Motor Insurance SCAM !

[Nice-Gook]

Sounds fishy.....3 claims in one year?

To be fair ,it all depends.Whether the insurence is only for third party or comprehensive..If this guy is taking advantage of the insurance company to do up his old car to almost brand new than you have a case.In that case the insurance must be comprehensive.Even than the company can either refuse to pay or call him up and say so...

On the other hand there are syndicates on the highway on the prowl whose sole purpose is to force an accident...Than appears the touts to tow away and repair and etc--pronto !...There are also cases where two cars works as a team where one forces you to swear suddenly and the other takes a hit on the back...Than out of a sudden a tout appears from nowhere and negotiate for an exorbitant settlement in cash.If you refuse than an obscene amount as claims is made...Technically you are wrong because you hit the other car from behind...The LTA knows about it...And I came to know too.How? ...Because I was a victim of such a scam..

In fact I was quite blur..and it was the traffic policeman who attended alerted me.Because the tout refused to leave the scene and kept bugging me..Till the the police officer warned him to leave or be summoned.

The damage to my old car was quite minimal..Repairs amounted to only a few hundred..But the other guy claimed about 9K !!!!!....I produced photos and etc to my insurance company..They kept silent...In all probability my insurance company would have paid and they will not tell me either...I suspect quite a few hands must have been greased ..it's a team work here to rip off motorists.

Now tell me.what makes you think I cannot be a victim one or more times within a year?

 

[darthboy]

China Insurance may accept cases with 3 claims in one year. Likely third party coverage.

If the 3 claims are small, reimburse the insurer to wipe off the claim record.

Alternatively, pay off the existing loan and change the car owner record at LTA.

 

[Nice-Gook]

Once I went for a small repair job to my regular work shop..The boss quipped pointing to two more cars on the shed."How to make money,...each car takes 1 or 2 hours for hundred over dollars only"----Than it dawned upon me that he cannot run a repair shop in peesai with such a high overheads--and labor intensive....The only way out is to go for insurance cases...Insurance company puts a 'cooperative' work shop in their approved list...Repairs amounting to $800 becomes $8k---both the boss of the repair shop and the claim executives in the insurance company splits the amount among themselves....Than the insurance company jakes up the premium----everybody is laughing their way to the bank..Except the poor motorist.

Fraud in insurance is nothing new.So told me an old uncle...He said insurance surveyors in his days made tons of money.The victim is usually the insurance company.Now it is the other way around..Because insurance now is compulsory and the average Joe has no choice but to pay and dance to their tune.

Insurance in peesai is a con job.Leegime knows that well...The very reason why CPF has so many insurance schemes..

 

[darthboy]

Insurance is one of the reasons for rising healthcare costs too...

 

[Nice-Gook]

Insurance is one of the reasons for rising healthcare costs too...

Absolutely !---Obama is pretty pissed about it too.Please read some latest news on this matter.

Now,before all this unscrupulous property agents in peesai.The forerunners were insurance agents..They merely sell you some piece of paper without going into details of the finer prints..Almost anything can render your insurance null & void.But they won't tell you that.

The reality is that now Leegime is also getting into the act.The very CPF annuity crap is just one...They rob your life savings leaving you clutching some printed papers.

Remember,the whole world's future generation would pay just because AIG went galavanting with the average folks life savings.

 

[Ramseth]

Yes, too much insurance drives up healthcare costs. In the US, the last time a Democrat president took over a Republican president was in 1992 when Bill Clinton took over George Bush Sr. Medicare was top of agenda. It made the doctors and hospitals very happy and wealthy. How? There's no worry, fix the kidney and while at it, fix the liver too. Charge the highest possible rates, no worry, insurance will pay.

What do the insurance companies do? They pay up according to medical reports and claims, but they raise premiums since claims are going up. Basically healthcare insurers become like motor insurers and hospitals become like mechanic workshops. Who pays the premiums and suffer most? The healthy non-claimants, just like the better and less accident-prone drivers subsidizing the bad drivers and inflated claims.

There was a time when poorer folks can't afford to pay medical bills. Now's the era when poorer folks can't afford insurance premiums.

 

[darthboy]

Hi. I sell motor insurance for a living. Good money.

And some of the fine print are not found in the standard policy issue that comes with every application. I asked them "but I can't find this mentioned anywhere in your doc" and they reply with a nonchalent tone "yah it's not found anywhere". The invisible fine print.

Some possible areas of dispute: driving through puddle of water (kills engine), driving with worn out tires...simply too long to list. Better ask a lawyer.

I don't understand the CPF life booklet as well. They sent to my parents. So little info in the mail.

 

[Nice-Gook]

Yes, too much insurance drives up healthcare costs. In the US, the last time a Democrat president took over a Republican president was in 1992 when Bill Clinton took over George Bush Sr. Medicare was top of agenda. It made the doctors and hospitals very happy and wealthy. How? There's no worry, fix the kidney and while at it, fix the liver too. Charge the highest possible rates, no worry, insurance will pay.

What do the insurance companies do? They pay up according to medical reports and claims, but they raise premiums since claims are going up. Basically healthcare insurers become like motor insurers and hospitals become like mechanic workshops. Who pays the premiums and suffer most? The healthy non-claimants, just like the better and less accident-prone drivers subsidizing the bad drivers and inflated claims.

There was a time when poorer folks can't afford to pay medical bills. Now's the era when poorer folks can't afford insurance premiums.

Yes,you are right on spot...Health care inflated claims also occurs in peesai..The only difference is in US insurance companies are ripped off.Here is peesai Medisave is ripped off...Of course by doctors in private practice lah...Usually in child delivery cases..As most seek private hospitals than KK.

Here it how it goes..CPF has certain restrictions and limitations on claims..Private doctors knows that rather well.So they tailor their inflated claims accordingly so CPF pays..Patients usually do no know how to interpret their billings neither they heck care ,since they do not have to pay cash..

In the end the doctors drives Jaguar and everybody's premium goes up and up.

 

[Cerebral]

since we are on the issue of motor insurance, can any "industry expert" explain to me why my car insurance increase from 2K to 7.5k? I had 1 claim of 1k plus only. Is NTUC out to lynch me? :(

 

[darthboy]

since we are on the issue of motor insurance, can any "industry expert" explain to me why my car insurance increase from 2K to 7.5k? I had 1 claim of 1k plus only. Is NTUC out to lynch me? :(

Hi, I've encountered two young car owners with accident record. Their 2nd year renewal is around 5xxx with NTUC. Their 1st year was $2xxx premium with NTUC. Claims record was 15k and 45k respectively.

Are you driving a sporty car, like the Suzuki Swift? Or 2.0L Honda Civic?

 

[scoobyhoo]

Hi, I've encountered two young car owners with accident record. Their 2nd year renewal is around 5xxx with NTUC. Their 1st year was $2xxx premium with NTUC. Claims record was 15k and 45k respectively.

Are you driving a sporty car, like the Suzuki Swift? Or 2.0L Honda Civic?

What kind of damage is that ? 45k!

I had just been tail-gated by a black colour car from PIE Jurong to Bukit Timah. The guy must be mad at me overtook him. He followed my car so near and shone high beam to challenge/intimidate me.

This kind of driver better get lost from the road.

 

[JWNY]

any insurer who might have taken him, may have charged an outrageous amount and imposed many exclusions...albeit due to his unfortunate 3 accidents in a year. Therefore it may be in his best interest to decline him rather than charge him a premium not worth accepting. Taking such drivers will only give an excuse for GIA or insurers to increase premium further...i say, get him to take SBS and SMRT and not impose at everyone's expense

 

[darthboy]

What kind of damage is that ? 45k!

I had just been tail-gated by a black colour car from PIE Jurong to Bukit Timah. The guy must be mad at me overtook him. He followed my car so near and shone high beam to challenge/intimidate me.

This kind of driver better get lost from the road.

He rear-ended a vehicle. Damage less than 10k...the remainder is injuries to passengers in the front vehicle.

Whether the passengers were really there when the accident occured, I've no idea. There's been word of phantom passengers claiming for injuries when accidents occur. It's a dirty world out there.

 

[darthboy]

any insurer who might have taken him, may have charged an outrageous amount and imposed many exclusions...albeit due to his unfortunate 3 accidents in a year. Therefore it may be in his best interest to decline him rather than charge him a premium not worth accepting. Taking such drivers will only give an excuse for GIA or insurers to increase premium further...i say, get him to take SBS and SMRT and not impose at everyone's expense

Insurance is meant to cover big, legitimate losses. Total losses are not as rare as one might think. Easily 5 digit payouts here and there.

The real problem, which no one seems interested to fix, is inflated or fraudulent claims. Staged accidents, injuries to phantom passengers etc...

 

[mscitw]

Peasant Ong is indeed another fool. The LTA has no interest in his silly case.

The LTA serves to be a punching bag for the inept Ministry of Transport who is helmed by the inept moroon Ray Lim. Minion Lim knows he cannot please all peasants with his stupid hikes and cushy protection of transport cartel chums, so he cleverly decides LTA will take the heat for him, a fall guy organisation. To entice fools, he has proposed that LTA be headed by swines who will sell their conscience for million peanuts and so far attracted quite a few jiat leow bee baboons to take the flake.

Minion Lim is indeed a smart bloke and Peasant Ong ought to improve his con trick to get more $$$ from insurers.