Insurance Coy wants to increase premium after renewal done?

[inlinesix]

Quote is based on accident free experience.

 

Unfortunately the situation changed right after cover note is issued.

 

If TS has 50% NCD, very like the additional premium of 100 will be waived.

 

Complaint to MAS no use 1 la. MAS will tell you rate & T&C is commercial decision

[flashbang]

Insurer sounds correct to me. Renewal quote is based on your profile at the point you requested for quote. But after you took their quote, you made a windscreen replacement, thus changing your profile. It's only right they invalidate your previous quote and requote you.

 

Else what if instead of windscreen replacement, you rear-end somebody else and claim 10k? You think insurer still quote you same premium? 

 

There is no free lunch in this world la..... whatever claimed via insurance, eventually it is also deducted from your pocket.

Since we are talking about insurance, remember not to buy NCD protector. You might as well throw your money into the toilet bowl and flush it down.

[Piyopico]

Hi gurus.

 

Long story short.

Early Dec: Offered renewal quote by insurance

Mid Dec : Branch hit front windscreen. Windscreen replaced with no excess because I purchase the plan with "no windscreen excess."

End Dec: Renewed Insurance. Cover note issued. Road Tax renew.

 

3 Jan: CSO called and tell me they will invalidate my motor insurance as my premium have now increase due to the windscreen replacement.

No mention of increase in premium until 3 Jan.

 

So now I have 2 qns.

1) Can they invalidate my insurance at this point?!

I have written in to LTA and GIA to seek further clarification.

 

2) Wouldn't it make consumers a fool since we are then paying twice for windscreen?

I pay more to get a plan with "no windscreen excess".

Now that I replace my windscreen

I have to pay a higher premium because my wind screen was replace.

Then isnt I paying twice?

 

Then why don't we all just buy the cheapest policy since ultimately we are still the suckers???

Your renewal is based on no claim up to the expiry date.

 

You claimed and your risk profile is now different. I dunno why you are complaining.

 

My advice is to accept it. If you purchase from another Insurer now you will still have to declare your windscreen claim.

 

You paid higher premium and your windscreen was rightly replaced without the application of any excess.

You are however not paying twice cos your profile has to pay a higher renewal premium based on your claim. If you had claimed 3 times windscreen you will still not pay extra for the current policy year BUT the insurer will definitely load your premium for renewal.

 

Just like if you bang your car 3 times. Each time they will pay for repairs..... You only get penalised at renewal.

 

You really have no reason to complain.

 

Just like you offer to sell a car in 3 days time at an agreed price. Surely you cannot expect the buyer to accept a car with damages upon delivery.

Edited January 4, 2018 by Piyopico

[Galantspeedz]

If I rem correctly, replacement of windscreen is not considered a claim... or is it does not affect your ncd?

Edited January 4, 2018 by Galantspeedz

[Piyopico]

If I rem correctly, replacement of windscreen is not considered a claim

It is a claim. Just that Insurers will not consider it as such for the purpose of tabulating no claim bonus.

 

If TS mentioned the extra premium is $100. It is highly likely to be the reinstatement premium to buy another excess free windscreen cover from date of claim till policy expiry.

 

I am only guessing cos policy contracts differ even with the same insurer as there are options to buy up or down.

 

Read the contract. It is all there. Complain to MAS? Come on la TS.

Edited January 4, 2018 by Piyopico

[Heartlander]

If I rem correctly, replacement of windscreen is not considered a claim... or is it does not affect your ncd?

From what I know and just google from a few insurance coys, it should not affect NCD. But none of them put it out right that it will not affect insurance premium when renewing the policy the following year.

 

Actually all along I have the impression that it will not. Really learn something here. 

[Nzy]

From what I know and just google from a few insurance coys, it should not affect NCD. But none of them put it out right that it will not affect insurance premium when renewing the policy the following year.

 

Actually all along I have the impression that it will not. Really learn something here. 

 

The reason they don't say it won't affect premiums cuz most likely will. Any claim will usually result in higher premiums the next renewal.

[Apple-Tree]

Yes they cannnnnn...........

 

But it give them a bad reputation lor ....... unfortunately, TS never share ......

 

First time I heard of no window screen excess ......... heeeee ....... I buy ONLY Income ....... Income BEST !!!

 

Or is TS referring to Income ....... heeeeee

 

 

No they can’t increase. Because premium collected and policy issue mean a contract establish! BTW you go to the wrong government agency! Please complain to MAS
If government agency is slow in responding, please cancel your insurance with them and go to another insurance company to get yourself protection, yet the same time invite newpapaer or Wan Pao reporter for so interview. Let this insurance company management know what is called not honouring one words and penny wise pound foolish

 

[dnumde]

Hi gurus.

 

Seems like a pretty grey area to me after all these discussion because there are 2 sided argument from this thread.

 

I am still confuse whether I am a sucker in this case or the insurance coy is right.

Guess I will just pay the extra 100 to save all the hassle.

 

But 1 thing I learn is to not pay more for the "no windscreen excess" next time because all these seems like pure gimmicks to leech more from consumer, since they are still going to make you pay one way or another at the end of the day.

 

Thanks folks for all the insights. :)

[Nzy]

Hi gurus.

 

Seems like a pretty grey area to me after all these discussion because there are 2 sided argument from this thread.

 

I am still confuse whether I am a sucker in this case or the insurance coy is right.

Guess I will just pay the extra 100 to save all the hassle.

 

But 1 thing I learn is to not pay more for the "no windscreen excess" next time because all these seems like pure gimmicks to leech more from consumer, since they are still going to make you pay one way or another at the end of the day.

 

Thanks folks for all the insights. :)

 

Yup. Even the NCD protector seems like a waste of money cuz they don't take away your NCD but you got to renew with them and they can still increase your premiums. I got my NCD protector for free though so I still keep it.

[Jman888]

Yup. Even the NCD protector seems like a waste of money cuz they don't take away your NCD but you got to renew with them and they can still increase your premiums. I got my NCD protector for free though so I still keep it.

 

 

the increase in premium should still be better than having NCD drop from 50% to 20%. Moreover the 2nd years after the renewal, you can change to another insurer and enjoy the lower rate with 50% NCD.

[Nzy]

the increase in premium should still be better than having NCD drop from 50% to 20%. Moreover the 2nd years after the renewal, you can change to another insurer and enjoy the lower rate with 50% NCD.

 

Not always. Sometimes the premiums can double after a claim, so even with 50% NCD and NCD protector, end up still paying much more than before.

[t0y0ta]

Insurance is a cold-blooded, pragmatic business. 

 

NCD protector, excess waiver etc etc.... all marketing

 

If you make a claim or even have potential claim hanging over you, next year they will definitely extract more $$ out of you to make up for the additional risk.

 

So all drivers need to go in with eyes wide-open. Any claim or accident is a lose-lose to you, no matter how you argue not your fault, good previous record.

 

What I know is that even if you 30 years driving no claims it also doesn't help your case with Insurance. Insurance only looks at your last 3 years. Once there is accident or claim in last 36months... big premium loading will come.

[Othello]

Insurance is a cold-blooded, pragmatic business.

 

NCD protector, excess waiver etc etc.... all marketing

 

If you make a claim or even have potential claim hanging over you, next year they will definitely extract more $$ out of you to make up for the additional risk.

 

So all drivers need to go in with eyes wide-open. Any claim or accident is a lose-lose to you, no matter how you argue not your fault, good previous record.

 

What I know is that even if you 30 years driving no claims it also doesn't help your case with Insurance. Insurance only looks at your last 3 years. Once there is accident or claim in last 36months... big premium loading will come.

Its a necessary evil lah. Lets say you have no insurance and you sway sway go bang a Ferrari causing $80k worth of damage. How to pay?

[Skchiu]

As of now I am referring the matter to GIA, MAS and LTA (to see what is the impact of my road tax since I already renew).

So it will be inconvenient for me to mention the insurance company.

All I can say it is a pretty reputable one.

 

Actually the difference is just $100.

I started this thread because I feel like a sucker and is under the butcher knife of this company.

Because when the insurance firm called me, they pushed all blame to me and refuse to acknowledge any fault on their part.

 

But after spending so much effort to write in to MCF, GIA, LTA, MAS and the insurance company itself, I feel like it isnt worth the trouble.

I think I may just pay since it is too much trouble for myself.

don't let them off, pls pursue until the insurers rescind their increase in premium.

[Skchiu]

Since we are talking about insurance, remember not to buy NCD protector. You might as well throw your money into the toilet bowl and flush it down.

can explain why NCD protector is useless?

 

[Nzy]

can explain why NCD protector is useless?

 

I know people who had their premiums doubled after they had a claim. They have NCD protector, but come next renewal, premium was doubled.

[Kb27]

NCD protector protects NCD.

It never say protect your premium from increasing. 

 

Insurance can LPPL you by increasing premium.