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.