Thursday, May 26, 2011

Get a fair price on your motor insurance

Dear Mr. Tan,
I received a renewal for my motor insurance and am shocked at the increase in premium. I try to call other insurance companies and they also charge more than I paid before. Which company do you recommend?

REPLY
Try Direct Asia. Read this FAQ
You can also read this article on how to pay road tax and get the vehicle inspection done easily.

6 comments:

Singapore's 5 Minute Investment Diary said...

This experience matches my own experience.

Besides DirectAsia.com, try also Automobile Association of Singapore. But I think you need to be a member.

My own observation is that an individual is unlikely to get a good deal by buying directly from the insurance company.

You get better prices by buying the car insurance through an intermediary.

I think it has to do with the latest business fashion which is to reduce the "cost to serve" customers. Which is in tune with another fashion ... outsourcing.

As an old school manager, I think it's madness. But as an employee, you better follow or you will get the sack.

Which reminds me of the latest outsourcing fiasco - HDB water tanks. Who is responsible?
a)Member of Parliament
b)Town Council
c)HDB (as the building owner)
d)PUB
e)Managing agent who actually does the work on maintaining the water tanks
f)God or Act of God. So no human is responsible.

peace_lover said...

Hi,

We suffered higher premiums due largely to increased damage claims caused by the poor flood control by PUB/NEA last year.

In the last two years, I have found Tokio Marine offer relatively low premiums amongst 5 to 7 companies a third party agent (motorinsurancesingapore.com) surveyed. The terms and conditions seem fair. There is a company which tries to give lower premium in exchange for higher excess charge.

yujuan said...

Thanks. Our car insurance is up for renewal, this time we are going to ditch our decades long insurer, NTUC Income, and switch to DirectAsia or Tokio Marine.
Had already terminated my Living Policy with NTUC, and would end our association with them ever.

Tan Choon Hong said...

When my car was due for insurance renewal in early Feb, I got a quote from NTUC which was 15% higher than the current insurer. I got a quote from AIVA online and discovered they were 40% lower than NTUC! I could pay online and generate all documents for road tax renewal. Very fast and highly competitive. Don’t now what their current status is, though.

Bongo said...

Direct Asia quoted me a substantially lower price for renewing my insurance than my (ex)-insurer Chartis.

Terms are almost the same, but the price is less than half!

Thanks for the recommendation.

JL said...

There's an interesting forum on Aviva car insurance at sgcarmart http://www.mycarforum.com/index.php?showtopic=2664226, pls go read it.

Blog Archive