Motor Insurance

[contrarian]

Hi everyone

 

nid ur advice. I bought a brand new RXZ in March 2007 for $5800 (see my signature.) it was stolen in October 2007. My insurance is with AXA.

 

Now, they sent me a letter that the market value is only $3800, this I can understand. what makes me so sad is that they are only paying 50% and less excess some more! I end up with a claim payment of $1600, not even enough to recover the cost of my second hand bike($1900)!

 

Are they being fair? Is there anyone can advice me? I really cannot stomach the fact they only pay 50% of the market value. This is too much. :cry:

 

What reasons did they state for using 50%? They must give you a reason under the insurance regulatory framework for the basis of the proposed settlement.

 

Why should you accept 50% of market value unless that reason is soundly convincing?

 

Shouldn't you insist on full market value (less the excess, which you have to pay for)?

 

I hope you haven't accepted the offer yet.

[ThePole]

What reasons did they state for using 50%? They must give you a reason under the insurance regulatory framework for the basis of the proposed settlement.

 

Why should you accept 50% of market value unless that reason is soundly convincing?

 

Shouldn't you insist on full market value (less the excess, which you have to pay for)?

 

I hope you haven't accepted the offer yet.

 

they said it is under the loss of motorcycle clause. i just don't feel right and i don't happen to see such clause anywhere. the motordiam that sold me the bike never gave me the full insurance policy. wat shd i do?

[contrarian]

First, answer the question: have you accepted the offer to settle?

 

If no, get the policy schedule from the shop (they'll have it), and get the policy wording from the shop or the insurer. Read them and see what the conditions say.

 

Once you've done all of the above, then come back and tell us your findings.

 

It doesn't matter what sounds convincing or not, it only matters what the conditions of the policy say. Put the insurer to proof that they are paying indemnity according to the provisions of the policy. They have to show that they are paying in accordance with the policy terms and justify the reason for the claim payout in writing.

[ThePole]

First, answer the question: have you accepted the offer to settle?

 

If no, get the policy schedule from the shop (they'll have it), and get the policy wording from the shop or the insurer. Read them and see what the conditions say.

 

Once you've done all of the above, then come back and tell us your findings.

 

It doesn't matter what sounds convincing or not, it only matters what the conditions of the policy say. Put the insurer to proof that they are paying indemnity according to the provisions of the policy. They have to show that they are paying in accordance with the policy terms and justify the reason for the claim payout in writing.

 

for ur question, no i havent accepted it. the amt is way too low to be acceptable.

 

think i will nid to go to the motordiam to get the full policy first.

[arsie]

Hmm, what is the point of buying TPFT insurance if the payout is so low?

 

So many bike thefts, no insurance and got insurance, both screwed

[Shawn--]

Which is a cheaper for a rider without any NCD in any insurance?

 

Mitsui

NTUC

AXA

 

Anyone would like to share? I heard Mitsui covers malaysia road too?

[paiseh]

Back from AXA today.

 

Adding of sub rider is $50 + 7% of $50.

 

As for cancellation of insurance, (usage of 3 months left 9 months), 50% rebate of remaining amount.

[harukikujo]

hello SBF-ers.

 

i just got a quotation from ntuc this afternoon.

i'm just 19 this year, passed on march (meaning i am only 2 months old with licence), no NCD, no exp.

 

the ntuc lady say my insurance for krr is $1384.58 for 3rd pt, and over $2k for fire theft. is it just me, or is the insurance company is going overboard?

 

the bike plate is fw.

[Mike Ong]

OMG...

 

Wif tis kind of pricing...better to take public transport.

[SparkerS1]

wah sey, the insurance company is too much, motor insurance now almost the same as car

[arsie]

depends on which yr CBR1000 ...estimate $1000 to $1500

 

I don't understand the logic why 3rd party insurance should be different for different year of the bike.

 

Its not as if its like 2nd party where you can claim for your own bike's theft. So why does the value of your own bike make a difference for 3rd party?

[geraki]

hello SBF-ers.

 

i just got a quotation from ntuc this afternoon.

i'm just 19 this year, passed on march (meaning i am only 2 months old with licence), no NCD, no exp.

 

the ntuc lady say my insurance for krr is $1384.58 for 3rd pt, and over $2k for fire theft. is it just me, or is the insurance company is going overboard?

 

the bike plate is fw.

 

faring bike+pplate+age= Expensive

No choice lar bro....too many accident involved with pplater...

[LoudnessFz]

wah really ah???1.3k???near the end of last year was only 700+...warauwei i think the insurance company need their own insurance to cover their *** in case everything goes haywire in sg...

[DaN zI]

insurance is killing us . 1.3k 3rd parrty for KRR , i rather take cab seriously . lolz.

[harukikujo]

true la. they chop us until our body no fluid anymore. bt finally, i got a bike la. i bought SP (FS plate) from HKL. insurance only 500-600 like that under NTUC. much much cheaper than KR. i think it's just hte kr that is like... ermmm?

[SparkerS1]

insurance is killing us . 1.3k 3rd parrty for KRR , i rather take cab seriously . lolz.

haizzz, i feel more sad

true la. they chop us until our body no fluid anymore. bt finally, i got a bike la. i bought SP (FS plate) from HKL. insurance only 500-600 like that under NTUC. much much cheaper than KR. i think it's just hte kr that is like... ermmm?

why why why:cry:

faring bike+pplate+age= Expensive

No choice lar bro....too many accident involved with pplater...

bo bian, they dun wanna ride safeo_O

wah really ah???1.3k???near the end of last year was only 700+...warauwei i think the insurance company need their own insurance to cover their *** in case everything goes haywire in sg...

damned cork up

[arsie]

wah really ah???1.3k???near the end of last year was only 700+...warauwei i think the insurance company need their own insurance to cover their *** in case everything goes haywire in sg...

 

Actually, insurance companies do insure themselves with reinsurers, usually huge global players. Also I believe that all Singapore insurance are underwritten by Monetary Authorities of Singapore, so if an insurance company collapses, Ah Gong will handle the payout.

 

But that must be after a major disaster or something, dunno if Ah Gong still has money then.

 

The problem with motor insurance is this: Every time there is a claim of a few thousand, they insurance company will settle, even if they think it is fraudulent, because it will cost them tens of thousands to pursue it in court. So its simple maths, spend 7,000 instead of 10,000. So insurance companies have no control over this end of their business, and they transfer the cost to their customers. Who is stuck because it is the law to have insurance.

 

The problem is that the nature of motor vehicle insurance, is that the vast majority of claims would be much lower than to justify lawyer's fees. And for the authorities and the insurance companies not to acknowledge that is simply blackmailing customers.

[arsie]

Apparently the insurance companies have made huge losses with motor insurance over the last year. They were still profitable in 05-06, but the greatest lost is in Q3 2007.

 

http://www.gia.org.sg/industry_motor_stats.php

[contrarian]

Also I believe that all Singapore insurance are underwritten by Monetary Authorities of Singapore, so if an insurance company collapses, Ah Gong will handle the payout.

 

But that must be after a major disaster or something, dunno if Ah Gong still has money then.

 

Absolutely misinformed. Apparently you've not seen past insurance company failures here in Singapore.

Show some proof for your belief, if you will.

[arsie]

Absolutely misinformed. Apparently you've not seen past insurance company failures here in Singapore.

Show some proof for your belief, if you will.

 

I stand corrected.

[YEN96]

hello SBF-ers.

 

i just got a quotation from ntuc this afternoon.

i'm just 19 this year, passed on march (meaning i am only 2 months old with licence), no NCD, no exp.

 

the ntuc lady say my insurance for krr is $1384.58 for 3rd pt, and over $2k for fire theft. is it just me, or is the insurance company is going overboard?

 

the bike plate is fw.

 

:faint: ...power..no horse run ..crazy

[S4RevoVtec]

Bro here..

 

roughly quote me..

 

-19+

-Spec3

-Riding experience 1yr+

 

i just got my 2a ytd. thanks in advance.

[LoudnessFz]

any guys just got their sp here?i just wanna update how much u pay for insurance..3rd party,19 year old 1 year experience or younger

[harukikujo]

any guys just got their sp here?i just wanna update how much u pay for insurance..3rd party,19 year old 1 year experience or younger

 

i bought my sp last week, my insurance 3rd party is about 600-ish. cant remember exactly hw much. quite cheap actually

[mat_rock]

intend to coi my friend's bike.

 

can 1 bike have 2 different policy?

example.. my friend got his own policy from axa. i go buy myself straight from ntuc.

but still owner is my friend. not yet intend to transfer name due to some reasons.

 

possible?

 

i got another friend bought another policy for himself of his father's bike. duno legal onot.

 

and.. let say roadtax expire soon.. which is next mth may. i heard new bike no need go inspection for 1st 3 yrs right?

ok... owner insurance expire together with roadtax and don't wish to renew insurance.

 

so can i renew the roadtax since my policy can cover the period? YET the owner still my friend?

 

Ever heard of this bro??

""Do anything but dun get caught..""

 

Its not legal to do what u intend to..

if u do, its double coverage for a single bike plus u r not the owner...

in the event any mishaps hapens, u be out of luck bro cos u be charged for riding without VALID insurance coverage (4 it to be valid, the ins policy has to bear the name on the LOG CARD as the policyholder) and also u cant claim insurance cos u r not the sub rider under your fren's ins(the valid one)...

U may get ur licence revoked too if the mishap is serious..

Get me?

ANyway,hope it helps.

 

Correct me if im wrong, anyone.

Thanks