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Did your insurance company inflate your claims?


Unltd
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Did your insurance company inflate your claims?  

4 members have voted

  1. 1.

    • Yes
      2
    • No
      0
    • I really don't know, I do not check
      2


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Hi All

 

I was wondering as I just had an experience above, I got into an accident sometime earlier this year and was at fault. Thus I did an own damage claim and the other party did a claim against me too. The total claims I got were less then $10K (own damage and third party), and now I am trying to renew my insurance.

 

As per normal, I shop around and the insurance brokers told me my current insurace company claims total is more then $10K.

 

I looked through the claims again and found it was under even $9K. I have written to my current insurance demanding to know how they got to their amount.

 

There is quite a big difference when the claim is above $10K for the premiums!

 

Have you had this kind of problems? Or you did not bother to check?

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I believe guyver is our insurance guru on the forums. why don't you pm him to ask more. for all you know he might be able to find a better deal than even what you've having now.

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Actually I called him already... :P Just wanted to find out if others had same experience and how was it resolved.

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Well, the worse thing is when renewal came, I was not told of my previous claims experience and only found out when I tried to get a quote from others!

 

I cannot imagine how many people just chuck their claims aside and blindly renew with 10~30% more premiums then they should!

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I didnt even know that there was a diffence based on the accident cost!!! I assumed it was just a accident = higher premium or no accident = lower premium.

 

I wonder who else thought of it that way too!

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Har... Really ar? I always knew that insurance premiums were dependent on the amount claimed, not just how many claims.

 

I know it can be inflated up to 400% (there is a cap) if the claim is huge, maybe to the tune of $100K and above.

 

Got quite alot of difference leh, maybe next time you should check out first... [:p]

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All these inflated claims are from the bills submitted by the workshops to the insurance companies rite?

 

This has been the case for many many years and nobody can do anything about it.

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No leh, I have the bills from the workshop. I was cc a copy, but the amount which my insurance company told other insurance companies was higher then the acutal.

 

I know about workshops inflating the claims, but this is not the workshop. The workshop has billed the amount, but the insurance company tells others differently!

Edited by Unltd
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yup i'm definately gona check it out if i ever get into an accident once i get home!!! and i agree with nutty... that is pretty crap to do stuff like that... i guess its their way of trying to prevent you from going to other comapanies by inflating their premiums.

 

You should write in to a newspaper forum to complain!

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It's quite common to jump ship after an accident coz the current insurance company will offer you a high premium.

 

We can easily get a lower premium by sourcing hard elsewhere.

 

So Elfenstar is right. That insurance company could be trying to inflate the claims to keep Unltd with them for the renewal.

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I wrote in to them to get them to teach me how they calculate... If write in to news forums and I calculate wrongly.... then how? [laugh]

 

But I have done a little ground work la.. I asked some insurance guys if the way I calculate is correct. They said yes... [sly]

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Then they picked the wrong person to try this kinda stunt... Cause I have no qualms about reporting this to MAS if it is found to be true... ahahhahahahaaa [laugh]

 

Hey how come nobody voted except yes and no advise from them?

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Neutral Newbie

Can you tell us the difference you got to pay in terms of premiums then the claim is >$10k and when it is [sweatdrop]

 

HOw much difference?

 

Thank you

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It is about 20% for premiums and the excess is more then 100% difference because it is more then $10K claims.

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