Insurance Refund

[Smiley]

Anyone know how insurance is calculated? What happen is i scrapped my old car. I hv not even cross the 6 months period fr the 1 year insurance, but the refund i got back is only a quarter of what i paid. why so little?

[Limlien]

HI,

 

Which insurance u get it from?

[Smiley]

Lonpac.

[Guyver]

The refund will be pro-rated.

[Ccssgm]

NTUC more reasonable.....At least can paid up to 5 month....

[Guyver]

No ...

 

For NTUC ... if you cancel your insurance and you are NOT taking a new one with them, you can only get back 85% of the total pro-rated premium refund.

 

For AXA ... if you cancel, whether or not you taking up a new case with them, you get back 100% of the pro-rated premium refund.

 

So if you foresee that you are going to do a cancellation of your car insurance in a short time .... taking AXA will be a good choice.

 

Disclaimer: Above remark is passed based on information that I know on or before 26 June 2007, any discrepancy may be possible, so all reader please do your necessary checks and confirmation with the respective insurer.

[Smiley]

assuming i paid $500 fr 1 year but only used fr 6 mths. how much should i get? 10%? 25%?

[Guyver]

Pro-rated .. so should be about slightly less than half....

[Smiley]

WAH!!! LOST BIG TIME LIKE THAT!!! consumer always suffer....