Dear Mr. Tan,
Last year, I insured my new car with NTUC as the premium is cheaper. I have just received the renewal notice, and found that the premium increased by about 20%. This is a shock to me. Why should the premium increased by so much? Is NTUC still trying to keep the premium lower than the market, or will it be more expensive, due to the big advertising expenses?
I do not want to stay with NTUC. Can you recommend any other insurance company that charge lower premium?
I read that the claims on motor insurance have gone up last year, not only for NTUC Income but for other insurance companies as well. I am not sure if the increase for NTUC Income is due to higher expenses and lax claim control.
I suggest that you telephone a few insurance compamies directly and see if you can get a lower premium rate. Read this FAQ:
Someone sent me an e-mail a few days ago. By telephoning a few insurance companies for a quote, he was able to get a premium that was 30% lower. He said that it was time consuming but worth the trouble.
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