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Insurance Quote for 1989 Toyota Corolla 1.6M


Ev0lutionz
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Hi guys,

 

I'm 24 years old with 5 years driving experience. What would the insurance quote be for the above mentioned car...?

 

I wish to convert it to a legal rental insurance, how much would the quote be too...?

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COE car usually third party only.

 

Depending on your driving record (whether got points or not), probably $2000 or so? Maybe a bit higher.

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Based on my old 1991 Toyota Corona CD, with 30% NCD (50 years old, 30 years driving experience), was only paying around $500 for insurance for 3rd party only.

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Always recommended to get an older driver (30 or above) to get the insurance and put you as one of the occasional drivers. Will save quite a lot.

 

My first COE car when 25-26 insurance pay $3k+ even with experience. Dad worked overseas so can't use his name.

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Twincharged
(edited)

Was driving a corona 3 years ago. Was 20 then. Third party insurance was 1200+ with 2 years driving experience and 10% NCD.

Edited by Nzy
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(edited)

Besides the insurance, you will need to apply to LTA to have the car converted to a private hire car. To do this, you must first be the owner of a director of a business or company of which the primary activity is listed as car rental. If you don't already have such a business, you will have to register one. After that, you have to get a copy of the ACRA printout and submit to LTA when applying for the conversion. You cannot own a car privately and have it converted for rental, unless you rent it out only on weekends under LTA's private car hire scheme.

 

It's very difficult to get rental insurance for just one car. Most of the companies require you to have a fleet of 8 to 10 before they even consider your risk. After that, they'll ask you to provide them with a copy of your formal rental agreements and ask about your expected expansion plans and fleet growth for the next year or two, before they'lll even consider insuring you. Furthermore, even fewer will be willing to insure a COE car for rental.

 

Not that it's impossible, but very difficult. I know because some of my relatives have been thinking of running a small-scale rental business too, but the idea isn't as simple as it sounds as there are many such procedures you have to go through.

Edited by Bicolor
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Always recommended to get an older driver (30 or above) to get the insurance and put you as one of the occasional drivers. Will save quite a lot.

 

My first COE car when 25-26 insurance pay $3k+ even with experience. Dad worked overseas so can't use his name.

 

Why COE cars need to pay higher insurance premium huh ? :huh:

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Why COE cars need to pay higher insurance premium huh ? :huh:

 

The general misguided conception that it is more prone to failure, thus higher risks of causing accidents to other road users. [:p]

 

Yup, even for COE bike, I am paying higher and higher insurance every renewal. Pui. :angry:

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The general misguided conception that it is more prone to failure, thus higher risks of causing accidents to other road users. [:p]

 

Yup, even for COE bike, I am paying higher and higher insurance every renewal. Pui. :angry:

 

 

I drove a coe car b4 n was told older car not so roadworthy n parts harder to find.

 

Its a crappy reason i know but then ty wil use any reason n excuse to charge us higher premiums. :angry:

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I drove a coe car b4 n was told older car not so roadworthy n parts harder to find.

 

Its a crappy reason i know but then ty wil use any reason n excuse to charge us higher premiums. :angry:

 

Actually if you are insuring just for 3rd party cover, the reasoning (or rather excuse) that parts are difficult to find does not hold water 'cos if OD, you pay everything yourself. If it's not your fault, you claim against 3rd party, which has nothing to do with your policy.

 

Guess it's some rubbish spilled out from the insurers.

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i still dont understand why dont cover comprehensive for COE cars

 

 

some insurance do cover comprehensive for coe car but the premium is very very high. I had a quote for coe car at 2.8k compared to 3rd party only at 1.3k with great eastern.

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Actually if you are insuring just for 3rd party cover, the reasoning (or rather excuse) that parts are difficult to find does not hold water 'cos if OD, you pay everything yourself. If it's not your fault, you claim against 3rd party, which has nothing to do with your policy.

 

Guess it's some rubbish spilled out from the insurers.

 

 

Initially i insured it comprehensive till abt 15yrs i switch to TPFT 2nd party cos premiums kept going up instead of down which sud b e case as car gets older its value drops. I ask my agent n he say cos older car parts hard to find n more ex.

 

I then ask what my value if total loss. He say close to scrap value. Then i ask scrap value abt same as residual coe value which ins co wil get back from lta. Then i pay so much premium for what?

 

He say to cover 3rd party claims. WTF. Its all a big con job by ins cos.

 

And this was with aunty lucy. [mad]

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i still dont understand why dont cover comprehensive for COE cars

 

 

Ins co say older cars very hard to find parts so dun wan to cover own damage.

 

I drove my coe corona till 19yrs n never had problem getting either new original...oem..patent parts or 2nd and from scrapyards.

 

If i can easily find...how come ins co ty so experienced n well connected cannot find parts? All a load of bullsheet fm them.

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