All You Need To Know About Car Insurance Premium~!

americanhippo

americanhippo

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Hi pls help.


I bought an old sports car with 3rd party cover and fire/theft. Excess 3k. I am the only named driver.

1. If my family but not named get into accident, will insurance still pay out?

2. If accident due to my fault, is it I cannot claim but other party can claim from my insurer?

3. If accident not due to my fault, no difference cus I just claim from the other party right?

4. Finally, what is ncd? 10% literally refers to 10% discount? 50% is 50% discount?

Assuming my premium is 3.5k, if I have 50ncd means next year only 1.75k?

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snipfer

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In sg, due to the laws. It is NEVER advisable to take 3rd party car insurance. Always go for comprehensive.

Even if there are cctv and it's not your fault, the joker is driving without insurance or driving license or drunk, you are in deep sh!t. Already many such cases.

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americanhippo

americanhippo

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snipfer said:
In sg, due to the laws. It is NEVER advisable to take 3rd party car insurance. Always go for comprehensive.

Even if there are cctv and it's not your fault, the joker is driving without insurance or driving license or drunk, you are in deep sh!t. Already many such cases.

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Why? Cus even if not my fault, in such circumstances, I have no one to claim from?

Ie, 3rd Party means no matter who right or wrong cannot claim from myself?

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snipfer

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americanhippo said:
Why? Cus even if not my fault, in such circumstances, I have no one to claim from?

Ie, 3rd Party means no matter who right or wrong cannot claim from myself?

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Yup. Its LLST or you can engage a lawyer to sue the other party for the damages to your car.

Years back there was one famous case in bukit batok or bukit panjang.

A wanted man who treats Changi Prison as a chalet, crashed his car at the open air car park. Damaged no less than 12 cars.
1. He was drunk
2. He don't have driving license
3. No car insurance
4. Wanted man
5. Car wasn't his.

Those victims who bought comprehensive managed to repair car by claiming own self. Those who didn't, LLST and fork out their own money for the repairs.

The joker goes back to stay in the chalet. Good luck suing him for damages.

Imagine such a thing happen to you, your bumper in pieces, radiator gone, engine damaged. How much will it cost you?


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snipfer

snipfer

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americanhippo said:
Why? Cus even if not my fault, in such circumstances, I have no one to claim from?

Ie, 3rd Party means no matter who right or wrong cannot claim from myself?

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Another real case for you.

My buddy stopped his car at traffic junction waiting for Green lights.
A couple of mins later a car rear end him.

He alight and confront the driver who stinks with alcohol. The drunk driver begs not to report police. My buddy just took down driver details and then move off.

Heng no police around, bcos if that driver is caught drink n drive. His insurance auto voids. Meaning my buddy have to fork out his own money to do the repairs. This is the reason why my buddy wont report him to police.

Now imagine this happens to you and not so Heng got police around.
You are going to buy yourself a new bumper and new engine out of your own pocket.

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snipfer

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doody_

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snipfer said:
Another real case for you.

My buddy stopped his car at traffic junction waiting for Green lights.
A couple of mins later a car rear end him.

He alight and confront the driver who stinks with alcohol. The drunk driver begs not to report police. My buddy just took down driver details and then move off.

Heng no police around, bcos if that driver is caught drink n drive. His insurance auto voids. Meaning my buddy have to fork out his own money to do the repairs. This is the reason why my buddy wont report him to police.

Now imagine this happens to you and not so Heng got police around.
You are going to buy yourself a new bumper and new engine out of your own pocket.

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Did he manage to claim from that guy later on?
 
Dragon

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americanhippo said:
Walao some people told me ncd50 is ,50% leh. Some say it is less than that based on some weird formula?

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The undiscounted premium is reviewed annually hence the premium for year on year will have variance. I also don't know the exact formula but as long as every year it gets cheaper I not complaining. :o
 
americanhippo

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Dragon said:
The undiscounted premium is reviewed annually hence the premium for year on year will have variance. I also don't know the exact formula but as long as every year it gets cheaper I not complaining. :o
Click to expand...
I see. I'm just worried insurance coy anyhow increase premiums even tho no claims. They can do that right?..

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snipfer

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doody_ said:
Did he manage to claim from that guy later on?
Click to expand...

yes. cos just a normal accident.

In sg, if you report the other party drink and drive, you are screwing yourself.
cos, his insurance void, you claim yourself.
 
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