Full Payment without Loan

[Pocy]

The more you claim (for your vehicle), the more your insurance premium will be loaded when renewal, sometimes over a few years. So sometimes effectively LL back to square 1, the premium increase is as good as you pay your for own damage (especially those few thousand type of claim).

 

Insurer won't tell you this at point of buying right?

Good if you can share your experience here for everyone to learn. Can share?

[Dafansu]

If a new car is paid in full, should still get comprehensive insurance or third party?

 

Comprehensive, whether already fully paid in full , new or COE car. If you are injured or your vehicle is damaged, third-party car insurance doesn’t provide any coverage or compensation for you or your vehicle.

Edited February 24, 2019 by Dafansu

[Throttle2]

If a new car is paid in full, should still get comprehensive insurance or third party?

Its up to you.

 

I always get TPFT (unless its so cheap it dont matter)

 

But interestingly, the 1st party comprehenive for my 911 was as cheap as TPFT.

only $1200 pa

 

Ridiculous so i bought first party comp.

 

For my GLC, first party Comp is only $1000 so i also didnt bother with TPFT.

Edited February 24, 2019 by Throttle2

[Throttle2]

Comprehensive, whether already fully paid in full , new or COE car. If you are injured or your vehicle is damaged, third-party car insurance doesn’t provide any coverage or compensation for you or your vehicle.

 

If injured, got medical insurance coverage

If not your fault, third party insurance coverage.

 

If own fault damaged or totalled, so be it, own fault then ownself pay lor

Thats my personal principle.

 

Unless comprehensive is so cheap like under $2k then just take.

Insignificant savings

[Lala81]

No need to totalled the car to feel the brunt.

 

Imagine the thousands you have to pay for your own car damage if your rear ended someone's back. Simply not worth the few hundreds in saving for the premium.

 

Yeah there are some comprehensives which are quite cheapish. Like my 2.0 executive sedan, comprehensive is low $700s.

[Inlinefour]

Yeah there are some comprehensives which are quite cheapish. Like my 2.0 executive sedan, comprehensive is low $700s.

 

TBH actually some cheap comprehensive ones coverage and support is not good

 

If lucky nothing happened...save money

 

If really something ... really headache

 

Personally I already had 2 very bad experience before

 

1 from our trade union the other from DA

 

Both incident I am victim but I faced additional stress 

 

Now I only take AD in-house expensive but really stress free

 

Something happen AD will arrange everything 

 

Last time bought cheap comprehensive is to support my agent friend 

[WangWang888]

Thanks guys for all the information. Will stick to comprehensive

[Lala81]

TBH actually some cheap comprehensive ones coverage and support is not good

 

If lucky nothing happened...save money

 

If really something ... really headache

 

Personally I already had 2 very bad experience before

 

1 from our trade union the other from DA

 

Both incident I am victim but I faced additional stress

 

Now I only take AD in-house expensive but really stress free

 

Something happen AD will arrange everything

 

Last time bought cheap comprehensive is to support my agent friend

Tokio marine. Kah motor official tie up. Should be OK bah...

 

Those two companies u mentioned I won't touch.

But ntuc medical side is no issue. Their hospitalisation insurance. I've claimed for my girl, myself and my mum one all q hassle free.

Edited February 24, 2019 by Lala81

[Inlinefour]

Tokio marine. Kah motor official tie up. Should be OK bah...

 

Those two companies u mentioned I won't touch.

But ntuc medical side is no issue. Their hospitalisation insurance. I've claimed for my girl, myself and my mum one all q hassle free.

 

Inhouse policy coverage is the best to me

 

Income wise motor insurance is very different I guess 

[Civicblade]

My experience when I was in the market to purchase a new car in Dec 2018 without taking a loan. All dealers and PI require you to buy insurance through them, no buts no ifs.. and they guarantee cheapest insurance premium which seem to be true. My PI can even match online promotional quotes. 

 

Komoco: No top needed. SE said can sell at list price after all online discounts. Will honour all promotions items and pricing. 

 

Champion (Suzuki): SE said:" Can try to waive, come down and negotiate". Did not buy a Suzuki but from the tone of discussion. It is highly possible to pay promotional list price without top up for cash deal. 

 

Kia (Cycle and Carriage): SE said:"No loan, you need to pay full list price". Full list price is around $10k more than the sgcarmart promotional price. 

 

Mazda: SE said:"$3k top up required. If you can sign the sales agreement and deposit now, I can negotiate with my boss". 

 

Parallel Importer:

PI 1: SE:" Top up $3k, but I asked boss and he approved $1.5k discount so you only need to top up $1.5k". 

 

PI 2: SE:"$3k, not negotiable". Low advertised price for car but everything else are add on and extra (head unit, alloy rim, reverse camera.. etc)

 

PI 3: SE:"Can talk, I give you discount, I used to charge $3k.. now you top up $2k plus our price is lowest in Singapore". True, advertised base price is low but all the accessories cost the customer money. 

 

PI 4: SE:"Bid as you like package, you decide how much you want to bid for COE and we give you the car price. No loan, we can also package into car price. Usually we charge extra $3k". Fishy sounding.. run as far as possible. 

 

PI 5 (bought the car from them): SE:" no loan please top up $1.5k. No other fees at all, we are very transparent and we get your COE on 1st bid. You pay only the list price we post on sgcarmart, not a cent more.". True to their words, I paid the 1bid promotional list price on sgcarmart plus $1.5k for not taking a loan. Ready stock car, picked up car 4 working days after COE bidding with all the required accessories installed (head unit, reverse camera, reverse sensor, front and rear dash camera and solar film). Pricing include locally fitted leather but I choose to stay with factory fabric and got $500 off. Opted to drive to the tyre shop myself to select alloy rims after picking up the car instead of having the dealer drive the car for installation. Would be a day earlier if not for the some bank transfer delay. 

 

It looks like most if not all dealers would ask you to top up from their super low promotional price if you are not taking a loan. Komoco is able to waive this because of their huge margins on their bread and butter Elantras and I30s. PI has much lower margins, take for example the PI that I bought from only made $8.5k gross margin before overhead costs. No wonder they need volume to survive. 

Edited February 26, 2019 by Civicblade

[Civicblade]

I paid $78,000 with 1 bid guaranteed.

Nice little warm hatch.. this Fit Hybrid. Always bring a smile to my face when I put my foot down and when it is time to top up.. wah lah.. 21.6km/l.. outrageously fuel economical.. 

 

Got to hand it to Honda for developing such a fast mini hatch and yet so fuel efficient. 

 

The prius should win the economy race but the drive, engagement and acceleration is far from the Honda 7sp DCT hybrid. (Used to drive the Prius + for almost 2 years). 

Edited February 26, 2019 by Civicblade

[flashbang]

My experience when I was in the market to purchase a new car in Dec 2018 without taking a loan. All dealers and PI require you to buy insurance through them, no buts no ifs.. and they guarantee cheapest insurance premium which seem to be true. My PI can even match online promotional quotes.

 

Komoco: No top needed. SE said can sell at list price after all online discounts. Will honour all promotions items and pricing.

 

Champion (Suzuki): SE said:" Can try to waive, come down and negotiate". Did not buy a Suzuki but from the tone of discussion. It is highly possible to pay promotional list price without top up for cash deal.

 

Kia (Cycle and Carriage): SE said:"No loan, you need to pay full list price". Full list price is around $10k more than the sgcarmart promotional price.

 

Mazda: SE said:"$3k top up required. If you can sign the sales agreement and deposit now, I can negotiate with my boss".

 

Parallel Importer:

PI 1: SE:" Top up $3k, but I asked boss and he approved $1.5k discount so you only need to top up $1.5k".

 

PI 2: SE:"$3k, not negotiable". Low advertised price for car but everything else are add on and extra (head unit, alloy rim, reverse camera.. etc)

 

PI 3: SE:"Can talk, I give you discount, I used to charge $3k.. now you top up $2k plus our price is lowest in Singapore". True, advertised base price is low but all the accessories cost the customer money.

 

PI 4: SE:"Bid as you like package, you decide how much you want to bid for COE and we give you the car price. No loan, we can also package into car price. Usually we charge extra $3k". Fishy sounding.. run as far as possible.

 

PI 5 (bought the car from them): SE:" no loan please top up $1.5k. No other fees at all, we are very transparent and we get your COE on 1st bid. You pay only the list price we post on sgcarmart, not a cent more.". True to their words, I paid the 1bid promotional list price on sgcarmart plus $1.5k for not taking a loan. Ready stock car, picked up car 4 working days after COE bidding with all the required accessories installed (head unit, reverse camera, reverse sensor, front and rear dash camera and solar film). Pricing include locally fitted leather but I choose to stay with factory fabric and got $500 off. Opted to drive to the tyre shop myself to select alloy rims after picking up the car instead of having the dealer drive the car for installation. Would be a day earlier if not for the some bank transfer delay.

 

It looks like most if not all dealers would ask you to top up from their super low promotional price if you are not taking a loan. Komoco is able to waive this because of their huge margins on their bread and butter Elantras and I30s. PI has much lower margins, take for example the PI that I bought from only made $8.5k gross margin before overhead costs. No wonder they need volume to survive.

Don't say "only 8.5k margin" like it is very low. Komoco does make that kind of margins on their car sales. It's not uncommon for B&B cars.

[RogerNg_185295]

They are a big company selling many car brands. They sort of call the shots. You dun want to buy a Kia,,,,Its ok...Next customer will buy.

 

No big loss for them as they are strong financially.

 

 

Seems like C&C either u follow their terms or they not selling / interested to do business?!?! Most terms they have LOL...