Insurance renewal with a claim pending

[bernal]

Hey bros,

 

I have a claim pending against me and it is the time of the year for me to renew my insurance again.

 

I've checked with NTUC and they told me they would have to add a loading to my insurance premium due to the claim made against me, even though it is not confirmed..

 

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I would like to find out

 

1. If the claim made against me is unsuccessful, would i be able to get any of the loading back?

 

2. Is this an industry practise to add loadings to the individual even though nothing's been settled? Isn't this so unfair.. presumption of innocence "being innocent until proven guilty"

 

3. If i were to renew my insurance without declaring that i have a claim pending against me, what are the penalties?

 

4. Around how many years would it take for my insurance premium to return back to normal?

 

Wonder if any of you guys have been in my position before, perhaps you would be able to help me out in some way..

[Shinsou]

double post.

[Shinsou]

i am in ur situation.. cant answer any of ur questions but i just renewed anyway.. loading cfm kena one..

 

as long as TP minus ur points alr and u paid the fine then u just pray premium will not go up when the case closed against u..

 

correct me if i'm wrong.

[bernal]

Sigh.. I have checked my premium alr.. it has kinda doubled.. what I dun understand is why do they take the claim amount in account when renewing, even though the claim is not even confirmed..

 

mine is not a police case, so I dunno how would it differ from your case bro.. if the claim made against me is successful, I'll just LLST but this is not the case at all!!!

[Quincy]

1. If the claim made against me is unsuccessful, would i be able to get any of the loading back?

 

doubt ur loading will be refunded back to you. check with insurance co.

 

2. Is this an industry practise to add loadings to the individual even though nothing's been settled? Isn't this so unfair.. presumption of innocence "being innocent until proven guilty"

 

this is an industry practice. assuming u have a claim pending & insurance co DO NOT load ur excess & takes 1 yr to prove tat you're guilty. Insurance co already loses 1yr of additional revenue & not you alone is in this situation so they lose e chance of making many many additional revenue.

 

3. If i were to renew my insurance without declaring that i have a claim pending against me, what are the penalties?

 

no need delcare cos they will check before approving your insurance

 

4. Around how many years would it take for my insurance premium to return back to normal?

 

should be the year after. check with insurance co cos its case to case basis

[contrarian]

2. Is this an industry practise to add loadings to the individual even though nothing's been settled? Isn't this so unfair.. presumption of innocence "being innocent until proven guilty"

 

Has a claim been made against you & your policy? Yes.

Is the policy called to defend you? Yes.

What is so unfair about it if the insurer has already been called to enter into a defence (and will incur defence costs on your behalf), even if a settlement is not near?

 

3. If i were to renew my insurance without declaring that i have a claim pending against me, what are the penalties?

 

The new policy will be treated as if it never took place. So if you run into another claim in the new policy, you have no cover, and you defend and pay your own. Worse problems will follow once you have no valid insurance.