My pain with NTUC Income Motor Insurance

car and you

I 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?

The Singapore Flyer

Yes, it is a good wake up call that unexpected things can and do happen.

But more importantly - When things do happen, what do we do?

I am talking about the Singapore Flyer. I was lying on the sofa reading BBC on my cell phone at 2am. "Singapore Flyer" made headline on BBC??? Luckily nobody gets hurt.

Yes questions need to be asked and answered to avoid recurrence of this incident. But can we ask and answer them faster without compromising on the quality of the investigation. Why faster?

Singapore cannot disappoint the many tourists (albeit much less coming to Singapore) who have travelled thousands of miles to be here just for the ride. Not good for Singapore reputation.

Businesses there are so badly affected. Rent and salary still need to be paid. It is painful. So let us not give a chance for the business owners to cut heads to save costs. And contribute further to unemployment situation.

When the wheel stops, part of Singapore stop too.

This is not the financial crisis of any significant scale. So can a few good men and women in Singapore come together and help to put Singapore Flyer back together again, QUICKLY for Singapore sake.

P/S - I am not a stakeholder of the Flyer in anyway. Btw, can take care of the rat running around I saw while I was there?

Court 48

I was in Court 48. Why am I there? Not important la.

But what did I observe?
It was a busy afternoon with many people accused of offences under URA, HDB and ACRA.

There was this guy who is accused of 20 counts of illegal hawking. So he owes HDB/URA for fines outstanding.

A court officer explained the charges to him. The lady judge then proceeded to explain to him his options. The judge said she could grant an extension for him to plead and pay HDB/URA subject to someone bailing him out.

The man said he wanted to plead guilty. The judge patiently explained to him that by pleading guilty to the charges, it does not void the need to pay the fines.

He insisted that he wanted to plead guilty and he couldn't find anyone to bail him out. The judge subsequently delivered the sentence. After a few moment of punching her calculator, the man is liable to pay the Court $500 per count of illegal hawking or go to jail. This is in addition to the owings to HDB/URA.

I am puzzled by the man's strategy. Perhaps he is the fall guy who is ready to go bankrupt after jail term to avoid paying the outstanding fines.

Sad. He will be in prison while the rest of us celebrate Christmas.

P/S - Some info garbled to protect the identities.

Chew Tai Lu

the van literally parked in the bus bay with no care for the world

He is 56 and vice president of product innovation at SIA.

He was involved in a car accident which caused injury to 3 pedestrains and another car. From what I read in the paper today, he seems to have acted responsibly by staying around to help the injured, visited them at hospital, offered compensation etc.

He was fined $2,000 for causing accident.

So far nothing fantastic. But towards the end of the article, it reported that Mr Chew could lose his job and about $250,000 worth of share options given the conviction.

Is it true, SIA?

Don't cry..

If your boss come to you today and tell you there is no year end bonus, no increment but got pay cut and force to take compulsory annual leave, don't cry.

But instead we should pray that those guys in power, better get it right QUICKLY.

In the mean time, the many millions of Chinese workers will pray that the factory they are working for would still be around and re-open for business after the Chinese New Year break.

For us here in Singapore, let us hope that the tourists will find some monies under their bed and come and spend them in Singapore, people will continue to buy our electronic chips, pharmaceuticals, financial services (these represents the biggest contributors to Singapore economy).

For those in contruction business, let us hope you will still have something to build (big buildings to even long drains) and more importantly, get paid by the main contractors and developers.

But don't forget to pray for the environment and the mother Earth.
Keep them healthy for our future.

One year Anniversary

a drink

It has been slightly more than a year since I embark on my second entrepreneur stint.

In my first stint ie. towards the end of 1998 financial crisis, I took on a service business that the market here was not familiar. That stint was effectively ended by the dotcom bust. My expatriate customer base was being "reassigned" home. Coincidentally I was offered a deal to walk away financially unscathed and I took it.

My business model was weak and Edgar didn't know that many people in Singapore then. I was pretty much flying around the region. Singapore was not a familiar terrain.

This time round I feel I am much better equipped after my experience of working in a large local GLC and took the opportunity of "reinventing" myself from a general degree holder to a qualified professional.

Do I regret leaving a regular paycheck job? No. In fact, I enjoy the freedom, thrills and tribulations of making a living.

It is not easy but it has been fun... but I miss "you".

To friends and staff who have given me your support, I sincerely thank you.

My best wishes to you as 2008 draws to an end. Cheers