car and youI have recently renewed my motor insurance with a 41% increase in premium.
For 2008, I paid $613.
And for the coming year, I have paid $864.86.
I have made no claim all these years and the above is after 50% No Claim Discount.
So I wrote to NTUC Income for an explanation.
The following is their response.
"Dear Mr Wong,
Thank you for your email.
We wish to take this opportunity to explain that we have recently revised our Motor Insurance rates with effect from 15 October 2007. The increase is not confined to your goodself but the revision affects all our Private Car policyholders. The revision is due to escalating claim costs among private cars and was necessary so as to keep our plans sustainable.
The increase in premium for our policyholder vary depending on the risk factors such as vehicle model, vehicle capacity, age, driving experience, occupation and claim experience etc. While it is not possible to increase the premium only on policyholders who make claims, policyholders who were involved in accidents and directly contributed to the losses have their premium increased much more.
The premium quoted is the best premium that we can offer. We apologise if we cannot meet up to your expectations and seek your kind understanding on the matter. If we may be of further assistance, please contact us by email to csquery@income.com.sg or phone us at 67881122."
So is the increase and quantum of increase fair? What is your experience?
2 comments:
Fyi, such a funny explaination.... esp. use "age, driving experience, occupation and claim experience" to increase the premiuim. There are few things doesnt seem are so important leh...occupation....not related at all leh.
For "claim experience" how are they going to explain to those people never do any claim at all as per record & need to pay more premium...
Such a unreasonable reply from them. Really bad. Not acceptable.
To me, sure i will make noise to them for a such reply. hahaha.
Qian Ling / Jeannie
just an insight in to the calculations of premiums,
the underlying drive is for profit.
i was a rope access technician for a short time, whereby the premiums for insurance were simply very hefty, with few companies willing or even able to insure us, due to the nature of risk.
i guess all the ease for fraud in car accidents has driven up the cost of insurance for the relatively safer driver.
what is the next thing to inflate?
hospital bills, cause the hospitalisation plans have insurance designing schemes whereby it's a semi-'eat all you can' scheme which i predict after a decade, with the push of greying population, the hospital bills aped by the insurance hospitalisation scheme would cause a major hike in healthcare bills, no need to pass out with acca, let alone be a cpa for this prediction...
just one simple wish, i wish that singaporeans would write in RP English (Received Pronunciation) so that when we attempt to communicate, the reader would not discard the writer/speaker due to the pigeon-holed language that the communicator has conjured for him/her self.
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