Tentative (subject to change).
FAQ (frequently asked questions)
Motor Insurance Plan G
1. How do I save up to 15% on motor insurance?
NTUC Income offer competitive rates for motor insurance. For many models of cars, our rates are up to 15% lower than our competitors.
If you are now insured with another insurer and you move to us, you can enjoy a saving of up to 15%.
Just call us for a quotation. You can compare for yourself.
2. How do I pay my premium in 12 monthly installments, free of interest?
If you insure your car under this plan, we allow you to pay your premium in 12 monthly installments by GIRO. This will be free of interest.
Insurance premium: $600 a year
You can pay in 12 monthly installments of $50.
We require you to pay the installment 1 month in advance. At the start, you will pay 2 monthly installments. After that, we will collect the monthly instalments every month through GIRO.
3. How do I pay my road tax in 12 monthly installments?
You can also apply for an advance to pay your road tax. We will collect it from you in 12 monthly installments with a flat interest of 3%.
Road tax $1,200
You can pay in 12 monthly installments of $100 plus 3% = $103.
This will be combined with the monthly installment of the insurance premium.
4. How do I apply to join this plan?
Call 6788 1111 at least 2 months before the renewal date and sign an agreement and GIRO form. We will notify the Land Transport Authority and pay the road tax on your behalf.
If you already have a GIRO form with NTUC Income, we can use your existing GIRO. You do not need to sign the form again.
5. What happens if I fail to pay the instalment?
We will contact and remind you. You can pay within 14 days. There is a service charge of $3.
If you still do not pay the installment after our telephone reminder, and do not get our agreement for an extention, we will cancel your insurance policy and notify Land Transport Authority. Under the law, you will not be allowed to use your car.
We will also take legal action on you for the balance of the road tax that you have not paid. The legal cost will be charged on you.
In future, you will not be allowed to enjoy this privilege with NTUC Income.
6. What do I renew my insurance in the future?
We will send a letter to you 2 months before the renewal date and notify you about the premium and road tax for the next year. We will call you to get your confirmation to continue this arrangement.
7. Can I go through an agent?
You can go through an agent for the first year. In subsequent years, we will deal with you directly on the renewal and the road tax.
8. Can I cancel my insurance, if I find that another insurance company can offer a lower rate to me?
We believe that our premium rate will be lower than the market.
However, if you can find another insurance company willing to give you a better rate, and you wish to cancel your insurance with us, we will refund to you 85% of the proportionate premium. The 15% is used to cover our expenses.
If the premium is $600 and you cancel the insurance after 2 months, you will get a refund of 85% of $600 X 10/12 = $425.
End of FAQ