Tan Kin Lian's Blog: Cash Settlement having a slow start

Friday, May 20, 2005

Cash Settlement having a slow start

We started to offer cash settlement for motor repairs at three Idac centers from 16 May.

It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.

We will be taking a weekly advertisement to remind motorists about this option.

5 comments:

All Things Marine Parade said...: Last May I bought my new Toyota Wish. My Income insurance was done through an agent, arranged by my car sales agent. It cost me $911 with my 50% NCD.

I went and get a direct quote from your website. I was surprise that the quote came back to be exactly the same, at $911. I call up and was told that this is the best price I could get. But, the car is already 1 yr old; I purchased it at $93k and insurance was $911. Today, I would expect my insurance premium to drop at least a little. Furthermore, with the recent crash in COE, a brand new one is $80k (my colleague just booked one). However, the agent that called me couldn't give me a satisfactory answer. I am in a service sector too, I know too well, that I can't blame this nice agent who called me, it was the process behind her that needs .... Since I had a bit of time, so I sat on the situation for a little while.

Well, a week later, I received a proposal from the original agent that did up the policy last year. And the quote was exactly the same at $911. We are all busy with our jobs, but I do perfer a peace of mind with regards to my NCD protection, so I opt to pay the premium for it and transacted my car insurance with the original Income agent.

Nope, I didn't see a 5% discount over my $911 (without NCD protection) insurance quote between Income's website and your agents.; May 20, 2005 10:27 AM
Anonymous said...: I have opt for the cash settlement when my car was hit from behind by another guy who was also insured by Income.
However, I was not given a clear picture of the "benchmark" price that the cash settlement was based on.
Instead, it seem to me that the officer just gave me a price that is slightly above what how much my own workshop could repair.; May 31, 2005 2:23 PM
Tan Kin Lian said...: Dear PH Lim,

We charge premium rate based on our claim experience. For cars that are up to 5 years old, the claims are about the same. So, we charge the same premium rate for cars up to 5 years old. The premium does not reduce, except if there is a change of No Claim Discount (NCD).

Dear Anonymous

We offer the "cash settlement" based on the expected cost of spare parts and labour charges. It should be sufficient for you to repair the car at your preferred workshop.

If they give you a discount, you can keep the difference.; June 10, 2005 1:09 PM
Priya J said...: This comment has been removed by the author.; May 12, 2020 6:11 PM
Priya J said...: I came across this link on savings insurance, hope can provide more insights.

savings insurance; October 28, 2020 3:16 PM