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Nov 3, 2009
CAR INSURANCE
2 strikes and you're out <!--10 min-->
Multi-claim motorists may find it hard to renew policies <!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Judith Tan </td></tr> <tr valign="bottom"> <td width="330">
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Anyone willing to insure Mr Ong? -- ST PHOTO: DESMOND FOO
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CAR insurers have insisted that it is within their rights to reject policy applications from motorists if they have one too many accident claims within a year. In most cases, insurers adopt a 'two-strike' rule - they would typically turn away a motorist who has made two or more claims in that period. Businessman Ong Choon Kee, 53, found this out the hard way. After making three insurance claims amounting to $27,000 within a year, he was told by insurer American International Group (AIG) that it was dropping him. His efforts to find another insurer have proven futile, and since drivers need to have motor insurance before they can take to the roads, he is now in a bind. Driving without proper insurance can result in a fine of up to $1,000 or a jail term of up to three months, or both. Convicted drivers will also be disqualified from driving for at least a year.
Latest comments <table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">insurance companies are all like bloodsuckers - they claimed they lose money on car insurance but yet they aggressively promote their car insurance plans???
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: juzanything at Tue Nov 03 20:57:34 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">according to conspiracy theory, we have:
- economic downturn
- businessman
- $27k claim
=> alternative source of $$????
I would imagine drivers would be careful after the first accident, it seems this driver is not the least worried until his insurance is rejected. Does that mean he could be looking forward to a 4th claim?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: registeragain at Tue Nov 03 20:37:11 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">lplp seems to contradict on himself. One one hand, he mentioned correctly that insurance is the pooling of risks. On the other hand, he seems to think that people who are prone to accidents also can pool in their risks.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: sys77 at Tue Nov 03 18:37:41 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">Good to see Mr Ong being rejected. It is people like him that makes our premium so high.
Best is that he can't find an insurer and turn to taking MRT. Our roads will be safer that way.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: sys77 at Tue Nov 03 18:35:00 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">The insurance market in Singapore is flawed. The true sense of insurance is pooling together a number of people who pays a premium to pay for any accidents (unforeseen and unwanted) which arises. The perceived rampant abuse in the Singapore motor market has sufficiently gave a pseudo valid reason for the insurers to turn away members who are "judged" to be high risk or not "good business".
Insurance is a business first, but they should also provide ethical support for the society in which they serve.
It looks like insurers only want a win-win profit system for themselves, ignoring the service which an insurance should provide in the first place.
They collect as much as they can, and do not wish to pay out at all. That is the flaw.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: lplp at Tue Nov 03 17:01:01 SGT 2009
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Nov 3, 2009
CAR INSURANCE
2 strikes and you're out <!--10 min-->
Multi-claim motorists may find it hard to renew policies <!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Judith Tan </td></tr> <tr valign="bottom"> <td width="330">
</td> <td width="10">
Anyone willing to insure Mr Ong? -- ST PHOTO: DESMOND FOO
</td></tr> </tbody></table>
CAR insurers have insisted that it is within their rights to reject policy applications from motorists if they have one too many accident claims within a year. In most cases, insurers adopt a 'two-strike' rule - they would typically turn away a motorist who has made two or more claims in that period. Businessman Ong Choon Kee, 53, found this out the hard way. After making three insurance claims amounting to $27,000 within a year, he was told by insurer American International Group (AIG) that it was dropping him. His efforts to find another insurer have proven futile, and since drivers need to have motor insurance before they can take to the roads, he is now in a bind. Driving without proper insurance can result in a fine of up to $1,000 or a jail term of up to three months, or both. Convicted drivers will also be disqualified from driving for at least a year.
Latest comments <table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">insurance companies are all like bloodsuckers - they claimed they lose money on car insurance but yet they aggressively promote their car insurance plans???
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: juzanything at Tue Nov 03 20:57:34 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">according to conspiracy theory, we have:
- economic downturn
- businessman
- $27k claim
=> alternative source of $$????
I would imagine drivers would be careful after the first accident, it seems this driver is not the least worried until his insurance is rejected. Does that mean he could be looking forward to a 4th claim?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: registeragain at Tue Nov 03 20:37:11 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">lplp seems to contradict on himself. One one hand, he mentioned correctly that insurance is the pooling of risks. On the other hand, he seems to think that people who are prone to accidents also can pool in their risks.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: sys77 at Tue Nov 03 18:37:41 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">Good to see Mr Ong being rejected. It is people like him that makes our premium so high.
Best is that he can't find an insurer and turn to taking MRT. Our roads will be safer that way.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: sys77 at Tue Nov 03 18:35:00 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">The insurance market in Singapore is flawed. The true sense of insurance is pooling together a number of people who pays a premium to pay for any accidents (unforeseen and unwanted) which arises. The perceived rampant abuse in the Singapore motor market has sufficiently gave a pseudo valid reason for the insurers to turn away members who are "judged" to be high risk or not "good business".
Insurance is a business first, but they should also provide ethical support for the society in which they serve.
It looks like insurers only want a win-win profit system for themselves, ignoring the service which an insurance should provide in the first place.
They collect as much as they can, and do not wish to pay out at all. That is the flaw.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: lplp at Tue Nov 03 17:01:01 SGT 2009
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