Saturday, September 29, 2012

Don't let insurers leave car owners in renewal fix

NTUC Income should know
that accidents can happen unexpectedly
and that they cannot be avoided.
That is why insurance is necessary.
By rejecting my renewal,
how does it expect me to find insurance elsewhere?
In my case, I have already paid a large amount of excess
and lost my no-claim discount.
Are these not enough?
The Monetary Authority of Singapore
should look into market practices that deprive motorists of
compulsory motor coverage.


zhummmeng said...

That is why NTUC INcome is made different or no different?
It is no longer a cooperative but a social enterprise.A cool word to hide behind, social. This is how they hunt for cash cows

Lye Khuen Way said...

Just do not know if they or any Authority really care?

Seriously, the whole Insurance sector in Singapore need a shake up /down. Starting with whichever is the Regulatory Authority.

william said...

Dear Mr Tan, this has indeed been a common practice during the boom time of 2006-2008, this is used by the developers to gauge the market response before they decide on the price. Such practice should not be allowed as it gives the developers room for manipulating the prices and creating an euphoria. The MND should step in and amend the Housing Developers Rules by requiring the developers to release the full pricing to the buyer before any cheques are collected.

The agents are doing this with the blessings of the developers, and CEA can control the agents by not allowing them to accept blank cheques. In fact under CEA rules agents are not suppose to hold cash for their clients, holding a blank cheque is many times worst than cash!

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