Kaixing Neutral Newbie March 3, 2009 Share March 3, 2009 Hi read this article from ST, What's the point of motor insurance? I WAS taken aback when my motor insurance premium shot up from $695 last year to $4,098.13. I called my insurance agent and insurance company. I was told a third-party claim of $21,400 against me was pending and because of this, I had to pay a hefty premium. I find this hard to understand. Why would one buy motor insurance if such was the case? I paid only $100 to repair my car after the accident. The other party initially agreed to settle the matter, but changed her mind after she visited her workshop. Subsequently, I received a claim for slightly more than $21,000 officially. How do I seek help and protection? Eddie Low Accident do happens, so what is the role of motor Insurance if they do not protect their customers? ↡ Advertisement Link to post Share on other sites More sharing options...
Robo 2nd Gear March 3, 2009 Share March 3, 2009 i feel there are just too many loopholes in the system. before repair must pay surveyor fees, picture fees, inspection fees.. etc etc.. all is $$$ den lost of use, lost of income, lost of this and that... Link to post Share on other sites More sharing options...
Firefly968 Neutral Newbie March 3, 2009 Share March 3, 2009 Think about it this way, want to be potentially liable for $21K (probably less after negotiation) or pay $4K for insurer to settle it? Insurers are there to make $ and have to recoup $ from some where My take is it's unfair for the drivers who didn't kana accident but have to pay increase in premium due to claims by other drivers out there. In the end, everyone suffers. Link to post Share on other sites More sharing options...
Vin002 Clutched March 3, 2009 Share March 3, 2009 Since you are being claimed $21K, meaning you are at fault for the accident? $4K insurance renewal after being at fault I don't find it unfair. What I find most unfair is that after $21K-4K, there is still a balance of $17K to be claimed from the rest of the drivers renewing the insurance driving the same model/make as you. This is the cause of increase in premium!!! Link to post Share on other sites More sharing options...
Leepee 1st Gear March 3, 2009 Share March 3, 2009 Car repair cost is directly proportional to the price of the car price. No one send in their Casio for repairs, but many send in their rolex to service. Elevated car price has created an artificial high price of car parts. If one can buy any car based on OMV + AD profit only....say at $20k for a Honda Jazz or Suzuki swift. Do you think the repair industry will be able to even charge a $21k repair costs? The true and sad fact of life in SIngapore is the hyper inflated car price has allowed a wide margin of fat profit for the car repair indurtry to earn their keeps! Whereby the insurance fees also up up away. Think about it....for the $4k insurance premiums......after paying for 3 years.....you can jolly well import the same car at $12k OMV cost and use all the parts (except the chassie) on your existing car and get a 'New' car! Link to post Share on other sites More sharing options...
Alfc 5th Gear March 3, 2009 Share March 3, 2009 I think thats how insurance works in general. 100 persons buy, 1 kena, 99 pay for him. Balance is profit for insurance company. They will adjust the premium accordingly based on probability to ensure they are the net winners. Same goes for medical / health insurance. Hence i thot that the only worthy insurance to buy is when insurance company lose $$$ on it i.e motor insurance. They have already done the maths for you. But in reality, just have to pyscho all 100 person to buy base on "what if its you" kind of mentality, just like how toto works! Link to post Share on other sites More sharing options...
Watwheels Supersonic March 3, 2009 Share March 3, 2009 How to prevent?? You either dun drive or dun get into accident. Link to post Share on other sites More sharing options...
Vin002 Clutched March 3, 2009 Share March 3, 2009 How to prevent?? You either dun drive or dun get into accident. Haha... Very True... Link to post Share on other sites More sharing options...
Si4dr 6th Gear March 3, 2009 Share March 3, 2009 Hi read this article from ST, What's the point of motor insurance? I WAS taken aback when my motor insurance premium shot up from $695 last year to $4,098.13. I called my insurance agent and insurance company. I was told a third-party claim of $21,400 against me was pending and because of this, I had to pay a hefty premium. I find this hard to understand. Why would one buy motor insurance if such was the case? I paid only $100 to repair my car after the accident. The other party initially agreed to settle the matter, but changed her mind after she visited her workshop. Subsequently, I received a claim for slightly more than $21,000 officially. How do I seek help and protection? Eddie Low Accident do happens, so what is the role of motor Insurance if they do not protect their customers? OT abit. How come Mr. Eddie pay only $100 for repair then other car need $21000 to repair?? Hit a super expensive car?? Link to post Share on other sites More sharing options...
Firefly968 Neutral Newbie March 3, 2009 Share March 3, 2009 your "you" referring to me? Link to post Share on other sites More sharing options...
Firefly968 Neutral Newbie March 3, 2009 Share March 3, 2009 or workshop say car got damaged big big and have to repair this replace that Link to post Share on other sites More sharing options...
Osiris 1st Gear March 3, 2009 Share March 3, 2009 TS is quoting a letter from ST as an example. TS didn't imply he is the author Link to post Share on other sites More sharing options...
Robo 2nd Gear March 3, 2009 Share March 3, 2009 OT abit. How come Mr. Eddie pay only $100 for repair then other car need $21000 to repair?? Hit a super expensive car?? i kenna b4 also a couple of yrs back. my repairs only $180. that bugger claim $7k! and best is i see scratches only! ccb Link to post Share on other sites More sharing options...
Edmund932 Neutral Newbie March 3, 2009 Share March 3, 2009 (edited) i kenna b4 also a couple of yrs back. my repairs only $180. that bugger claim $7k! and best is i see scratches only! ccb Robo, Then how was your insurance? did it sky rocket during your next renewal? Edited March 3, 2009 by Edmund932 Link to post Share on other sites More sharing options...
Robo 2nd Gear March 3, 2009 Share March 3, 2009 Robo, Then how was your insurance? did it sky rocket during your next renewal? nope it didnt. less 20% from NCD.. Link to post Share on other sites More sharing options...
Watwheels Supersonic March 3, 2009 Share March 3, 2009 (edited) I'm replying to the title. Edited March 3, 2009 by Watwheels Link to post Share on other sites More sharing options...
Edmund932 Neutral Newbie March 3, 2009 Share March 3, 2009 nope it didnt. less 20% from NCD.. Cos for me, i was claimed 7k on my insurance when mine is only 3k. kinda of worried my renewal will sky rocket the next time. Now i have 20%. So means my next renewal will become to 0%? Link to post Share on other sites More sharing options...
Robo 2nd Gear March 3, 2009 Share March 3, 2009 Cos for me, i was claimed 7k on my insurance when mine is only 3k. kinda of worried my renewal will sky rocket the next time. Now i have 20%. So means my next renewal will become to 0%? yea will forfeit. unless u have 50% and NCD protection. mine was 50% under my dad's name cuz cheaper than under mine name and he dont wanna lose his NCD by not renewing cuz he overseas no need car, i helped him reduce to 30%. lol jul renew again should be 40% again liao ↡ Advertisement Link to post Share on other sites More sharing options...
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