From time to time, there will be people in the forum asking for car insurance recommendation. So I thought writing some info on car insurance so everyone has some idea of how car insurance work.How premium is calculatedPremium is calculated base on the follow factors1) Age Group This is car owner's age. Most company has similar age group factor 18 to 21 - super expensive21 to 25 - quite expensive26 to 30 - a bit expensive 31 to 65 - safe zone2) Driving Experience This refers to how long did you get your driving license and has nothing to actual driving experience. This is measured in number of years0 to 1 - super super expensive1 to 2 - super expensive2 to 4 - quite expensivemore than 4 - safe zone (most insurance company charge lowest rate for 4 years of driving experience, though some company 3rd year will give the lowest rate - eg. OAC under Great Eastern) 3) Job occupation (Indoor/Outdoor) This refers to the nature of work, like desk bound or salesIndoor - cheaper Outdoor - more expensiveSo far, I have only heard of a company that charge the same rate for indoor and outdoor occupation as of Oct 2008. It's Mitsui Sumitomo.4) NCB Discount No Claim Bonus discount, some may call it NCD (No claims Discount) You get 10% NCB every year if you do not have any accident. The maximum NCB that you can get 50%. For example, your car insurance cost $2000 (before NCB) and you have 40% NCB, your premium would be $1284 {[2000 - (2000 * 40)] * 1.07} with GST. Hence the higher the NCB the lower your premium5) NCB Protector This is application to people with 50% NCB, in the event of 1st accident in that policy year, your NCB will remain as 50%. After which, the 2nd accident will cause your NCB to be reduce to 20% (50% - 30%) . If you super unlucky and have the 3rd accident in a year your NCB will be reduced to 0% (20% - 30%, you cant get -10% so it will be 0%)It is important to note that NCB protector is only effective if you renew your car insurance with the same insurance company. If my car insurance is with company A and my NCB is 50%, after the 1st accident (and it's my fault) , I still get 50% NCD as I got the NCB protector upon the renewal. However, instead of renewing my insurance with company A, I go with company B. I will only be entitled to 20% NCB. 6) Safe Driver Discount This is an additional 5% discount if you do not have any traffic offense or demerit point for the past 2 years. You only get this additional 5% when you have minimum 30% NCB. For example, your car insurance cost $2000 (before NCB) and you have 30% NCB and safe driver discount, you premium would be $1423 {[2000 - (2000 * 30%)] * 0.95 * 1.07} with GST. 7) Engine Capacity (cc) This refers to your car engine in cc, the lower the cc the lower the premium Year of Manufacture This generally means the year which your car is made/register. Generally, the older the car, the cheaper the premium9) Body Type This general means the type of car like saloon, MPV, SUV. Some company will charge more for certain type of vehcile10) Engine Type This usually refers to normal or turbo car engine, It's important to know that most car insurance company impose higher car insurance premium on turbo cars. Some insurance even reject cars with turbo engine. 11) Gender This is company dependent. Some company charge cheaper for male driver while some company charge female cheaper. Yet for some other company is the same rate. I think it's base on individual company statics. 11) OPC Car OPC also know as Off peak car (red plate). Some company give 5% discount for OPC (eg. NTUC) while other company gives same treatment.Finding the cheapest car insurancePlease note that there is no generalization that which company gives the most competitive car insurance rate. This is because some company may specialist in Japanese car, some company may have better rates for smaller cc class. Moreover, the rates of car insurance changes every 6 to 12 months, so it may happened that this year company A is cheap but next year renewal, company B is cheaper. Hence, my take on this just quote every year or you find someone you trust to quote several company for you every year.Most of the time, you should get a decent good quotation after 5 companies. If you really really want to cheapest, then really have to quote all 20 over insurance companyThese are the website that some of my friends usesgcarinsurance.netWhy my NCB increase + and now I have 5% Safe Driver Discount, but my premium is still higher then last year? This is especially true for this year especially when there's 2 raise in premium by almost all insurance companyEg, Year 2007, 40% NCB, Base premium $2000, the final premium for 2007 is $1284 {[2000 - (2000 * 40)] * 1.07} with GST.Year 2008 50% NCB + 5% Safe Driver Discount, but the base premium is increase to $2800, the final premium for 2008 is $1348.20 {[2800 - (2800 *55)] * 1.07} with GST.Hence you see higher renewal premium even though you have more NCB.I never claim before why should I pay more premium (especially for those max at 55% NCBThis one I also cannot help you. Best if buying insurance is not compulsory for you then you dun need to buy. You should ask this question to your Ah Gong That's all for the time being, will post more on claim procedure and other useful information by editing this post. Feedback are welcome. Thanks all.
Police investigate workshop over insurance fraudBy Christopher TanA WORKSHOP suspected of being involved in fraudulent motor insurance claims is being investigated by the police.In a recent case, the workshop is believed to have even helped in arranging for a false witness to make a claim.Police have confirmed that they had hauled up three parties involved in a case of fraudulent motor claims for questioning.One was a car driver who had made a claim against another motorist after their vehicles collided; another was a man who had purportedly witnessed the accident.The Straits Times understands the third man is someone from a motor workshop.The police probe arose from a complaint by a motorist who found himself in the middle of an insurance scam.Ship broker Henry Phua, 60, was involved in a relatively minor accident in 2007 and was shocked when the other party filed a five-figure claim.It included $8,000 for "whiplash".Despite learning from his insurer AIG that the other party had a witness, Mr Phua contested the claim.He was adamant that the other driver - who swerved his Subaru WRX into his lane at high speed before braking hard - was making an exaggerated claim.The conflict finally came to a Primary Dispute Resolution Meeting at the Subordinate Court on Feb 17 this year.It was chaired by District Judge Laura Lau.The other driver was present, as well as his lawyers and lawyers for AIG.But the purported "witness" did not show up.According to a report by law firm Characterist, which represented AIG at the hearing, the WRX driver stuck to his story at first.But midway through questioning, he had difficulty elaborating on how exactly the accident took place.Then suddenly, he changed his tune and admitted Mr Phua's version of the accident was correct.He also said there was no witness, and that the so-called witness had been arranged by "a friend's friend".The motor workshop continues to operate.The case is among several inflated claims motor insurers have been citing as the main reason for underwriting losses and, consequently, higher motor premiums.General Insurance Association president Derek Teo noted that most cases are settled out of court as insurers as well as the insured do not find it worth the time and money to contest them.But not Mr Phua, who was pleased that the police are investigating the case."I hope this is a warning to those who think they can always get away with making false claims," he said.The Straits Times understands that the police have been getting more complaints about fraudulent insurance claims and staged accidents.Motor insurance claims and premiums have been climbing almost continuously during the last decade.The average premium in 1998 was $672, while claims amounted to $375 million.Last year, premiums averaged $1,013, while claims hit $741 million.christan@sph.com.sg
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Oct 14, 2010Jailed over fake insurance claimsBy Khushwant SinghTan conspired with an accomplice to get law firm Kalai & Company to file personal injury accident claims with India International Insurance (III) for three of the phantom passengers. -- ST PHOTO: NG SOR LUANALTHOUGH he was alone in the car that was rammed by a taxi two years ago, Tan Kok Seng told police he had four passengers.Subsequently, the odd-job worker conspired with an accomplice to get law firm Kalai & Company to file personal injury accident claims with India International Insurance (III) for three of the phantom passengers. On Thursday, he pleaded guilty to both offences and was jailed four months.The court heard that Tan, 37, had called Ong Ai Peng, 48, immediately after the accident with a taxi on Yishun Avenue 2 at 11.30pm on Feb 19, 2008. He thought Ong, being a former tow-truck driver, could help him get his car repaired.Ong arranged for a tow truck and accompanied Tan to seek medical treatment at Yishun Healthway Clinic the next day. He also convinced Tan to file a personal injury claim against the taxi driver involved in the accident.Ong then returned home and roped in his wife and two daughters as the other phantom passengers at the time of the accident. All are believed to have faked injuries and each insurance claim amounted to more than $9,000.In return for Tan's complicity, Ong promised to pay for the repairs to the car. However, the insurance agency smelled a rat and did not pay up. After internal checks, III reported 20 suspicious motor injury claims to the Commercial Affairs Department in January last year (09).At least 17 people have been charged for similar offences Except for Tan and three others, the rest have not been dealt with yet. Such offenders could have been jailed for up to 2 1/2 years and/or fined.
yundai Avante (OPC)- Age 50Company Chin* = $868Company NT** = $832Company E* = $842Company Lib***** = $879Civic 2.0 - Age 35Company Chin* = $1232Company NT** = $1103Company E* = $1020Company Lib***** = $1123Toyota Corolla 1.6 - Age 34Company Chin* = $902Company NT** = $1020Company E* = $1129Company Lib***** = $821Company MSI* = $1000Toyota Sienta 1.5Company Chin* = $1584Company NT** = $1445Company E* = $2484Company Lib***** = $1826Civic 1.8 - Age 40Company Chin* = $1259Company E* = $1061Company Chart** = $1278
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Topic: Things you need to know about car insurance (Read 2290 times)
