Motor Insurance

[vespaboy]

I would like to air my personal opinion about the increases in insurance pricing

 

I've been riding for umpteen years and am now in my early 40s - yes I am an uncle!!

 

What got me really upset was that my insurance policy with a local insurer just went up about 100% although my new used bike is older than my older used bike. My previous FZ plate Vespa insurance was about $120 TPFT. I've bought another Vespa FY Plate and the same bloody insurance TPFT is now $220+. WTF? Paying more for an older bike???? Its not as if I had any accident at all. So my first gripe is - why the hell am I paying more for less!!!

 

Second gripe is this - All along - I've had one bike or another. However, when you buy the insurance - they always start at 0% when you buy the bike. You only get to enjoy your NCD if you transfer it. Correct me if I am wrong. What if I decide to keep 4 bikes at home just becos I like the idea of having 4 bikes at home. Then each of the bikes will start off at 0% NCD? Can someone correct me or at least give me the logic behind this? I've only got one ass and I can only ride 1 bike at any one time. Why shouldn't my other rides be discounted then? In fact - heres an Idea - Why not just insure ME? Why do I have to pay for insurance for each and every bike I own? After all, if i am not mistaken, all the policies will go up if you have 1 accident. So make things simple - if the insurance company is going to ask so many questions about the experience, the age blah blah blah - then just insure that person and as long as he is insured - he can ride any damn bike he wants!!! Why tag the insurance to a non living bike?

 

We are bound by law to have insurance - I have no arguments about that. However, the rate at which insurance rates are going up is ridiculous (especially when one has no claims at all). So what are we able to do when we are bound to this market where the supply of insurers are limited? I dread to think of what my insurance will be for my ST1100 when it comes at the end of the year! It is not about paying - it is just that there is something terribly wrong with the system when the pricing keeps going up!

 

What do you guys think?

[contrarian]

I would like to air my personal opinion about the increases in insurance pricing

 

I've been riding for umpteen years and am now in my early 40s - yes I am an uncle!!

 

What got me really upset was that my insurance policy with a local insurer just went up about 100% although my new used bike is older than my older used bike. My previous FZ plate Vespa insurance was about $120 TPFT. I've bought another Vespa FY Plate and the same bloody insurance TPFT is now $220+. WTF? Paying more for an older bike???? Its not as if I had any accident at all. So my first gripe is - why the hell am I paying more for less!!!

 

Second gripe is this - All along - I've had one bike or another. However, when you buy the insurance - they always start at 0% when you buy the bike. You only get to enjoy your NCD if you transfer it. Correct me if I am wrong. What if I decide to keep 4 bikes at home just becos I like the idea of having 4 bikes at home. Then each of the bikes will start off at 0% NCD? Can someone correct me or at least give me the logic behind this? I've only got one ass and I can only ride 1 bike at any one time. Why shouldn't my other rides be discounted then? In fact - heres an Idea - Why not just insure ME? Why do I have to pay for insurance for each and every bike I own? After all, if i am not mistaken, all the policies will go up if you have 1 accident. So make things simple - if the insurance company is going to ask so many questions about the experience, the age blah blah blah - then just insure that person and as long as he is insured - he can ride any damn bike he wants!!! Why tag the insurance to a non living bike?

 

We are bound by law to have insurance - I have no arguments about that. However, the rate at which insurance rates are going up is ridiculous (especially when one has no claims at all). So what are we able to do when we are bound to this market where the supply of insurers are limited? I dread to think of what my insurance will be for my ST1100 when it comes at the end of the year! It is not about paying - it is just that there is something terribly wrong with the system when the pricing keeps going up!

 

What do you guys think?

 

I think the choice is simple:

1. you can pay the market price for insurance, or

2. stop owning a bike because you don't want to pay for the insurance

 

Same logic applies to petrol price and bike replacement parts.

Edited June 8, 2009 by contrarian

[LoudnessFz]

I would like to air my personal opinion about the increases in insurance pricing

 

I've been riding for umpteen years and am now in my early 40s - yes I am an uncle!!

 

What got me really upset was that my insurance policy with a local insurer just went up about 100% although my new used bike is older than my older used bike. My previous FZ plate Vespa insurance was about $120 TPFT. I've bought another Vespa FY Plate and the same bloody insurance TPFT is now $220+. WTF? Paying more for an older bike???? Its not as if I had any accident at all. So my first gripe is - why the hell am I paying more for less!!!

 

Second gripe is this - All along - I've had one bike or another. However, when you buy the insurance - they always start at 0% when you buy the bike. You only get to enjoy your NCD if you transfer it. Correct me if I am wrong. What if I decide to keep 4 bikes at home just becos I like the idea of having 4 bikes at home. Then each of the bikes will start off at 0% NCD? Can someone correct me or at least give me the logic behind this? I've only got one ass and I can only ride 1 bike at any one time. Why shouldn't my other rides be discounted then? In fact - heres an Idea - Why not just insure ME? Why do I have to pay for insurance for each and every bike I own? After all, if i am not mistaken, all the policies will go up if you have 1 accident. So make things simple - if the insurance company is going to ask so many questions about the experience, the age blah blah blah - then just insure that person and as long as he is insured - he can ride any damn bike he wants!!! Why tag the insurance to a non living bike?

 

We are bound by law to have insurance - I have no arguments about that. However, the rate at which insurance rates are going up is ridiculous (especially when one has no claims at all). So what are we able to do when we are bound to this market where the supply of insurers are limited? I dread to think of what my insurance will be for my ST1100 when it comes at the end of the year! It is not about paying - it is just that there is something terribly wrong with the system when the pricing keeps going up!

 

What do you guys think?

 

 

i understand how u feel,lemme try and compromise between us riders and insurance company.

 

to my understanding,insurance company is still a business company. they know better about their finances and so forth,depends on how many different things they insured and the quantity of each of them..and how often does mishaps happened these days...all of these contributes to the premium going up.

 

thats why different companies have different premiums..the lesser they insured the lesser they need to pay for the things the lesser we need to pay them as they dont incur so much losses right?i guess thats the logic,insurance companies will revise their premiums every now and then.

 

and for us riders and drivers,we better do our part in ensuring road safety,blame on those who rides/drives recklessly especially foreign drivers/riders.

 

we cant help it in singapore,the price will always go up.i cant help it that my bike's premium increased as well,just have to live with it...either u have the money or u dont...if u dont own the money,then dont act as if u are

[dim13]

i understand ho.............

 

eh rizal, jumpe kau kat sini.. keje part time eh jadi insurance agent....hahahahhaha

[vespaboy]

I think the choice is simple:

1. you can pay the market price for insurance, or

2. stop owning a bike because you don't want to pay for the insurance

 

Same logic applies to petrol price and bike replacement parts.

 

Thanks for your comments - but basically I believe that there is something wrong in principle. Money is not the issue.

[WawanAprilia]

Gentleman , i would like to seek ya humble advises .. Can i renew my insurance after my insurance expires ?? Coz my bike is in workshop and wld hibernate in abt 3 mths and its expiring soon .. So i wld like to renew when my bike is ready ... Hope u guyz wld respond .. Thanks ..

[contrarian]

Gentleman , i would like to seek ya humble advises .. Can i renew my insurance after my insurance expires ?? Coz my bike is in workshop and wld hibernate in abt 3 mths and its expiring soon .. So i wld like to renew when my bike is ready ... Hope u guyz wld respond .. Thanks ..

 

Lay up your bike and you'll achieve your objective.

[Maestro-]

but you'll lose your NCD if i'm not wrong. if so, maybe i'd rather to renew to keep the NCD, if it's a significant % already.

[edwardthy]

are we bounded by e bike shop to renew e insurance for us if we are stil under instalments? can i renew my own insurance if im stil under bike shop for instalments? im tired of kena carrot chop already..

[Maestro-]

are we bounded by e bike shop to renew e insurance for us if we are stil under instalments? can i renew my own insurance if im stil under bike shop for instalments? im tired of kena carrot chop already..

 

actually you can just do your own insurance if you want.

 

i've asked for quotations from 3-4 bike shops before, and they didn't do any markup for the insurance. but i believe since they are handling insurance registration for the insurers, the insurers will give them some commission for sure. else, they won't bother. for some who don't have such an agreement with the insurers, they may charge you $10-$15 as admin fee for the insurance application, and usually they'll help you to settle road tax as well.

 

so yeah, no harm if you just want the convenience.

[hElleVer]

called up axa and enquiry about my insurance.. they say they dont do insurance for sportsbike rider under 22 yrs old.. -.-

[Manzz]

but you'll lose your NCD if i'm not wrong. if so, maybe i'd rather to renew to keep the NCD, if it's a significant % already.

 

FYI, you can still utilize your NCD should you get another policy within 365 days after the last termination date.

[Manzz]

QUOTE=vespaboy

 

I've been riding for umpteen years and am now in my early 40s - yes I am an uncle!!

 

What got me really upset was that my insurance policy with a local insurer just went up about 100% although my new used bike is older than my older used bike. My previous FZ plate Vespa insurance was about $120 TPFT. I've bought another Vespa FY Plate and the same bloody insurance TPFT is now $220+. WTF? Paying more for an older bike???? Its not as if I had any accident at all. So my first gripe is - why the hell am I paying more for less!!!

 

[DID you gripe to the local insurer at how they calculate your premium? You can do that you know.]

 

Second gripe is this - All along - I've had one bike or another. However, when you buy the insurance - they always start at 0% when you buy the bike. You only get to enjoy your NCD if you transfer it. Correct me if I am wrong. What if I decide to keep 4 bikes at home just becos I like the idea of having 4 bikes at home. Then each of the bikes will start off at 0% NCD? Can someone correct me or at least give me the logic behind this? I've only got one ass and I can only ride 1 bike at any one time. Why shouldn't my other rides be discounted then?

 

[NCD means No Claim Discount. Meaning, you have a current policy with the insurer. Upon renewal, they look at your claims history and found none at all. Hence they will give you NCD. This bonus is pegged to your current insurance policy, NOT the rider. How on earth are they going to give you a NCD when you are purchasing a NEW policy for your 2nd,3rd,4th bike when there is no current policy for those bikes claim history to be based upon? Only after one year then your 2nd~100th bike will have the NCD..]

 

In fact - heres an Idea - Why not just insure ME? Why do I have to pay for insurance for each and every bike I own?

 

[That is why they call it MOTOR insurance. If they insure you means its LIFE or PERSONAL ACCIDENT already. It is under the law that the vehicle must be insured for at least a third party coverage. PERSONAL insurance does not have that unless you pay a hefty sum to cover THIRD PARTY LIABILITIES. - and then you will go complaining again why you must pay a hefty sum and it will go on and on...]

 

After all, if i am not mistaken, all the policies will go up if you have 1 accident.

 

[Correction, only the policy that covers your bike that was involved in the accident that will have an increased premium should there be a claim made against it. So far this was my personal experience unless someone has another POV.]

 

So make things simple - if the insurance company is going to ask so many questions about the experience, the age blah blah blah - then just insure that person and as long as he is insured - he can ride any damn bike he wants!!! Why tag the insurance to a non living bike?

 

We are bound by law to have insurance - I have no arguments about that. However, the rate at which insurance rates are going up is ridiculous (especially when one has no claims at all). So what are we able to do when we are bound to this market where the supply of insurers are limited? I dread to think of what my insurance will be for my ST1100 when it comes at the end of the year! It is not about paying - it is just that there is something terribly wrong with the system when the pricing keeps going up!

 

What do you guys think?

 

[ultimately, the choice of owning how many bikes is yours as you yourself know that you only have one A$$ and can only ride out one bike at one time. I do not see your point in griping abt the above. Nobody is forcing to keep your four bikes. Like they say, know how to keep, know how to pay. If you want to gripe, you can gripe here...]

 

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

 

FYI, the above is IMO too. No pun intended. I agree on one thing though. The cost of living is going up. I may not need to ride a class 2 bike in order to live. But I CHOSE to ride a class 2 bike and be ready to pay for any of its liabilities because I WANT TO LIVE LIFE!

[HanSiam]

hey.. was told from bike shop.. AXA insurance allows 1 owner and 2 sub riders.. anyone can conferm this? Call em but sat/sun close..

[petrixx]

hi, i am current having a comprehensive insurance under liberty insurance, which cost me about 1.1k++ for it.

I tried to call them but they are closed on sat & sun.

 

question is i tried avoiding a van that suddenly turn into the lane i was traveling, ebrake & bike fall. damage to right side exterior of the bike, like the direction indicator, mirror & headlight/ side fairing, can i file for a claim for all that?

 

Btw the driver drove off ... pls advise, thanks!

Edited June 27, 2009 by petrixx

[HanSiam]

hey.. was told from bike shop.. AXA insurance allows 1 owner and 2 sub riders.. anyone can conferm this? Call em but sat/sun close..

 

hey guys.. its possible 3 riders for a bike.. wohhooo axa only...

[zart]

i dont think so.. correct me if im wrong..

 

so far i know.. 1 main rider plus 1 subrider .. thats all.. for all major insurance companies..

 

unless the bike is under company registered.. than anyone can ride the bike.. ONLY with valid permission from the company..

 

hey.. was told from bike shop.. AXA insurance allows 1 owner and 2 sub riders.. anyone can conferm this? Call em but sat/sun close..

 

i think your bike shop misinterpret or u hear wrongly ..hehe.. he mean 2 riders on 1 bike..

[zart]

hi, i am current having a comprehensive insurance under liberty insurance, which cost me about 1.1k++ for it.

I tried to call them but they are closed on sat & sun.

 

question is i tried avoiding a van that suddenly turn into the lane i was traveling, ebrake & bike fall. damage to right side exterior of the bike, like the direction indicator, mirror & headlight/ side fairing, can i file for a claim for all that?

 

Btw the driver drove off ... pls advise, thanks!

 

did u go for inspection?.. i forget the name.. i mean inspection after you accident which you need to go within 24hrs after you accident.

 

if you go and you got the van plate number maybe can claim..

 

but chances are very slim.. the driver can twist the story..

[HanSiam]

i dont think so.. correct me if im wrong..

 

so far i know.. 1 main rider plus 1 subrider .. thats all.. for all major insurance companies..

 

unless the bike is under company registered.. than anyone can ride the bike.. ONLY with valid permission from the company..

 

 

 

i think your bike shop misinterpret or u hear wrongly ..hehe.. he mean 2 riders on 1 bike..

 

dear zart.. now i'm riding with 2 other sub riders.. not company registered bike.. This is from axa only check it out... I too do not believe till i renew my insurance...

[zart]

wooo..

 

gd news then.. but only from axa uh? add name charges still the same?

 

hkehkeheehhe want to put my name on friend's bike..

[contrarian]

hi, i am current having a comprehensive insurance under liberty insurance, which cost me about 1.1k++ for it.

I tried to call them but they are closed on sat & sun.

 

question is i tried avoiding a van that suddenly turn into the lane i was traveling, ebrake & bike fall. damage to right side exterior of the bike, like the direction indicator, mirror & headlight/ side fairing, can i file for a claim for all that?

 

Btw the driver drove off ... pls advise, thanks!

 

Wouldn't your policy excess be $1000? Does your damage exceed $1000?

[zhengwei]

Hi all,

 

I'm intending to either get at S4 spec 3 or a drz-sm around the year end.

Just wanna check out u guys how much you guys brought the insurance cost of both bikes, i dun wan later like my current bike (wave s) which suddenly cost me 600+ (1 yr ago is onli 480).

 

Currently age 20, 2 yrs exp by aug.

thank alot for ur helps

 

Dun wanna call up the insurance company becos they need alot of information, and they keep calling back....

[w00t]

Hi all,

 

I'm intending to either get at S4 spec 3 or a drz-sm around the year end.

Just wanna check out u guys how much you guys brought the insurance cost of both bikes, i dun wan later like my current bike (wave s) which suddenly cost me 600+ (1 yr ago is onli 480).

 

Currently age 20, 2 yrs exp by aug.

thank alot for ur helps

 

Dun wanna call up the insurance company becos they need alot of information, and they keep calling back....

 

I guess you have to call when you buy because the rates are changing all the time and only you have the infomation they require. Somebody else may give you a guideline but the price might be different when you're there. Call all the companies you can find would be the best as you can get the cheapest or maybe policy with terms you prefer most IE. get back more refund if you cancel policy? provides personal insurance at a rebate? and etc..

[nelo]

hey guys what's the biggest increase to ur premiums u guys ever encountered?

 

will premiums go from 450 to 600/700?

[icearmour]

What is the refund time for NTUC insurance? I heard AXA is 1 month. Does NTUC refund if we are on the last month of the insurance. I heard AXA doesn't. Am thinking of switching to NTUC this renewal eventhough it's marginally expensive...

Another question too, NTUC refunds 85%. Wat about AXA?