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     Vehicles - Motor Insurance

       Vehicle Insurance

 

     MOTOR INSURANCE

  NTUC Income  offers the following benefits:

  Premium payable by 5 instalments

  Pay no excess

  5% loyalty rebate

  Pay no GST

  24-hour accident helpline

  24-hour vehicle breakdown service

  Personal Accident cover

  And more.......

  Visit them at their website: www.income.com.sg

  or e-mail them at sales@income.com.sg 

 

     INSURANCE WEB SITES

 

     NEWS SNIPPETS

     2003

 

NTUC Income said 126 of its policyholders lost their vehicles to thieves in Malaysia in 2002, more than double the 56 cases in 2001. AXA had eight cases in 2002, up from three in 2001. Five clients of AIG lost their cars in Malaysia in the first half of 2003, three more than for the same period in 2002. Together, the three insurance companies insure about 60% of the 405,000 cars in Singapore. (Straits Times 1 Sep 2003 3)

  The motor insurance industry's losses rose 8 per cent last year to hit an all-time high of S$124 million, up from S$114.6 million in 2001. (Straits Times 1 Apr 2003)(A22)

     2002

More news.....

  Singapore's largest motor insurer, NTUC Income, every month cancels 20 policies of clients who repeatedly make what it suspects are inflated or false repair claims. NTUC Income alone loses about S$12 million a year to fraudulent and inflated claims for the 220,000 vehicles that it insures. For the industry as a whole, with more than 900 accidents a day, the total is likely to be millions more. (Straits Times 18 Nov 2002) (4)

  NTUC Income policy-holders must take their damaged vehicles to Independent Damage Assessment Centres (Idac) with immediate effect. If they do not , they risk their policies being cancelled. NTUC Income currently insures 250,000 vehicles, or a third of the market. (Straits Times 8 Nov 2002) (3)

  NTUC Income yesterday said that it expects to increase motor insurance premiums by 5 per cent or more a year for the next two to three years. The company, which insures about 230,000 vehicles or a third of the market, said a hike is needed because of the higher costs of spare parts and labour charges for repairs. Premiums have already gone up by 5 to 20 per cent this year, after the insurance industry suffered losses last year. (Straits Times 2 Jul 2002) (1)

  Motorists will no longer lose their no-claim discount (NCD) automatically when they make a claim on their vehicle-insurance policy. Thirty-five companies here which insure vehicles are now offering extended policies to protect motorists' NCDs, the General Insurance Association of Singapore (GIA) announced yesterday. The extra cover costs about 10 per cent of the insurance premium, after the NCD has been deducted. With it motorists will not lose the discount if they make one claim a year on their policies. (Straits Times 7 Feb 2002) (1)