Saturday, May 17, 2008

Get a quote on your motor insurance

Dear Mr Tan,
1. In 2006 I bought my car insurance from company X and the premium is $4XX
And now i need to renew and the amount is $6XX, which is around $200 more. The
car is now older by two more years and the value is lower by maybe 30%, but the premium increased by 30%. I have 100% clean record for the passed 20 years. Should I still stay royal to this company?

I wonder why such a great increased just two years . Since my car value drop more than 25 to 30% why the premium increased?

You should contact other insurance companies and ask for a quote. Read this FAQ

The premium on your car depends on the claim experience, and not on the value of the car. Last year, the claims increased significantly and most insurance companies made big losses. They have to increase the premium rate by more than 20% to catch up with the claims.

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