Motor Insurance renewal
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I am going to renew my car insurance coming month got shock when receive my renewel quatation, increase of more that $200 from my last policy. I ask them why, below are some of their reply can't make understand or just a reason. Anybody have come across the same problem. Where can't i get the statement that they claim escalating claim cost among pivate car?
This revision is due to escalating claim costs among private cars and was necessary so as to keep our plans sustainable. The Motor Industry suffered losses exceeding $100 million in 2007.
The increase in premium for our policyholders vary depending on the risk factors such as vehicle model, vehicle capacity, age, driving experience, occupation and claim experience etc
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They are saying as motor insurers they are suffering loss, so need to pass on more cost to you in terms of premium...
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Originally posted by ArtBoon:
They are saying as motor insurers they are suffering loss, so need to pass on more cost to you in terms of premium...
Really ah? I thought insurance premium is stable one...
Hmm... looks like I have quite a bit to learn about the insurance part....
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Originally posted by lianamaster:
Really ah? I thought insurance premium is stable one...
Hmm... looks like I have quite a bit to learn about the insurance part....
nope.. if insurance is stable look at AIA
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Originally posted by youyayu:
nope.. if insurance is stable look at AIA
ok.. got it...
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Originally posted by ArtBoon:
They are saying as motor insurers they are suffering loss, so need to pass on more cost to you in terms of premium...
Seem that their answer arr. -
Sometime I feel at the end of the day i never earn anything. all my money i work so hard goes to all big eater. I feel so tired thinking about this.
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I suppose in a competitive environment, if the insurer can afford to keep the premium low (when others are increasing) to get more customers, it would have done so?
If motor insurers are losing money, then it means the repair costs (or whatever other things that insurers are paying out) are high.... so someone must be benefiting....
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Err... I thought car is a luxury item in Singapore?
Sometime I feel at the end of the day i never earn anything. all my money i work so hard goes to all big eater. I feel so tired thinking about this.
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Originally posted by rockfire:
Sometime I feel at the end of the day i never earn anything. all my money i work so hard goes to all big eater. I feel so tired thinking about this.
Erm... you ought to know that owning a car is like throwing $$$ into the sea for the return of comfort and class. You hardly earn from owning a car. It's a depreciative asset... -
i think some people classify cars as a liability.
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Same for me here, an increase of around $200.
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Originally posted by maurizio13:
Same for me here, an increase of around $200.
Wow... like that also can.... terrible... -
increase is norm... $200 little liao...
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I asked them why increase, they told me it's not limited to me, the whole industry pricing of motor insurance all increase.
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Originally posted by maurizio13:
I asked them why increase, they told me it's not limited to me, the whole industry pricing of motor insurance all increase.
Domino effect... When 1 increase...the rest also increase.. =.=
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Let me share with you. I am happy I changed my car insurance as N*** is no longer the economical car insurer anymore. As consumers we have the rights to shop and get the best dea. Do not be bullied by one car insurer. If the car insurer wants consumer loyalty they must give us good prices. They must not increase our premiums for covering their loses.
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Insurance premiums increase across the whole island but hey there are so many companies still willing to offer a lower rate. Well i got my ways to get cheaper insurance whereby i get to save a few hundred bucks :lol: This kind of things better to talk in PM...
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Originally posted by nick34:
Insurance premiums increase across the whole island but hey there are so many companies still willing to offer a lower rate. Well i got my ways to get cheaper insurance whereby i get to save a few hundred bucks :lol: This kind of things better to talk in PM...
ooh la la...
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ooh la la ???
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Originally posted by nick34:
ooh la la ???
U got lobang mah...