Car insurance if i have 2 claims in past 3 years

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mits
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Car insurance if i have 2 claims in past 3 years

Post by mits » Mon, 18 May 2009 9:40 pm

Hi all,

Previous insurance company sent me letter that they has declined renewal of my car insurance due to following reasons - 2 claims within 3 years and claims amount of 10k and above. About claims amount 10k nobody noticed me when the claim was claimed,as this damage was not that big - they have to change front bumper - and this letter is really shocking to me. Due to this nobody wants even give quotation - what others do in similar situation - I'm sure not only one the worse driver ever, if we look how others are driving :shock: What do those whos car is more damaged in the accident then my - they are not able to get insurance anymore??? :roll:

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Post by durain » Mon, 18 May 2009 10:09 pm

this was reported on the local news recently. looks like insurance company only wants people to pay for insurance and not make any claim!

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Post by mits » Mon, 18 May 2009 10:25 pm

They made a claim but after that sent us three houses further! :x I couldn't imagine that insurance is only for collecting money not for helping - usually insurers sometimes earn money but sometimes loose.. Looks like in Singapore there are special laws. :o

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Re: Car insurance if i have 2 claims in past 3 years

Post by Saint » Tue, 19 May 2009 8:45 am

mits wrote:Hi all,

Previous insurance company sent me letter that they has declined renewal of my car insurance due to following reasons - 2 claims within 3 years and claims amount of 10k and above. About claims amount 10k nobody noticed me when the claim was claimed,as this damage was not that big - they have to change front bumper - and this letter is really shocking to me. Due to this nobody wants even give quotation - what others do in similar situation - I'm sure not only one the worse driver ever, if we look how others are driving :shock: What do those whos car is more damaged in the accident then my - they are not able to get insurance anymore??? :roll:
It's just very simple risk analysis that Insurance Companies, not only in Singapore, but worldwide do when looking at a portfolio of business. In your case, you've made 2 claims of at least 10k so at least 20k of claims over the last 3 years (it's not exactly clear in your post if it's 10k or 20k?)

If your annual premium was lets say 3k, that's 9k they've collected which relates to a loss ratio of 222% with a current claim occurrence of every 18 months. Believe it or not, Insurance Companies overheads, salaries just like any other business and needs to make a profit.

You say they only changed the bumper and the claim was still for 10k :? I'm guessing you might have ran in to the back of another car.

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Post by mits » Tue, 19 May 2009 9:38 am

The first claim was about 2000$ and it was 50/50 as it was not my but other's drivers fault, but he made up incorrect drawing and explanation and insurers decided to give 50/50 claim. Second claim was above 10K, but definetely less 20K, even this i believe is too much, as the damage was not that serious - they had to change front bumper, but I didn't run into back of another car - another car with some kind of hook pulled off my bumper, though I slipped into his side - he was making U turn and I drive on slip road - under any circumstances I had to give way to anyone. After accident I was able to drive - is that major damage to be so costly?

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Post by Saint » Tue, 19 May 2009 9:52 am

mits wrote:The first claim was about 2000$ and it was 50/50 as it was not my but other's drivers fault, but he made up incorrect drawing and explanation and insurers decided to give 50/50 claim. Second claim was above 10K, but definetely less 20K, even this i believe is too much, as the damage was not that serious - they had to change front bumper, but I didn't run into back of another car - another car with some kind of hook pulled off my bumper. After accident I was able to drive - is that major damage to be so costly?
10k plus just for a new bumper is seriously too much, what car have you got?

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Post by mits » Tue, 19 May 2009 9:56 am

Toyota Fortuner

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Post by Saint » Tue, 19 May 2009 10:09 am

I just can't see how a new snap on bumper including paint and fitting would cost over 10k to be honest, 3k at the most from main dealer.

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Post by mits » Tue, 19 May 2009 10:27 am

Thanks for your quote - I absolutely agree with you.. I'm going to meet with insurers and see how they will explain this.

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