Survey: Which is the best (claims) Motor Insurance company

[inlinesix]

10 hours ago, Adrianli said:

Can call MSIG direct if you are interested. And compare with the rest. Ask them for Ultimate car protector quote and normal comprehensive quote.

This is a bancassurance product. Complain to Stand Chart.

[Liquidh]

@Geoffrey-BudgetDirect_Comm 

Hi, can I check if BudgetDirect will pay for repairs concerning COE cars (i.e. more than 10 years old) if a comprehensive plan is purchased? I understand from your previous post that there will be economic limits to the insurer's willingness to pay for repairs (subject to price of the COE of same vintage, model, condition, etc). 

My question is if my COE car (or a similar model of the same registered year and condition) is worth roughly S$20k, how would BudgetDirect calculate the "economic limit" for such a case? I like to find out if it would be worthwhile to spend the money to get a comprehensive plan (rather than TFT).

[Geoffrey-BudgetDirect_Comm]

Hello @Liquidh

Thanks for your great question. Our Claims Manager, Mr. Albert Hong, has prepared the following for your information. This is to be used as guidance and if you have a scenario you would like to discuss with our Claims team, please do call us at 6221 2111 so that we can talk through the specifics of your situation. 

We have provided our answer in 3 parts based on how we interpreted your original post.

Q1. Can I check if BudgetDirect will pay for repairs concerning COE cars (i.e. more than 10 years old) if a comprehensive plan is purchased?

Yes, BDI will pay for the repairs concerning COE cars as long as the cost of repair is within the economic repair limit when you make an own damage claim under your comprehensive policy.

Q2. I understand from your previous post that there will be economic limits to the insurer's willingness to pay for repairs (subject to the price of the COE of the same vintage, model, condition, etc.)

As all vehicles in Singapore has economic repair limits which are calculated as follows:

Economic Repair Limit: (Market value – Relevant LTA Rebates (COE + PARF)). If your vehicle is more than 10 years old, there will be no PARF value.

For the avoidance of doubt, Market Value (MV) is taken from like for like of the vehicle considering its year of registration, make and model, engine capacity, etc.)

Q3. My question is if my COE car (or a similar model of the same registered year and condition) is worth roughly S$20k, how would BudgetDirect calculate the "economic limit" for such a case? I like to find out if it would be worthwhile to spend the money to get a comprehensive plan (rather than TFT).

We do not have sufficient information to estimate the repair limit for your car; hence we would like to give you 2 examples below instead.

Example 1

Make & Model: Toyota Corolla Altis 1.6(A) (taking reference of posting in SGCarMart)

Vehicle Registration Date: July 2006 (COE until July 2026)

MV - $32,800.00.00 (subjected to verification)

COE Rebate - $24,759.50 (since we do not have the COE rebates, we shall take the COE value listed in the post as the COE paid during July 2016) [($49,519/10) x 5]  (estimate remaining COE to be 5 years)

Economic repair limit: $8,040.50

 

Example 2

Make & Model: Mercedes Benz C180K (taking reference of posting in SGCarMart)

Vehicle Registration Date: March 2010 (COE until Feb 2030)

MV - $82,000.00.00 (subjected to verification)

COE Rebate - $29,700.00 (since we do not have the COE rebates, we shall take the COE value listed in the post as the COE paid during March 2020) [($33,000/10) X 9] (estimate remaining COE to be 9 years)

Economic repair limit: $52,300.00

 

Alternatively, you can check your LTA rebates at onemotoring.com or to the link provided:

https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireRebateBeforeDeReg

 

Kindly note we do not insure any vehicle under the vintage vehicle scheme.

 

I hope this has been helpful. As noted above, you're most welcome to call our team for a personal conversation about how we could meet your individual needs. 

On behalf of the team at Budget Direct Insurance, thanks for your question and have a great day. 

Geoffrey

Budget Direct Insurance

Call us at 6221 2111 or visit us anytime at budgetdirect.com.sg

Claims support: 

Within Singapore, call us at 6221 2199

From overseas, call us at +65 6540 2199

[Inlinefour]

any DaiGor here sign up with ECICS motor insurance before?

 

seems lower than DA and BD no frills ones