Car Insurance Renewal Issue

[Astro]

The story goes ....

 

Was involved in an accident on the NS Highway, lucky for me the other vehicle is a SG car and I managed to claim from the other party. As usaul claim OD and workshop will counter claim from the other insurance manged to do so. Current insurance company over the phone said "zero percent liability on my part".

 

Now my current insurance is due for renewal, to my surprise the renewal notice highlighted 20% NCD only (my NCD was 50% before the accident), called up the company and was told "do not worry, your NCD is being reinstated to 50% and we will forward to you a new copy of proposal". Was thinking might as well get another quote from other insurance comapny. Two of the companies that I approached told me that my NCD was 20% and not 50% as their centralised system linking all insurance comapnies do reflect so.

 

Called back and my current insurance caompny replied that they will take some time for the system to be updated and the lady answering my call could be sure when and whether the other insurance company is able to see the update.

 

Need some advise from those with similar experience. Do I take up the insurance offer from current company at a slight premier i.e. not the cheapest in the market and enjoy the 50% when the new proposal arrives OR get another quote from another insurance comapny at 20% NCD (according to them is that the 30% will be refunded if the system is refelected as such at a later date) Any advise. Thanks.

[Timex1441]

The story goes ....

 

Was involved in an accident on the NS Highway, lucky for me the other vehicle is a SG car and I managed to claim from the other party. As usaul claim OD and workshop will counter claim from the other insurance manged to do so. Current insurance company over the phone said "zero percent liability on my part".

 

Now my current insurance is due for renewal, to my surprise the renewal notice highlighted 20% NCD only (my NCD was 50% before the accident), called up the company and was told "do not worry, your NCD is being reinstated to 50% and we will forward to you a new copy of proposal". Was thinking might as well get another quote from other insurance comapny. Two of the companies that I approached told me that my NCD was 20% and not 50% as their centralised system linking all insurance comapnies do reflect so.

 

Called back and my current insurance caompny replied that they will take some time for the system to be updated and the lady answering my call could be sure when and whether the other insurance company is able to see the update.

 

Need some advise from those with similar experience. Do I take up the insurance offer from current company at a slight premier i.e. not the cheapest in the market and enjoy the 50% when the new proposal arrives OR get another quote from another insurance comapny at 20% NCD (according to them is that the 30% will be refunded if the system is refelected as such at a later date) Any advise. Thanks.

 

How much time do u have b4 ur current insurance expires? If still got time, might as well shop around & see if you can get a better deal elsewhere.

[Astro]

Have about 2.5 weeks to go before the current insurance is due. What I'm worried is that how difficult will the refund process be i.e. if the new insurance company had confirmed that my NCD is indeed 50% and not the 20% reflected within the system.

[Timex1441]

Have about 2.5 weeks to go before the current insurance is due. What I'm worried is that how difficult will the refund process be i.e. if the new insurance company had confirmed that my NCD is indeed 50% and not the 20% reflected within the system.

 

Keep pushing your present insurer to provide the updated quote (with the 50% NCD). Tell them that you need it a.s.a.p.

[Sptan3]

The case should be the insurance company pocessing the claim against the other company, this usually take 2-6 months to process, since your car had been repaired, it need a payout, so the insurance company claim against your own insurance first, therefore your NCD drop to 20%, if they sucessfully claim against the other party, they will reinstate the 50% for you, if fail your NCD will be remain at 20% plus there is a loading when your next renewal.

 

Cheers

[Good-Carbuyer]

The story goes ....

 

Was involved in an accident on the NS Highway, lucky for me the other vehicle is a SG car and I managed to claim from the other party. As usaul claim OD and workshop will counter claim from the other insurance manged to do so. Current insurance company over the phone said "zero percent liability on my part".

 

Now my current insurance is due for renewal, to my surprise the renewal notice highlighted 20% NCD only (my NCD was 50% before the accident), called up the company and was told "do not worry, your NCD is being reinstated to 50% and we will forward to you a new copy of proposal". Was thinking might as well get another quote from other insurance comapny. Two of the companies that I approached told me that my NCD was 20% and not 50% as their centralised system linking all insurance comapnies do reflect so.

 

Called back and my current insurance caompny replied that they will take some time for the system to be updated and the lady answering my call could be sure when and whether the other insurance company is able to see the update.

 

Need some advise from those with similar experience. Do I take up the insurance offer from current company at a slight premier i.e. not the cheapest in the market and enjoy the 50% when the new proposal arrives OR get another quote from another insurance comapny at 20% NCD (according to them is that the 30% will be refunded if the system is refelected as such at a later date) Any advise. Thanks.

First time I come across motor insurer victimising own customer. Can share which Motor insurer?

[Alechi]

TS, this is simply whether u want certainty over uncertainty or not. U renew with current, insurance co firm settle soon. U want to save some pennies, be prepared for unexpected outcomes and penalty charges should u drag beyond renewal grace period.

[Latka]

Looks like TS insurance company is cornering him to sign with them first then they give him back 50% NCD. If he switch to another insurance company, they wl not bother to update his NCD.

Try www.directasia.com for a quote.

[Astro]

Slight deviation with the topic. After discussing with some of my friends their advise is that I could take some risk by going to a new insurance company and wait till the NCD is reinstated before I get the refund. With that I have approach a few insurance companies and was provided with a few quotes. Anybody have any comment on the insurance comapny MSIG ? Claim process, ease of claim, etc.....

[Limwilliam17]

Write a lettter/email directly to their manager....You'll be surprise how fast they act

 

 

[Chamot]

Hi bro Astro, hope you dun mind me posting this in your thread as I'm short of the 25 posts needed to start one.

 

I received the Motor Insurance Renewal Notice from company L and the premium payable is ard $1.6K.

I then sourced for some online quotations and to my surprise, the annual premium for company L, from two of them, is only ard $1.3K, a difference of $300 when the type of cover, NCD discount, excess and etc are exactly the same.

I then called up company L to enquire abt the disparity.

I did not receive any useful reply and was told to call and ask my insurance agent, from the car dealer where I bought my car from, instead.

I called my agent up and she was surprised when I told her this, and she also received a quotation of 1.3K from company L via her system.

She then called company L and the 'official' explanation from them is that the renewal premium is quoted based on December 2012's basis premium whereas the quotation I sourced, is based on Jan 2013's pricing.

And the ridiculous thing is that they cannot revise my renewal premium to the cheaper amount.

I wonder if this is how the insurance companies in Singapore function? Do they rather focus on trying to attract new customers than retain their existing ones?

[WTF]

Source for more quotes loh, don't have to stick with the same.......the insurance company only talk about $$$, not relationship........

[Nightmare77]

hopefully all works well with your insurance renewal TS.

 

i'm also in the same boat as i was hit from behind last november.

claimed OD and got KM to claim on my behalf.

around 2 months now from the completion of repairs.

 

i do, however, have another 6 months to go before renewal.

[Chamot]

Yes, that's actually what I'm going to do. Just unhappy about the tricks these bloodsuckers are playing.

[Canarywharfgooner]

I am using MSIG and found them to be competitive compared to AXA and Chartis. Was involved in an accident where my windscreen was smashed. Took it to the repair and it was settled very fast; paid only the $100 excess. When it came down to renewal, I was not penalized.

 

Slight deviation with the topic. After discussing with some of my friends their advise is that I could take some risk by going to a new insurance company and wait till the NCD is reinstated before I get the refund. With that I have approach a few insurance companies and was provided with a few quotes. Anybody have any comment on the insurance comapny MSIG ? Claim process, ease of claim, etc.....

 

[Emmamayle]

Save on car insurance with the following tips.

 

See if you'll get a no claim bonus. If you've got a decent driving record you'll be eligible for a 'no claim bonus'. this is often once insurers provide a reduced premium to drivers UN agency haven't created a claim. raise insurers if they provide this.

Get a discount for off-street parking or a automotive alarm. Check if insurers can scale back your premium if you park your automotive off the road or if you put in associate alarm or immobiliser.

Bundle insurance policies along. See if you'll get a reduction if you bundle your obligatory third party insurance together with your alternative auto insurance. this could be helpful, though typically the most effective possibility is to travel with 2 totally different insurers.

[Pisces69]

The story goes ....

 

Was involved in an accident on the NS Highway, lucky for me the other vehicle is a SG car and I managed to claim from the other party. As usaul claim OD and workshop will counter claim from the other insurance manged to do so. Current insurance company over the phone said "zero percent liability on my part".

 

Now my current insurance is due for renewal, to my surprise the renewal notice highlighted 20% NCD only (my NCD was 50% before the accident), called up the company and was told "do not worry, your NCD is being reinstated to 50% and we will forward to you a new copy of proposal". Was thinking might asj well get another quote from other insurance comapny. Two of the companies that I approached told me that my NCD was 20% and not 50% as their centralised system linking all insurance comapnies do reflect so.

 

Called back and my current insurance caompny replied that they will take some time for the system to be updated and the lady answering my call could be sure when and whether the other insurance company is able to see the update.

 

Need some advise from those with similar experience. Do I take up the insurance offer from current company at a slight premier i.e. not the cheapest in the market and enjoy the 50% when the new proposal arrives OR get another quote from another insurance comapny at 20% NCD (according to them is that the 30% will be refunded if the system is refelected as such at a later date) Any advise. Thanks.

 

 

Yr current co is playing safe just in case e other party dispute claim later.

 

As long as there r no problems wh yr claim....ty wil return yr ncd to 50% n refund u e additional premium paid.

 

Its always easier to take money first then to try to get it fm u later if got dispute.

[RadX]

Yr current co is playing safe just in case e other party dispute claim later.

 

As long as there r no problems wh yr claim....ty wil return yr ncd to 50% n refund u e additional premium paid.

 

Its always easier to take money first then to try to get it fm u later if got dispute.

 

 

unker, 3 yr old thread....maybe car sold scrapped up lorry....wtf u reply