Axa policy cancellation

[Wpower]

I tried to cancel my policy and asked about the refund.

 

they told me there will be no refund due to a windscreen claim!!!!!  anyone experience this bs?

[Shibadog]

i was told the same thing... no refund due to a windscreen repair (not replacement)

[Soya]

Wah sei...ppl oredi lugi pay for windscreen still want refund ah?

[Kb27]

Windscreen replacement if you pay out of pocket already $300~ $500+

[Wpower]

Windscreen replacement if you pay out of pocket already $300~ $500+

 

first time I heard of such policy term

 

in the past, even after own damage claim and cancellation, still manage to get a refund from them.

[Kb27]

first time I heard of such policy term

 

in the past, even after own damage claim and cancellation, still manage to get a refund from them.

 

Maybe you should read their T&C

[Andyngps]

That is why if can dong without changing windscreen, do not change until towards end of insurance period.

[Ingenius]

Just curious why you all had your wind screen changed ?  Accident ? 

[Kb27]

Free windscreen coverage can be "abused", so insurance are just covering themselves.

 

Example, you have a 3rd party only insurance, it doesn't cover windscreen.

 

You get a chip on the windscreen and you want to replace it with a new one. So you wait or terminate your 3rd party insurance and get one with comprehensive which cover windscreen.

 

Then you claim windscreen and try to terminate comprehensive to go back to 3rd party.

 

This doesn't affect your premium loading bcuz it's not accident claim, and insurance lose money.

 

Of cuz, they will be trying to cover up any loop holes.

[Mustank]

need a new windscreen?

 

[Shibadog]

in my case, it was a windscreen chip repair, which would hv cost me $50 if I paid for the repair myself. Decided to claim repair (since it doesn't affect NCD and they payout a $50 bonus for not doing a replacement windscreen). Strangely, in the paperwork that was submitted, the insurance company was billed >$200.... go figure.

 

the car had 4 or 5mths left on the insurance policy which was not refunded. Insurer wld still have made money on the policy even if they did a pro-rated refund.

 

Needless to say I didn't go back to them.

 

on another note:

when I was living abroad, my car suffered a massive crack in the windscreen and had a replacement windscreen claimed under insurance. This insurance premium was abt sgd400 at that time. The cost of replacing the windscreen was sgd3k as it had to be brought in from japan. When I renewed the insurance policy, the premium went up... but only to sgd500. I was expecting a much higher jump.

[Shibadog]

Free windscreen coverage can be "abused", so insurance are just covering themselves.

 

Example, you have a 3rd party only insurance, it doesn't cover windscreen.

 

You get a chip on the windscreen and you want to replace it with a new one. So you wait or terminate your 3rd party insurance and get one with comprehensive which cover windscreen.

 

Then you claim windscreen and try to terminate comprehensive to go back to 3rd party.

 

This doesn't affect your premium loading bcuz it's not accident claim, and insurance lose money.

 

Of cuz, they will be trying to cover up any loop holes.

 

they cover themselves to the point where customers with genuine cases are exploited and screwed. Consumers don't have much of a choice due to (1) compulsory insurance and (2) few choices of insurance companies - ologopoly effect

 

also, there is a difference between premium loading and NCD. One can have NCD maintained but annual premium still goes up due to "market forces".

 

windscreen change - there is usually an excess payable to deter pple from abusing the coverage.

 

in the example given above, the insurer can look at the history of the customer (repeated early termination on the same car) and use that as basis for premium pricing. But I guess it's easier (and more $$ to be made) by covering themselves.

[Kb27]

they cover themselves to the point where customers with genuine cases are exploited and screwed. Consumers don't have much of a choice due to (1) compulsory insurance and (2) few choices of insurance companies - ologopoly effect

 

also, there is a difference between premium loading and NCD. One can have NCD maintained but annual premium still goes up due to "market forces".

 

windscreen change - there is usually an excess payable to deter pple from abusing the coverage.

 

in the example given above, the insurer can look at the history of the customer (repeated early termination on the same car) and use that as basis for premium pricing. But I guess it's easier (and more $$ to be made) by covering themselves.

 

There are insurance with $0 excess for windscreen change.

I've had it for a couple of years.

 

I'm not here to defend insurance companies or anyone, but with anything else, people will try to abuse where money is concerned.

 

Obviously, no need to mention those ws who fraudulantly jacked up repair costs to profit themselves and split them with the customers.

 

Need to claim windscreen? Just smash it and bill to insurance company.

Insurance companies always pay out without verifying right ?

 

But the end process of any fraud, comes back to the consumers.

Insurance companies raise premium.

The only people laughing to the bank are the workshops.

Edited October 14, 2015 by Kb27

[Andyngps]

One thing i do not like current insurances are that you can never get back time-based refund. In the past if i change ride, i can get back whatever insurance premiums unused. Nowadays its tiered. Si bei bo hua.

[RadX]

Wah sei...ppl oredi lugi pay for windscreen still want refund ah?

[flashbang]

One thing i do not like current insurances are that you can never get back time-based refund. In the past if i change ride, i can get back whatever insurance premiums unused. Nowadays its tiered. Si bei bo hua.

 

Actually I just got back my premium refund, which was somewhat prorated. Paid 2.1k + 500 for 3 months extension. Got back 750 for 5 months 2 weeks of remaining insurance. Better than nothing.

Edited October 14, 2015 by flashbang

[Wpower]

Actually I just got back my premium refund, which was somewhat prorated. Paid 2.1k + 500 for 3 months extension. Got back 750 for 5 months 2 weeks of remaining insurance. Better than nothing.

lucky you

[HamtayoChan]

Still on AXA policy cancellation issue, I sold my car nearly 2 months ago and have requested for policy cancellation a few days after that. The policy still had 10 months of unused portion, so I should receive some refund for it. However, I haven't received any cheque in my mailbox as of now. I am wondering whether it is normal that the cheque issuance could take this long.