Cancel your motor insurance and move to NTUC Income

NTUC Income charges a lower premium rate for motor insurance. The difference can be up to 25%.

If you have insured at a higher premium rate, you can cancel the existing policy, get the refund premium and move to NTUC Income now.

Your current insurer will normally charge 15% of the premium or $100 for administration charges for cancellation. The unused premium minus the cancellation charge is returned to the policyholder.

Here is an example.

Take the case of a policyholder who pays a premium of $1,200 and wish to cancel the policy after 6 months.

The refund premium is 1/2 of 85% of $1,200 = $510.

If our premium is $900 (ie 25% lower than $1,200), the policyholder pays only $450 for the 6 month of insurance with us.

He will benefit by cancelling the policy and moving to us now. The benefit is higher, if you cancel your policy within the first few months.