NCD protector

[Louisckp]

hi car owners,

 

i hear from a insurance agent saying let say your car is involved in a accident which NCD is temp suspend. and you are about to renew your insurance and no NCD, how? if you renew your insurance with your existing / current insurance company, your current policy NCD protector will works.

 

if you want to change to other insurance company for cheaper or some other reason - you will not get NCD protector or enjoy the NCD discount for renewal of insurance. and must wait till the case close & reinstatement of NCD if your case is found to be clear.

 

in short - NCD protector only works if you stick to same insurance company, subject to their policy renewal premium of cos.

 

can i know abt is this how NCD protector works?

[Galantspeedz]

hi car owners,

 

i hear from a insurance agent saying let say your car is involved in a accident which NCD is temp suspend. and you are about to renew your insurance and no NCD, how? if you renew your insurance with your existing / current insurance company, your current policy NCD protector will works.

 

if you want to change to other insurance company for cheaper or some other reason - you will not get NCD protector or enjoy the NCD discount for renewal of insurance. and must wait till the case close & reinstatement of NCD if your case is found to be clear.

 

in short - NCD protector only works if you stick to same insurance company, subject to their policy renewal premium of cos.

 

can i know abt is this how NCD protector works?

 

yes this is how it works.

 

the NCD protector is only valid with the company you buy from.... in other words, they can always heap higher loading on you and then 'protect' your NCD, essentially you still pay around the same w/o the protector.

 

This is my view on it and was advised by my insurance friend not to purchase the NCD protector.

[Lala81]

ive only owned a car 1 yr +, so can i ask, how much is the ncd protector usually?

[Kopi_peng]

We often read in the media that some fellow got into messy/massive accident and claims of ten of thousands were paid out thru his insurance to all party. so come renewal, the insurance company places a high premium on him, or worse, don't want his business anymore.

 

If they raise the premium from $2000 to $3000 due to such claim and still give him 50%, he still gotta pay $1500 instead of $1000.

 

How does this NCD protector help?

[Louisckp]

thanks for your info! very useful

 

i've been paying for this NCD protector for past 5 yrs...really wake up shock to me.

[Galantspeedz]

ive only owned a car 1 yr +, so can i ask, how much is the ncd protector usually?

 

usually about $100 more than normal

[Galantspeedz]

We often read in the media that some fellow got into messy/massive accident and claims of ten of thousands were paid out thru his insurance to all party. so come renewal, the insurance company places a high premium on him, or worse, don't want his business anymore.

 

If they raise the premium from $2000 to $3000 due to such claim and still give him 50%, he still gotta pay $1500 instead of $1000.

 

How does this NCD protector help?

 

 

for eg: if no protector and NCD 50%, u get into accident, pyt = $10k, insurance from $1k go up to $3K no ncd

 

if got protector and NCD 50%, u get into accident, pyt = $10k, insurance $1k now add loading $5k then 50% discount so still $3k but with 50% NCD.

 

1 possible scenario

[Sci10213]

for eg: if no protector and NCD 50%, u get into accident, pyt = $10k, insurance from $1k go up to $3K no ncd

 

if got protector and NCD 50%, u get into accident, pyt = $10k, insurance $1k now add loading $5k then 50% discount so still $3k but with 50% NCD.

 

1 possible scenario

 

Your scenario looks strange...

 

where got such thing if got ncd protector then got loading but no protector then no loading???

 

To me, the more logical scenario should be:

 

 

if got protector and NCD 50%, u get into accident, pyt = $10k, insurance $1k now add loading $5k then 50% discount so still $3k before 50% NCD => so u pay $1,500

 

if no protector and NCD 50%, u get into accident, pyt = $10k, insurance from $1k add loading S$5k go up to $3K but w/o 50% ncd => u pay $3,000

 

agree?

[Killingtimes]

Sorry to bring up this topic again and need some infos....

 

For this NCD protector, do you guys think it is worth to buy it at a small premium?

 

I have 50% NCD... and I have to pay additional S$54 on top of my insurance premium.

 

Any experts out there can advise?

[Mockngbrd]

Sorry to bring up this topic again and need some infos....

 

For this NCD protector, do you guys think it is worth to buy it at a small premium?

 

I have 50% NCD... and I have to pay additional S$54 on top of my insurance premium.

 

Any experts out there can advise?

$54 seems like a small amount for that, i'd take it.

[Darryn]

I don't buy it. What for?

 

The only time I think it may be useful would be for when you have a learner driver using your car. (i.e - your son or daughter just after take test - then I might consider buying)

 

[Acemundo]

Sorry to bring up this topic again and need some infos....

 

For this NCD protector, do you guys think it is worth to buy it at a small premium?

 

I have 50% NCD... and I have to pay additional S$54 on top of my insurance premium.

 

Any experts out there can advise?

 

i not expert but let's just say insurance is usually worth it if you claim and not worth it if you don't claim. as such, no one can really advise you if it is worth it. many times in those payments that you made over the years you don't claim may be sufficient to cover the one particular accident you claimed.

 

but buy insurance usually more depending on the risk adversity and risk taking of the buyer.

 

generally people that are more afraid of risks, paying a little bit more for that peace of mind may justify it. another group is that their job involves a higher risk. eg you are sales person and drive the car around lots more so the chances of accident is higher.

[Moredhel]

It's rather useless IMO, you might be 50% protected when there's an accident.

 

But they will just raise your premium to cover back the income 'loss' from NCD being 'protected'.

 

I think it's time the quantum calculations for insurance premiums be made transparent.