Advise on car insurance

[Beehive3783]

On 6/6/2023 at 9:46 AM, BanCoe said:

Just out of curiosity, if one has a current drive (with full NCD discount  50% and car is scrapped; 

Say for about a year or two no car and decides again later on to buy ; be it new or secondhand ......... will the NCD go back to ground zero or can carry on with it ??........     

any one with an experience on this ?? 

 

The usual practice is more than 1 year gap = NCD forfeited

[BanCoe]

On 6/6/2023 at 10:28 AM, Beehive3783 said:

The usual practice is more than 1 year gap = NCD forfeited

Oh Ok thanks....... I'll call up my Ins Co later and also check , cos my current ride is in CAT B ..... to even renew COE is painful and anyways already have a car in wife's name so really no pressing need for 1 right now   

[macrosszero]

On 6/6/2023 at 11:29 AM, BanCoe said:

Oh Ok thanks....... I'll call up my Ins Co later and also check , cos my current ride is in CAT B ..... to even renew COE is painful and anyways already have a car in wife's name so really no pressing need for 1 right now   

Just alternate named drivers between you and your wife at each renewal?

[mersaylee]

Randomly tried an online quote...haven't bought comprehensive for a long time and surprised the coverage doesn't include damage to other's vehicle...or other's property includes the vehicle? No more an excess amount nowadays? 

The TPFT so closed to compre...😅

I'm spoiled for many years with only 400ish for TPO 😂

[inlinesix]

@mersaylee Other's property includes car, lamp post & tree

🤭

[mersaylee]

On 6/6/2023 at 12:58 PM, inlinesix said:

@mersaylee Other's property includes car, lamp post & tree

🤭

What if insurancer says the other car is on loan doesn't belong to the driver so cannot claim...we all know the dark side very dark one...😅

[inlinesix]

On 6/6/2023 at 12:59 PM, mersaylee said:

What if insurancer says the other car is on loan doesn't belong to the driver so cannot claim...we all know the dark side very dark one...😅

I have never hear of this kind of rejection.

If it happens, ask MAS to clarify.

[Jamesc]

I remember scrapping a car and

then  informing the insurance company to claim back the unused portion.

So if I didn't inform the insurance company I would be still insured even though I don't own a car.

So if I get another car within a year of that policy expiring then I wouldn't lose my 50% NCB

[BanCoe]

On 6/6/2023 at 12:11 PM, Macrosszero said:

Just alternate named drivers between you and your wife at each renewal?

Now thats a new dimension to ponder upon (if allowed if the car is in one name only ) , Anyways for the info for all here I called my car insurer to set the record straight; he says can hold upto 5 years BUT every year that lapses it drops by 10% ; so after 5th year is back to ground zero; and its not by my Insurer suka suka but all the members have to follow the same positioning..........   Thinking seriously to cut down to 1 car only between me and wifey; kids working overseas jobs (they cannot tahan SG property prices) so they go "chari makan" outside our shores like UK or US or even Dubai where property prices are still relatively lower but only taxes is a real bloody killer ...... anyways its good experience for them as the market here is small and the big boys are still in that part of the world , not even HK anyways they wouldnt think of going to HK though much nearer          

[mersaylee]

On 6/6/2023 at 3:36 PM, Jamesc said:

I remember scrapping a car and

then  informing the insurance company to claim back the unused portion.

So if I didn't inform the insurance company I would be still insured even though I don't own a car.

So if I get another car within a year of that policy expiring then I wouldn't lose my 50% NCB

For me the funny thing is, I ever got quotation out of the blue for the car I oredi scrapped years ago...agent macam anyhow hantum becos desperate to hit sales quota...😂

[BanCoe]

On 6/6/2023 at 3:36 PM, Jamesc said:

I remember scrapping a car and

then  informing the insurance company to claim back the unused portion.

So if I didn't inform the insurance company I would be still insured even though I don't own a car.

So if I get another car within a year of that policy expiring then I wouldn't lose my 50% NCB

Doesn’t sound viable as you will loose the refundable residual value of your insurance ( scrapped car) and your records with onboarding your next ride might likely clash and new ride might be tagged back to 0%

[Jamesc]

If you onboarding your next ride before your old ride even scrapped then no need to worry about losing your no claim discount.

Sure get one.

On 6/6/2023 at 10:06 PM, BanCoe said:

Doesn’t sound viable as you will loose the refundable residual value of your insurance ( scrapped car) and your records with onboarding your next ride might likely clash and new ride might be tagged back to 0%

 

[Beehive3783]

On 6/6/2023 at 12:11 PM, Macrosszero said:

Just alternate named drivers between you and your wife at each renewal?

NCD transfer between spouse is only valid for one time

[macrosszero]

On 6/12/2023 at 11:33 AM, Beehive3783 said:

NCD transfer between spouse is only valid for one time

Not NCD transfer, but taking turns to buy insurance, taking advantage of the 1 year validity gap.

[boonhat_91]

Anybody has tried the new startup Bubblegum insurance? Started by Moneysmart, if that lends any credibility. Saw that their motor insurance offering is "underwritten by India International Insurance" - what does this mean for the customer? Does it mean that if III claims got a lot of pattern, I can expect the same from this Bubblegum policy?

[Blueray]

On 6/30/2023 at 11:09 AM, boonhat_91 said:

Anybody has tried the new startup Bubblegum insurance? Started by Moneysmart, if that lends any credibility. Saw that their motor insurance offering is "underwritten by India International Insurance" - what does this mean for the customer? Does it mean that if III claims got a lot of pattern, I can expect the same from this Bubblegum policy?

I would look at their workshop listing.

[inlinesix]

On 6/30/2023 at 11:09 AM, boonhat_91 said:

Anybody has tried the new startup Bubblegum insurance? Started by Moneysmart, if that lends any credibility. Saw that their motor insurance offering is "underwritten by India International Insurance" - what does this mean for the customer? Does it mean that if III claims got a lot of pattern, I can expect the same from this Bubblegum policy?

Moneysmart does not have an insurance license.  Accordingly, the policy has to be underwritten by Licensed Insurer.

https://uploads-ssl.webflow.com/6125e4dcf16bad991cb93a18/631ebe77341fb549ab9e5ac5_Bubblegum Car Insurance - Policy Wordings.pdf

Looking at policy wording, III has the final say for underwriting and claims.

[boonhat_91]

On 6/30/2023 at 11:34 AM, inlinesix said:

Moneysmart does not have an insurance license.  Accordingly, the policy has to be underwritten by Licensed Insurer.

https://uploads-ssl.webflow.com/6125e4dcf16bad991cb93a18/631ebe77341fb549ab9e5ac5_Bubblegum Car Insurance - Policy Wordings.pdf

Looking at policy wording, III has the final say for underwriting and claims.

Thanks, that makes sense.