Automobile Association of Singapore (AAS) launched a new motor insurance policy , “AA Senior Motor Plus”, on 23 January 2014. It is targeted at drivers aged 65 and above. It was launched in collaboration with Liberty Insurance and the Singapore Optometric Association.
It comes with benefits such as a 5 per cent discount for eligible policyholders with 30 or more years of experience, and a free medical examination, required of drivers above 65 years old by the Traffic Police. Like any other car insurance policies, driving records and claims experience will be taken into consideration when setting the premium. Policyholder would need to pay for standard excess and it covers driving in both Singapore and West Malaysia.
Currently, NTUC Income offers motor insurance for drivers above 65. At Aviva and DirectAsia.com, only renewal of policies for those above 70 are considered on a case-by-case basis.
Therefore, senior drivers now have one more choice from AAS.
With effect from 1 May 2011, claimants who intend to file third-party claim for the damage to their vehicles must inform the potential defendants or their insurers before the commencement of the repair. The insurers will then have 48 hours (excluding Saturday, Sunday and Public Holiday) to perform the pre-repair inspection. The Sub Courts can impose sanctions on the claimants if claimants fail to notify the potential defendants or do not allow the pre-repair inspection to be carried out.
If the potential defendant’s insurer has however, waived the requirement for the pre-repair inspection, the claimants may proceed with the repairs. The potential defendant or his insurer will also have to compensate the claimant for loss of use of the vehicle for the period of the pre-repair inspection.
Source : http://www.gia.org.sg/pdfs/PreRepair_Inspection.pdf
The General Insurace Association of Singaore (GIA) has just announced that non-injury motor accidents will be heard at Financial Industry Disputes Resolution Centre (Fidrec) for claims up to $3,000, up from the current $1,000. This will definitely speed up the claim process instead of being heard at court.
GIA may also legislate inspections for non-injury cases before the vehicle is repaired and also to register motor surveryors. These two measures could help to drive down the high incidence of inflated and fradulent motor claims.
Let’s hope the motor insurance premium will be stabilize and even decrease in the near future with all these measures being implemented.
Finally, motorist can expect either no or marginal increase in the car insurance premium this year. General Insurance Association of SIngapore (GIA) announced on 17 Mar 2010 that the industry losses narrowed sharply from $214 million in 2008 to $44.5 million last year . This is probably due to higher premium collected last year and the positive result from the New Motor Claims Framework introduced in June 2008. The framework requires motorists to report accidents — even minor ones — within 24 hours, and to supplement these reports with photographs.
With effect from 1 September 2009, all insurance companies will follow the new insurance nomination framework, including insurance cooperative giant, NTUC Income.
NTUC Income, being a cooperative, had its own Section 45 of the Co-operative Societies Act (CSA) to govern the revocable nomination of beneficiaries before 1 September 2009. In the past, the commercial insurance industry has two problems for nominating beneficiaries for their insurance policies bought.
Firstly, when the policyholder has nominated the spouse and/or children as the beneficiaries, Section 73 of the Conveyancing and Law of Property Act (“CLPA”) and Law of Property Act (“CLPA”) will automatically create a statutory trust in favour of the beneficiaries.
The average Singaporean now needs about $495,000 of life insurance, but is covered for only one-third of that amount — a drastic shortfall that needs urgent attention, reported Charrisa Yong (STI, 21Aug09). Are you one of them…
Yes, it is true! Though the Motor Reporting Framework was implemented in mid last year to control the motor premium increase, the result is yet to be seen and felt.
The main culprit is the two-fold increase in the injury claims arising from road accidents. There were 17% more accidents last year, resulting in 473 of scrapes per day. The motor industry has lost a record $214.1 million in 2008, up from $103.2 million in 2007. Claims paid out hit $742 million, up from $582 million in 2007. All three major motor insurers, NTUC Income, AIG and AXA, will increase the premium substantially this year.
However, one good sign is that the claims amount was down from $200.7 million in the third quarter to $172.7 million in the fourth quarter of 2008. Motorist should expect to see the result of new Motor Reporting Framework to work in, hopefully, half to one year’s time.
Many people buy travel insurance only one or two days before departure. But do you know that it should be bought once you made payment for your trip! Why so? Travel Insurance covers risks associated with pre-departure events such tour agency’s bankruptcy, you or your family members fell sick and hence cannot proceed with the travel. Travel insurance will cover the loss of non-refundable deposits or other charges paid in advance.
Another important thing to note is to take down the SOS number and your policy number so that you can call for assistance should evacuation is required. You are advised to read through the policy document to know what kind of proof of documents for other minor claims such as delayed or damaged or lost baggage, flight delay etc.
Car premium looks to increase after 2 consecutive quarters of bad claim experience by the insurers. Rises may be 5% or 10%, according to NTUC Income spokesman. After experiencing two years of profits by the insurers from 2005–2006, first half of 2007 saw a deficit of $42 million, according to General Insurance Association of Singapore.
So car owner, brace yourselves for a higher premium in your next renewal of motor insurance. NTUC Income and AIG, who have a market share of 48% of motor insurance, will likely to increase the premium to compensate for the losses.
From 1 June 08, all motor accidents have to be reported to the insurance company within 24 hours of occurrence or by next working day. The insurers will do the rest, from arranging for a replacement vehicle to making third-party claims. Should you fail to report promptly to your insurer, your claims may be prejudiced or even declined by your insurer. There is a penalty of deduction of 10% on the No Claim Discount (NCD) upon renewal of your policy. Even if you are new driver with no NCD given, you may not be awarded NCD in the subsequent years.