Car Insurance Refund

[Apple-Tree]

You can asked your car dealer to grab you NCD from your existing policy so that they can complete the registration.  Try to scrap and cancel your current policy as soon as possible, maybe within 2 weeks.

 

If not, after 2 weeks, the insurance company of your new car will probably issue you a letter to topup the premium within 3 days or void.

 

It happened to me before. The former ins don't want to release NCD. But problem solved by phone lor.

 

 

Do informed both insurance company about your intention.

 

 

  On 4/10/2016 at 9:17 AM, Ralliart_ray said:

I have a question, my Honda FIT is due for scrap this Jun 2016 (COE & insurance end together) , and my "new" car will be here this friday 15 Apr. Honda FIT has 40% NCD , how can the "new" car qualify to enjoy 40 or 50%% NCD? Do i have to scrap Honda Fit & cancel the insurance by friday?

 

[Axela72]

mine suck. will only pro-rate refund if less than 8 mth. New car received 2 week after 8 mth so not a single cent can claim back.

 

 

  On 4/9/2016 at 2:17 PM, BenTong said:

They might refund you in instalment

 

[Ralliart_ray]

  On 4/10/2016 at 10:25 AM, Apple-Tree said:

You can asked your car dealer to grab you NCD from your existing policy so that they can complete the registration.  Try to scrap and cancel your current policy as soon as possible, maybe within 2 weeks.

 

If not, after 2 weeks, the insurance company of your new car will probably issue you a letter to topup the premium within 3 days or void.

 

It happened to me before. The former ins don't want to release NCD. But problem solved by phone lor.

 

 

Do informed both insurance company about your intention.

 

Thank you, i am with AXA. I will call the insurance agent up tomorrow to find out more. Your advice is useful, thank you again for sharing with me.

[FordRelease]

thank you.. even if u got the refund...you still need to carry on with your bank installment. 

[themuseofepicpoetry]

Hi all, need some advice from you guys on this topic as well. 

 

It goes like this:

 

My Kia Picanto is due to be scrapped in Jan 2017 and my insurance ends in Oct 2016. I'm going to get another used car probably next month (June 2016) from a dealer, where if all goes well, I'll trade in my car with about 6 months left to the dealer also, for him to scrap or sell. (Not sure how this trading in thing goes as it's my first time but well, I'll leave it to the dealer, I don't expect to get much from my lil' old Picanto except the PARF/COE rebate or slightly above)

 

In terms of insurance, I will have to cancel my current insurance and get another one for the "new" (aka second hand) car, right? Will I be entitled to an NCD of 10% if I get a new insurance for the "new" car? I'm asking this because technically, it is only in Oct 2016 that I will be eligible for the NCD of 10%. However, there is only 4 months left, so I'm thinking if I can still be eligible for the 10% when I get the "new" car in June 2016?

 

The other thing is the refund. My insurance is with NTUC Income; will I get a refund since I will have 4 months left on the insurance? 

 

Appreciate all the advice I can get! Thanks much! :)

[polarusbearus67]

  On 5/25/2016 at 1:12 AM, themuseofepicpoetry said:

Hi all, need some advice from you guys on this topic as well. 

 

It goes like this:

 

My Kia Picanto is due to be scrapped in Jan 2017 and my insurance ends in Oct 2016. I'm going to get another used car probably next month (June 2016) from a dealer, where if all goes well, I'll trade in my car with about 6 months left to the dealer also, for him to scrap or sell. (Not sure how this trading in thing goes as it's my first time but well, I'll leave it to the dealer, I don't expect to get much from my lil' old Picanto except the PARF/COE rebate or slightly above)

 

In terms of insurance, I will have to cancel my current insurance and get another one for the "new" (aka second hand) car, right? Will I be entitled to an NCD of 10% if I get a new insurance for the "new" car? I'm asking this because technically, it is only in Oct 2016 that I will be eligible for the NCD of 10%. However, there is only 4 months left, so I'm thinking if I can still be eligible for the 10% when I get the "new" car in June 2016?

 

The other thing is the refund. My insurance is with NTUC Income; will I get a refund since I will have 4 months left on the insurance? 

 

Appreciate all the advice I can get! Thanks much! :)

 

I think that there are two things here.

 

First of all, you will get a refund of the "unused" portion of your insurance. This happens once you are no longer owner of the present vehicle

 

Second, you will need to get your NCD transferred to the new vehicle. usually the dealer will arrange it for you.

 

PB

[themuseofepicpoetry]

  On 5/25/2016 at 4:07 AM, polarusbearus67 said:

I think that there are two things here.

 

First of all, you will get a refund of the "unused" portion of your insurance. This happens once you are no longer owner of the present vehicle

 

Second, you will need to get your NCD transferred to the new vehicle. usually the dealer will arrange it for you.

 

PB

 

Thanks PB! Wasn't too sure about the NCD since I would have to reach Oct 16 in order for my insurance to hit 1 year and be applicable for the 10% NCD. I'll just have to ask the dealer if it can be done then :)

[Ralliart_ray]

  On 5/25/2016 at 7:12 AM, themuseofepicpoetry said:

Thanks PB! Wasn't too sure about the NCD since I would have to reach Oct 16 in order for my insurance to hit 1 year and be applicable for the 10% NCD. I'll just have to ask the dealer if it can be done then :)

 

highly doubt you will get 10% NCD next month

[flashbang]

  On 5/25/2016 at 7:12 AM, themuseofepicpoetry said:

Thanks PB! Wasn't too sure about the NCD since I would have to reach Oct 16 in order for my insurance to hit 1 year and be applicable for the 10% NCD. I'll just have to ask the dealer if it can be done then :)

 

No, you won't get the 10%. Same thing happened for me, terminated my insurance after 9 months and hence the time was "wasted".

[polarusbearus67]

Sorry bro,

 

I thought you already had 10% NCB. If you did, you could transfer it to your "new" car.

Whether you get 10% (or whatever) is determined by your eligibility at the point of transfer.

 

PB

[Kingkong]

My experience, which happened more than 10 years back, when the auto insurance industry were more relaxed then.

 

Cancelled the policy 8-9 months into it, with 10% ncd.

When getting a new policy from another company, told them I should be getting 20% soon.

They checked and really gave me 20%.

 

So just tell the next insurance company about it, no harm. They want your business, they'll give lor.

[themuseofepicpoetry]

  On 5/25/2016 at 5:16 PM, polarusbearus67 said:

Sorry bro,

 

I thought you already had 10% NCB. If you did, you could transfer it to your "new" car.

Whether you get 10% (or whatever) is determined by your eligibility at the point of transfer.

 

PB

 

No worries, happens to the best of us 

 

Looks like I'll be losing my NCD, although i can try to speak to the insurance coy.

 

One question though - do I let my dealer deal with the cancellation of my insurance and application for a new one, or do I source on my own? The last time I sourced on my own, the dealer somehow got it cheaper for me than what I got. This time, however, because there is also the cancellation and refund of my insurance, I'm not sure if I were to go through him or not? How about if I cancel the insurance on my own, and perhaps let the sourcing of the new insurance be under the dealer, if he gets it cheaper? 

 

Last question that doesn't really pertain to insurance   I'm looking to either trade in my car or have the dealer scrap it for me (COE expires in Jan 2017) since there are some issues with my gb and it's really up to the dealer if he wants to resell the car - in this case, how will the transfer of ownership work, if I do not want to hand over my IC to the dealer? Any ideas? 

 

All advice will be very very much appreciated!   Thanks all!

Also, thanks bros for all the advice given!

[polarusbearus67]

Bro,

 

My experience is that dealers can usually get it cheaper because many of them are also agents for the insurance companies. In fact, quite often they are in a better position to compare prices between the companies.

 

PB

[Axela72]

Why there are double standard? Mine same left with 4 mth to go but unable to carry forward to another insurance by taking the account of my previous 8 to 9 mth usage when change car.

 

My NCD still remain the same which mean my previous 8 to 9mth usage on my old ride has been wasted. I asked my previous insurancer what if I continue to use their insurance when change car. Their feedback is I can only get another 10% NCD more if I have completed at least of 11 mth of usage.

 

My doubt is, does NCD tight in with the owner usage aka base on experience of driving? why not? If yes, why need to start from 0 hr again (when change car) as I have already driven for the past 8 to 9th mth?

 

Personally, to be fair, they should charge me 3 to 4 mth w/o the additional 10% NCD whereas 8 to 9th mth with additional 10% NCD for my new ride.

 

 

  On 5/25/2016 at 6:54 PM, Kingkong said:

My experience, which happened more than 10 years back, when the auto insurance industry were more relaxed then.

Cancelled the policy 8-9 months into it, with 10% ncd.
When getting a new policy from another company, told them I should be getting 20% soon.
They checked and really gave me 20%.

So just tell the next insurance company about it, no harm. They want your business, they'll give lor.

 

[Kingkong]

  On 5/26/2016 at 3:25 AM, Axela72 said:

Why there are double standard? Mine same left with 4 mth to go but unable to carry forward to another insurance by taking the account of my previous 8 to 9 mth usage when change car.

 

My NCD still remain the same which mean my previous 8 to 9mth usage on my old ride has been wasted. I asked my previous insurancer what if I continue to use their insurance when change car. Their feedback is I can only get another 10% NCD more if I have completed at least of 11 mth of usage.

 

My doubt is, does NCD tight in with the owner usage aka base on experience of driving? why not? If yes, why need to start from 0 hr again (when change car) as I have already driven for the past 8 to 9th mth?

 

Personally, to be fair, they should charge me 3 to 4 mth w/o the additional 10% NCD whereas 8 to 9th mth with additional 10% NCD for my new ride.

No double standard lar. Just whether the new insurance firm is willing to give or not, that's all.

And assuming come renewal, we jump ship, they'll have to fork out that 10% to give the other firm lor.

[JCSL]

  On 5/25/2016 at 1:12 AM, themuseofepicpoetry said:

Hi all, need some advice from you guys on this topic as well.

 

It goes like this:

 

My Kia Picanto is due to be scrapped in Jan 2017 and my insurance ends in Oct 2016. I'm going to get another used car probably next month (June 2016) from a dealer, where if all goes well, I'll trade in my car with about 6 months left to the dealer also, for him to scrap or sell. (Not sure how this trading in thing goes as it's my first time but well, I'll leave it to the dealer, I don't expect to get much from my lil' old Picanto except the PARF/COE rebate or slightly above)

 

In terms of insurance, I will have to cancel my current insurance and get another one for the "new" (aka second hand) car, right? Will I be entitled to an NCD of 10% if I get a new insurance for the "new" car? I'm asking this because technically, it is only in Oct 2016 that I will be eligible for the NCD of 10%. However, there is only 4 months left, so I'm thinking if I can still be eligible for the 10% when I get the "new" car in June 2016?

 

The other thing is the refund. My insurance is with NTUC Income; will I get a refund since I will have 4 months left on the insurance?

 

Appreciate all the advice I can get! Thanks much! :)

If you are with NTUC, as Long as you pass 9months and change car but stick with NTUC, u will be awarded with 10% NCD and only NTUC does that, the rest, you will not get the 10% NCD

 

Another way to do, you let ur insurance run, do not cancel, buy your car on 0% first and once it hits 12months, cancel the insurance and port that 10% over to your current car and insurance company will refund you he diff... This is a "by left" method so exercise caution when meddling with this way

[Chrispie]

All these refund and reinstatement of ncd is suka Suka at times one. And I do think it is negotiable.

 

My case...

 

I was with direct Asia in my previous car. Kena accident and I eventually let go of the car. The case was pending then. I couldn't get a refund of unused portion due to pending case.

 

Then I got a new car with new insurer. As there's a pending case, I declared ncd as 20%.

 

Fast forward, case closed and I got 0 liability. Direct Asia gave me the refund upon submission of discharge voucher. New insurer also reinstated the ncd to 55%.

 

However, when I asked that my policy to include ncd protector, they say cannot as protector only comes with new policy. Abit kuku right.. That time even if I wanted protector also cannot since it was 20%. Now that it is reinstated, they say cannot because I didn't buy it at start of policy.

 

Now asking me to wait till one year is up. Kaoz... Still six months to go. If now till then kena anything... Sian half.

 

One of those strange logic of these insurance companies.

[Harvey_specter]

Need to touch on this topic..

 

Just enquired with Company N regarding car insurance refund for the remaining unused portion. They told me the refund will go to policy agent/cum car dealer and not directly to me, and i must go collect from them.

 

Reason given: Company N didn't directly received money from me. Instead Agent/cum car dealer was the one who paid the insurance to Company N on my behalf (although it was still my own money , E.g. i pay to agent, agent pay to company). Hence, Company N collected $$ from agent). So when refund, Company N also will reverse the process.  If I had paid Company N direct, then they'll refund me direct, which is not the case here. 

 

I found this reasoning absurd and unacceptable. I paid premiums to agent to pay for insurance, its my money. So, refund should come back to me, not via agent. How was I suppose to know they have this procedure, and no where in the policy certificate/document did they mentioned this.

 

When i buy the car at the time, surely is the dealer/agent who handle these administrative issues mah. (Although i scrutinise each and every cent i need to pay, penstroke that they write, word that they say, to make sure i'm always on my guard in case they don't pull stunt). Nothing personal against them, just doing my part to guard myself.

 

Not trying to be paranoid, but what if agent now pull a fast one on me and don't return my premium refund for any cock reason they can come up with? I don't think agent need to know whether i sell my car n refund insurance or etc. I bought car from him,  nego, paid $, he collect $ n commission, i drive off with car hoping no/little problems which doesn't require me to meet them ever again. Caveat Emptor. If service gd or can connect, may consider him again next time.

 

Not to say all agent/car dealers are crooks, but I personally try to minimise transacting with them as much as possible. I prefer a clean break after all the hassle of negotiating to buy or sell a car with these sales people. 

I cant recall if my previous car insurance refund with Company N also followed same process but i highly doubt this. I told them that i do not accept my refund be routed to the agent and escalated the matter, now waiting for response.

 

Anyone encounter this refund issue before? If yes, did the car dealer/cum insurance agent return your refund in full without hassle? Is this standard practice for insurance refund?