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MediShield premiums could rise, Health Minister says Updated 02:29 PM Mar 07, 2012 SINGAPORE - Health Minister Gan Kim Yong said MediShield premiums are due for an increase soon. Mr Gan, speaking in Parliament at the Committee of Supply debates today, said the premiums "need to be adequate to sustain MediShield members' claims and to fund future liabilities under the scheme". "As MediShield premiums are set to be sustainable for a five-year period and the last increase was in 2008, we are due for the next update soons," said Mr Gan, noting that MediShield has paid out 21 per cent more in claims each year between 2008 and last year, during which time the premiums collected grew by only 10 per cent a year. "Ultimately, MediShield operates on a not-for-profit basis, with premiums actuarially calculated to cover expected payouts and meet risk and reserve requirements. The reserves ensure that MediShield will be able to honour policyholders' future claims." He said a 45-year-old may see a premium increase of S$7 per month, with younger age groups seeing a smaller increase, while a 75-year-old could see an increase of S$25 per month. To offset these increases, a one-time Medisave top-up of up to S$33 per month was announced in the recent Budget for all Singaporean policyholders to help cushion the impact of the increase. In addition, older policy holders who are beyond the re-employment age of 65 will receive direct and long-term assistance via Medisave top-ups under the GST voucher scheme, up to S$37.50 per month which can offset the premium increase in full. CHANNEL NEWSASIA URL http://www.todayonline.com/Hotnews/EDC1203...h-Minister-says Copyright 2012 MediaCorp Pte Ltd | All Rights Reserved

I was quoted $900 just for 4 months extension. I am driving a bread and butter Civic not some WRX or EVO. Yes I had a side swipe incident early this year but the claim amount was 3K, not those heavy repairs or total lost kind. Some of the items was not even repaired because it wasn't due to the incident. Insurance companies are just giving out quotes so they could have double digit growth in profit every year. If the authorities can look into kopitiam trying to profit 10 cent from every cup sold why can't they look into insurance companies or workshop who writes their own pay cheque?

In Jan, I reversed into a 5-series while doing a 3-pt turn. I was slowly doing reversing while he chiong and try to squeeze through. bang into 3 panels. two doors and last panel. anyway, say so much also no use. i reverse sure i lose right? so after negotiating, almost settle with him 1.5k cash. Last minute did not materialise and he went PM to repair. 6 moths later, still no update from my insurer and this morning called them, guy said case closed long ago 6k. wah lao.. i tot supposed to inform me if any claims made against my policy? made me worry for so many months that it will be a giant claims. he went back PM and changed 3 panels and est 5 days loss of use. 6k quite ok rite? never tock me i think. juz do good his car. I just curious next round what is the increase in premiums like? I heard under 10k claims the increase should be minimal rite? vis-a-vis paying 1.5k to private settlement, i should be "earn" rite?

So will we see a lower premium? ------------------------------------ Taken from Yahoo News Motor insurers in Singapore finally got themselves out of the red after suffering from five consecutive years of losses. Last year, the local motor insurance industry achieved an underwriting profit of S$21.2 million

>> ASIAONE / MOTORING / NEWS / STORY Thursday, Nov 10, 2011 AsiaOne COE premiums up to $78k for cars By Tony Ng Certificate of entitlement (COE) prices for cars above 1,600 cc and the open category, usually used for cars, hit a 17-year high after the close of November's first bidding exercise. Except in two categories, most premiums were on the up. Prices for cars above 1,600c went up to $77,000, a 1.5 per cent movement. The open category, usually used for cars, saw the biggest hike for passenger cars. It rose 6 per cent to $78,001. Click here to find out more! The last time these two categories saw higher price levels than these was back in September 1994. COE prices for Category A (cars 1,600cc and below, including taxis) had scant relief as it dipped from $56,112 in October's second bidding to $55,997, a 0.2 per cent change. Among all, commercial vehicle COE premiums had the biggest increase. It went up 10.2 per cent to $40,803. Motorcycle premiums ended lower at $2,012. READ ALSO Singapore's motor traders submit feedback to Govt on COEs

SINGAPORE - Certificate of Entitlement (COE) premiums surged across the board in yesterday's latest round of bidding, days after the Land Transport Authority (LTA) announced a cut in the vehicle population growth rate. COE for cars above 1,600cc chalked up the biggest rise, as it went up 19.3 per cent to end at S$75,889. COEs for smaller cars up to 1,600cc and taxis surged by 11.6 per cent to end at S$56,112. Both premiums are now at their highest in 14 years. Open category COEs, which can be used for any vehicles but are mainly used for cars, closed at S$73,600 - an increase of 13.1 per cent. Motor traders were not surprised by yesterday's results and cited last week's announcement, which drove panic buying among potential car owners. The LTA said last Friday that Singapore's annual vehicle population growth rate would be slashed to 0.5 per cent from the current 1.5 per cent by August next year. Mr Chin Kee Min, senior manager of distributor Kia Motors, spoke of a doubling in weekend car sales following last Friday's announcement. "A lot of people thought that there would be an increase in prices in the short term, so a lot of people rushed in to buy," he said. "A lot of the distributors also rushed to secure the COEs and, therefore, being a demand and supply game, you drive up the prices." Motor traders also appeared more aggressive in yesterday's latest round of bidding. For example, there were 873 bids received in the small cars category, which was a 10-per-cent rise compared to the previous bidding exercise two weeks earlier. COEs for goods vehicles and buses increased by 12.8 per cent to S$37,011, while motorcycle COEs inched up by 0.63 per cent to S$2,091. http://www.todayonline.com/Singapore/EDC11...it-14-year-high

Prices for certificates of entitlements (COE) have soared to record highs on the back of an announced reduced vehicle growth rate. The premium for a small car (cars 1,600cc and below, including taxis) COE ended at a 15-year high of $56,112. This was an increase of 16.9 per cent from the previous premium of $48,006 at the last bidding on Sept 21. Premiums for big cars (above 1,600cc) saw the biggest jump. It closed at $75,889 up from $63,600, an increase of 19.3 per cent, also a 15-year high. The last time buyers saw such prices was back in 1997 -- when COEs were still separated into seven categories. The open category, usually used for cars, also crossed the $70,000 mark. It finished at $73,600 up from $65,058, an increase of 13.1 per cent. Commercial vehicle premiums increased the least -- it ended 12.8 per cent higher at $37,001. Motorcycle premiums remained marginally unchanged at $2,091 from $2,078. Fewer COEs to come Last Friday, the Government had announced that Singapore's annual vehicle growth rate will be lowered gradually over the next three years as annual road growth could not keep up with the increase in vehicles. The current 1.5 per cent growth will be cut to an effective one per cent next year, and 0.5 per cent in 2013 and 2014. In practice, the vehicle cap will remain at 1.5 per cent for the first half of the quota year -- February to July 2012. The cap rate will be slashed to 0.5 per cent for the second half of the quota year spanning from August 2012 to January 2013. The new COE quota for February to July 2012 period will be announced in mid-January 2012. Given that the current motor vehicle population stands at 952,009 as of September this year, a 0.5 per cent cap means only about 4,760 vehicles will be added the following year, The Business Times reported. This will then affect the COE quota, which is a function of the stipulated vehicle growth rate, the number of COEs needed to replace deregistered vehicles in the previous six months, and the adjustment for overprojections of vehicle deregistrations in the 2008 to 2009 period. In a Facebook post last Friday, Transport Minister gave the reassurance that COE quota numbers should be 'relatively stable'. Mr Lui said: 'I believe that the graduated changes we are making, coupled with the expected increase in the de-registration of vehicles, should result in relatively stable quota numbers over the next one year or so. 'And if the de-registration trends remain generally stable, then it is likely that we should see higher quota numbers from 2013 onwards.' http://motoring.asiaone.com/Motoring/News/...019-305931.html wow

Certificate of entitlement (COE) premiums for small cars (1,600cc and below, and taxis) have hit a 10-year high at the end of July's second open bidding exercise, 4pm today. The premiums increased by 0.02 per cent, compared to July's first bidding, to end at $56,002. Back in November 2008, a small car COE was going for as little as $2. COEs for big-engined cars (above 1,600cc) increased by 5.8 per cent from July's first bidding to end at $72,501. Click here to find out more! Those of the open category took a bigger hike. It rose by 8.3 per cent to end at $74,490. COEs under the open category can be used for any vehicle type but usually ended up being used for cars. Commercial vehicle premiums also ended higher at $34,502. Motorcycle premiums was the only category to see a relief in prices. A certificate now costs $2,012, down from $2,360. High COE prices have sent Japanese makes struggling, as sellers of cheaper cars with smaller profit margins are often outbid by those with larger profit margins, an ST report said. Recent data from the Land Transport Authority revealed that German marques have remained in the top 10 bestsellers list for the first half of the year, with BMW claiming the top spot. In the first six months, 2,479 new BMWs were registered, followed by Toyota's 1,986 cars. In third place was Mercedes-Benz with 1,943 cars. Volvo managed to overtake Porsche to clinch the 10th place by June. DEMAND FOR OFF-PEAK CARS DROP July 2nd bidding Category COE price Cars (1600CC & below) & taxis $56,002 Cars (above 1,600CC) $72,501 Commercial vehicles $34,502 Motorcycles $2,012 Open category $74,490 Off-peak cars are the biggest victims of the soaring COE prices so far, registering only 426 units in the first half. This marks an 80 per cent decrease from the same time last year. On the other hand, the shrinking COE supply has favoured used car dealers. 34,620 used cars were transacted, as compared to 9,070 in the same period last year. Mr David Ting, deputy editor of SPH Magazines' automotive monthly Torque, likened Singapore's automotive market to that of Hong Kong in an earlier interview. Hong Kong's roads are dominated by premium makes. Mr Ting noted that many premium car makes are competing in the small car segment now, traditionally a category for bread-and-butter makes. Volvo dealer Wearnes Automotive recently introduced three 1.6-litre cars into the segment. He said: "For better or for worse, we may be heading towards a premium car market." source http://motoring.asiaone.com/Motoring/News/...720-290117.html

Money not enough! You might be used to hearing this complaint from your fellow man on the street, but in recent years, even the bigwigs at the major insurers on our shores seem to be singing the same tune. As insurance premiums are hiked repeatedly, the insurance industry frequently trots out figures to show that it has been chalking up losses to justify the price hikes. The underlying assumption is simple; insurers are businesses accountable to shareholders and are under no obligation to subsidize the driving costs of Singaporeans. Fair enough? Perhaps not so. It must remembered that unlike most other insurance products, motor vehicle insurance is mandatory. It is mandatory as a matter of social policy. The powers that be do not want a situation where drivers cause damage to lives and property but are unable to compensate the victims for the losses incurred. It is fine and dandy to take your own risks, but not for innocent victims to do so. That is why third party insurance is acceptable. And herein lies the great difference, motor vehicle insurance is a matter of providing a social benefit. When we look at all other forms of mandatory insurance in Singapore, we can see that insurers charge a low and competitive premium. So why not for motor vehicle insurance? Now, the next line of argument that the insurers might bring up would be that the social policy is a matter determined by the state and they, as private entities, can voluntarily decide when they wish to toe the government's line. Fair enough? Once again; perhaps not so. Ultimately, corporations owe their birth and right to do business to the state. The state grants these corporations limited liability; it grants these insurance companies the right to be involved in insurance. What the state gives, it can take away. It is not an entitlement that they are allowed to run their billion dollar empires. With this in mind, it is of course unrealistic to expect an industry used to cushy profits to suddenly become social minded. The best way to deal with this problem is for the government to step in. And I don't mean pushing the insurers to keep insurance affordable. I mean a true overhaul of the system - make motor vehicle insurance voluntary and set up a simple claims framework for victims to put up a quick claim (like the small claims tribunal). No lawyers, no insurers. If you are insured, your insurer will simply pay on your behalf after the determination of liability is made. If you are not insured, the victim has the full gamut of court enforcement against you and your property. If that is insufficient, the remainder will come from the assurance fund. This assurance fund will be funded by part of COE takings. In return, COE will be adjusted so there is a minimum bid of $X where $X represents the flat fee that every new car buyer should put into the assurance fund. No more feeding the insurers unless you want to. No more bearing the increase from reckless drivers and inflated claims unless you want to.

SINGAPORE : Motor insurance premiums will continue to go up this year as insurers look to recoup underwriting losses, said the president of the General Insurance Association of Singapore (GIA), Derek Teo. GIA said the industry's underwriting losses widened to S$48.9 million, some S$4 million higher than in 2009. Last year, the average motor insurance premium rose 6.5 per cent to S$1,100. In 2009, it had increased by a larger 20 per cent. GIA said the two major floods last year led to 428 motor insurance claims amounting to S$11.6 million. The number of reported accidents in Singapore also remained high at some 162,500 last year. Motor insurance accounts for the largest slice of the general insurance pie, making up roughly 40 per cent of the industry. - CNA/al

http://www.channelnewsasia.com/stories/sin...1112147/1/.html SINGAPORE: Singapore car registrations dipped almost 40 per cent in 2010, as sky-rocketing Certificate of Entitlement (COE) premiums put off prospective buyers. COE premiums saw a record jump last year, with a 163 per cent increase for vehicles with engine capacity of more than 1600cc. Premiums rose 96 per cent for vehicles below 1600cc and more than 200 per cent for the open category in the same period. However, registrations for luxury cars moved in the opposite direction last year and January data shows more high-earners here are keeping up with a speeding economy. Luxury car dealerships are seeing more buyers, bucking sluggish demand in the broader auto market. BMW registrations in Singapore grew 21.4 per cent last year; Mercedes Benz saw a 17.7 per cent jump. Registrations for luxury sport autos have seen an even bigger increase. Car registrations for Porsche rose 48 per cent last year, while those for Ferrari went up a whopping 116 per cent. This compares with a 39 per cent drop in registrations in the overall auto market in Singapore. Karsono Kwee, Executive Chairman of Stuttgart Auto (Porsche), said: "I've been in the Porsche business for the last 25 years. Last year was a record year for us." According to luxury sports auto dealerships, the bulk of demand came from high-earners, such as lawyers and bankers. And these individuals may have spent their year-end bonuses chasing speed. Last month saw 97 registrations for Porsche, almost six times the December figure of 17. James Bond's favourite Aston Martin saw five registrations in January, compared with just two in December. Analysts said that with the economy growing strongly, pay packages for top executives will rise further, giving them more spending power. Pan Zai Xian, Director of Financial Services and Legal at Robert Walters, said: "A lot of compensation has been raised in the last year. I think last year has been a great year when people spend...like upgrading their vehicles before the COE prices come up. I think that's quite typical, in luxury brands we see that as well." And with pay packages expected to rise again this year, especially for those in the higher-income bracket, demand for luxury cars like these may just continue to go up. - CNA

THE last bidding for certificates of entitlement (COEs) ended with little relief for car buyers as premiums breached the $70,000 mark. Category B COE, used for cars above 1,600cc, cost $72,001 apiece. This was a 15.2 per cent increase from the last bidding two weeks ago. The only time Cat B premium crossed the $70,000 mark was 13 years ago - from July to October 1997. The open category, mainly used for cars, saw the biggest increase of 17.3 per cent. An Open Cat COE now costs $76,102. There was a little relief for budget car buyers. The premium for Cat A COE dropped to $46,129, a 3 per cent decrease. Premiums for commercial vehicles also ended higher at $33,501. Motorcycle premiums dropped to $1,551. Readers have expressed shock at the increase in prices. One user commented that for the price of a COE, she could buy a BMW in other countries. Premium car buyers unaffected But despite COE prices forming a larger part of car prices today, premium car buyers are still unaffected. Mr Joel Chang, executive director of Munich Automobiles, said that buyers of premium cars like BMW M are still not put off by the high prices. Munich Automobiles is the official distributor for BMW M cars. December 2nd bidding Category COE price Cars (1600CC & below) & taxis $46,129 Cars (above 1,600CC) $72,001 Commercial vehicles $33,501 Motorcycles $1,551 Open category $76,102 A BMW M3 costs around $350,000 with COE. Said Mr Chang: "Our customers have been quite anxious to get hold of their cars because they know the premiums are going to increase further." Small volume players like them are unlikely to be affected, he said. Sales have been strong for the operator of the first M showroom in the world since they opened five months ago, with more than 50 M cars sold. Added Mr Chang: "COE prices will go up further with the impending decrease in supply of COEs expected in February." Source http://motoring.asiaone.com/Motoring/News/...222-254201.html

Shell-shocked distributors await today's COE bidding They expect rivals to bid strongly; not all dealers are afraid of higher premiums By SAMUEL EE (SINGAPORE) COE premiums should stay flat or rise slightly in today's final tender for the year, say some shell-shocked motor distributors, who expect a couple of their competitors to continue bidding strongly to fulfil back orders. 'Our showroom has been quiet since the last tender,' says one senior manager of a popular make of car with a sizeable showroom in the Leng Kee Road motor belt. 'We are not the only ones who were shocked by the COE increases.' In the bidding exercise for certificates of entitlement (COEs) a fortnight ago, passenger car COE premiums skyrocketed to 13-year highs, with Category A - for cars under 1,600cc - jumping $8,604 to $47,604, while Category B - for cars above 1,600cc - soaring $14,612 to $62,502. Cat E - the open category - surged $15,010 to $64,900. Dealers and buyers were stunned not only by the new heights reached but also by the sharpness with which they rose. Even immediately after a freak result, such as a $2 Cat A COE in November 2008, or the $200 Cat B COE in January 2009, premiums have not risen as significantly in recent memory. 'It was a perfect storm of stiff competition, shrinking quota and strong economy,' says the boss of a premium dealership. 'Everyone expects the COE quota to be cut from February, and the consumer wants to get a car now, either because he is afraid premiums will go higher or because he wants a new car for the Chinese New Year, or both. As for distributors, they have to do some window dressing before the year-end, so everyone just went for it.' As a result of the sharp increases, consumers in general seem to have given car showrooms a wide berth over the past two weekends. 'I had to look twice at my neighbour's showroom the other day just to make sure it was open and not closed,' says a sales manager half in jest. 'The parking lot was almost empty.' But he adds that fewer new orders collected over the past fortnight may not lead to lower premiums today. 'I know for a fact that one of the big Cat A players has not secured COEs for half of the orders they had two weeks ago,' he explains. 'And a couple of Cat B distributors will also need to pick up some too.' The distributor of one European make disagrees that all showroom traffic had virtually disappeared. In fact, he welcomes the higher COE premiums because he says they make his slightly more high-end brand more attractive. 'We still had a few customers coming in soon after the last bid results,' he says. 'These are the serious buyers.' He says having more upmarket customers has helped his sales, as has the foreign exchange rate. 'Those who are eyeing our cars can afford the COE price increases. And with the euro being more competitive than the yen, we have more room to manoeuvre financially,' he explains. 'So while most prospective buyers are holding back because of the high COE premiums, there have been some new orders for those makes at the upper end of the segment. Where premiums are headed today depends on whether these new orders are enough to push them higher than what they are currently,' he says. He adds: 'And don't forget the taxi companies. Once they go in and start bidding, Cat A will not fall.' Source http://www.businesstimes.com.sg/sub/news/s...,418627,00.html

2 admit phantom accident Two men pretended to be hurt so that scam mastermind could claim insurance money By Khushwant Singh (ST 14 Aug 2010) TWO men who pretended to be victims in a four- vehicle traffic accident in return for $200 to $500 never saw the money. Instead Lim Jit Meng, 47, and Foo Tze Chiang, 41, are now facing up to 2 1/2 years in jail and a fine. The mastermind behind the scam, Ong Ai Peng, had planned to claim $9,355.05 on each of them in personal injury insurance claims from India International Insurance (III). Both men pleaded guilty yesterday to insurance fraud committed between July and September 2008. Foo's mother, Lim Mui Fong, 65, another phantom victim, had her guilty plea rejected when she said she had no idea what she had been involved in. According to court documents, Ong, 48, had approached her at a coffee shop on July 15 after he heard there had been a traffic accident involving a taxi and three other vehicles in Sembawang Road. ________________________________________________________________________________ ________ Yet another unscrupulous act by individuals which would continue to drive up our car insurance premiums! Hope that justice be served accordingly and that a clear signal be sent to "would be" scums thinking of siphoning money from innocent people. Let this too be a lesson for insurance companies. They should thoroughly investigate each case before becoming overly eager to pay up and send the bill to the innocent! :angry: Kudos to III ! Can't say much for our local insurance giant though !

Now Singapore drivers are a varied and diverse bunch but there is one thing that most of us unanimously hate - increasing motor vehicle insurance premiums! And (no surprises here ) I think I have the solution to put an end to unjustified insurance claims, or at the very least reduce the amount of complaints from drivers. Motor insurers, I sure hope you are reading this! The major problem, as I see it, with motor insurance, is a lack of transparency. We have no idea how our premiums are determined and how any increments are determined. With such lack of transparency, is it any wonder that most of us will react to any premium increase as an opportunistic attempt to earn more profits? Ever been to a restaurant and received one entire bill with no break-down telling you which dishes cost you how much money? Ever received a mobile phone bill that just stated the amount payable with no break down of how much was incurred on calls, sms-es etc? I really doubt it. Yet, when we receive our insurance renewal quotes, we essentially get one figure and our no claims discount (if any). Of course we would be pretty upset if the quote is much higher than the previous year's. Assuming that he/she had not been involved in any accidents, any rational driver would assume that their insurance premiums would get cheaper over the years because: 1) The value insured is less now that the vehicle's market value has depreciated over another year. 2) They have established one more year of safe driving records and hence proved less risky to insure. 3) And, not forgetting an increase in the NCD. To deal with this, I propose a premium system that breaks down the insurance premium into several components, each of which must be clearly detailed in any insurance quote. Let me illustrate how this system would work. 1) The insurers determine a basic rate that covers the average administration costs of a motor insurance policy for an accident-free driver. This rate should be largely the same for everyone, barring some differences based on vehicle categories such as bikes, cars and goods vehicles. 2) Add on a component to account for the value of the vehicle insured. I am no acturial scientist, so I will leave it to the experts that the insurers or GIA hire to determine the formula for calculating how to translate the value into a premium. 3) Add on or subtract a component based on the risk profile of the individual driver - here is where things like gender, age and any other individual attributes insurers deem important are factored into the premium. As a general rule, a driver profiled as safe should receive a deduction, while a driver profiled as unsafe would receive an addition to the premium. Accident track records should also be included here. 4) Finally, add on or subtract a component based on the individual vehicle. It is common knowledge that insurers do not look too kindly on sports cars or cars bearing certain brand badges. Here is where the insurer can factor in this component. Drive a 2 door, turbo-charged sports convertible? Pay $X more. Drive a slow, sedate uncle-mobile? Deduct $X from your premium. Through this entire process, the final figure will be arrived at. Of course, the insurers may not use the exact same components that I have used. After all, they do pay their risk analysts large salaries and they should arguably be able to come up with a better break down of the premium. What is more critical is that they OUGHT to adopt a roughly similar system and that they MUST include the break down in every quotation. This is a win-win system for both insurers and drivers. For the insurers, the benefit is clear. They reduce the amount of griping from drivers and the bad press they receive every time motor insurance premiums are discussed. More importantly, it becomes much easier to convince drivers of a need to increase the premium by pointing to the exact component that underwent an increase rather than pointing to the fact they lost money. With a clear break down, I am sure they will also be better able to target the errant drivers while not penalizing the safe ones. As for us drivers, we also receive benefits. For one, looking at the premium, we can best adjust our habits and lifestyles to reduce our premiums rather than simply passively accepting increments. If the component based on the vehicle is high, we may perhaps think of changing cars. If on the other hand, it is because of the value of the car, we may opt for a downgrade. With this system, we can take on an active role, where possible, to try and reduce our premiums. When purchasing cars and obtaining insurance quotes, we can now make better informed choices. Doesn't this seem much better than what we currently have in place? Once again, motor insurers, I hope you are reading this!

Slight decrease in COE premiums COE prices fell slightly when bidding closed today, with most categories closing lower. The premium for Cat A (cars of 1,600cc and below) closed at $18,150, down 1.9 per cent from $18,502. The largest decrease was seen in Cat B, which closed at $17,889, or down 5.9 per cent from $19,003. The open category, used mainly for cars, also closed at $17,889, down from $18, 509.. Premiums for commercial vehicles ended at $17,900, down $389, while premiums for motorcycles saw a $3 decrease to $851

Passed by another accident along Farrer Rd flyover this morning, this time an OPC Impreza on the down slope. Hope driver is alright. This will certainly add to the insurance companies' excuses to justify the recent huge increases in premiums, again ...

Due to recent highlights of many inflated accident claims over the past years, the authorities are looking for suggestions to improve the system and reduce insurance companies losses It will then lead to a reduced premium payable for motorist. Any good suggestions as to how to eliminate inflated claims? Tag the premiums payable by car value or driver's profile, etc...? Or limit the amount of claim by the amount of premium paid? Please contribute

Could health, workerscompensation premiums also increase? FACED with higher fuel and Electronic Road Pricing costs, car-owners could soon have to fork out 5 to 30 per cent more on insurance premiums as well. This is the possible increase that General Insurance Association (GIA) president Derek Teo foresees, over the next six months. The hike would depend on driver profile and claims history, he told Today. The GIA, which has 31 members, yesterday released its half-year results which showed total premium income up by a healthy 9.4 per cent from the same period last year. But losses in motor insurance, which accounts for about a third of the market here, more than doubled to $88.9 million, with insurers paying out 93 cents for every premium dollar earned. This is in spite of a new Motor Insurance Framework effected in June to reduce claims costs and exaggerated claim filings. Among other conditions, car-owners have to take their vehicle to an approved reporting centre within 24 hours of an accident. Mr Teo said it would take at least six months for the new system to lead to more stabilised premiums

Any bro here know that you can get slightly cheaper car insurance premiums by taking up certain terms? etc: only cover driver over 30 and stuff like that... heard from a friend, but discount not much, $30-$50

Just received a renewal offer letter from AIG for 2008, after so-called discount. it's even more expensive than the amt that I paid for last year. Is it a norm now that all insurance companies increase their premiums?.....Anyone encounter such situation? Btw, my insurance expiring in Jan 08, anyone have good offers/lobangs can PM me..thks...

Hello everyone, I'd like to know if anyone/owners can provide indicative annual insurance premiums for:- 1. Getz 3-door 1.6 manual 2. Getz 5-door 1.3 auto ... for 30-year old, more than 11 years driving experience, and no NCD? And what if they are off-peak cars; any reductions? Both car prices are similar, but insurance prices may be the deciding factor. Cheers.