Worring trend in motor insurance

[Altivo]

Hi All,

 

I discovered that nowadays, insurance companies will use the number of reported incident you made to price your insurance premium. This is regardless of whether you are at fault or not, or whether any claim is being paid out. As long as you made a report, they will use it to increase your premium.

 

I need to renew my insurance soon, went through an agent to get quote from RSA after declaring that I have an accident 2 years ago. The premium was $9xx. When I decided to renew with them, they pointed out I have made another report last year. Despite telling them that last year incident was not my fault because I was hit by another car from the rear while my car is stopped, and I didn't made a claim against the other party, RSA still increase my premium to $10xx.

 

DA also practise the same method in pricing premium.

 

So the lesson learnt is that if you do not intend to make a claim, do not report the accident even though your inurance company ask you to. You only penalize yourself.

 

Not new.

 

2 yrs ago, HSBC refused to renew my insurance cos I reported 3 accidents as part of the new regulation back then. All 3 accidents were not my fault - twice was rear-ended while my car was stationary at red lights. Once was hit by a car turning out of a car park while I was travelling straight on the main road. For all these 3 accidents, I didn't even claim a single cent from my insurance. All was paid for by the other parties. Yet HSBC refused to insured me citing I am "high risk".

[Limws1]

i was told by DA that i need to increase my premium 6 months after i sign with them due to a accident i was hit by e back 2 years ago..

 

i seriously need to consider to renew with DA again.. i should have choose that india dunno what insurance..

 

This happened to me also. Got penalized because I made a report when someone else hit me. Beware of DA, report windscreen damage also consider as accident report.

[Jp66]

I never reported any incident but premium still go up every year

[Limws1]

Not new.

 

2 yrs ago, HSBC refused to renew my insurance cos I reported 3 accidents as part of the new regulation back then. All 3 accidents were not my fault - twice was rear-ended while my car was stationary at red lights. Once was hit by a car turning out of a car park while I was travelling straight on the main road. For all these 3 accidents, I didn't even claim a single cent from my insurance. All was paid for by the other parties. Yet HSBC refused to insured me citing I am "high risk".

 

Our insuance companies are penalizing drivers who report accidents nowadays. Next time, better to settle privately and complete private settlement form and don't report accidents.

[Nf0rc3r]

Hi All,

 

I discovered that nowadays, insurance companies will use the number of reported incident you made to price your insurance premium. This is regardless of whether you are at fault or not, or whether any claim is being paid out. As long as you made a report, they will use it to increase your premium.

 

I need to renew my insurance soon, went through an agent to get quote from RSA after declaring that I have an accident 2 years ago. The premium was $9xx. When I decided to renew with them, they pointed out I have made another report last year. Despite telling them that last year incident was not my fault because I was hit by another car from the rear while my car is stopped, and I didn't made a claim against the other party, RSA still increase my premium to $10xx.

 

DA also practise the same method in pricing premium.

 

So the lesson learnt is that if you do not intend to make a claim, do not report the accident even though your inurance company ask you to. You only penalize yourself.

 

An increment of juz 100+ is because its not ur fault. But lets be realistic. Their statistics of cos show that ppl in accidents not their fault have a higher chance of getting into an accident (Which makes sense)

If its ur fault u can be prepared for increment of premium of few hundred to thousands. Not juz 100+.

Its all risk vs how much to charge for them and yes. By being in an accident that is "not ur fault". U now belong to a group that is higher risk. (But still lower risk den ppl who are in accidents which are their fault)

[Altivo]

Our insuance companies are penalizing drivers who report accidents nowadays. Next time, better to settle privately and complete private settlement form and don't report accidents.

 

yup... agreed.

[inlinesix]

The one before the Japanese insurer took over insuring of the largest taxi fleet.

What is the 1st & last alphabet?

[Good-Carbuyer]

I never reported any incident but premium still go up every year

+1

[Good-Carbuyer]

What is the 1st & last alphabet?

Heard more than a year back. Something to do with India. So sorry, unable to recall the details. Perhaps you can check with taxi drivers.

[Booboon]

rsa is one kind of insurer,accident never claim also up yr insurance

[inlinesix]

Heard more than a year back. Something to do with India. So sorry, unable to recall the details. Perhaps you can check with taxi drivers.

Don't listen to taxi drivers lah. Any insurance co that take up Taxi fleet will loss $$.

[Good-Carbuyer]

Don't listen to taxi drivers lah. Any insurance co that take up Taxi fleet will loss $$.

Read somewhere last year, that almost half traffic accidents involved taxis

[Happily1986]

Don't listen to taxi drivers lah. Any insurance co that take up Taxi fleet will loss $$.

 

there was indeed one brave co that try to cater to taxi insurance and toh very soon after that right?

[Xers007]

what can we do, this issue has been happening for ages and our brilliant mind try to come out with IDAC but look what happen.... haizz

[Beonhah]

Insurance =blood sucker. Whether u claim or did not claim every year oso up up up!If u din claim,every year u got 10% NCD discount But before tat already increase 15% .If u claim,when u renew take back from u too... :angry:

[inlinesix]

there was indeed one brave co that try to cater to taxi insurance and toh very soon after that right?

Got meh? The most lost $$ big time & next yr don't renew.

[Kiadaw]

Singapore insurance are indeed as world class as our ministers, the price at least.

 

However drivers ( not all, but huge number)in Singapore have to take a big slide of the blame IMO.

 

Everyone & their dogs know rear collision is the main clause of accident, & more amazing know how to avoid them ( like keep safety distance), but die die so many drivers drive like rushing to meet their makers.

[RHC]

Singapore insurance are indeed as world class as our ministers, the price at least.

 

However drivers ( not all, but huge number)in Singapore have to take a big slide of the blame IMO.

 

Everyone & their dogs know rear collision is the main clause of accident, & more amazing know how to avoid them ( like keep safety distance), but die die so many drivers drive like rushing to meet their makers.

 

Accident avoidance via defensive driving is key in order not to get involved in one. As Kiadaw rightly pointed out; so many ppl tailgate because they are afraid other cars cut their lane. It's just plain stupidity. I always hear from friends so-and-so kenna rear-ended or bang into other's rear all because of not keeping enough safety distance.

 

Having upgraded my brakes (and having shorter braking distance); I try not to do hard braking to avoid accidents by keeping at least a few car length distance from the car in front of me when i drive on expressway. The rationale is even though I may brake in time and wont bang the car in front of me in an emergency; I cannot guarantee the car behind me wont hit me. At the very least, provide some safe distance for everyone to stop safely.