Dear Mr. Tan,
Recently my Motor Insurance was due for renewal with NTUC Income. I rang the customer service with the intention of renewing my insurance. I was shocked to learn that it has increased from $690 to $815 after 50% NCB and 5% direct discount and 5% loyalty discount.
When I asked if the premium can be lowered since I have been insuring with NTUC Income for 8 years, I was told it was company's policy and the premium is fixed. I then called AA and was offered a premium of $766 with another insurance company.
My question is why can't NTUC look at the insurance coverage of each individual and fix the premium. All my family insurance are covered by NTUC Income, yet I find NTUC Income to be rigid and does not consider the loyalty placed by an individual
Can I have your comments?
REPLY
I suggest that you pass the feedback direct to the new management of NTUC Income. You can send to sq@income.com.sg.
I also experienced a large increase in premium on my wife's motor car recently. I was able to get a much lower premium rate from another insurance company. I decided to move my motor insurance to the new company, in spite of having insured with NTUC Income for many years, without any claim.
Could you reveal which insurance company offered a lower premium vs. NTUC Income?
ReplyDeleteOne of the best advice I got from Mr Tan's blog is to do your homework and shop around. AIG was renewing me at $806- for a small car. I shopped around and found Tenet Insurance which charged me almost $200 less! Same for my home insurance - I saved almost $200 switching from AIA to MSIG. So pls, do some research - I believe Mr Tan even gave a list of insurance companies phone numbers in one of his FAQs.
ReplyDeleteOh dear, insurance motor premiums are shooting through the roof!? I have always insured with NTUC Motor insurance since day 1.... several years ago. Looks like I will have to change too.
ReplyDeleteHello Mr Tan
ReplyDeleteWhy is it that NTUC Income has increased their premiums by so much this year? Cannot be due to that all NTUC Income motor insurance policy holders suddenly had lots of accidents for the whole of last year right? do you know how Income pegs its rates compared to other companies?
Thanks
Reply to 10:39 pm. It is best for you to call the hotline of a few insurance companies, or send a fax to them.
ReplyDeleteRead this FAQ:
http://www.tankinlian.com/faq/motord.html