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NCD will restore from 20% to 50% if I renew insurance with current insurer?

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Hi All,

Needing advice from you guys.

I met an accident last year. It was my fault. The claim amount is around $4k and settled by my current insurer.

Good news is my policy has NCD protector.  NCD still keep at 50%.

Bad news is the premium increase by 30%

For 2020, if I switch to other insurer , the NCD will reset to 20%. I need a few years to restore to 50%.

 

For 2020, if I renew insurance with my current insurer, NCD will keep at 50% for current insurer.

For 2021, if i purchase new policy from other insurer, the NCD will restore to 50% for other insurer?

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45 minutes ago, iphone8 said:

Hi All,

Needing advice from you guys.

I met an accident last year. It was my fault. The claim amount is around $4k and settled by my current insurer.

Good news is my policy has NCD protector.  NCD still keep at 50%.

Bad news is the premium increase by 30%

For 2020, if I switch to other insurer , the NCD will reset to 20%. I need a few years to restore to 50%.

 

For 2020, if I renew insurance with my current insurer, NCD will keep at 50% for current insurer.

For 2021, if i purchase new policy from other insurer, the NCD will restore to 50% for other insurer?

Ncd is a farce. You can be quoted at 50% but the rate at the current insurer might be higher than the 20% one. In the end it’s the total amount you pay.  

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7 hours ago, Mkl22 said:

Ncd is a farce. You can be quoted at 50% but the rate at the current insurer might be higher than the 20% one. In the end it’s the total amount you pay.  

Just realize after paying NCD protector for so many years...

Other insurer is few hundred cheaper even with 20% NCD. 

The current insurer is 30% more even with 50% NCD!

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25 minutes ago, iphone8 said:

Just realize after paying NCD protector for so many years...

Other insurer is few hundred cheaper even with 20% NCD. 

The current insurer is 30% more even with 50% NCD!

Yes, this NCD protector seems to be a con job.

A fren's car was totalled cos someone didn't stop at traffic light opp direction, and went head-on with him, when he had right of way. Totally the other driver's fault, but the problem was the guy was driving when license suspended, so his insurance will not cover... My fren LL had to claim his own insurance to get a new car. With NCD protector, his premium for the new car was much higher than a quote he got from another company... even after declaring his claim.

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NCD protector is BS, force you to stick to current insurance for maintaining 50% NCD, while they sharpened the knife to chop you. You should get a few quotes from others even your NCD is only 20%.

Edited by Ctdpong
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18 hours ago, iphone8 said:

Hi All,

Needing advice from you guys.

I met an accident last year. It was my fault. The claim amount is around $4k and settled by my current insurer.

Good news is my policy has NCD protector.  NCD still keep at 50%.

Bad news is the premium increase by 30%

For 2020, if I switch to other insurer , the NCD will reset to 20%. I need a few years to restore to 50%.

 

For 2020, if I renew insurance with my current insurer, NCD will keep at 50% for current insurer.

For 2021, if i purchase new policy from other insurer, the NCD will restore to 50% for other insurer?

I have to assume there is a data bank somewhere to share info.

Why would other insurers give u 50% NCD when they didn’t benefit from the NCD protector premium in the first place?  
 

Camping here for an answer.  Might change my mind on buying NCD protector if proven otherwise.

Edited by Voodooman

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2 hours ago, Voodooman said:

I have to assume there is a data bank somewhere to share info.

Why would other insurers give u 50% NCD when they didn’t benefit from the NCD protector premium in the first place?  
 

Camping here for an answer.  Might change my mind on buying NCD protector if proven otherwise.

NCD protector is non-transferrable to other insurer. 

Once you made a claim, current insurer will revise your NCD from 50% to 20% in the NCD bank. This NCD info is shared among insurers.

It will force you to renew with current insurer to maintain NCD 50%.

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10 hours ago, Ctdpong said:

NCD protector is BS, force you to stick to current insurance for maintaining 50% NCD, while they sharpened the knife to chop you. You should get a few quotes from others even your NCD is only 20%.

Ya. Manage to find other insurer which are cheaper even with 20% NCD.

Just think to maintain my NCD 50%. I got NCD50% for more than 10 years already.

Feel wasted it will change to 20% if I switch insurer.

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42 minutes ago, iphone8 said:

NCD protector is non-transferrable to other insurer. 

Once you made a claim, current insurer will revise your NCD from 50% to 20% in the NCD bank. This NCD info is shared among insurers.

It will force you to renew with current insurer to maintain NCD 50%.

Then you have answered your own question. Lol

Thanks for sharing. Looks like it is really a con job. 

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1 hour ago, Voodooman said:

Then you have answered your own question. Lol

Thanks for sharing. Looks like it is really a con job. 

My question is about the NCD status for 2021 if I renew my insurance in 2020.

If it will change to 50%, I will renew with current insurer.

If it will change to 30%, might as well change to other insurer now.

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If you current insurer is "good", then stay with them. If you only use your current insurer because they are "cheap," then change to a cheaper one.

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3 hours ago, iphone8 said:

Ya. Manage to find other insurer which are cheaper even with 20% NCD.

Just think to maintain my NCD 50%. I got NCD50% for more than 10 years already.

Feel wasted it will change to 20% if I switch insurer.

They give you 50% NCD but raise the premium. So it is LPPL! If I were you, I would go for the insurer with lower premium with 20% NCD, provided coverage is the same. I'll be kidding myself to pay higher premium just to have 50% NCD. Even if they give me 0% NCD with a very attractive premium, I'll jump for it!

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38 minutes ago, andrewyewkc said:

If you current insurer is "good", then stay with them. If you only use your current insurer because they are "cheap," then change to a cheaper one.

If current insurer is "good", I would not ask this question here. Lol.

They give me NCD50% but raise my premium...

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4 hours ago, iphone8 said:

NCD protector is non-transferrable to other insurer. 

Once you made a claim, current insurer will revise your NCD from 50% to 20% in the NCD bank. This NCD info is shared among insurers.

It will force you to renew with current insurer to maintain NCD 50%.

Is there really such a thing as NCD data bank?

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1 hour ago, awhtc said:

Is there really such a thing as NCD data bank?

I do not know what is the formal name for this.

I called other insurer, they able to know my NCD is 20%.

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Insurance is all about taking your money and NOT paying out.

All kinds of scheme, whether NCD or otherwise is designed to do that.

Bcuz when you claimed, they lose money, they have to take it back somehow from you.

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19 hours ago, Atrecord said:

Yes, this NCD protector seems to be a con job.

A fren's car was totalled cos someone didn't stop at traffic light opp direction, and went head-on with him, when he had right of way. Totally the other driver's fault, but the problem was the guy was driving when license suspended, so his insurance will not cover... My fren LL had to claim his own insurance to get a new car. With NCD protector, his premium for the new car was much higher than a quote he got from another company... even after declaring his claim.

In your case, it's because of MAS seriously f up.  Singapore has NO consumer protection.

In other jurisdiction, notably Malaysia & India, culprit insurer has to compensate victim regardless whether insured action is legal or illegal.

If i am your fren, i will write a super long email to complain.  MAS "victimise" victim for property damage.

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