How many months then can have 10% more NCD?

[Stepper]

Hi,

I am currently in my 10.5 month of my current car insurance.

 

Planning to change car soon, anyone have any idea will I be given my next tier of NCD?

 

Currently at 20%, hopefully can get my 30%.

 

Thanks.

[Shor]

As far as I knew, 1 year 10% increase until max 5 years. Max is 50+5 %.

 

 

Hi,

I am currently in my 10.5 month of my current car insurance.

 

Planning to change car soon, anyone have any idea will I be given my next tier of NCD?

 

Currently at 20%, hopefully can get my 30%.

 

Thanks.

 

[Jerrcik]

I do not understand any of this insurance stuff. Sound so complicated.

 

Ok, here goes, I had a car insurance which is about 6 mths old. I paid a total of 3.2K for my subaru 1.6TS when i bought it second hand. Now, coming to renewal stage at the end of november 2011, i had a few questions. Hope you guys can clear me up.

 

1. How do i renew my insurance? Do they sent a letter to me notifying me to renew my insurance?

 

2. How much NCD is the insurance company gona offered after i go into the 2nd yr of the policy? 10%? 20%?

 

3. What is the max NCD percentage that one can received?

 

4. If i can change car, do i need to change my insurer? If so, is there a penalty for it? Does the NCD carries over to the next insurance policy?

 

5. Now, if i want to sell my car which i bought 6 mths ago, (Reg Jan 08) is there a penalty charge that LTA would impose on me?

 

6. Does my insurance get refunded if i sell the car ? Is there a penalty for cancelling the insurance policy?

 

I may be considering selling my car due to my financial situation. I may have to top at least 3K to settle the loan. Sigh.......deep s--t for me..

Edited May 17, 2011 by Jerrcik

[Starian]

see my answer embedded in your qns.

 

I do not understand any of this insurance stuff. Sound so complicated.

 

Ok, here goes, I had a car insurance which is about 6 mths old. I paid a total of 3.2K for my subaru 1.6TS when i bought it second hand. Now, coming to renewal stage at the end of november 2011, i had a few questions. Hope you guys can clear me up.

 

1. How do i renew my insurance? Do they sent a letter to me notifying me to renew my insurance?

your current insurance coy will send you a renewal letter usually 1 month before renewal. if you want, you can start to source for other coy at this time too.

2. How much NCD is the insurance company gona offered after i go into the 2nd yr of the policy? 10%? 20%?

if you start with 0%, this coming renewal, you get 10%.

 

3. What is the max NCD percentage that one can received?

50%, not including loyalty bonus or safe driver bonus.

 

4. If i can change car, do i need to change my insurer? If so, is there a penalty for it? Does the NCD carries over to the next insurance policy?

yes, you need to buy new insurance for another car. you only earn additional 10% NCD after each 12 months period. no pro-rated NCD.

5. Now, if i want to sell my car which i bought 6 mths ago, (Reg Jan 08) is there a penalty charge that LTA would impose on me?

already passed 2 years period since it 1st reg,so no penalty.

 

6. Does my insurance get refunded if i sell the car ? Is there a penalty for cancelling the insurance policy?

depend on the T&C in the policy, some are short-rate, some are pro-rate. normally for short rate policy, policy more than 10months would not fetch any refund. no penalty.

 

I may be considering selling my car due to my financial situation. I may have to top at least 3K to settle the loan. Sigh.......deep s--t for me..

you didnt do your maths before committing? if I know the insurance is 3.2K, either I don't buy this "kind" of car, or let my parent own it.

 

[Mona-vie]

Take note that you need to complete full yr of insurance policy because you can get 10% NCD. IF you terminate before the policy expires, no NCD. There is no pro rated NCD also. So die die must be 1yr.

[Ladykillerz]

i like your explanation, kinda detailed and in the correct direction.

[Jerrcik]

Thxs bro for clearing up my queries. Did not calculate well before i got that vehicle. hai.....

[Starian]

i like your explanation, kinda detailed and in the correct direction.

 

Thanks, answered thru my past 9 years experience as a customer of these insurance coy.

[Starian]

Thxs bro for clearing up my queries. Did not calculate well before i got that vehicle. hai.....

 

Lesson learnt, some learned thru other mistakes, some thru own. find the best way out and don;t commit the same mistake again.

[Windwaver]

Thxs bro for clearing up my queries. Did not calculate well before i got that vehicle. hai.....

 

Use 10 to 20% of your take home pay to finance the car. I say it'll get uncomfortable if it's beyond 20% every month.

[Patricklyb]

I paid a total of 3.2K for my subaru 1.6TS when i bought it second hand.......how old r you or did you meet with an accident?

 

why so much!

[Mightymito]

Different car make different insurance premium. Subaru...... I think even a first hand sports car like volkswagen scirocco is cheaper

[Hiphiphoray]

3.2k is crazy.

 

Im paying only $632/-. 20% of what you are paying......... LOL.

[Dafansu]

3.2k is crazy.

 

Im paying only $632/-. 20% of what you are paying......... LOL.

 

I think this is for 0 NCD and furthermore it's a Subaru

[Mightymito]

And thats just for an ordinary saloon ..... wait till you see the insurance for the wrx

[Chucky2007]

I heard jap brand top insurance premium awards goes to".....Subaru.. Follow by Mitsubitshi

[Chucky2007]

Got a friend's car insurance 6k... Some more under mother's name, mother is like 60 hrs old..

[Mllcg]

1.6TS 3.2k?! wtf?

 

my WRX also 2.6k nia