Car Insurance Refund

[Ody_2004]

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?

Normally if agent handle the payment i would write a personal cheque to the insurance company. Company N is not wrong if they received payment from agent instead of you.

[Harvey_specter]

Normally if agent handle the payment i would write a personal cheque to the insurance company. Company N is not wrong if they received payment from agent instead of you.

 Hii Ody, 

 

May i know the rationale behind this procedure?

 

Thanks for help/explanation as first time i heard of this n unable to find more info online. Even dig up the policy contract but can't find any info. Cheers

[Apple-Tree]

CONFIRMED NOT INCOME lor .....

 

Wah ....... Change new car ah ?

 

I INCOME one, I go any INCOME BRANCH, tell them I want to cancel policy.  Wait 10mins processing and they print me a cheque lor ...... IT IS THAT SIMPLE.

 

Go for INCOME.  INCOME very GOOD !!

 

 

 

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?

 

[Ody_2004]

Hii Ody,

 

May i know the rationale behind this procedure?

 

Thanks for help/explanation as first time i heard of this n unable to find more info online. Even dig up the policy contract but can't find any info. Cheers

I may be wrong but insurance company only refund to the one who pay them. Maybe it is the new Anit Money Laundering policy in place.

 

Many years back i paid for my insurance via credit card installments. When i cancelled it the insurance company refund me via cheque while i continue to pay the installments.

 

Just few days back when i purchased insurance i again pay via Credit card installments. However this time round they did not take full payment but only require me to pay 2 months upfront. When i cancelled it 2 days back they refund me via back my credit card.

 

So as long as u not the one paying them they won't refund to u. In my case they refund to my credit card company instead of me.

[Inspiring1804]

When I scrapped car, got balanced insurance left. But insurance coy said no refund. Paid means paid. Lucky the balance not much left. Lol.

 

I may be wrong but insurance company only refund to the one who pay them. Maybe it is the new Anit Money Laundering policy in place.

 

Many years back i paid for my insurance via credit card installments. When i cancelled it the insurance company refund me via cheque while i continue to pay the installments.

 

Just few days back when i purchased insurance i again pay via Credit card installments. However this time round they did not take full payment but only require me to pay 2 months upfront. When i cancelled it 2 days back they refund me via back my credit card.

 

So as long as u not the one paying them they won't refund to u. In my case they refund to my credit card company instead of me.

[Nzy]

When I scrapped car, got balanced insurance left. But insurance coy said no refund. Paid means paid. Lucky the balance not much left. Lol.

 

 

Which company? Mine got refund as long as the amount to be refunded is more than $25. Its prorated based on number of days left unused. 100% of the prorated amount if cancel and renew insurance with them. 85% of prorated amount if not getting another car insurance from them. Mine is NTUC.

[Bismarck]

When I scrapped car, got balanced insurance left. But insurance coy said no refund. Paid means paid. Lucky the balance not much left. Lol.

 

 

You involved in accident and someone claimed against you before? 

[Inspiring1804]

The coy is ah-vee-vah.

 

Which company? Mine got refund as long as the amount to be refunded is more than $25. Its prorated based on number of days left unused. 100% of the prorated amount if cancel and renew insurance with them. 85% of prorated amount if not getting another car insurance from them. Mine is NTUC.

Nope. None.

 

You involved in accident and someone claimed against you before?

[Char]

Any idea for AIG if cancel within first week ? How many percent refund?

[Jman888]

Any idea for AIG if cancel within first week ? How many percent refund?

Check if they have cooling off period.

[Char]

Check if they have cooling off period.

Bought new car AD quoted $2060 or pay $500 if own insurance . Not sure can be done this way ?

1) take insurance from AD $2060

2) cancel AD insurance after collected new car

3) insured own insurance $1450

any idea AIG impose how many percent fee for early termination?

Edited June 5, 2017 by Char

[Mahjong74]

Bought new car AD quoted $2060 or pay $500 if own insurance . Not sure can be done this way ?

1) take insurance from AD $2060

2) cancel AD insurance after collected new car

3) insured own insurance $1450

any idea AIG impose how many percent fee for early termination?

 

 

You can get around 80% refund according to AIG FAQ

 

http://www.aig.com.sg/personal/frequently-asked-questions/car-insurance-faqs#accordion-child_pr_cr_cr_accordion_8

Edited June 5, 2017 by Mahjong74

[Char]

You can get around 80% refund according to AIG FAQ

 

http://www.aig.com.sg/personal/frequently-asked-questions/car-insurance-faqs#accordion-child_pr_cr_cr_accordion_8

Thanks ! Only 80% meaning $412 penalty ...

[Char]

Just to check anyone can give advice is it compulsory must buy any workshop plan for the new car ? In the event of accident must send back to AD workshop ?

[Kangadrool]

depending on you and your circumstance.

 

If you paid full cash already and title of car belongs to you, heck care about warranty, 3rd party cover also can.

 

A damage which can be settled outside $500-2K out of pocket could easily cost $5-10K at AD or claimed under insurance.

[Char]

depending on you and your circumstance.

 

If you paid full cash already and title of car belongs to you, heck care about warranty, 3rd party cover also can.

 

A damage which can be settled outside $500-2K out of pocket could easily cost $5-10K at AD or claimed under insurance.

Since I paid cash liao think just to get Authorised WS plan which is cheaper than any workshop plan .