Help! NCD reset to 0!

[Mrel]

Need help from you guys.

 

My insurance is expiring and I called DA to check my upcoming NCD and quote. To my horror, I was told that my NCD is reset to 0 because I reported an accident in August.

 

It was a minor accident (not my fault), and after the CSO checked, no claim was filed against me. She told me that if I were to reinstate the NCD, I need to sign an undertaking form to bear all liabilities for this accident.

 

Is this the standard practice? Should I go ahead and sign the undertaking form? If I move to another insurer, my NCD would be still 0 unless I sign that form?

 

 

Thanks in advance

[Darryn]

Need help from you guys.

 

My insurance is expiring and I called DA to check my upcoming NCD and quote. To my horror, I was told that my NCD is reset to 0 because I reported an accident in August.

 

It was a minor accident (not my fault), and after the CSO checked, no claim was filed against me. She told me that if I were to reinstate the NCD, I need to sign an undertaking form to bear all liabilities for this accident.

 

Is this the standard practice? Should I go ahead and sign the undertaking form? If I move to another insurer, my NCD would be still 0 unless I sign that form?

 

 

Thanks in advance

 

What is your current NCD?

[Mrel]

10%. Coming 20%.

[Darryn]

10%. Coming 20%.

 

IMHO - not worth it, just accept the reset. You are not losing much......what $150 or so per year?

 

If you sign the undertaking, you could potentially be up for a big big surprise if the other fellah play dirty

[Acemundo]

i got screwed by such policy of reporting accident before.

 

the insurers give the reason it will help prevent fraud. but i see it more as their trick to make us drivers cover their exposure. next time do think twice if you wanna report such no claim accident.

 

anyway the best way out is to contact the other party involved in the "accident" to sign an undertaking no one will claim either party and show it to your insurer.

 

otherwise, just bite the bullet and bear the NCD drop for one year.

[Unfair]

I did sign the undertaking because it was affecting my premium and NCD.

 

Do this if you are confident that your minor accident is not your fault.

If you do not sign the undertaking, be prepared to declare you were involved in an accident within the last 3 yrs.

[Mcf777]

standard practise. just sign the letter

[Mrel]

Thanks for the all the advise.

 

Really appreciate it.

 

Think I will undertake , because the other party did not file any claims. I suspect she did not even know her car hit mine. I reported this accident coz I heard of the 24hr reporting window period. Turns out to be so troublesome... Sigh.

[Mockngbrd]

it is strange that no claims filed and NCD back to zero. fishy

[Deckbuild]

Only DA practise NRB or all other insurer practise that as well?

[Acemundo]

Only DA practise NRB or all other insurer practise that as well?

all la.....mine was AIG.

 

that why i berate them for using a grand reason of fighting fraudulent claim when they come up with this new directive for all insured when their real intention is to pin all insured down to cover their liability when the insured reported such accidents who constitute open exposure to them.

 

insurance business remains one of the most scheming business in my opinin.

[Mrel]

all la.....mine was AIG.

 

that why i berate them for using a grand reason of fighting fraudulent claim when they come up with this new directive for all insured when their real intention is to pin all insured down to cover their liability when the insured reported such accidents who constitute open exposure to them.

 

insurance business remains one of the most scheming business in my opinin.

 

Yup, since no claims are filed, why cant give NCD? Need to consumer to undertake the liability. Insurance really bao jiak.

[Acemundo]

precisely. they want bao jiak

[Darryn]

all la.....mine was AIG.

 

that why i berate them for using a grand reason of fighting fraudulent claim when they come up with this new directive for all insured when their real intention is to pin all insured down to cover their liability when the insured reported such accidents who constitute open exposure to them.

 

insurance business remains one of the most scheming business in my opinin.

 

Mind you, to be "fair" to them, insurance fraud of one sort or another is probably the most common type of fraud world wide

[Deckbuild]

all la.....mine was AIG.

 

that why i berate them for using a grand reason of fighting fraudulent claim when they come up with this new directive for all insured when their real intention is to pin all insured down to cover their liability when the insured reported such accidents who constitute open exposure to them.

 

insurance business remains one of the most scheming business in my opinin.

 

As long as it's the person's fault, his NCD will be remove be it claim or no claim?

[QQDreamer]

TS u mentioned your report an accident. Did you do any cliam on 3rd party? Just curious to ask here.

[Altivo]

My advice is DON'T report the accident when it's not your fault and you're doing a 3rd party claim on the other fellow.

 

Believe it or not, I kenna 3 accidents in 2008. Once was when I was travelling on a straight road when a pickup shot down from the entrance of a carpark and hit me at the side. The other 2 times were went I was waiting at the red lights (car already stopped) when the fellow behind rear-ended me. 3 times, I claimed for damages from the other driver but had "reported the incident" to my insurance as that was the regulation then.

 

Guess what, when the insurance was up for renewal, the company refused to renew citing me as high risk. I called them up and found out not just had they refused to renew my policy, they also reduced my NCD and then, allocated 15k against me saying it's for potential lawsuit against me. I farked the CSO saying what lawsuit when it's very clear cut the accidents were not caused by me.

 

The company ... HSBC insurance.

[Altivo]

As long as it's the person's fault, his NCD will be remove be it claim or no claim?

 

I kenna the same and more even when it's not my fault and i didnt claim my insurance. See my story above