Insurance - Reference

[Skoda_Man]

People, I have gotten this from AXA insurance.

Just for your reference.

 

Zurich Insurance return a No-Quote.

 

Summary

1. Coverage amount - 80K

2. 10% NCB

3. Claim of less than S$5000 within the last 3 years.

4. No offence free discount

 

Cannot rememeber what other info did i give.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

 

Thank you for your request for our motor insurance quotation.

 

Based on the information you have provided, our quotation for your car is as

follows. Please note that this is an indicative quote and is valid for 60

days.

 

Motor Quotation Ref No.

Premium : $1765.54

Excess : $600.00

 

We are pleased to offer you a 10% discount if you sign an undertaking to use

only our AXA Premium Workshops for any accident repairs. Your basic excess

will also be waived should you make a claim under your policy.

 

The premium after the above discount will be $1588.99.

 

Our motor insurance plan "SmartDrive" for private motor cars, offers you the

following features and benefits :

 

 

[Perry]

can i check something with you?

what does "1. Coverage amount - 80K " stands for? how is this figure derived from?

is there any difference between this figure and "sum to be insured"?

 

tia:)

[Skoda_Man]

oh, there is a different between insuring your car at Market rate and a Fixed amount.

 

See I think my Octy is worth 80K thus I insure it at 80K instead of market rate which can be like 60K (??? - Up to the company to say when you claim against them).

 

Oh left out one very important point - Owner cum Driver is 30yo and above

[Sonnytay]

He he, don't be taken in by them. Even though you told them you intend to cover your car for 80k, they will still pay you their "market valuation" in case your car is beyond repair. Read her quote again, man. There had been quite a heated discussion before in the papers regarding this as well as insuring your coe component.

[Skoda_Man]

hehe, i don't know about that man. Time to read the fine print.

 

Wonder how do we calculate the value we want to insure for?

Number of years left x Dep amt - ???

 

Please give pointers.

 

Just contacted my NTUC agent, wah lau, he can still remember me when I mention my name. Not bad at all. Ask him to give me a quote for my Octy liao, let see how much will it be........ I am sure the price will sure go up

[Perry]

hi all,

 

we just got our renewal letter from ntuc today, so thought of posting it here to share with everyone, pls comment if it is ok?

 

excess: $500.00

gross premium: $1,485.00

less 20% ncd

less 6% special discount

net premium: $1,117.00 (option 1)

$1,022.00 (option 2)

option 1: with waiver of excess and free use of courtesy car

option 2: without waiver of excess and courtesy car

 

that's all:)

[Skoda_Man]

Perry, funny thing is that my agent called me and told me that my loading premium remains unchange.

 

I get an 10% NCB for this year so effectively I enjoy 10% off at 900 plus, cannot remember how much.

 

Got to wait for their letter next month.

[Veron]

What is loading premium? Why my premium so much higher than yours huh? BTW, I only have 6 yrs driving exp, n the car is under my name. U think they discrimate against female drivers?

[Skoda_Man]

No idea what is my loading premium. Frankly I have no idea at all how your premium is higher.

 

BTW, do yours truely have reach the BIG 30 already so maybe this offset the increase in premium.

[Sonnytay]

If you read the quote given to you by AXA, they have stated clearly vehicle is insured at market valuation in the unfortunate event of a total loss, inspite of you stating that you would like to insure the car at 80k. There had been complaints of insurers paying 'market value' instead of 'insured value' before, so insurers nowadays grown smarter, just state market value in their contract.

 

Anyway one caution - since we are driving a 'exclusive' marque, try not to bind yourselves to those insurance scheme where they tie you down to their authorised workshops, like the NTUC Quality scheme. You will cry if you suay suay kenna accident and cannot send your car to your own workshop nor the authorised agent! Their authorised workshop totally helpless when encountering skodas. How? 4 months now and my car still in it's F1 condition.