Car Insurance Refund

[Jt23]

Hi,

 

I just want to check this with fellow forumers here, if you pay your insurance by installment plan, and half way you sold your car and cancel your insurance, you should get a refund correct?

 

how does this refund typically come back to you? is it by cheque or credited back to you bank? I just want to have a feel on whats the standard practice.

Edited July 6, 2012 by Jt23

[Prostcode]

Its by cheque... then u bank in the cheque and it gets credited to ur bank account.

[Redplanet]

Car insurance can pay by installments nowadays? Which insurance and which credit card? What's the incentive? Goodies or freebies?

[Streamstyle]

even if u got the refund...you still need to carry on with your bank installment.

[Tarquin]

Car insurance can pay by installments nowadays? Which insurance and which credit card? What's the incentive? Goodies or freebies?

 

Yes, last time I renew April this year...using AXA...used 6 months installments on DBS Esso...but I regret paying in installments still have the "clean slate" thinking of paying off all charges in my CC every month...even if I pay off the installments at 1 time I will be charged 1%...so still dragging there..

 

Next renewal will still use CC but no installments..charge and pay all during payday...

[Mothorrr12]

I know for DBS vehicle insurance, you can cancel the policy by giving 7-days written notice to MSIG Insurance and can be refunded up to 80% of the unused proportion of the premium. In addition, they offer a 0% interest Installment payment plan. Any refund payable to you will be in cheque.

[Dezouk]

Standard practice if u terminate mid way in the period of insurance, the insurance co 'll refund to u a cheque.

If you paid single sum previously then no issue.

If paid via installment u either call bank to request early settle for installment or just continue make payment monthly

[Sga54g]

I heard that some Insurer doesn't refund for any period < 3mths. More impt is to ensure that extra 10% NCD if yours is abt or crossing that 1 year period...

[Kar_lover]

I heard that some Insurer doesn't refund for any period < 3mths. More impt is to ensure that extra 10% NCD if yours is abt or crossing that 1 year period...

 

How to make sure I get the extra 10% ncd? If I am halfway through my current insurance year, can I qualify for the next 10% ncd?

[Sga54g]

Half way then bo bian... More so towards end of 1 year eg 11mths, just let it lapse w/o terminating. Or maybe if you renew back with the same insurer, they can do some magic?

[Dezouk]

Halfway terminate u won't get ncd. Normally full 1 yr period for ncd. 11 months completed can negotiate. Most companies won't refund from 6months onwards or less than 3months

[Simonsoh]

Car insurance can pay by installments nowadays? Which insurance and which credit card? What's the incentive? Goodies or freebies?

 

Direct Asia any credit card. just give them a credit card number when you sign up. they will deduct 2 months of instalment. one for 1st instalment and 1 more for last instalment. then every month they deduct 1 month instalment loh.. No goodies lah.. but no extra costs also... its a pure and simple straight forward zero % instalment plan.

[Agnoxis]

The best thing about Directasia is that when you cancel your policy with them, they refund you 100% of the unused portion. Most other insurance companies only give you back 80% or so. Very useful if you just paid 2k for premium and changing car shortly after insurance renewal heh.

[TorresEugene89]

dun get it

[Ralliart_ray]

The best thing about Directasia is that when you cancel your policy with them, they refund you 100% of the unused portion. Most other insurance companies only give you back 80% or so. Very useful if you just paid 2k for premium and changing car shortly after insurance renewal heh.

 

is this still true? Or any other recommendation? I need 6months of coverage then COE going to expire

Edited April 9, 2016 by Ralliart_ray

[BenTong]

They might refund you in instalment

[Ralliart_ray]

I have a question, my Honda FIT is due for scrap this Jun 2016 (COE & insurance end together) , and my "new" car will be here this friday 15 Apr. Honda FIT has 40% NCD , how can the "new" car qualify to enjoy 40 or 50%% NCD? Do i have to scrap Honda Fit & cancel the insurance by friday?

[Apple-Tree]

Don't think so.  I ever got a 4 months pro-rate on my last ride.  As long as there is no claim on your policy, you are entitled to refund.

Windscreen replacement is also consider as claim.  So claim when near expiration.

 

 

 

 

 

Halfway terminate u won't get ncd. Normally full 1 yr period for ncd. 11 months completed can negotiate. Most companies won't refund from 6months onwards or less than 3months