Insurance claim

[jibei]

Hi,

 

Recently I got involved in a major accident and my bike requires a lot of repair to be done and I already did but I just wanted to claim to cover back up my losses since I pay for the insurance. My question is how the premium thing works? Like after claim my premium would double up on the upcoming premium? Would the premium cost will subside after few years?

Please advice thank you!

[kinwei]

Hi,

 

Recently I got involved in a major accident and my bike requires a lot of repair to be done and I already did but I just wanted to claim to cover back up my losses since I pay for the insurance. My question is how the premium thing works? Like after claim my premium would double up on the upcoming premium? Would the premium cost will subside after few years?

Please advice thank you!

 

For sure your insurer will "load" your premium for the next 3 years, plus you will reset your NCD back to ZERO. If you mentioned your repair to be a lot, get ready for at least double your normal premium.

 

For EXAMPLE, if your next premium after loading is $3k. The following premium with loading will be just slightly lesser than $3k and so on. So on average you will be paying $3k for the next 3 years.

[jibei]

For sure your insurer will "load" your premium for the next 3 years, plus you will reset your NCD back to ZERO. If you mentioned your repair to be a lot, get ready for at least double your normal premium.

 

For EXAMPLE, if your next premium after loading is $3k. The following premium with loading will be just slightly lesser than $3k and so on. So on average you will be paying $3k for the next 3 years.

 

Hi Kinwei!

 

Thanks for the reply, my insurance I paid $500 and my repair done so far amount to $1.2k - $1.5k do you think is it worth it to claim when my next insurance payment is coming soon in few months time?

[Jehuty]

Hi,

 

Recently I got involved in a major accident and my bike requires a lot of repair to be done and I already did but I just wanted to claim to cover back up my losses since I pay for the insurance. My question is how the premium thing works? Like after claim my premium would double up on the upcoming premium? Would the premium cost will subside after few years?

Please advice thank you!

 

I paid for the repairs myself to avoid this.

[kinwei]

Hi Kinwei!

 

Thanks for the reply, my insurance I paid $500 and my repair done so far amount to $1.2k - $1.5k do you think is it worth it to claim when my next insurance payment is coming soon in few months time?

 

I don't know how you can check with your insurance company on the possible premium. But if you can, then maybe you can gauge. However I will suggest paying the repair yourselves to "save" your NCD. Because even if they use the same repair amount and spread it equally among the 3 years, you will still lose out on the NCD.

Edited January 16, 2012 by kinwei

[guiderer]

sorry to hijack, lets say my insurance without ncd is around 500, got claimed by other party within first year which i'm not sure is how much. what will likely be my next premium be like? still around 500? or more?

[CSV]

more. maybe around 600-700

[georgekoh]

Must call up insurance company to cancel & get refund or must go down to the place & do it?

[guiderer]

more. maybe around 600-700

 

ok thanks alot! at least can know roughly how much to put aside, and mentally prepared, if not wait the premium come might sweep me off my leg

[kinwei]

Must call up insurance company to cancel & get refund or must go down to the place & do it?

 

Dunno about the rest. NTUC need you to go down to their office with the original paperwork to cancel.

[kinwei]

ok thanks alot! at least can know roughly how much to put aside, and mentally prepared, if not wait the premium come might sweep me off my leg

 

600~700 is just an estimation. It may be more depending on the claim. It best that you called up the insurance company to check.

[mechwira]

sorry if i'm stating the obvious, just wanted to clarify, especially coz TS did not elaborate details of his accident.

 

if you are not the party at fault, then as i understand it your premium wont change. thats coz you're not claiming from your own insurance, you're claiming from the other person's. the only thing your insurance agent do is process your claim, he doesn make the payout itself.

 

i am assuming this to be the case coz TS is referring to his own damage. Typical third party insurance doesn cover your own losses if you are at fault. thats why its called third party. if this is the case, that means TS is claiming from the guilty party insurance as the victim of the accident, and the premium should by right not change. if TS is the party in the wrong and only has third party insurance, there is no claim that can be made.

 

or maybe TS has first party insurance. again, if TS is not at fault, the claim is made against the other person's insurance and TS premium is still not affected. but if TS is the party at fault, and is claiming from his own first party policy, then yes thats where premiums will rise. and quite frankly, how much it rises is entirely up to the whims and fancies of the insurance company, you're better off asking them than forum. same goes for how long they want to keep up the higher premium, although as i understand it after 3 years (i think) of accident free, you no longer need to declare your accident record in applying for insurance.

 

correct me if i'm wrong.

[jibei]

sorry if i'm stating the obvious, just wanted to clarify, especially coz TS did not elaborate details of his accident.

 

if you are not the party at fault, then as i understand it your premium wont change. thats coz you're not claiming from your own insurance, you're claiming from the other person's. the only thing your insurance agent do is process your claim, he doesn make the payout itself.

 

i am assuming this to be the case coz TS is referring to his own damage. Typical third party insurance doesn cover your own losses if you are at fault. thats why its called third party. if this is the case, that means TS is claiming from the guilty party insurance as the victim of the accident, and the premium should by right not change. if TS is the party in the wrong and only has third party insurance, there is no claim that can be made.

 

or maybe TS has first party insurance. again, if TS is not at fault, the claim is made against the other person's insurance and TS premium is still not affected. but if TS is the party at fault, and is claiming from his own first party policy, then yes thats where premiums will rise. and quite frankly, how much it rises is entirely up to the whims and fancies of the insurance company, you're better off asking them than forum. same goes for how long they want to keep up the higher premium, although as i understand it after 3 years (i think) of accident free, you no longer need to declare your accident record in applying for insurance.

 

correct me if i'm wrong.

Hi mechwira thanks for your great respond to my queries, yeah in my situation to me it seems to be the other party fault however on my side of story I can't remember a thing as I passed out during the accident and a portion of my memory were gone and I can't do a full police report regard to this accident but I've heard from my colleagues that as long as it is recorded in the system, insurance company will have to revise the pricing on the premiums as the accident is reflected in the police record so what I did now was to seek a claim from my other party because from my point of view to claim or not to claim will not changed the fact that my premium will rise and worst of all unknowingly I might be claimed by the other party so the summary of what I did was a win-win to me.

[Kutrax]

ok insurance sexpert need your help..

 

accident 3 yrs back. while pending case settle insurance told me no loading but they hold Ncd.

means after that accident my ncd 0%. straight foward sure win case also hold ncd.

 

fast foward case settle claim succesfull, other party at fault.

now how the hell am i goin to get my ncd back? previous insurer Aig .

but now NTUC.

[mechwira]

Hi mechwira thanks for your great respond to my queries, yeah in my situation to me it seems to be the other party fault however on my side of story I can't remember a thing as I passed out during the accident and a portion of my memory were gone and I can't do a full police report regard to this accident but I've heard from my colleagues that as long as it is recorded in the system, insurance company will have to revise the pricing on the premiums as the accident is reflected in the police record so what I did now was to seek a claim from my other party because from my point of view to claim or not to claim will not changed the fact that my premium will rise and worst of all unknowingly I might be claimed by the other party so the summary of what I did was a win-win to me.

 

well, if the investigation is already complete and the result says you are victim, then you are claiming from the other person's insurance. therefore, your own insurance is not affected.

 

its true that the accident report (emphasis: accident report, not police report) will stay on record and accessible to all insurers no matter who at fault. but based on my car accident last year, the insurer's concern is strictly on whether any claim has been made against my own policy. as long as there was no payout from my own policy, regardless the circumstances, my premium calculation was based purely on age.

 

if you claim from other party and then your own insurer up the premium, i frankly feel you've been screwed over by your insurer. unfortunately i dun think theres any avenue for protection against this.