Santafe 1st Gear October 20, 2012 Share October 20, 2012 (edited) NCD protector is the greatest con job of all car insurance. If the insurance wants to increase your yearly premium even when you are safest driver and no claim over a long time. They should actually increase the NCD to as high as 80%. NCD protector, though it protect your NCD %, but it didn't gaurantee that your premium will not get inflated over the yrs even if you are the safest driver. NCD protector has it usage, but it is the marketing con job conning (asking) the driver pay more, despite your risk of accident is relatively much lower then others. I got a friend, 50% NCD, premium around 1.3k made a minor claim of 4k+...when his renewal premium came, he got a shocked as the premium jumped till 3.8k after 20% NCD. It all voice down to your insurer i would say. Yes, to put it bluntly....If u thinks is a con job, u have every right not to buy as no one force you. When accident happens and NCD reduce from 30% to 20%, you will be shiok shiok and LL to pay high high premium. You can continue to kpkb....hehe Edited October 20, 2012 by Santafe ↡ Advertisement Link to post Share on other sites More sharing options...
Vectrasonic 2nd Gear October 20, 2012 Share October 20, 2012 NCD protector is the greatest con job of all car insurance. If the insurance wants to increase your yearly premium even when you are safest driver and no claim over a long time. They should actually increase the NCD to as high as 80%. NCD protector, though it protect your NCD %, but it didn't gaurantee that your premium will not get inflated over the yrs even if you are the safest driver. NCD protector has it usage, but it is the marketing con job conning (asking) the driver pay more, despite your risk of accident is relatively much lower then others. Lower risk doesn't mean no risk. U just have to decide if u want to risk your 50% NCD with small amount to pay. No right or wrong. But don't KP if ur NCD drop to 30% and u have to pay huge sum for your next renewal. Link to post Share on other sites More sharing options...
Congo9 Neutral Newbie October 20, 2012 Share October 20, 2012 (edited) They should allow NCD to rise to 80%. Then we can talk about NCD protector in a more meaningful way. The odds are heavily stacked against the driver and the govt actually allowed that to happen. That is what happen when you vote for a govt who are too pro business and employer. Edited October 20, 2012 by Congo9 Link to post Share on other sites More sharing options...
1fast1 Supersonic October 20, 2012 Share October 20, 2012 If have such rider, the premium will be very exp and will never be 10%. Insurance is a pulling of funds from customers into a sinking fund and percentage of premium increase or decrease depends on the overall claim rates at the end of the year. Holding premium is impossible as each year claims according to GIAS are different. Insurance always have to give and take, u want cheap and good? where to find? there are history where customer cheapskate, go buy those cheap cheap online motor insurance, when come to claims, they say this one cannot claim that one cannot claims ask them to refer back to policy wording...faint... Once you make a claims, insurance premium 100% will go up and NCD will drop by 30%...with NCD protector only protector the NCD as the name spells. Do you work for a local insurer, or GIAS? Not meaning to be offensive, but you sure sound like it. To be very frank, our insurance companies are really full of marvellous excuses on why they can't make things cheaper and better for the customers, or even give them a really fair deal. To this I say: just look at the insurers in places like the UK or US. Apart from being marvellously cheap compared to Sg, they also actually *fight* for their clients, unlike in Sg, where knock-for-knock agreements are all-too-common. The reason? Not that hard to fathom. Insurers in these other countries are actually independent entities. They are not allowed to cartelise by law. In SG, the system is severely biased against the customers. Link to post Share on other sites More sharing options...
Santafe 1st Gear October 20, 2012 Share October 20, 2012 (edited) Do you work for a local insurer, or GIAS? Not meaning to be offensive, but you sure sound like it. To be very frank, our insurance companies are really full of marvellous excuses on why they can't make things cheaper and better for the customers, or even give them a really fair deal. To this I say: just look at the insurers in places like the UK or US. Apart from being marvellously cheap compared to Sg, they also actually *fight* for their clients, unlike in Sg, where knock-for-knock agreements are all-too-common. The reason? Not that hard to fathom. Insurers in these other countries are actually independent entities. They are not allowed to cartelise by law. In SG, the system is severely biased against the customers. Sadly, I am not an agent. If I sounds like an agent, Maybe consider go take the course and register as one, at least commission dont need to be earn by others. hehe I myself, benefited from the NCD protector from my previous 20K OD claims and I did alot alot of homework on the motor insurance framework and NCD protector worrying about my renewal premium and NCD protector might be a con job etc... I am not sure about UK or US as I never been there or stay there before hence no comments. Edited October 20, 2012 by Santafe Link to post Share on other sites More sharing options...
Fennmax Clutched October 20, 2012 Author Share October 20, 2012 One final qn. Is this protector worthwhile for tpft? I am on tpft n axa offer me the protector for$90 more. Premium 990. Link to post Share on other sites More sharing options...
Vid Hypersonic October 20, 2012 Share October 20, 2012 Buy an insurance policy that insure your car insurance policy? Think about it. Your policy maybe cost around $1000 with 50% NCD. You buy 10% protector at $100. You meet with an accident. They say cos you have NCD protector, next year you still get 50% NCD but your premium increased to $1400. What kind of a protector is that? So from then on, you'll always be paying more than $1400 every year and NCD protector of $140. And you will have to stick with that insurer. Link to post Share on other sites More sharing options...
Othello Supersonic November 7, 2012 Share November 7, 2012 Read this thread with interest as I approach my renewal next month and I've finally reach 50%. I think there are some misconception about NCD protector. It's to protect your NCD (duh!), and NOT to guarantee maintaining or decreasing your premium. Renewal premium rates depends on claims experience (they have acturaries doing the in-depth calculation) and NCD is only and application AFTER the premiums are derived. Am surprised some people think that with NCD protector, their premiums will remain the same EVEN after they make an Own Damage Claim. Com'on, insurance companies aren't saints, but neither are we .... Ok, back to myself, still considering whether to take up at the cost of 10% extra. Link to post Share on other sites More sharing options...
Fennmax Clutched November 7, 2012 Author Share November 7, 2012 I finally skip this ncd protector , reckon to save the money and drive safely although a bit difficult with my style and car. Link to post Share on other sites More sharing options...
Congo9 Neutral Newbie November 23, 2012 Share November 23, 2012 Buy an insurance policy that insure your car insurance policy? Think about it. Your policy maybe cost around $1000 with 50% NCD. You buy 10% protector at $100. You meet with an accident. They say cos you have NCD protector, next year you still get 50% NCD but your premium increased to $1400. What kind of a protector is that? So from then on, you'll always be paying more than $1400 every year and NCD protector of $140. And you will have to stick with that insurer. NCD is the biggest con job and our 1st World govt actually allow that to happen ! Link to post Share on other sites More sharing options...
Congo9 Neutral Newbie November 23, 2012 Share November 23, 2012 Buy an insurance policy that insure your car insurance policy? Think about it. Your policy maybe cost around $1000 with 50% NCD. You buy 10% protector at $100. You meet with an accident. They say cos you have NCD protector, next year you still get 50% NCD but your premium increased to $1400. What kind of a protector is that? So from then on, you'll always be paying more than $1400 every year and NCD protector of $140. And you will have to stick with that insurer. NCD is the biggest con job and our 1st World govt actually allow that to happen ! Link to post Share on other sites More sharing options...
Vid Hypersonic November 23, 2012 Share November 23, 2012 NCD is the biggest con job and our 1st World govt actually allow that to happen ! Cannot say it's the biggest con job. It's willing seller, willing buyer. Nobody forces you to get the NCD protector. Link to post Share on other sites More sharing options...
Princey_anne 1st Gear November 23, 2012 Share November 23, 2012 (edited) Cannot say it's the biggest con job. It's willing seller, willing buyer. Nobody forces you to get the NCD protector. Yes, agreed I also bought the ncd protector. Edited November 23, 2012 by Princey_anne Link to post Share on other sites More sharing options...
Civic2000 Supercharged November 23, 2012 Share November 23, 2012 If one is on 50% NCD and met with an accident, the No Claim Discount (NCD) on next renewal of the insurance will be reduced to 20%. It is a drastic cut of 30%. However, if you have NCD protection under your policy, your NCD will not be affected if there is only one claim during the period of insurance. IMHO, it is worthwhile paying additional 10% for the NCD protection. Take my case as example, the Basic Annual Premium for my auto insurance is $2,183.45 (Honda FD2), after 50% NCD and 5% Incentive discount of $54.59, the nett Premium payable is $1,037.13. The NCD Protection payable is $103.71,which is 10% of $1,037.12. Total Premium payable before GST is $1,140.84. I met with an accident a few months back and apart from my own claim, there was also a third party claim against me., If I had not purchase the NCD protector, my NCD will be reduced to 20% when I renew my insurance comes next Feb 2013. Assuming that I had not bought the NCD Protection and let say the Basic Premium remains (with increase) at $2,183.45 in the next renewal, I will only get to enjoy 20% NCD, and my premium payable would be $1,746. 76 (after 20% NCD). But b Link to post Share on other sites More sharing options...
1fast1 Supersonic November 23, 2012 Share November 23, 2012 I met with an accident a few months back and apart from my own claim, there was also a third party claim against me., If I had not purchase the NCD protector, my NCD will be reduced to 20% when I renew my insurance comes next Feb 2013. Assuming that I had not bought the NCD Protection and let say the Basic Premium remains (with increase) at $2,183.45 in the next renewal, I will only get to enjoy 20% NCD, and my premium payable would be $1,746. 76 (after 20% NCD). But b Link to post Share on other sites More sharing options...
Civic2000 Supercharged November 23, 2012 Share November 23, 2012 I will come back to you when I get the quotation from my insurer. Link to post Share on other sites More sharing options...
Huat138 2nd Gear November 23, 2012 Share November 23, 2012 I will come back to you when I get the quotation from my insurer. Interested to know, please share with us on your policy renewal. Thanks. Link to post Share on other sites More sharing options...
Limcc Neutral Newbie November 24, 2012 Share November 24, 2012 Hi, Recently found out that an insurance company has NCD protector even for pple like me with 30% NCD. ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Door Protector Stripes, an important exterior feature against dings?
Door Protector Stripes, an important exterior feature against dings?
RimPro-Tec to reduces the risk of kerb damage
RimPro-Tec to reduces the risk of kerb damage
Car side protector sheet
Car side protector sheet
How to remove HP Screen protector?
How to remove HP Screen protector?
Side door protector strips for toyota axio 07 model?
Side door protector strips for toyota axio 07 model?
Where to buy screen protector for GPS 4.3"
Where to buy screen protector for GPS 4.3"
Tire Valve Protector
Tire Valve Protector