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aargon
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car insurance

Postby aargon » Mon, 05 Jul 2010 6:17 pm

hi

whats a reasonable price to be paying for car insurance for a 2L SUV (Suzuki Grand?)

I was quoted $2,200 and thought that was waaay to expensive so wanted to ask around...

thanks

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Postby Strong Eagle » Mon, 05 Jul 2010 11:16 pm

What year is the car? What level of coverage? 1st, 2nd, 3rd party... ie, comprehensive, fire and theft, liability? And, what is your age? If you are looking at first party for a relatively late model car and a younger driver, the numbers don't look too bad.

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Postby aargon » Tue, 06 Jul 2010 4:53 am

2007, I`m not young, in my 30`s and driving for the last 10 yrs although this is my first yr in Singapore. in terms of coverage, I`m not sure - i think its full cover for everything - they just quoted the price without going into the details. :???: :???:

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Postby Saint » Tue, 06 Jul 2010 5:43 pm

Your 10 years of driving means nothing in Singapore, they literally class you a having no years experience which is why Insurance premiums are high for for time expats

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Postby aargon » Thu, 08 Jul 2010 7:25 pm

They probably also think as expats we're more likely to make a claim prior to leaving the country... i mean, if i'm paying 2k a year for 5yrs thats 10k.... i might want to cash in on that by dinging the car and getting a new paint job and whatever else i can claim before selling it.... :x

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Postby valleyman » Sat, 24 Jul 2010 5:33 pm

aargon wrote:They probably also think as expats we're more likely to make a claim prior to leaving the country... i mean, if i'm paying 2k a year for 5yrs thats 10k.... i might want to cash in on that by dinging the car and getting a new paint job and whatever else i can claim before selling it.... :x


You may try getting an online quote instantly from this other new insurance company http://www.directasia.com/

They quoted me a price that was almost 40% lower than the lowest quote I got by comparing 2-3 other insurance companies...

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Postby iisterry » Mon, 06 Dec 2010 11:42 am

Saint wrote:Your 10 years of driving means nothing in Singapore, they literally class you a having no years experience which is why Insurance premiums are high for for time expats


Just to set the record straight. The above quote is not true.

Certain insurers recognise foreign driving experience. Heck, even NCD is international and can be converted over if sufficient proof is provided.
The poster is a car dealer and can be reached at iisterry@gmail.com for advice.

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Postby Strong Eagle » Mon, 06 Dec 2010 1:51 pm

iisterry wrote:
Saint wrote:Your 10 years of driving means nothing in Singapore, they literally class you a having no years experience which is why Insurance premiums are high for for time expats


Just to set the record straight. The above quote is not true.

Certain insurers recognise foreign driving experience. Heck, even NCD is international and can be converted over if sufficient proof is provided.


There is certainly a lot of truth in it. I, and other expats, approached NTUC and AXS? at least, asked about prior driving records and were told it didn't matter.

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Postby iisterry » Mon, 06 Dec 2010 3:35 pm

Strong Eagle wrote:There is certainly a lot of truth in it. I, and other expats, approached NTUC and AXS? at least, asked about prior driving records and were told it didn't matter.


Hi SE, I can stand by what I have said. My family has been in the car industry for over 2 decades and we represent a few insurers.

Foreign driving experience can be recognised. NTUC is one of such insurer. We have done many cases to date. However, so long as you have more than 5 years of local driving experience, it does not affect your premium calculation.

China Taiping is an example of an insurer that only accepts local driving experience.

NCD can be transferred over to as long as it is within 1 year since policy termination. For Singapore, it is in 10% increments and capped at 50%. Some countries have different structure so the conversion will not be a straight-line.

NCD can also be transferred between spouses subject to insurer's discretion.

Counter staff may be part-timers so their knowledge might be limited. It is best to seek direction from the various underwriters involved.
The poster is a car dealer and can be reached at iisterry@gmail.com for advice.

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Postby Strong Eagle » Mon, 06 Dec 2010 4:36 pm

iisterry wrote:
Strong Eagle wrote:There is certainly a lot of truth in it. I, and other expats, approached NTUC and AXS? at least, asked about prior driving records and were told it didn't matter.


Hi SE, I can stand by what I have said. My family has been in the car industry for over 2 decades and we represent a few insurers.

Foreign driving experience can be recognised. NTUC is one of such insurer. We have done many cases to date. However, so long as you have more than 5 years of local driving experience, it does not affect your premium calculation.

China Taiping is an example of an insurer that only accepts local driving experience.

NCD can be transferred over to as long as it is within 1 year since policy termination. For Singapore, it is in 10% increments and capped at 50%. Some countries have different structure so the conversion will not be a straight-line.

NCD can also be transferred between spouses subject to insurer's discretion.

Counter staff may be part-timers so their knowledge might be limited. It is best to seek direction from the various underwriters involved.


Are you saying that NTUC should have offered me a discount just because I could show two decades of no accidents in the US?

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Postby iisterry » Mon, 06 Dec 2010 7:20 pm

Strong Eagle wrote:Are you saying that NTUC should have offered me a discount just because I could show two decades of no accidents in the US?


Yes. :D A more appropriate way of saying is "NTUC could have offered me a discount". All you needed is a certified true copy backing your claims from your US insurer and submit it to the new insurer's underwriter along with a copy of your US Driving License.

It is too late now however. They do not do backdating and your NCD from the USA would have expired. I would however, give your agent a piece of your mind for failing in his/her duty.

Do remember. NCD is universal. Foreign driving experience is dependent on how your insurer weighs it, after all, driving in Europe isn't exactly the same as driving in Singapore.

Edit: Remember, having 2 decades of no accidents is not the same as having 2 decades of actual driving with no accidents.

On a side note, NCD is accumulated at a rate of 10% / year and subject to a cap of 50%. Each accident claim reduces your NCD by 30% to a minimum of 0%.

There is also a certificate of merit from the traffic police which entitles you to a further 5% discount (subject to insurer's acceptance) so long as you do not commit any compoundable traffic offense and have a minimum of 3 years clean track record (30% NCD).

URL as attached.
https://www.psi.gov.sg/NASApp/tmf/TMFSe ... eload=true
Last edited by iisterry on Mon, 06 Dec 2010 8:12 pm, edited 1 time in total.
The poster is a car dealer and can be reached at iisterry@gmail.com for advice.

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Postby Strong Eagle » Mon, 06 Dec 2010 7:43 pm

iisterry wrote:
Strong Eagle wrote:Are you saying that NTUC should have offered me a discount just because I could show two decades of no accidents in the US?


Yes. :D A more appropriate way of saying is "NTUC could have offered me a discount". All you needed is a certified true copy backing your claims from your US insurer and submit it to the new insurer's underwriter along with a copy of your US Driving License.

It is too late now however. They do not do backdating and your NCD from the USA would have expired. I would however, give your agent a piece of your mind for failing in his/her duty.

Do remember. NCD is universal. Foreign driving experience is dependent on how your insurer weighs it, after all, driving in Europe isn't exactly the same as driving in Singapore.

Edit: Remember, having 2 decades of no accidents is not the same as having 2 decades of actual driving with no accidents.

On a side note, NCD is accumulated at a rate of 10% / year and subject to a cap of 50%. Each accident claim reduces your NCD by 30% to a minimum of 0%.

There is also a certificate of merit from the traffic police which entitles you to a further 5% discount (subject to insurer's acceptance) so long as you do not commit any compoundable traffic offense and have a minimum of 3 years clean track record.

URL as attached.
https://www.psi.gov.sg/NASApp/tmf/TMFSe ... eload=true


I had two decades of driving 30,000 miles per year or more... much more than you will drive in this island city.

I've got 5 years worth of driving here and have hit the max discount. So, it is all water under the bridge. Confirmation of your assertions would be good because many expats have been denied a discount... at least not informed they can apply for it.

Ang mo tax, I suppose.

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Postby iisterry » Mon, 06 Dec 2010 8:10 pm

Attached an email correspondence from our latest case example. Apologies for the redact. I did a Swiss & French case sometime ago and I couldn't understand the language written. :P

I can confirm it for you the next time you come across a fella in the same situation. It only applies for inception though, after that it becomes moot like your case.

Well I wouldn't call it ang mo tax. Expats from East Asean countries are not aware of it either. Usually your dealer would be disinclined to go the extra step.

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Last edited by iisterry on Mon, 06 Dec 2010 10:17 pm, edited 2 times in total.
The poster is a car dealer and can be reached at iisterry@gmail.com for advice.

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 06 Dec 2010 9:18 pm

I wondered how long it would take for him to get his company name and logo inserted into the body of the post.

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Postby iisterry » Mon, 06 Dec 2010 10:12 pm

sundaymorningstaple wrote:I wondered how long it would take for him to get his company name and logo inserted into the body of the post.


Was that meant to be cynical SMS? :roll:

I believe I have been very open upfront to avoid any accusations of vested interests.

I took the extra step prior to redact all references to person or companies which have not already been declared in this thread precisely to avoid comments like yours.

I believe I was replying to SE's request for confirmation.

However I am amenable for you to edit or delete any portion to suit your taste.
The poster is a car dealer and can be reached at iisterry@gmail.com for advice.


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