Why directasia car insurance so cheap?

[Dafansu]

i tried out the virtual quote from Aviva and DA and they are pretty cheap being DA the cheaper ones.

my current car insurance i paid about $1700plus for 1st year,2nd year $1800plus and 3rd year $2200 plus with increased NCD yearly.

i changed insurer on the 3rd year because my usual premium was very high for 3rd year and i switched to ACE which was the cheapest i sourced.

this year i should be getting DA.so much cheaper.

it doesn't make sense when my NCD increase and premium also increase every year.knn.

 

 

but are the coverages the same?

[Turbonetics]

but are the coverages the same?

 

 

Aviva excess is $2000 and DA excess is $600.

what other coverages are there?

[Kb27]

Other optional coverage from DA:

 

My workshop

Medical expenses for driver and passengers

Personal Accident for driver

Loss of use (10 days per accident / 20 days per policy year)

No claim discount protection

Repatriation costs

24-hour breakdown assistance

 

Other insurance will also have various forms fo added coverage and thus higher premium.

 

Whether you need it or not is up to individuals assessment.

[RunForrest]

Like any other product, the insurance company only offers it because it makes them money.

 

Make out of that what you will.

 

Yes, they make $ when you don't claim. And they lose when you do. And when they lose $, they up your premium. it's a cycle.

[Agentwilson]

swee swee...

renewed liao...now w directasia...

$1253...

 

Chartis quote 1.8k

开玩笑~

[Tigerwoods]

I thnk basically those new Insurance companies are trying to capture a segment of the car Market that have Max % NCB.

These are the drivers that have clean record and the risks are much lower and most of their Insurance payments can say go straight to their profits.

 

Other established Insurers, have Chap palang cars from high risk to NCB 50% ones.

If I'm DirectAsia, anyone with NCB 50% I give the best quotes. Woon woon jiak bee hoon one.

They are cherry picking all the goodie goodie drivers like me...

[Good-Carbuyer]

I thnk basically those new Insurance companies are trying to capture a segment of the car Market that have Max % NCB.

These are the drivers that have clean record and the risks are much lower and most of their Insurance payments can say go straight to their profits.

 

Other established Insurers, have Chap palang cars from high risk to NCB 50% ones.

If I'm DirectAsia, anyone with NCB 50% I give the best quotes. Woon woon jiak bee hoon one.

They are cherry picking all the goodie goodie drivers like me...

Fully agree that is the precision business profit strategy, like operating religion business: profit by providing imaginary product/service

[Elt12]

fren impreza . axa quote 4.3k

 

da only 2k.

 

go for da immediately.

[Shanhz]

2. Direct Asia are very aggressive in fighting fraudulent claims

 

i like this

[Shanhz]

DA's list of appointed workshops very CMI.

 

did anyone top up $95 for own workshop?

for sure, i will get NCD protector coz already 50%.

 

i had a major accident and my AD did a fantastic job on the repair. as good as new and they realy changed every bloody thing. for $95, i will definitely top up

[Shanhz]

guys, how is the "tree falling down", flood and Act of God clauses like? do consider these.

[Klein]

guys .. please take note of the usage terms on the car. Private usage is cheap the rest are only about 10 to 20 bucks cheaper than my AXA.

 

i travel to work with my car so i cannot select Private usage.

 

Well but for now, you can select for private but just during claims might have more explanation to do?

[Jman888]

i had a major accident and my AD did a fantastic job on the repair. as good as new and they realy changed every bloody thing. for $95, i will definitely top up

 

 

take note the excess is another $1500 if opt for your own workshop

[Kenneve888]

your broker don't know his work. NCD protector is good. Usually it's additional 10% of your premium.

 

For eg. if your insurance premium is $1000 for next renewal. And they load you say 20 percent for a claim and make it $1200,

if you do not have NCD protector, then your NCD would be 20%, which means u got to pay $960.

If you have NCD protector, then your NCD would still be 50%, and u only got to pay $600.

Not to mention the savings for the next few years if your NCD got to slowly climb back from 20%.

 

Does this makes sense to you ?

 

NCD protector in my opinion is just another way to fleece our hardearned money.

 

Using your example, 10% protector (ie $100) the previous year just to save on the "potential" increase of $360 ($960-$600) the following year is BUT not making sense at all. Taking into account the probability of making a claim, and own claim in this case (cos 3rd party claim will not affect our NCD), it is a ripped off. IT IS THROWING AWAY GOOD MONEY INTO THE DRAIN, my friend.

 

 

As for the statement in red, it makes sense NOT to buy the protector cos he following year the NCD without protector will increase to 30% while if you have a protector, it will still be 50% which is the max.

 

Your example above doesn't make sense to me.

Edited November 14, 2010 by Kenneve888

[Shanhz]

i juz read the 21-page policy details doc.... i tink i will stay clear of DA. too many small print.

 

eg:

claims not payable due to "loss or damage caused by or by leaving your car in an unsafe position after it broke down". damn ambiguous. i'm not sure if other cos also have such clauses?

 

do take note if u insure under "private use only" u can't even drive the car to work! be very careful.

Edited November 14, 2010 by Shanhz

[Lightbringer]

Insurance premium is much more complex than what it seems. NCD protector sounds nice and apparently everyone should get it.

 

But if you look at how they work the numbers, they start from the actual premium like say $2000 and starts deducting downwards, your ncd, COM, etc.. and add upwards like gst or other "value-added" options like NCD protector, your own preferred workshops..etc.

 

Imo, value-added options are usually their "bonus" and bigger margins if you don't use it.

 

With each year, the insurance premium starts from a different level making it difficult to calculate if your ncd protector is really worth it.

Premium has been rising for the past few years due to the claims and accordingly they are "making a loss" and trying to recoup their loss.

 

We can talk insurance and re-insurance and there's a market for it, if the insurance company can make money.

 

If you lose money, they will adjust their rates accordingly or get out of this business.

 

Now, whether you think your NCD protector is worth it..I guess it's up to individuals to do their homework.

 

I have 50% ncd for the past few years and I don't pay for the protector. I don't make a claim so I can't tell you if it's worth it this year or the next.

 

As I said, premium calculations is very dynamic year upon year.

 

Easier way to put it across such that most people will get it is why buying insurance in a baccarat game is almost always a bad idea. Percentages... really tricky things ;)

 

[Kiadaw]

i juz read the 21-page policy details doc.... i tink i will stay clear of DA. too many small print.

 

eg:

claims not payable due to "loss or damage caused by or by leaving your car in an unsafe position after it broke down". damn ambiguous. i'm not sure if other cos also have such clauses?

 

do take note if u insure under "private use only" u can't even drive the car to work! be very careful.

Drive to work not covered. LOL. I guess only good for OPC cars for weekend duties.

[Oimvl]

DA is angmoh company.

If you're scared of angmoh company, then there are many you should avoid like RSA, AIG, AXA ...etc and just support NTUC.

 

DirectAsia is not angmoh but 100% Singaporean. Checked before buying and found out that mother company and DA are both headquartered in Singapore. Not just a small branch of a big angmoh company.