NTUC Income Increases Premium by 400 percent

May 22, 2017 · Posted in General Articles on Car Insurance 

Wow, as I was sorting out the pile of newspapers that had gathered in my office, I saw the article title screaming at me “High Repair Bill and Premium Hike Vex Driver”

I wonder why I missed that article 2 days back. Anyway, it was mentioned that Mr. Tan had a accident because his car skidded. And guess what? His premium increased from $970 to $5,000!!! That’s a whopping 400% increase.

His repair bills came up to $19,800, and it’s from a NTUC Authorized Workshop. However, Mr. Tan said that several parts listed as replaced, were in fact, not changed. So could the bill be inflated? No one knows.

What’s “amazing” is that his car at OMV (Open Market Value) is about $19,500. Imagine the cost of repairs more than OMV. I think it’s a sick joke.

At the end of day, Mr. Tan may not have much choices and stick to NTUC income, as a few insurers have declined his proposal. His fate might be different if he had another insurer,  since an industry veteran was quoted as saying that the rise was “clearly excessive” and even high-end cars do not attract such a high premium.

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