General Insurance

Frequently Asked Questions - Motor Insurance Premium

  1. I have been insured with your company for so many years.  Why is my premium not reducing?

    NTUC Income values our long term customers who have been with us for many years. Policyholders who have insured their motor policy with us for more than 3 consecutive years will be entitled to a 5% loyalty discount.  This will put you in a better position than a new customer.

    We monitor our claim experience regularly and periodic adjustment to fine tune our rates are done from time to time. This is to ensure our motor business is sustainable. From the macro perspective, NTUC Income expects motor premiums to stay at the current level for this year.

  2. Why is your premium rate now higher than your competitors?

    We have tried our best to keep our premium rates as competitive as possible. Depending on the loss experience of various Makes and Models of vehicles in our motor portfolio, some of these vehicles with better claim experience will enjoy a lower premium.

  3. Why can't Income manage their claims better to bring the premium even lower?

    Managing motor claims is a challenging task.  Income has adopted many measures to bring down the average claim costs so that premiums can be kept low. However, we cannot do this alone and need the cooperation of the policyholders in the event of an accident.  Policyholders can have the repair done at our quality workshop and the repair recommended after it has been surveyed by our automobile assessor. This should help to bring down the claim cost.
    1. Policyholders can consider a private settlement with the other party when there is no injury and the damages are minor.
    2. If you need to make a claim against the insurer, ask your repairer to settle the claim directly with the insurer without having to resort to litigation.
    3. Allow the insurer to send your vehicle to the quality workshop for repairs.
    4. Do not claim anything more than those damages directly caused by the accident.
    5. Cooperate with the insurer and give consent to the repair after the damages has been surveyed and recommended by the surveyor.

  4. The market value of my vehicle is decreasing over the years but my motor insurance premium is not coming down proportionately. Why?

    The premium for your motor insurance policy is calculated using various risk factors such as vehicle model, capacity, driver's age, vehicle age, etc. Market value of the vehicle is not a factor used in our premium calculation. Hence, this explains why you do not see the correlation between the depreciating vehicle market value over the insurance premium.

  5. Can you advise me of other options that could help me further bring down my insurance premium?

    You may consider the following options:
    1. pay a lower premium with additional excess;
    2. downgrade from a Premium plan to a Classic plan;
    3. choose to pay by installments under the IPP scheme;
    4. Insure your vehicle under Third Party or Third Party Fire & Theft cover.

Motor Department
19 June 2012


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