Dear Mr Tan,
In your blog, you claimed that Income's motor insurance is 30% cheaper than competitors, I beg to differ.
When my company's van insurance was due, I renewed with Income.
I received a flyer from one insurance broker (with my company's name and van number on the flyer) and the amount of premium. It was much cheaper than NTUC. I called my Income agent and told him about what the other insurance company's charged.
About 2 weeks later, I received a letter from Income with a cheque inside the letter. Income gave me a discount on the insurance premium and the cheque was for the 'refund' of the discounted amount.
Therefore till now I do not believe that your premium is cheaper than competitors. Fthe next renewal, I will shop around for better rate.
Our market survey shows that our premium is "up to 30%" cheaper than our major competitors. It does depend on the model, and the market situation (as some of our competitors adjust their premium rates to match our rates).
Please refer to this page for the comparison:
Tan Kin Lian
Chief Executive Officer
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- Faster settlement of Incomeshield claims
- Report from my daughter Jamie Tan in Bangkok
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- FAQ: Motor Insurance
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