Why People Don't Choose NTUC Income Insurance....
-
Court sets aside attempt to make him bankrupt
Stolen car, brought for $125,000, valued at $50,000. Insurer sues owner when he stops repaying loan Parties must now agree on market value of car
By Tan May Ping
October 17, 2006
FIRST, his car was stolen. That was just the start of his problems.
'I was stunned. I did not know where they got that amount from. If they were willing to loan me $118,000 for the car, it show the car was worth that much.' said, Mr Ng (above) with a Grandis brochure -- KELVIN CHNG
When he didn't pay the car loan instalments while his insurer investigated the case, he was served with a bankruptcy notice.
There was another shock in store.
The insurance company valued his 10-month-old car, which he had bought for $124,700 in 2004, at only $50,000.
This was a massive drop of $74,700 or a 60 per cent depreciation in the car's value in less than a year.
What it meant was that he had not only lost his car, but would still owe more than $68,000 after the insurance payout for his loss.
NTUC Income Insurance Cooperative is both his insurer and loan company. It said the value was decided with the help of 'independent market sources' and a panel of appraisers.
FOUGHT PETITION
Mr Anthony Ng, represented by lawyer Mahmood Gaznavi, fought the bankruptcy petition and the High Court set it aside on 28 Sep.
Mr Ng, 33, who runs an interior design and construction business, had bought the car, a Mitsubishi Grandis, on 31 Aug 2004.
He told The New Paper that he chose NTUC Income for both the insurance and financing as it was offering a package deal.
He made a down payment of $6,700, and took a loan for the remaining $118,000.
On 28 Jun last year, when he went to visit a cousin in Pasir Ris, the car was stolen.
He had parked it in a multi-storey carpark on Pasir Ris Street 53.
POLICE REPORT
The car had an alarm but Mr Ng did not know whether it went off.
'I don't know why I was so 'suay' (unlucky in Hokkien). There were other Grandis cars there too,' he said.
He made a police report the same day, and later informed his insurer on the phone.
Mr Ng claims that the insurance officer he spoke to told him he didn't have to pay the loan instalments while the case was being investigated.
He also claimed that the person said she would inform the loan department of his case. However, he does not remember the name of the person.
Said Mr Ng: 'I assumed she would do so since both are under the same company. Besides, at the beginning, they promoted themselves as offering a package.'
He was also hoping the car could be recovered.
But the police said it remained on the list of stolen cars.
Mr Ng lodged a formal report with NTUC Income on 2 Sep last year. On 9 Dec, he received a letter from its loan department demanding payment for the outstanding amount, as he had lapsed in paying his instalments.
After that, Mr Ng claims, he made repeated attempts to clarify the matter with NTUC Income over the phone.
Then on 3 Feb, NTUC Income started bankruptcy proceedings against him. It alleged that he owed $68,423.39.
OUTSTANDING LOAN
The sum was calculated by deducting $50,000 - the estimated value of the car as of 1 Dec 2005 - from his outstanding loan, which, with interest, was $118,423.39.
The value of the car was estimated by two surveyors appointed by NTUC Income: Pang's Motor Trading and ETS Auto Trading.
'I was stunned. I did not know where they got that amount from,' said Mr Ng.
'If they were willing to loan me $118,000 for the car, it shows the car was worth that much. How could it be that after just 10 months, my car was worth only $50,000?'
The New Paper checked with four motor trading companies.
While the companies, which declined to be named, could not say for sure how much a 10-month-old Mitsubishi Grandis would have cost in June 2005 (when Mr Ng's car went missing), all of them gave estimates of more than $70,000.
A search of classified advertisements in The Straits Times in June last year showed one for a 2004 Grandis with an asking price of $79,800.
When the matter could not be resolved, Mr Ng hired law firm Mahmood Gaznavi & Partners to fight his case.
Mr Ng challenged the bankruptcy petition in the high court.
HE TAKES TAXIS, BUSES
His lawyer told The New Paper that the court allowed Mr Ng's application that the bankruptcy petition be set aside.
'It is now up to NTUC Income and my client to agree on the market value of the stolen vehicle,' said Mr Gaznavi.
Mr Ng has been getting around using another car which he shares with his parents. He has also been taking taxis, buses, and getting rides from friends.
And he can't wait to see the matter settled.
'I just want them to be fair to me,' he said. 'I didn't get some one to steal my car, and when it happened, it already didn't feel good.' -
Case could be settled by arbitration
October 17, 2006
SO how did NTUC Income arrive at $50,000 as the value of the car?
Its general manager, Mr Freddy Neo, said: 'In our loan recovery process, our legal counsel will use an estimated market value of the car provided by checks with independent market sources.'
He had also earlier said the market value of a vehicle, at the time of loss, is arrived at with the help of sources including independent appraisal firms and car dealers.
NTUC has a panel of appraisers, he said, but declined to give details.
As for Mr Anthony Ng's case, NTUC Income said it wanted to investigate and confirm that his car had been stolen. But it claimed that Mr Ng was not cooperative.
Mr Neo said: 'We wanted to investigate further as we could not confirm that there was indeed a theft.
'In the course of investigation, we requested the policyholder to come for interviews but he did not cooperate.
INTERVIEW
'He was uncontactable and did not turn up for any interviews. We were considering repudiating the claim on non-cooperation by the policyholder.'
However, Mr Ng claimed he was called for an interview only after NTUC Income started the bankruptcy petition.
Said Mr Ng: 'I went a few times before that but nobody seemed keen to help me. So, why would I go for an interview when they had already decided to start the (bankruptcy) proceedings? Anyway, the person who called me wouldn't say what the interview was about.'
Mr Neo said NTUC Income usually tries to settle such a claim after receiving the final police investigation report stating that the vehicle could not be found.
A claims officer will then make an offer to the policyholder, within four working days, based on the market value of the car.
'We aim to reach an agreement early and if there is any disagreement on the settlement, the case may be referred for arbitration by Fidrec (Financial Industry Dispute Resolution Centre),' said Mr Neo.
FAIR SETTLEMENT
Referring to Mr Ng's case, he said: 'We wish to achieve a fair settlement with Mr Ng. We will be able to assist Mr Ng on his case if he cooperates with us.'
Mr Neo said a loan customer will have to continue to pay his monthly instalments after his car is stolen and while waiting for the outcome of his claim.
When asked if a policyholder has to inform NTUC's various sections separately, Mr Neo said claim reports are uploaded into a common system which is accessible to relevant officers in various departments.
NTUC Income said that unless Mr Ng could provide the name of the employee he had spoken to, it could not comment on whether one of its employees from the insurance side had told Mr Ng that he didn't have to pay his monthly instalments for the loan while the case was being investigated.
'From our record, Mr Ng had informed our loan team that he had made a police report about his loss of car and our loan team had also informed Mr Ng to continue to repay his loan instalments promptly,' said Mr Neo. -
businesses these days lack ethics....ntuc of all businesses should be geared towards serving the people and not screw them....10 month old car 60% depreciation??? not sure which independent assessor they used but clearly one who has lost half his brain.....no wonder their premiums are priced so competitive, because the payout is even more 'competitive'....for goodness sake, this is insurance, you provide relief and not angst.....they guy has already reported stolen, if any hanky panky was suspected then ntuc should sent their investigator to do the job and not punish the client....this guy had been victimised twice....
-
If a few k below market value, i can understand but $50,000?!?
Must be Tan Kin Lian's legacy
-
Even back in the late 70s, I have already heard horror stories about NTUC Income Insurance - very hard to claim, and very low even when they do keep their end of the policy.
But well, you get what you pay for.
I'd rather pay a little more and be at ease. -
shutter, can u quote the source of ur first 2 posts?
-
Yup, Tamago got the source right .. it's all over The Newpaper...Originally posted by Rock^Star:shutter, can u quote the source of ur first 2 posts? -
wah i never expected Ntuc to be so jia lat.
do u guys know that if u buy aig travel ins for overseas travel and if any emergency happens, of which demands an immediate evacuation back to S'pore, AIG can send a heli-ambulance within hours?
NTUC's ins is much cheaper but it's evacuation will take at least 2-3 days. -
Who is this F Neo of Income????
He is a joker by replying to this matter!!!!
We hve insured with NTUC Income for a lot of policies including our estate which we think must withdraw by now as we r very worried about his reply and AAAAAAAASSSSSSS!!!!! -
oh pls, NTUC is just like any other profit oriented organisations!!!..they r using the govt image to make pple think its cheaper n affordable to the public only..
-
I as a chairman of a MCST has asked my Tresurer to cancell all our policies with Income!!!!Originally posted by Inzaghi:oh pls, NTUC is just like any other profit oriented organisations!!!..they r using the govt image to make pple think its cheaper n affordable to the public only..
Since they cant be trusted,why insured with them???I heard a lot of calls had made to this F Neo who is also an useless ass n wanted to be a GM when Tan is resigning who was asked to leave from Income!!!!!!! -
Cancel all policies based on two articles?Originally posted by foomwee88:I as a chairman of a MCST has asked my Tresurer to cancell all our policies with Income!!!!
Since they cant be trusted,why insured with them???I heard a lot of calls had made to this F Neo who is also an useless ass n wanted to be a GM when Tan is resigning who was asked to leave from Income!!!!!!!
How much are your premiums per year? -
no use lar...cos of the economy of scale, they will always able to be price competitive.....the only way is to be careful, dun get into trouble..Originally posted by foomwee88:I as a chairman of a MCST has asked my Tresurer to cancell all our policies with Income!!!!
Since they cant be trusted,why insured with them???I heard a lot of calls had made to this F Neo who is also an useless ass n wanted to be a GM when Tan is resigning who was asked to leave from Income!!!!!!! -
FYI,Income is not the largest Insurers in Spore!!!!they r just a co-operative corp whih use its name 2 f ard!!!!Originally posted by Inzaghi:no use lar...cos of the economy of scale, they will always able to be price competitive.....the only way is to be careful, dun get into trouble..
NTUC fairprice is the same type which use our labours' name 2 fool ard but watever they sell r more expensive than Giant but make lesser profit but no one dare to question them ,why???? -
NTUC income has been in the papers for all the wrong reasons lately.
Everything from unethical behaviour, tardy responses and poor valuation and lack of client advice has been mentioned.
Yet more and more Singaporeans continue to ignore the warning signs and flock to NTUC because of its low prevailing premiums, not realising that once problems arise, many of them are left in the lurch.
Wonder if money really makes mare go after all... -
i will pay abit more (i check out my premiums, about 200 buckaroos difference only) for a peace of mind, knowing that Manchester United's sponsor will be ready to handle my situation with ethics.
-
y no qn them??..like i said, the name tag represent govt mah, so it is supposed to be cheap..but pple are getting more informative liao, they only go for those real cheap stuffs offered by them...Originally posted by foomwee88:FYI,Income is not the largest Insurers in Spore!!!!they r just a co-operative corp whih use its name 2 f ard!!!!
NTUC fairprice is the same type which use our labours' name 2 fool ard but watever they sell r more expensive than Giant but make lesser profit but no one dare to question them ,why???? -
About S$10,0000 premium pa for Fire ,Pl n E n Omisssion policies.Originally posted by Rock^Star:Cancel all policies based on two articles?
How much are your premiums per year?
But our family members hve more than 10 policies with INcome which I had called my agents to look into them!!! -
Well, as I've said; they will get what they paid for....Originally posted by BillyBong:NTUC income has been in the papers for all the wrong reasons lately.
Everything from unethical behaviour, tardy responses and poor valuation and lack of client advice has been mentioned.
Yet more and more Singaporeans continue to ignore the warning signs and flock to NTUC because of its low prevailing premiums, not realising that once problems arise, many of them are left in the lurch.
Wonder if money really makes mare go after all... -
Will NTUC Income becomes NKF???
I heard a lot of corruption cases in Income oreli!!! -
Just don't cancel those with the savings element too early. Lose money u knowOriginally posted by foomwee88:About S$10,0000 premium pa for Fire ,Pl n E n Omisssion policies.
But our family members hve more than 10 policies with INcome which I had called my agents to look into them!!! -
I m rushing down to Income to ask them about our condonminium fire claim .Originally posted by Rock^Star:Just don't cancel those with the savings element too early. Lose money u know
We hope they dont like NKF claimed to pay us at 30% become 10% only.
Very worry worry man,keeping our fihures cross!!!
-
It is not becoming, it already is or even worstOriginally posted by foomwee88:Will NTUC Income becomes NKF???
I heard a lot of corruption cases in Income oreli!!!
and hey there beware, later they sue you for defamation -
Going ahead loh!!!!Originally posted by justcooler:It is not becoming, it already is or even worst
and hey there beware, later they sue you for defamation
I m wat I am ,can this F Neo of Income tell us wat is happening???
We r taking no 1389 about 89 ppls 2 c him wei,is his a GODS!!!
