Need some advice, thanks

[Wonsim]

My wife got involved in a minor car accident last month and the other part is now claiming my insurance (wife is 2nd driver in my insurance). I was told today once they claimed successfully (which is very likely), I will loss 30% of my NCB As I was also involved in a chain-collision slightly more than 2 years back, I'm afraid my next insurance payment will be skyhigh.

 

Coz of this, and also since I will be going overseas soon, I intend to change the ownership of the car to my wife since she will be using it more often. However, will there be any impact on her insurance price since for this accident, she was the driver instead of me although car and insurance under my name.

 

Secondly, I was told by my insurance co. that this might take few months to settle. So meanwhile, can I go ahead and "sell" my car to my wife or I need to wait till the case is closed before I can proceed?

 

Anyone can advice me?

 

Thanks in advance.

[Fondue]

Firstly, my understanding is NCD follows the owner and not the car. So your NCD will still be affected even if you sell the car. (Just my guess )

 

Secondly, why would you even consider giving more money to LTA ? Transfer fee is 3% of the paper value, which can easily come to 1k for 1~2yr old car.

 

Thirdly, unless your wife has her own NCD, otherwise it'll be 0% NCD for new car owners. Isn't it better to loose 30%NCD than to start with 0% NCD ?

[Wonsim]

thanks for reply bro.

 

I understand my wife NCB will start with o% but my assumption is that since this will be my 2nd accident in 3 years, the next premium will be very high so will it be more worthwhile for the car to sell to my wife so that even at o% NCB, the premium will still be lower than what I will be quote??

 

Secondly, can I dun do a transfer but sell to my wife? Something like u sell a car without going thru agent, but owner sell to a buyer kind of transactation. Will I siam the 3% transfer fee?

 

Thanks

[Fondue]

Can't answer your 1st question cos i also dunno.

 

as for 2nd Q, the car need to be in the name of the person buying the insurance, and this changing of name thing can only be done at LTA, and LTA are the one charging the 3% transfer fee. LTA is not even interested if money change hand between buyer n seller. As long as name change from Mr A to Ms B, 3% + $10 please

 

Also note in the event that you really transfer the ownership to your wife and cancel your insurance, you will NOT get back the full pro-rated insurance refund. NTUC retains 20% of the pro-rated refund as adminstrative fee.

[Wonsim]

Once again, thanks for the reply.

 

Wah lau, govt really want to charge everything huh. 3% seem quite alot leh. So even when go thru agent also LTA charge 3%? (not that I want to go theu agent and get my wife to buy back from agent lah, that will be )

 

Mi not insured under NTUC. One more thing, my insurance is interests free installment paid by credit card. So even if I cancelled the policy, the insurance co. & credit card company will continue to charge me?

[Fondue]

welcome bro

 

When you cancel, they prob work out a final payment for you the settle.

[Wonsim]

ok, thanks bro.

 

Any other bros able to advice? Thanks

[Dumb]

What fondue said is generally true.

 

If you going to give up ownership for the time being, you also have to find out whether your NCB will start with zero when you buy car few years later.

[Ccssgm]

thanks for reply bro.

 

I understand my wife NCB will start with o% but my assumption is that since this will be my 2nd accident in 3 years, the next premium will be very high so will it be more worthwhile for the car to sell to my wife so that even at o% NCB, the premium will still be lower than what I will be quote??

 

Secondly, can I dun do a transfer but sell to my wife? Something like u sell a car without going thru agent, but owner sell to a buyer kind of transactation. Will I siam the 3% transfer fee?

 

Thanks

 

Change another Insurance Company...........I Dun think is higher then your Present

 

Insurance Premium.........

[Wonsim]

thanks bro.

 

Actually I dun mind my NCB will start from 0% if I do own a car again few years later. Right now, concern will be whether more cheaper to continue own the car or to "sell" car to wife and she starts from 0% NCB.

 

Another concern will be that since I will be away for more than 1 year, is it better for the car to be under her name since she will be driving it?

[Wonsim]

I dun think can change now till they close this case. Understand one of the guy here is in theis auto insurance biz. Maybe I will check with him.

 

Thanks

[Dumb]

With the accident, you NCB will be down to 30% or less and your annual premium will have loading. Even then, it should be better than one with no NCB.

 

For example, no NCB premium is $1,000. With loading, premium may be $1,200 and after 20% NCB, net premium will be $960.

 

When I had loading on my renewal, I changed insurance company and I still get my 20% NCB without loading.

 

If you want to save on the premium, take third party insurance. That's what I did until my NCB reached 50%.

[Guyver]

My wife got involved in a minor car accident last month and the other part is now claiming my insurance (wife is 2nd driver in my insurance). I was told today once they claimed successfully (which is very likely), I will loss 30% of my NCB As I was also involved in a chain-collision slightly more than 2 years back, I'm afraid my next insurance payment will be skyhigh.

 

Coz of this, and also since I will be going overseas soon, I intend to change the ownership of the car to my wife since she will be using it more often. However, will there be any impact on her insurance price since for this accident, she was the driver instead of me although car and insurance under my name.

 

Secondly, I was told by my insurance co. that this might take few months to settle. So meanwhile, can I go ahead and "sell" my car to my wife or I need to wait till the case is closed before I can proceed?

 

Anyone can advice me?

 

Thanks in advance.

 

Chain collision? Which car is your car? 1st? 2nd? or 3rd? or what?

 

If you were to change the ownership to your wife, you'll have to pay transfer fee for your car ... and the insurance will be under her name.

 

Yes, upon renewal when getting insurance quote, can indicate to the insurer that this recent accident claim is not caused by you ... but there'll still be some premium increase.

 

Yes, it'll take months to settle. If you want to sell your car now .... you may do so. The legal proceedings will still continue.

 

Hope this would help you.

[Ccssgm]

[Wonsim]

thanks bro.

 

It was a 4 car collision and mine was the 3rd and also the worst hit as the 4th was an old MB, whack my bonnet real hard.

 

Bro, understand u in insurance biz. Just wana check, if I sell my car to my wife now which effectively end my insurance with them, will they charge me any penalty?

 

Thanks