Ghostrider 3rd Gear January 14, 2013 Share January 14, 2013 I wonder if the sky high COE will effect the premium of insurance. Last time back in 94-96 when COE was sky high (Cat B COE hit 100K) insurance company give options not to insure the COE component. ↡ Advertisement Link to post Share on other sites More sharing options...
Nine_eleven 2nd Gear January 14, 2013 Share January 14, 2013 it should not at all. coe is proportionately recoverable by surrendering it back to LTA once vehicle is scrapped upon total loss. damage to vehicle after accident has no impact on coe value also. Link to post Share on other sites More sharing options...
Kangadrool Supersonic January 14, 2013 Share January 14, 2013 By right, should have NIL or negligible effect. By left, ............... Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear January 14, 2013 Author Share January 14, 2013 Why I ask this is because back then when COE was high making cars expensive and insurance up to their usual no good...insurance premium was high as well (by those days standard)...people start to cow peh why premium so high...so they offer you to op out the COE. IMHO...makes cow sense to insure the COE...which is 100% under written by LTA....hahahahaha...you used up how much of your time...they deduct accordingly and refund you the balance. But let see if insurance will be creative and start charging higher premium becos of high priced cars. Link to post Share on other sites More sharing options...
Kar_lover Supercharged January 14, 2013 Share January 14, 2013 No. At the point you purchase car, your SA will already be able to advise you on your premium without knowing how much the COE will be. So no relation. COE is not hardcopy, cannot be burnt, lost or stolen. Link to post Share on other sites More sharing options...
MTRAC Neutral Newbie January 14, 2013 Share January 14, 2013 Nowadays, most insurance companes allow you to buy insurance with or without COE coverage, premium slightly different. Link to post Share on other sites More sharing options...
Veryfree Clutched January 14, 2013 Share January 14, 2013 I wonder if the sky high COE will effect the premium of insurance. Last time back in 94-96 when COE was sky high (Cat B COE hit 100K) insurance company give options not to insure the COE component. The car value today devalues slowly than the rate of COE. The cost of insurance depends very much on the type of car and the driver's background/history. In an event of total loss, insurance only pays OMV price of the car, it may be very low. FYI : Mercedes C180 S$35k +/-, BMW 328 $40k +/- when new. Link to post Share on other sites More sharing options...
Pisces69 6th Gear January 14, 2013 Share January 14, 2013 Why I ask this is because back then when COE was high making cars expensive and insurance up to their usual no good...insurance premium was high as well (by those days standard)...people start to cow peh why premium so high...so they offer you to op out the COE. IMHO...makes cow sense to insure the COE...which is 100% under written by LTA....hahahahaha...you used up how much of your time...they deduct accordingly and refund you the balance. But let see if insurance will be creative and start charging higher premium becos of high priced cars. Its just another trick by our ins co. to charge pple more. COE sud not affect yr premiums cos it only comes into play when car is total loss n scrapped. Then ins co just need to recover yr balance coe value from lta. Our ins co very tricky. Better shop around fr an honest n reliable ins co. Why ty offer to insure coe or not? The coe value is not paid out by ins co in event of claim. Well maybe ty just pay u 1st then immediately recover amt from lta. Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear January 15, 2013 Author Share January 15, 2013 The car value today devalues slowly than the rate of COE. The cost of insurance depends very much on the type of car and the driver's background/history. In an event of total loss, insurance only pays OMV price of the car, it may be very low. FYI : Mercedes C180 S$35k +/-, BMW 328 $40k +/- when new. I tot its quoted as market rate for total lost. If its OMV only, then its really short change. They derived "market rate" from the resale market. Then take a average of the price of the same model...same year, same month. OMV is used by Customs to compute the tax and for LTA to derive the PARF value only. Worst case would still have scrape value which is a combination of PARF + scrap body price (depending on market rate). Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear January 15, 2013 Author Share January 15, 2013 Its just another trick by our ins co. to charge pple more. COE sud not affect yr premiums cos it only comes into play when car is total loss n scrapped. Then ins co just need to recover yr balance coe value from lta. Our ins co very tricky. Better shop around fr an honest n reliable ins co. Why ty offer to insure coe or not? The coe value is not paid out by ins co in event of claim. Well maybe ty just pay u 1st then immediately recover amt from lta. Hahahahhaa....didn't know you could put honest and reliable with the term insurance company....is there such a thing ?? Link to post Share on other sites More sharing options...
Pisces69 6th Gear January 17, 2013 Share January 17, 2013 Hahahahhaa....didn't know you could put honest and reliable with the term insurance company....is there such a thing ?? U hv a very good point there. Her. But after aunty lucy i used avavia n their premiums went up i tried direct asia. Cheapest i cud find n so far very good. No problem. Keeping my fingers crossed. Link to post Share on other sites More sharing options...
A5SB 1st Gear January 17, 2013 Share January 17, 2013 I wonder if the sky high COE will effect the premium of insurance. Last time back in 94-96 when COE was sky high (Cat B COE hit 100K) insurance company give options not to insure the COE component. Bro... it's affect, not effect. Let try not to drop to EDMW standard... Back to the topic, insurance premium WILL go up whether or not COE goes up. That's because they are a bunch of greedy fellas. Motor Insurance in Singapore is a legalised scam, in case you have not noticed it. Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear January 18, 2013 Author Share January 18, 2013 U hv a very good point there. Her. But after aunty lucy i used avavia n their premiums went up i tried direct asia. Cheapest i cud find n so far very good. No problem. Keeping my fingers crossed. Direct Asia no issue as long as there are no claims against them... They have issues with pple filing claims against them hahahaha...that is the main complain I hear so far. Try Chartis...they seems to be aggressive to gain market share...offering competitive premiums. Link to post Share on other sites More sharing options...
Pisces69 6th Gear January 18, 2013 Share January 18, 2013 Direct Asia no issue as long as there are no claims against them... They have issues with pple filing claims against them hahahaha...that is the main complain I hear so far. Try Chartis...they seems to be aggressive to gain market share...offering competitive premiums. Oh chartis better? U got their contact no. N person who gives good service? Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear January 18, 2013 Author Share January 18, 2013 Drop you a PM on the contact. Link to post Share on other sites More sharing options...
Pisces69 6th Gear January 18, 2013 Share January 18, 2013 Drop you a PM on the contact. Ok got it. Tks. ↡ Advertisement Link to post Share on other sites More sharing options...
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