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26 replies to this topic | 45 praises

#1

Posted 23 October 2008 - 01:48 PM

Gs300999s
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good people,

I was goign through my insurance renewal when a particular clause strikes me, its says it includes insuring the COE & PARF value, and there is a tick for me to OPT OUT.

My question now is, isn't COEs & PARF value guaranteed? Meaning, if in the event of total wreck or lost of vehicles, my remaining COE & eligible parf will be paid for by the governemnt?

OR am I missing the point totally?
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#2

Posted 23 October 2008 - 01:53 PM

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Som insures give an option to opt out, not all. The diff in premium is ard 3%. The loan co must also be aware of this

You see from 1sept08 we can get back the coe/parf directly from LTA which previously we couldnt get it direct. They would give us a voucher and only we can dispose of it thru a 2nd hand dealer or when u buy a new car.

By insuring the coe/parf, the insurer will pay you back and recover this $$ from LTA directly and pay to your loan co. But not insuring you get back this amount directly from lta.

Edited by Lobangking88, 23 October 2008 - 01:53 PM.


#3

Posted 23 October 2008 - 01:59 PM

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its 5% different in premium which comes to almost SGD100 for me.

So its an admin fee by the insurer and not a insurance for the risk and exposure they are undertaking?
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#4

Posted 23 October 2008 - 02:05 PM

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Good question, I intend to ask my insuerer to take that out since no risk at all.

If case anything happen, I can always ask LTA to refund me.

But I understand that not insuring the paper is only 5% cheaper. But 5% is also money tongue.gif

#5

Posted 29 October 2008 - 09:20 AM

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AIG called me. Still confuse, but I have concluded that it is indeed an "administration" fee charge by the insurance company as all they do is to help you claim the PARF & COE when you totaled your car, there is absolutely no risk to them as full balance amount is recoverable from LTA. It just saves you the trouble for doing it yourself.

Its 5% of my insurance. I will be taking it without this option so I save about 95 buck!
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#6

Posted 29 October 2008 - 10:14 AM

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In the event of an accident claim and you don't insure your COE/PARF paper with the insurance company, you will take a very very very very very very very very very very x 10000..??? long time to get the rebate paper back.

Why?

It's because there is a lawsuit going on. You can only claim the rebate paper when the case is settled. In the event of a total lost, the insurance companies will pay out the paper value first for full settlement(if any) as LTA will freeze the rebate amount.

Good luck to those who opt out and if you are hit by a chain collision of more than 10 cars and your car is stuck in between and deem total lost.

#7

Posted 29 October 2008 - 02:03 PM

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Ok, it may take very long to get the (paper value) money back. But so many not-so-new cars have very low body value. For example, a 3 yrs old kroean made small car's body value is typically no more than 6K, but people are paying over 1K or even over 1.5K if they are very yonng driver for their comprehensive insurance. Is it rational to pay 1.5K a year to insure your 6K property? A 3rd part insurance will be better choice.

In Australia, no one would buy comprehensive insurrance policy for a 6K car.

#8

Posted 29 October 2008 - 02:11 PM

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Is there an option called "Gap-over"? It works something like the insurance will cover the difference between your bank's full settlement amount and so-called market/PARF value.

Of course the premium will be slightly higher, but many insurers have not heard it before when I asked.

#9

Posted 29 October 2008 - 03:10 PM

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why would LTA care if you are fighting a lawsuit?

if someone claim against you, it's your insurance company's problem.

#10

Posted 29 October 2008 - 03:15 PM

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How about paper value? What is important on tis island is not body, it is paper value.

If COE & PARF included, once the value is determined, it will not diminished. Ur paper value is intact at the point of valuation.

If COE & PARF excluded, paper value will diminished as the case dragged longer & longer & longer & longer.

Anyway, do ur own calculation.

#11

Posted 10 October 2016 - 02:06 PM

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I have one question:

 

Some insurance companies have the option of “insuring COE”.

 

Let us assume a person has a 2004 registered Toyota and renewed 10 years COE (from 2014 to 2024).

 

Assuming the renewed COE is about S$60k and that the car meets with an accident sometime in early 2015 and is beyond repair.

 

Will the owner be able to get back the remaining 9 years of COE in cash, through the insurance?

 

Will LTA refund the 9 years’ balance in cash, or in the form of paper value which only allows the owner to purchase a new car?

 

Many thanks.



#12

Posted 10 October 2016 - 03:07 PM

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I have one question:

 

Some insurance companies have the option of “insuring COE”.

 

Let us assume a person has a 2004 registered Toyota and renewed 10 years COE (from 2014 to 2024).

 

Assuming the renewed COE is about S$60k and that the car meets with an accident sometime in early 2015 and is beyond repair.

 

Will the owner be able to get back the remaining 9 years of COE in cash, through the insurance?

 

Will LTA refund the 9 years’ balance in cash, or in the form of paper value which only allows the owner to purchase a new car?

 

Many thanks.

 

Nowadays, can cash out remaining COE upon scrap or export.  Why do insurance company want to sell 3rd party liability + "COE"?


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#13

Posted 10 October 2016 - 03:49 PM

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Nowadays, can cash out remaining COE upon scrap or export.  Why do insurance company want to sell 3rd party liability + "COE"?

 

I was under the impression that the remaining COE could only be rebated in paper form for the owner to offset the price of a new car.

 

I am delighted to hear that COE could be encashed, if one decides to send his old COE-extended car to the scrapyard.

 

Am I understanding it correctly?

 

Thanks again.


Edited by Albeniz, 10 October 2016 - 03:49 PM.


#14

Posted 10 October 2016 - 03:57 PM

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I was under the impression that the remaining COE could only be rebated in paper form for the owner to offset the price of a new car.

 

I am delighted to hear that COE could be encashed, if one decides to send his old COE-extended car to the scrapyard.

 

Am I understanding it correctly?

 

Thanks again.

 

I told back my COE refund in cash in 2011.



#15

Posted 11 October 2016 - 12:02 AM

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Yes, the balance unexpired Coe and road tax will be encashed. i scraped my car in 2015 one week before coe expires.lta sent me 2 cheques, one for balance coe and one for balance road tax. Easy peasy!
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#16

Posted 23 October 2016 - 01:55 PM

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My car's COE will expire by December this year. If I were to renew the COE for 5 years, what is the impact on insurance?

 

What would the premium be for the first and subsequent years? Higher or lower?

 

Which are the insurance companies that will offer coverage?

 

Thanks to all for your input.



#17

Posted 23 October 2016 - 02:07 PM

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My car's COE will expire by December this year. If I were to renew the COE for 5 years, what is the impact on insurance?

 

What would the premium be for the first and subsequent years? Higher or lower?

 

Which are the insurance companies that will offer coverage?

 

Thanks to all for your input.

 

insurance should be more or less the same. Some insurance companies do not provide coverage for COEs car. Will be good to check it out



#18

Posted 23 October 2016 - 02:09 PM

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My car's COE will expire by December this year. If I were to renew the COE for 5 years, what is the impact on insurance?

What would the premium be for the first and subsequent years? Higher or lower?

Which are the insurance companies that will offer coverage?

Thanks to all for your input.

Heard you can only insured 3rd party coverage....no comprehensive will be offered

#19

Posted 23 October 2016 - 02:13 PM

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My car's COE will expire by December this year. If I were to renew the COE for 5 years, what is the impact on insurance?

 

What would the premium be for the first and subsequent years? Higher or lower?

 

Which are the insurance companies that will offer coverage?

 

Thanks to all for your input.

 

Only 3rd party liability cover.  Premium should be much much cheaper.


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#20

Posted 23 October 2016 - 03:48 PM

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Cars that have COE renewed can be covered under comprehensive protection instead of just TPFT.

Do not be misled by folks who "heard" or "thinks" that old cars can only be covered under TPFT.

I was one of the misguided ones until I saw for myself 3 friends who are covered under comprehensive for their COE renewed cars. AXA, Liberty, Income and Tenet Sompo are among those who do cover.
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