it's just a big piece of plastic that's designed to crumple. Even the rear lights weren't damaged. I told all these to the insurance company but of course, they threw back the standard, "you have to engage your own legal representative to challenge the claim."

 

So, as anyone would do, i said "Screw that" and claimed everything on insurance...

 

just goes to show that the insurance industry is NOT INTERESTED IN POLICING THE CLAIMS. They just wan to grab our cash, invest it and earn a tidy sum from it. If claims go up, adjust the premiums. IDAC is a BIG FAT SCAM cooked up on the pretext of neutrality. Their just another layer in the system to fleece your insurance dollars.

 

And it gets better, with the recent restructuring of the GIA policy.

 

Mid last year, a car tried to squeeze at the Johor custom and there was some front bumper rub. No dents, only paint rashes on the front bumpers. My colleagues told me I needed to report anyway to prevent false claims by the other party (heard too many horror stories by others experience) so i went and report.

 

End year, the insurance company jacked up my renewal some 30-40%. I called for an explanation and they said it was SOP to treat a "PENDING" claim as if it was CONFIRMED, meaning you lose your NCD and they load up your premium. Even though its been >6 mths since the incident and the other party has not made any claims. They will close it only after 1.5 to 2 years.

 

So go figure, we're SCREWED if report and we're SCREWED if we don't.

 

Doesn't that make you wonder about the rotten smell coming from the industry?

 

 

 

[Kb27]

If someone is claimed dead, a $1 mil policy is claimed, there's insurance investigation.

But unlike motor insurance, they can't load everybody else who has personal insurance.

 

That's the difference.

[Header]

Until that is, I was notified that the other party was claiming over $8k in damages.. I mean the rear bumper has no critical component (unless you define reverse sensors as critical), it's just a big piece of plastic that's designed to crumple. Even the rear lights weren't damaged. I told all these to the insurance company but of course, they threw back the standard, "you have to engage your own legal representative to challenge the claim."

 

If I were u, I will screw them. Under civil/ criminal law, we can rep ourselves. Legal rep is not a must!

 

 

End year, the insurance company jacked up my renewal some 30-40%. I called for an explanation and they said it was SOP to treat a "PENDING" claim as if it was CONFIRMED, meaning you lose your NCD and they load up your premium. Even though its been >6 mths since the incident and the other party has not made any claims. They will close it only after 1.5 to 2 years.

 

I will really f*** them if this happen to me. They think they can 'borrow' $$ from us free? Any refund must be made with interest AND refund the higher premium they have charged becos they lock us in for 1.5-2 yrs.