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Things you need to know about car insurance

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Old 28-08-2009, 09:27 PM   #121
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Maybe CNGpicnic would like to add this to the 1st post:

Driving to Malaysia: please note the excess amounts in the fine print or policy T&C. Big 3 insurers no issue here, it's a small handful of other insurers' fine print that may turn out to be...shocking.
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Old 30-08-2009, 12:17 PM   #122
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Hi

Like to get insurance quotes if possible.

I am 23 years old NSF. No accident before.

Birth Dated: 19/09/1987
License Dated: 19/04/2007
Vehicle No.: SJK869J
Vehicle Make: HYUNDAI
Vehicle Model: CM SANTA FE 2.7 A
Engine Capacity: 2656 cc
Original Registration Date: 03 Oct 2008

please contact me at angdingjie@hotmail.com / 90066528
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Old 02-09-2009, 10:04 PM   #123
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Hi! Fake Picture, Any idea when will your friend car insurance be due? Feel free to pm me with your friend's carplate number for a quote if your friend have yet to buy the insurance. Or u can email to me :racey@ymail.com
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Old 10-09-2009, 04:19 PM   #124
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Agents here, please do advise, thanks.

Car - 1.6A or 2.0A
Make and model: not sure yet

Driver 1)
Age: 30 (revoked case)
License: P-plate (Revoke den take back license again)
Work: Indoor
Own a car before, no accident. ( But did make a claim against other drivers before)

Driver 2)
Age: 55
License: very long liao but never own a car before
Work: Indoor


Wanna check which option to use will be better and cheaper ? Thanks.
And also will driver 1 insurance be shoot rocket high to the sky ?? LOLZ
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Old 15-09-2009, 03:06 PM   #125
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Anyone can advise on the insurance

Car: Picanto
Age of car: 4.5 yrs
Transmission: Auto
Driver age: 27 yrs
Experience: 1 yrs
Job: Indoor
Insurance type: third party/ comprehensive

Car: Vios
Age of car: 0
Transmission: Auto
Driver age: 27 yrs
Experience: 1 yrs
Job: indoor
Insurance type: comprehensive

Last edited by windz82; 15-09-2009 at 03:09 PM..
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Old 24-09-2009, 05:52 PM   #126
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Hi All,
Do buying 2nd hand cars, mean that insurance premium would be lower? What are the pros and cons of buying a 2nd hand car?
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Old 25-09-2009, 10:49 AM   #127
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buying 2nd hand car doesnt mean ins gonna be lower..it will depends on many factor...but if its a 2nd hand OLD car...most prob u can only get cover under 3rd party or tpft
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Old 26-09-2009, 11:16 AM   #128
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No opinions about your first set of queries.

You might have got a misconception about 3rd party insurance coverage.

Car insurance involves 3 parties:
The owner/driver of the insured car/person (1st party),
The insurer (2nd party),
The other party involved in the accident, which can be a person or a vehicle (3rd party).

If you're the owner/insured of the car insurance, and you nominate another person to drive the car, that person is called the "authorised driver" and not "3rd party".

For some insurance policies, anyone you give permission to drive is considered an "authorised driver" and they will be covered by the policies.
For some other insurance policies, you must let the insurers know the names of the authorised drivers and only they are allowed to drive the car with insurance coverage.

There are 3 types of car insurance coverages available:
- Comprehensive,
- 3rd party, fire & theft,
- 3rd party only.

Comprehensive says it all, covers a lot of things, including own damage, loss of car due to fire hazard, theft of vehicle, and 3rd party liabilities (damage to 3rd party property and/or injuries inflicted during accident, etc.).
Premium is the highest of the 3 types.

3rd party, fire & theft only covers liabilities to 3rd party, fire hazard, and theft of vehicle. It does not cover expenses incurred for own damage.
Premium is lower than comprehensive cover.

3rd party only covers 3rd party liabilities. Nothing else.
Premium is very low for such coverage.

For most insurance companies, they will insist on comprehensive coverage if the car is less than 7 years old, and under hire purchase agreement (loan).
how come the insurers will insist? shdn't the bank be the one who r more concern abt the condition of the vehicles since they r legally still the owners?
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Old 26-09-2009, 05:29 PM   #129
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yes it's the banks who will insist.
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Old 27-09-2009, 11:41 AM   #130
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how come the insurers will insist? shdn't the bank be the one who r more concern abt the condition of the vehicles since they r legally still the owners?
When you renew your insurance, request also for TPFT and TP-only quotations.
See if the insurer will quote or not, if your car is under hire purchase and less than 10 years old.
If they don't quote, ask for the reasons.
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Old 19-10-2009, 06:31 PM   #131
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how come the insurers will insist? shdn't the bank be the one who r more concern abt the condition of the vehicles since they r legally still the owners?
You are right. It is the finance company that will insist. This is because in the event of total loss due to accident, the finance company will be assured of the cost recovery from the insurance company. If the insurance cover is not a comprehensive coverage, the finance company will not get any recovery upon total loss of the car due to accident.

Hence if a car owner submits a 3rd party to the finance company, the finance company will give the owner 2 options. 1) Pay up the balance of the loan or 2) Convert the 3rd party insurance to a comprehensive one.

Insurance company or agents usually quote you comprehensive because most cars are under finance in Singapore. They can sell you a 3rd party car insurance for sure. However, when the finance company finds out and ask the car owner to convert to comprehensive, they will have double work to do. Worse if the client blames the insurance agent for not giving proper advise.

Hence, if you want to get a quotation for 3rd party insurance (TP) or 3rd party fire and theft insurance (TPFT), make sure you tell the agent that your car is paid up or your finance company allow you to get a 3rd party insurance (for cars more than 7 yrs old)

Hope it helps!
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Old 20-10-2009, 08:44 AM   #132
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Anyone can help to advise on the insurance, I am afraid that the insurance will be high so still cannot decide whether to get a car or not

Car: Chevrolet Aveo5 1.4A (OPC)
Age of car: 0 yrs (new)
Transmission: Auto
Driver age: 31 yrs
Experience: Got my license Sep 2009
Job: Indoor
Insurance type: third party/ comprehensive

Can I know roughly how much do I need to pay per year?

Thanks
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Old 20-10-2009, 09:01 AM   #133
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Anyone can help to advise on the insurance, I am afraid that the insurance will be high so still cannot decide whether to get a car or not

Car: Chevrolet Aveo5 1.4A (OPC)
Age of car: 0 yrs (new)
Transmission: Auto
Driver age: 31 yrs
Experience: Got my license Sep 2009
Job: Indoor
Insurance type: third party/ comprehensive

Can I know roughly how much do I need to pay per year?

Thanks
I think should be around $2500 (authorised workshop) or $3600 (any workshop) since you just got your licenses. If I am not wrong, only NTUC is willing to insured driver who just got their driving license (less than 1 year).

However, since you are buying a brand new car, most likely u need to get the insurance from Chevrolet. You better pray they have a good dealer for you. Else you gena a $4k+ insurance and LL has to purchase from them.

Check you PM.
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Old 20-10-2009, 11:30 AM   #134
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Hi X66,

Thanks, wow very xiong lei. Even for a OPC also insurance so high. I dont think I want to spend so much money on car.

Anyway thanks alot.
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Old 25-10-2009, 08:30 AM   #135
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Any idea hw can I get the lowest premium for my insurance. I b taking the loan but I'm jus 22 n license less then a yr. Dad/mum nt working. Can I take loan but insured under my dad?
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