Wednesday, August 30, 2006

Stolen vehicles

Information provided by Freddy Neo, General Manager NTUC Income.

1. NTUC Income received 300 claims for stolen vehicles in 2004, 387 claims in 2005, and 200 claims for 6 months of 2006. The number is increasing each year.

2. In general, the theft rate for Toyota RAV4, Toyota Harrier, Lexus and motorcycles are higher than other models.

3. We have settled about 95% of the claim, after the police has completed its investigation that it is a genuine theft case. We will settle the claim within 7 working days from the police investigation report.

4. We compensate the owner based on the market value of the vehicle at the time of loss. We have a practice note to explain how this is computed. We arrive at a fair market value which is usually accepted by the owner.

5. If the vehicle is recovered prior to settlement, we will pay for the repair of the damages. If it is recovered after the vehicle has been de-registered, we will sell the wreck to a dealers. Usually, the value is quite low.

6. The number of cars stolen in Singapore is comparatively small, and is done by individuals. In Malaysia, most vehicles are stolen by organised criminal syndicates. Most stolen vehicles are smuggled overseas. Some are driven in Malaysian with a fake chassis number.

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