motorcycle insurance issue - why stop at max 20% no claims discount

[skytrek]

I tink u can try AXA, aso quite cheap for 3rd party.

 

From what i understand, you can transfer NCD from one insurance company to another.

 

Thanks for your info bro.

[wait4me]

this year ntuc say raise 30%

every year 30%

 

can die lor

[Guest johjoh]

Thanks for your info bro.

 

Welcum!

 

Btw, lets say i sell off my bike but my insurance still has not expire yet. any idea if the insurance company will pro-rate to the number of months left and return the leftover premium?

[theblackmamba]

bike premium esp for big bike can be MORE than car (dont say those ferrari lamborghini all this lah)

[aixin]

Welcum!

 

Btw, lets say i sell off my bike but my insurance still has not expire yet. any idea if the insurance company will pro-rate to the number of months left and return the leftover premium?

 

Yes, for NTUC, they will rebate you the balance.

[Guest johjoh]

Yes, for NTUC, they will rebate you the balance.

 

does that apply to other insurance company?

[firefox87]

nope. they will rebate u a certain amount, much lesser than the pro-rated amt. especially if you buy from shop. i bought my insurance at $375. after renewed, use for only 2 mths worth and then refund back the balance. after almost 2 months of waiting, i get back $163 only. KNNBCCB!!

[Guest johjoh]

nope. they will rebate u a certain amount, much lesser than the pro-rated amt. especially if you buy from shop. i bought my insurance at $375. after renewed, use for only 2 mths worth and then refund back the balance. after almost 2 months of waiting, i get back $163 only. KNNBCCB!!

 

wah! that means the insurance company charge some fees..den the motorshops charge some fees again..den what you get is peanuts sia..

[aixin]

wah! that means the insurance company charge some fees..den the motorshops charge some fees again..den what you get is peanuts sia..

 

Peanuts is better that no have, take it as donation to them.

Alternatively, you may go to the insurance company or agent directly to terminate it. They will then tell you the pro-rated amount there, and post you a check in a month or two.

[aixin]

recently having ridden my bike for 3 years i was told with renewal my max no claims discount is 20% cannot have anymore. i am wondering how come it stops at 20% and cannot extend to 50% like cars. bikes abroad can go up to same as car 50% or even 60%. how come bike insurance in singapore stop at 20%

 

Ya lor, Like big fish eats small fish.

:angel:in my opinion, for small bike, 20 percents is still reasonable as it incurred lesser cost, well, it would be kind to increase it to 30 percent. Medium bike (400 - 700cc) should go up to 40 percents while bike above 700cc should be 50 percents instead.

It is gracious to increase it to 50 percents as it is regarded as unfortunate to make claim, in which, no reasonable biker would want it to happen. In fact, bikers want insurance company to make money through no claim

Edited October 26, 2009 by aixin

[paperger85]

Its easy to say. Bike accidents do have higher mortality rates when compared to car accidents and the payout is definitely more....

[aixin]

Mortality rates is matter related to life insurance policy, not motorcycle insurance policy. The latter is to cushion the high cost of motor repair via a pool of money resources from all motorcycle owners.

Mortality rate is also about education issue to understand the cause of life and death - why some long, some short, some tragic, some peaceful etc. We may explore on the below mentioned topic on ASTROLOGY for more insight, and how do we change our destiny by Liao Fan's Four Lessons (http://www.amtb-m.org.my/english/aboutbudd/liaofan/original.htm).

http://www.youtube.com/watch?v=jL_AqZLza5Y

We hope that we'll would succeed in the course of charting a favorable destiny, and we can, because we can achieve

 

ASTROLOGY

See also: Fortune Telling; Spirit World.

w “The question many people ask is whether Buddhism accepts or

rejects astrology. Strictly speaking, the Buddha did not make any

direct pronouncement on this subject, because as in many other cases,

He stated that discussion on matters such as these does not pertain to

spiritual development. Buddhism, unlike some other religions, does

not condemm astrology and people are free to use the knowledge

they can get from it to make their lives more meaningful. If we study

the Buddha’s teaching carefully, we will come to accept that a proper

and intelligent understanding of astrology can be a useful tool. There

is a direct link between the life of an individual human being and

the vast workings of the cosmos. Modern science is in accordance

with the teachings of Buddhism. We know for example that there

is a close link between the movement of the moon and our own

behaviour. This is seen especially among mentally disturbed and

abnormally violent people. It is also true that certain sicknesses like

asthma and bronchitis are aggravated when the moon waxes. There

is, therefore, sufficient basis for us to believe that other ‘planets’ can

also influence our lives. Buddhism accepts that there is an immense

cosmic energy which pulsates through every living thing, including plants. This energy interacts with the karmic energy which an

individual generates and determines the course that a life will take.

The birth of an individual is not the first creation of a life but the

continuation of one that had always existed and will continue to

exist so long as the karmic energy is not quelled through final liberation

in the unconditioned state. Now, for a life to manifest itself in

a new existence, certain factors, namely seasons, germinal order and

nature, must be fulfilled. These are supported by mental energy and

karmic energy and all these elements are in constant interaction and

are interdependent with each other, resulting in constant changes to

a human being’s life. According to astrologers, the time at which a

person is born is predetermined by cosmic energy and karmic energy.

Hence, it can be concluded that life is not merely accidental: it is

the result of the interaction between an individual’s karma and the

universal energy force. The course of a human life is predetermined,

caused partly by a being’s own actions in the past and by the energies

that activate the cosmos. Once started, a life is controlled by the

interaction between these two forces even to the moment at which a

birth takes place. A skillful astrologer then, as one who understands

cosmic as well as karmic influence, can chart the course of one’s life,

based on the moment of a person’s birth. While we are in one sense at

the mercy of these forces, the Buddha has pointed out a way through

which we can escape their influence. All karmic energies are stored

in the subconscious mind normally described as mental purities and

impurities. Since karmic forces influence one’s destiny, a person can

develop his mind and negate certain evil influences caused by previous

bad karma. A person can also ‘purify’ his mind and rid himself

of all karmic energies and thus prevent rebirth. When there is no

rebirth, there is no potential life and there will consequently be no

‘future’ existence which can be predicated or charted. At such a stage

of spiritual and mental development, one will have transcended the

need to know about his life because most imperfections and unsatisfactoriness would have been removed. A highly developed human

being will have no need for a horoscope.”

 

May our riding journey always that pleasant and lovely arriving at all our intended destination

[theblackmamba]

some more premiums increased across the board

[Tyrian]

all insurance coy is a profit based coy. They got to pay their directors a reasonable sum of renumeration and also all shareholders expect dividends to grow. their main source of income is through our premiums.

 

If we want insurance to be cheap, they have to operate like a "not for profit" organisation structure

 

Until that happens, i do not foresee decrease in premiums anytime soon.

[Snoek]

hmm.. agree with Tyrian .

[aixin]

all insurance coy is a profit based coy. They got to pay their directors a reasonable sum of renumeration and also all shareholders expect dividends to grow. their main source of income is through our premiums.

 

If we want insurance to be cheap, they have to operate like a "not for profit" organisation structure

 

Until that happens, i do not foresee decrease in premiums anytime soon.

 

IMO, it would be more reasonable if they pay their employees a reasonable higher sum of renumberation, and reduce their directors' renumeration instead, so that employees can have job and enjoy more savings and touring. Directors are talented ppl to serve ppl of Spore and would never regard highly on renumeration Talented ppl wow!! Shareholders expecting dividends is reasonable but I would think it would be reasonably compassionate for this category of ppl to tag on the increase / decrease in numbers of motorcycles rather than premium.

 

These are some good example of non profit organisation that work tremendously good for mankind:) just 2 cents

 

 

http://www.spca.org.sg/

http://www.vegetarian-society.org/

If you care about animals, want to solve world poverty and keep fit, then consider becoming a vegatarian. This video dispels some myths about vegetarian and shows footage of animal cruelty occuring in the animal farms.

 

Seeds for a better world

Jesus was a vegetarian - Must See!

The underlying cause and effect of war, afflictions and animosity...刀兵来源

http://www.fjdh.com/Article/HTML/Article_20071213114833.html

 

http://www.authorstream.com/presentation/Techy_Guy-54332-Vegetarian-Nutrition-101-diet-facts-cool-veg-American-Dietetic-nutr-Education-ppt-powerpoint/

 

http://www.energygrid.com/animals/veg101.html

 

http://www.metacafe.com/watch/1118756/nasa_climate_report_on_global_warming_teleconference_version/

Edited November 19, 2009 by aixin

[theblackmamba]

wah where did all that come from

[kzone]

Insurance companies should not be making $$ from premiums collected. Claims payment above wat each insurance co can handle is covered via re-insurers. Insurance companies actually make $$ fm investing the premium received. Since the past yr, we r economic crisis, the insurance companies are loosing $$ dats why they want to increase premiums..

 

Look at AIG/AIA, they were in trouble not be cause of increasing claim payout but because of the financial crash... same for the motor insurers...

[ET]

Kzone, the statement is not really correct. I know you understand how insurance work but there are many underlying factors and cost which is part of the premium you pay.

 

Your age,bike/car you ride, the engine capacity,our driving experience and loading if accident occurs before counts to determine the premium because it is the risk that the insurance company is taking to cover your losses in the event of an accident, liability, third-party claiming you.

 

There is admin fee for processing your insurance coverage,soft comm going to agent/bike shop and where does the rest of the money go?

 

They are pooled into a resource fund where it is where those who are insured claims large amount of money from in any case of an accident. You think how insurance company can pay your claims and have you wondered how do all the lumpsum money come from? *Human beings are like that, they only know how to claim big amount from insurance company but hates paying insurance premiums to cover themselves.

 

If you know, insurance company are all big liabilities to themselves and they are also insured by either "someone" or "another bigger company" in case they are not able to fork out the amount if the resource fund is out. Dont worry, Singapore is damn strict because MAS Act does not allow a insurance company to fall below their reserve funds otherwise they will be reviewed.

 

Why your premiums have been increasing?

Base on past few years analysis, we have more and more major accidents because there are more and more people driving and riding and global inflation and other factors, bla bla bla...

 

AIG and AIA is 2 separate companies now, AIG use to run AIA and ALICO but since selling 80% of their shares to the US government for their bailout. AIG stands alone in the crisis and recovering slowly while AIA and ALICO is not affected in the race and will also stand alone come Dec 09.

 

Without people buying insurance to pool in the resource funds, insurance company cant survive on its own mar, the more people pooling in, the lesser the risk of an insurance company not being able to pay your large claims, though there could be a high chance of more insured claiming but those are uncertain mar, so this is how the game works.

 

How insurance company post profits on a yearly basis?

With many people pooling in the resource funds (buying insurance, not only motor insurance), not everyone is going to claim from insurance company so there are bound to have profit margins that the company possess and if the year is good, it will be bonus to the shareholders and directors.

 

Boring crap and if you have taken your CMFAS Cert. You would have come across risk pooling and it should refresh some memory on that

 

 

Insurance companies should not be making $$ from premiums collected. Claims payment above wat each insurance co can handle is covered via re-insurers. Insurance companies actually make $$ fm investing the premium received. Since the past yr, we r economic crisis, the insurance companies are loosing $$ dats why they want to increase premiums..

 

Look at AIG/AIA, they were in trouble not be cause of increasing claim payout but because of the financial crash... same for the motor insurers...

[Tyrian]

no business methodology is 100% foolproof. they can have all the risk pooling they want and at the end, it's just a theory that doesn't work on motor vehicles.

 

my take is that, motor insurance now works like a limited company = bang car, liabilities are limited

 

if we are going to change it to a sole proprietor (= bang car, unlimited liabilities) drivers may run a risk of bankruptcy if he meets an accident. the flip side is if the driver is sued, most likely he will go bankrupt and the client of the prosecutor gets no money back

 

anyway, we are off-topic. we should be discussing why NCD for m'cycle stops at 20% max.

[kzone]

anyway, we are off-topic. we should be discussing why NCD for m'cycle stops at 20% max.

 

I cannot find any reason/excuses that I agree to why NCD for bikes stops at 20%. So how now? Any way to push through NCD to 50%?

[aixin]

I cannot find any reason/excuses that I agree to why NCD for bikes stops at 20%. So how now? Any way to push through NCD to 50%?

 

When one party feel that the increase of NCD would translate into lesser profit that benefit smaller group of ppl, althugh it may cause disadvantage to bigger group of users, just stay calm and be harmony. Money is to spend for good, at least some group of ppl benefit and enjoy from it.

 

Why your premiums have been increasing?

Base on past few years analysis, we have more and more major accidents because there are more and more people driving and riding and global inflation and other factors, bla bla bla...

If increase premiums reduce accidents, by all means increase more. Factually, it has no basis:cheeky:

 

AIG and AIA is 2 separate companies now, AIG use to run AIA and ALICO but since selling 80% of their shares to the US government for their bailout. AIG stands alone in the crisis and recovering slowly while AIA and ALICO is not affected in the race and will also stand alone come Dec 09.

This was the highly commendable loving nature of the US government as far as the above mentioned was concern.

 

Without people buying insurance to pool in the resource funds, insurance company cant survive on its own mar, the more people pooling in, the lesser the risk of an insurance company not being able to pay your large claims, though there could be a high chance of more insured claiming but those are uncertain mar, so this is how the game works.

In this light, they should be thankful and cushion riders spending by increasing NCD. In this mannerism of kind heart, their nature wealth and blessings would gradually increase more and more..

[theblackmamba]

must try to push max ncd to 50%

[aixin]

must try to push max ncd to 50%

It is always delightful to be upzzz for 50 percents as no reasonable riders wanted their loved bike to go through the process of claiming and also no loved one to ride on .

IMO, the higher premium imposed on certain group of riders has already achieved the desired objective on the context of heartfelt thoughtfulness. Hence, 50 percents NCD is reasonable. Nonetheless, be harmoniously when performing exchange of thoughtfulness.

 

 

My apology if anyone is being offended by the below information, just came to aware of this scientific experiment on water reflecting both good and bad consciousness, and it may be useful.

 

How water reflects our consciousness

http://www.wellnessgoods.com/messages.asp

 

"Messages From Water" - 75 percents of body has flows of liquid.

http://www.dowsers.info/toronto/water4.htm

 

PROOF: IMPROVING THE WATER IN A 259 SQUARE MILE LAKE IN ONE MONTH AND TWO DAYS

 

Dr. Emoto froze water, then looked at the crystals of the frozen water through a microscope and then took photographs of them, so we could see the molecules and how their shapes were unique. The shapes were beautiful, to our eyes, if the water was near, say, a person who was feeling love. The shapes were ugly, to our eyes, if the water was near, say, a person who was feeling anger. The shapes and appearance differed depending on what thought, feeling, music --- vibration --- was close to the water before it was frozen. Thus, Dr. Emoto has proven that water is influenced by vibration and can be programmed.

 

On the 25th of July 1999 at 4:30 a.m., 350 people gathered and offered their words, facing Lake Biwa. Praying with us at that time was the then 97 year old creator of the " Great declaration", Mr. Nobuo Shioya. The result of that was an incredible success that truly surprised the public at large. Concerning the outcome of that, here is how Mr. Shiotani described it in his book 'Jizairyoku 2' published by Sunmark Press on September 25, 2000:

 

That happened last year in July. And then came this: "Every summer on Lake Biwa the foreign species of algae called kokanada, which almost covers the lake as it flourishes abnormally, is practically out of sight this year. In a normal year, the complaints of foul odour which come in to Shiga prefecture have been nil this year, and the amount of algae cleaned up by the prefecture is a mere pittance." It was a month later at the end of August when this was reported in the press. The Kyoto Shinbun newspaper 1999, August 27th 1999.

 

However, if that was not a mysterious phenomenon it is still not something without a cause. Our thoughts that were sent out imbued with the great declaration curbed the emergence of an aquatic plant which was the source of a foul odour, and transformed the surface of the lake into a clean state. Our thoughts, requesting harmony and stability for all things through the 'great declaration' were transmitted clearly to grass and water, changing their qualities and purifying nature's pollution although many people do not realize it, there you have a clear causal relationship existing. In this fashion, it is not only human minds but also all life forms in this world containing all things and phenomena, including substances in nature like water which respond to our human thoughts. They accept those thoughts and it changes their condition and quality.

Edited December 5, 2009 by aixin

[theblackmamba]

yeah they should reward safety and security conscious riders and raise premiums for reckless and dangerous riders with poor claims records