Insurance premium :recomendations

[desertfox65]

I recently recieved my renewal notice for insurance premium from Sime Darby. To my surprise the premium increased again . Called them and got the excuse that insurance preium are increasing because of claims. I have NCD and now that my E60 is 2 years old & I pay more insurance than when I got my car new.

This to me is ridiculous situation, called GIA for more information and they were even more vague. I am surprised by the total lack of tranparency in the car insurance sector. Has anyone else expereinced this? Does any one have a reliable insurance broker or advisor for car insurance.

 

[Ahbengdriver]

Re: Insurance premium :recomendations

I ve been saying this for a long time. This insurance industry will one fine day blow up like the mini bond. Then MAS will scramble to do damage control.

It is a poorly regulated cowboy business. Thats why even AIA is in trouble.

When I last called for quote a year ago, 2 firms gave me quotes which differ by $800.:errrrrrr:

 

[desertfox65]

Re: Insurance premium :recomendations

I used to live in HK where preiums are higher than Singapore, however it never happened that preium for a an older car is higher than when the car was new. I find it hard to belevie that insurance is higher when possibly the car already lost $30,000 in value.

 

[Slater]

Re: Insurance premium :recomendations

I recently recieved my renewal notice for insurance premium from Sime Darby. To my surprise the premium increased again . Called them and got the excuse that insurance preium are increasing because of claims. I have NCD and now that my E60 is 2 years old & I pay more insurance than when I got my car new.

This to me is ridiculous situation, called GIA for more information and they were even more vague. I am surprised by the total lack of tranparency in the car insurance sector. Has anyone else expereinced this? Does any one have a reliable insurance broker or advisor for car insurance.

is urs MSIG insurance?

i recently had them quote me for the new year and it was lower than my current premium. think claims for MSIG are less, hence lower premium.

u did not happen to get into any accidents did u?

 

[joydivision]

Re: Insurance premium :recomendations

if you are young, with limited driving experience or claim history n driving a sports car, good luck...someone had to pay $7k for his TT coupe the last i heard!

 

[iScoupe]

Re: Insurance premium :recomendations

normal if renewal up 20% with new NCD shld feel happy.

 

[Hublot]

Re: Insurance premium :recomendations

Heard from my regular insurance broker that China Insurance is having promotions now. They give special discount if you and your named driver do not fall under 31 years old.

Happi hunting.

Cheers, Hublot

 

[Breyton]

Re: Insurance premium :recomendations

....

When I last called for quote a year ago, 2 firms gave me quotes which differ by $800.:errrrrrr:

My quotes from different companies for the WRX differed by 3k.

 

[iScoupe]

Re: Insurance premium :recomendations

My quotes from different companies for the WRX differed by 3k.

old pple like u cheap. Etan WRX 9.3K his father 3.1K ! so use old man licence best!

 

[Singapore Brummie]

Re: Insurance premium :recomendations

I just renewed my insurance through Sime Darby (PPS) on Dunearn Road and same thing, my premium has increased about 10% even though no claims made for more than 12 years.

So I complained and the agent said she would check around for a better quote and came back with 2 new quotes, both substantially higher than the first. So I have little choice other than accept. I have to pay more because of the other idiots on the road who can't drive and have accidents.

 

[iScoupe]

Re: Insurance premium :recomendations

bo pian , IMHO the performance car & kuku driver are the cause for high premium rate.
But tat why we need insurance but the way the premium rate going up becos of other pple fault is a stupid idea!
It shld be like life insurance smoker is smoker rate, non smoker different rate~!
My clients ; e.g.
e.g. 10 WRX quote 7 got minimum a claim.
e.g. Honda Civic kanna whack by bus & hit another vehicle while coming out carpark. Honda driver admit his fault, his damage 10K, have not include bus & the other vehicle, next yr prepare to transfer to other pple cos his 2nd accident in 3yrs! a decline case.

 

[Ahbengdriver]

Re: Insurance premium :recomendations

My turn. Received a notice for insurance renewal. NCD 10% more but premium seemed to have gone up 400-500 bucks. No accident claims since day one for 2 years.

 

[desertfox65]

Re: Insurance premium :recomendations

i have over 20 years of driving expereince, so far no accident or claims, ncd at 50% and still goes up looks like no choice. however I do beleive that the system is broken and it needs a fix. guess I will have no choice but to renew at the increased premium

 

[JLMC]

Re: Insurance premium :recomendations

i have over 20 years of driving expereince, so far no accident or claims, ncd at 50% and still goes up looks like no choice. however I do beleive that the system is broken and it needs a fix. guess I will have no choice but to renew at the increased premium

me too, due next mth n Sim Darby offer (MSIG) premium up, but say they offer NCD protector coverage (it cost abt $80~ for other ins co)
so now checking others like HSBC ins, as my previous ins was HSBC n rates r much better

 

[iScoupe]

Re: Insurance premium :recomendations

anything above 10yrs experience sama sama.... no accident u lucky but no much help to the rate. U still get increase over renewal. But if u AXA u are lucky ! renewal discount nice ~~~~. ABD will know.

Premium goes up becos of medical & legal cost, damage has been well controlled by surveyor, some more insurer surveyor all ex-workshop pple, hard to cheat. But again if PML say this electronic parts $4000 , they also LL.. cos i am the manufacture we determine the price lor!!!!

just take note what u buying - now so many pattern in quoting. Cheap might not be good.

 

[eng98]

Re: Insurance premium :recomendations

My insurance will be due too soon.

Received a renewal notice from PML for renewal with AXA. NCD increase 10%, but the prenium seems to be the same as the one i paid last year.

Sourcing for an alternate one. Any recommendations or any agents in this forum that can help.

 

[JLMC]

Re: Insurance premium :recomendations

My insurance will be due too soon.

Received a renewal notice from PML for renewal with AXA. NCD increase 10%, but the prenium seems to be the same as the one i paid last year.

Sourcing for an alternate one. Any recommendations or any agents in this forum that can help.

I tried both HSBC (which I got better quots b4 on my previous ride vs MSIG) and also got quots from China Ins...both fail to provide better quots than Sim Darby!!!!:argue:
no choice, go back to PML/Sim Darby even with 10% increase, yet better than HSBC n China Ins by $400~600!!!!