[Discussion] Insurance Matters

[MS]

Why do we always play into people's hand? We shld all just get the lowest quote, insure 3rd party if you have to. Now if everybody loan jialat jialat just to buy a car, of cos all kana squeeze balls pay insurer's asking price, not consumers'.

So now insurers play backside rite, okaaayyyy, buy car dont buy so expensive lah, reduce your loan to 3 yrs or buy whatever is affordable. Buy all the cars with lowest premium, shrink demand, in the end car importer will have oversupply, and they will squeeze balls and have to reduce selling price liao. Once cars prices go down, loans will be more sustainable, but still standby your lowest quotes and cars with lowest premiums. Insurers in the end have to reduce all their quotes to gain the volume, becos nobody is interested in high premiums cars anymore.

 

Heck, lets all ride bikes instead, lagi best.

 

My bike insurance was just as high.

But of course, buy according to our budget. If we need to scrimp every month just to drive the car or ride the bike, heck, the money is better off somewhere else.

[cougar]

i bought 3rd party for my bike, becos its old & fully paid up. But still it costs like $380+!!!

[jB]

I wonder what few companies are good for cheap car insurance MSIG?

[jB]

Also need help for my insurance also who can pm me or email me at [email protected] with their quotation list?

[cougar]

Also need help for my insurance also who can pm me or email me at [email protected] with their quotation list?

 

Will going direct to insurers for quotes be cheaper or through insurance brokers? These brokers claim they can source for 12 quotes for comparison and let us decide. How does it works?

[GuiNNeSS]

Will going direct to insurers for quotes be cheaper or through insurance brokers? These brokers claim they can source for 12 quotes for comparison and let us decide. How does it works?

 

they just fax in ur details to all the company and wait for reply, some nv reply, brokers will say "dun accept" -.-" .

[paperger85]

Agents can give discount de....

[cougar]

Agents can give discount de....

 

Mine's a renewal leh, agent will entertain me, i think agent give discount when selling cars, they can play around with the profit margin.

[cougar]

they just fax in ur details to all the company and wait for reply, some nv reply, brokers will say "dun accept" -.-" .

 

Thats what i did do if i request quote direct from insurers too.

[gentoro]

My contribution again: Just paid renewal for Sept 2009 to Sept 2010 insurance = $705 nett with max NCD and Merits for my 1.6L Kia

[cougar]

My contribution again: Just paid renewal for Sept 2009 to Sept 2010 insurance = $705 nett with max NCD and Merits for my 1.6L Kia

 

Which insurer? Sounds reasonable, compared to the prices we hear nowadays.

[paperger85]

Mine's a renewal leh, agent will entertain me, i think agent give discount when selling cars, they can play around with the profit margin.

 

Agents as in the insurance brokers and not the agents selling the cars to you.

 

The insurance brokers receive commission for every renewal and they can give you a discount to make their prices more competitive.

[gentoro]

I can pm you my agent number. FYI, my insurance renewal ($705) is comprehensive 1st party plus $600 excess with 50% NCB w/o merits.

[jB]

Will going direct to insurers for quotes be cheaper or through insurance brokers? These brokers claim they can source for 12 quotes for comparison and let us decide. How does it works?

I have absolutely no idea :X

I can pm you my agent number. FYI, my insurance renewal ($705) is comprehensive 1st party plus $600 excess with 50% NCB w/o merits.

Sounds good, care to share?

[cougar]

I have absolutely no idea :X

 

Sounds good, care to share?

 

PM gentoro for the contact.

[gentoro]

My POV is that - ulu ulu insurance company with "low risk" crowds of customer, lesser chance of having high claims or lesser claims thus premium is lower and cheaper. This kind of company is a sure win earn $$$ type. With mature and low risk crowds, they can offer cheaper premium. With lesser claims, premium paid will sure to earn $$$.

 

In the sense if company have strict policies for selective premium customers, the claim remain low and vice versa for those big insurance company eg. AIG, NTUC etc, too many rojaks types of crowds, high risk ppl within and thus the high claim tribute to higher premium.

 

Number of premiums doesn't really contribute to amount of profit, that's why company are begining to selective choosing customer based.

Edited August 25, 2009 by gentoro

[scubasimon]

you know, i was driving a family car past few years and my insurance has been pretty acceptable with ntuc, of course i'm 41 as well so that played a part. but over the past 2 years i'm driving alfa romeo and the insurance is crazy with ntuc...but with this axa now, it is much better. so i think depends on the car also...

[jB]

PM gentoro for the contact.

 

My POV is that - ulu ulu insurance company with "low risk" crowds of customer, lesser chance of having high claims or lesser claims thus premium is lower and cheaper. This kind of company is a sure win earn $$$ type. With mature and low risk crowds, they can offer cheaper premium. With lesser claims, premium paid will sure to earn $$$.

 

In the sense if company have strict policies for selective premium customers, the claim remain low and vice versa for those big insurance company eg. AIG, NTUC etc, too many rojaks types of crowds, high risk ppl within and thus the high claim tribute to higher premium.

 

Number of premiums doesn't really contribute to amount of profit, that's why company are begining to selective choosing customer based.

Yup gotten the contact, thanks. Will call after tomorrow as I don't want insurers to call me during this period when I have exams

[Hydher]

was quoted 4.6k for third party only under ntuc for under21 years old and a few months driving experience for the picanto lx.

[MS]

was quoted 4.6k for third party only under ntuc for under21 years old and a few months driving experience for the picanto lx.

 

4.6K... I think they were not interested to insure you. That's why the crazy quote.

[GuiNNeSS]

was quoted 4.6k for third party only under ntuc for under21 years old and a few months driving experience for the picanto lx.

 

lol picanto 4.6k for the insurance... i rather take cab

[jB]

for a korean car so ex? Not so ex even for my jap car, think they aren't interested like some dudes mentioned

[cougar]

was quoted 4.6k for third party only under ntuc for under21 years old and a few months driving experience for the picanto lx.

 

 

maybe they mistook ur Picanto for Porsche lah!

[Hydher]

4.6K... I think they were not interested to insure you. That's why the crazy quote.

 

lol picanto 4.6k for the insurance... i rather take cab

 

for a korean car so ex? Not so ex even for my jap car, think they aren't interested like some dudes mentioned

 

maybe they mistook ur Picanto for Porsche lah!

 

Seriously.. its quite sad.

Quite... he was like picanto?! is 1500cc right?

He also said that the premiums will be adjusted again soon(called about 2 months ago)

I told him that i expected it to be in the range of 1k plus (1.5k-1.7 k which still seems okay to me) he said its impossible unless you are 50 yo + with 50% ncd...]

 

but again.. 4 months driving exp and 20 years old that time. Was interested in a off peak car.

[cougar]

Seriously.. its quite sad.

Quite... he was like picanto?! is 1500cc right?

He also said that the premiums will be adjusted again soon(called about 2 months ago)

I told him that i expected it to be in the range of 1k plus (1.5k-1.7 k which still seems okay to me) he said its impossible unless you are 50 yo + with 50% ncd...]

 

but again.. 4 months driving exp and 20 years old that time. Was interested in a off peak car.

 

 

U c, self-inflicting industry. Make people who bought cars burden with debt, ride or drive also worry abt money problems, no wonder accident rate high.