Friday, May 20, 2005

Motorist prefer to insure direct

Some motorists prefer to insure directly with NTUC Income at our branches, instead of going through an agent.

We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.

However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.
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6 comments:

Anonymous said...

How can I save $40 by renewing my motor insurance with Income ? Income only send me a renewal letter and ask me to go to Income branch to pay. There is no mention of any discount by paying at the branch.

May 31, 2005 2:17 PM
Tan Kin Lian said...

If you register with us, we will remind you at the time of renewal.

When you go to the branch, you can quote a reference number, and this will entitle you to a loyalty discount.

You save 5% every year, and enjoy attractive premium.

June 05, 2005 8:16 AM
Anonymous said...

I saw on The Strait Time an advertisement by Income (16 June 05) regarding car insurance. It show a table of estimated premium for various make of car. The premium for driver of nissan sunny is S$645 based on 50%NCD, age 36 to 55, office based occupation, 5% loyalty discount, new cars up to 5 year old. However, I found out that the rate is for new income customer ONLY and not loyal customer like myself. The quote given to me was S$731 (after ncd & loyalty discount) which is $86 more even though I fall in the description of the advertisement.

Why bother to give out loyalty discount when renewal cost (direct or otherwise) is more than a new customer ? Wouldn't Income know existing customer better than new one. Am I missing something here.

June 16, 2005 12:44 PM
Tan Kin Lian said...

Our advertised the premium rate is available for both new and old policyholders.

I suspect that the higher premium quoted to you may be due to other risk factors that do not match the lowest rate that is advertised.

I will asmy my head of motor insurance to contact you and check your quotation.

June 16, 2005 1:33 PM
Anonymous said...

When claim arise, I believe the hassle will cost more than the discount of $40 given.

June 16, 2005 4:49 PM
Tan Kin Lian said...

we offer hassle free claim service. we handle 60 claims each day. the customer leave the car for us to arrange the repair.

we have problem with a small number of claimants who insist on repairing at their preferred workshop, which charges a much higher price.

June 17, 2005 11:10 PM

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