Insurance Matters...Pls share your views

[Kwchan]

Now you got headache, supposed to report to insurance company within 24 hours all accidents. I am not sure of outcome, but life is gonna be hard either way now....

 

Sorry I got no advice to add beyond that as I dun know what will happen

 

reported insurance company within 24 hrs already, only 2 mths later then received lawyer letter from the other party trying to make claim. now forwarded the letter to insurance company see how are they going to settle

 

hope they don't blur blur and make full payment for such excessive claim, and then load everything to me on next renewal

Edited December 8, 2009 by Kwchan

[Logistic]

 

 

 

From what I know a non driver is able to buy insurance and engaged someone else to drive.. The non driver is the car owner, but he/she is not driving the car.

 

if the insurance premium is charged based on the insured or the main driver? (in the case that the insured is a non-driver)

 

I mean if a person(non-driver) buy a car insurance for his/her car, will the insurance companies quotes the premium based on the age of the non driver who will be the insured of the car.. or based on the age and experience of the main driver that will appear on the policy?

 

In this case, is NCD awarded to the insured ( the person who pay for the insurance) or given to the main driver whose name appear on the policy?

 

anyone has such encounter?

 

Hi Dreamzzlandz,

 

The insured should normally be the owner, but in your circumstance, the main driver should be indicated as "named driver" in the policy. NCD will be awarded to the owner/insured and not the named driver.

 

Let me know if you need further assistance.

 

Cheers,

Edited December 8, 2009 by Logistic

[Swoosh]

Anyone insured with Royal & SunAlliance ( RSA ) before?

[Ghostrider]

Insurance company should make it clear from the start the loading factor for a particular make/model.

 

Its just plain b-------t that they come out and say later that the model has a particular higg loading.

 

What you have posted is useful....so at least those who buy those high loading cars know what they are in for. For me...when I bought the WRX, I was thinking like 2K for my premium but the first year...1,7K only...then next year...nothing changed.....2.4K....3rd renewal....2.8K.

[Iisterry]

how come dun have subaru? WRX in particular? haha

 

by the way, how the number works? bigger the better or smaller? can explain in detail?

 

thanks!

 

Subaru - 17

 

Certain cars have additional loading dependent.

 

Eg:

Coupe - 10

High Performance / Turbo - 18

 

The higher the points, the higher the premium. Different companies also allocate differently depending on their risk appetite & history.

[Kb27]

Subaru - 17

 

Certain cars have additional loading dependent.

 

Eg:

Coupe - 10

High Performance / Turbo - 18

 

The higher the points, the higher the premium. Different companies also allocate differently depending on their risk appetite & history.

Now I know why one particular company won't even bother to quote me.

 

If it so happened that some cars of a particular make signed up with this company and make a lot of claims, then it's considered high risks. So just go to another without this history of claims. It's a little lopsided, bcoz they wrongfully penalized ALL drivers of that make.

[Dwoon]

Trajet is only 2..... wah.... insurance must be really low for this model.

[NissanGTR35]

Maybe should create one more topic containing the loading of the common cars in Singapore and make it sticky. This is great consumer advice if potential buyers want to save on expensive insurance.

[Tonyhawk]

wah excellent info.

 

that kind of data SHOULD be published, how can a consumer make a decision on which car to buy based on imperfect information?

 

i think whatever governing insurance body should force the issue onto the insurers to make such data disclosure compulsory.

Edited December 16, 2009 by Tonyhawk

[Forrestcat]

So much speculation going on around.

 

Insurers do not give you an exceptionally low premium for first time buyers in order to "bait" you into the cycle. If you premium rises during your renewal through no fault of yours, its because premiums have risen across the board.

 

You can easily verify this by offering the same profile for a quote but change the personal characteristics accordingly.

 

Inflated claims are causing the high premiums. Especially those that fake their injuries.

 

You may occasionally find that certain insurers charges a very high premium for certain make/models. This is due to their risk management. They may have bad experience with that particular car, too much insured on hand relative to proportion, etc...

 

When insurers pay-out for personal injury claims, they give an estimation based on market rate (other claimants experience) and decide whether to contest the claim. Does this sound suspiciously like HDB pegging new flats to resale value? Its a vicious cycle.

 

Let me give the loading for a few common make/models from a certain insurer. Your premium is not just based on this factor and might vary from time to time. The loading changes from time to time. Your mileage may vary.

 

Audi 80 - 12

Audi 100 - 12

Audi A3 - 10

Audi A4 - 12

Audi A6 - 14

Audi A8 - 20

Audi Q7 - 15

Audi RS6 (High Perf) - 14

Audi S3 - 11

Audi S4 - 13

Audi TT (High Perf) - 14

BMW 1 series convertible - 20

BMW 1 series coupe - 20

BMW 1 series sedan - 16

BMW 3 series convertible - 30

BMW 3 series coupe - 30

BMW 3 series sedan - 11

BMW 5 series - 14

BMW 6 series cabriolet - 18

BMW 6 series coupe - 18

BMW 7 series - 18

BMW X3 - 14

BMW X5 - 21

BMW X6 - 21

BMW Z3/Z4 - 18

Honda Accord - 15

Honda Airwave - 22

Honda

[Iisterry]

You can always give your profile and ask around for some quotes regarding the different cars you have in mind first before committing.

 

Then again, you have to see which kind of people likes to drive those cars too as this year low risk cars might suddenly be the next trend for the young drivers.

[NissanGTR35]

You can always give your profile and ask around for some quotes regarding the different cars you have in mind first before committing.

 

Then again, you have to see which kind of people likes to drive those cars too as this year low risk cars might suddenly be the next trend for the young drivers.

Does that mean unpopular cars gives low insurance?

[Tonyhawk]

Does that mean unpopular cars gives low insurance?

 

unpopular among the young will give low insurance. camry/vios all very low loading. i suppose you could infer they are unpopular among the hotheaded.

 

Interestingly, the latio is more than double that a camry. freak.

 

Nissan GTR - 32

Nissan Latio Sport - 18

Nissan Murano - 11

Nissan Qashqai - 16

Nissan Skyline - 32

Nissan Sunny - 12

Toyota Allion - 8

Toyota Alphard - 15

Toyota Axio/ Corolla Axio - 14

Toyota Camry - 8

Toyota Estima - 7

Toyota RAV4 - 15

Toyota Vios/Soluna - 6

Toyota Wish - 10

Edited December 16, 2009 by Tonyhawk

[Iisterry]

Does that mean unpopular cars gives low insurance?

 

Insurance is a form of risk pooling/sharing. If the car belongs to a niche segment, eg: low ownership, the corresponding premium attached will be very high too.

 

I believe insurance was first conceived by the pioneer batch of ship owners. They pooled together a sum of money to give to the families whose sea-faring participant did not make it back.

 

Those typically perceived as "uncle" type of cars generally have low premiums if you understand which I'm referring to. Its because the risk profile of their typical drivers are low.

 

Loading for make/models can also double or halve during a point revision depending on the accident/claim rate.

[Introz]

Maybe one day.. all the car owners gang up and bang each other and then claim..

 

[Nethdale]

Hi there,

 

I need yr advice on my accident happened during Aug 09. Story cut short. After the accident, I claimed my own insurance and had the car repaired at an authorised workshop approved by my insurance coy, China Ins. During the next few day after the accident, the other party called me saying his repair cost estimated to be $2200+. His estimated cost was estimated by NTUC or Comfort Delgro, his insurance coy. He asked me whether do I want to pay for his repair cost? I said it does not make sense as I already claimed my own insurance and get my NCB slashed. I asked him to talk to his insurance coy.

 

Today, I just received a call from his wife, saying that they received a letter that my authorised w/s is claiming against his insurance coy. What am I supposed to reply them? They asked me to drop the claim, which I did not initiate the claim but is my insurance coy. What should I do? Do I have the right to drop the claim against his insurance coy? What is your advice. Damn confuse now.

 

Looking forward to your valuable advice.

 

Cheers

[Iisterry]

...

 

It depends on the nature of the accident and whose is liable.

 

If the other party is liable and you have claimed on your own policy, your insurer will then claim from the other insurer. You do not have the authority to drop the claim as your insurer has already paid for the repair. They have taken over the "right to claim" from you.

 

Its like drunk driving. All insurers do not cover accidents caused while under the influence of alcohol. However if law dictates that they are required to pay, they will in turn claim the damages from you, the policyholder.

Edited December 17, 2009 by Iisterry

[Nethdale]

It depends on the nature of the accident and whose is liable.

 

If the other party is liable and you have claimed on your own policy, your insurer will then claim from the other insurer. You do not have the authority to drop the claim as your insurer has already paid for the repair. They have taken over the "right to claim" from you.

 

Its like drunk driving. All insurers do not cover accidents caused while under the influence of alcohol. However if law dictates that they are required to pay, they will in turn claim the damages from you, the policyholder.

 

Hi Iisterry,

 

Tks for your prompt reply. First of all, my case looks like 50-50 as most the workshops claimed. I was travelling straight when his vehicle cut into my path and I hit his rear.

 

I think his wife called me because I think (maybe wrong) they claimed their own insurance (1st party claim) like what I did, however, am I right to say that I believe their insurer did not follow up with a 3rd party claim unlike my insurer?

 

Since they have taken over the "right to claim" from me, shall I reply to them by saying "leave it to the insurance coy to handle"? I don't want them to go after me! Sian.

 

Next, since the right had been taken over from me as I can't do anything? I just wish to know whether can the other party re-launch the claim against my insurance coy, if they had not done so?

 

I am tired about all these.

 

Once again, looking forward to hearing yr advice again. Thank you very much.