Singapore Expats

Hi all,

Previous insurance company sent me letter that they has declined renewal of my car insurance due to following reasons - 2 claims within 3 years and claims amount of 10k and above. About claims amount 10k nobody noticed me when the claim was claimed,as this damage was not that big - they have to change front bumper - and this letter is really shocking to me. Due to this nobody wants even give quotation - what others do in similar situation - I'm sure not only one the worse driver ever, if we look how others are driving What do those whos car is more damaged in the accident then my - they are not able to get insurance anymore???

this was reported on the local news recently. looks like insurance company only wants people to pay for insurance and not make any claim!

They made a claim but after that sent us three houses further! I couldn't imagine that insurance is only for collecting money not for helping - usually insurers sometimes earn money but sometimes loose.. Looks like in Singapore there are special laws.

mits wrote:Hi all,

Previous insurance company sent me letter that they has declined renewal of my car insurance due to following reasons - 2 claims within 3 years and claims amount of 10k and above. About claims amount 10k nobody noticed me when the claim was claimed,as this damage was not that big - they have to change front bumper - and this letter is really shocking to me. Due to this nobody wants even give quotation - what others do in similar situation - I'm sure not only one the worse driver ever, if we look how others are driving What do those whos car is more damaged in the accident then my - they are not able to get insurance anymore???

It's just very simple risk analysis that Insurance Companies, not only in Singapore, but worldwide do when looking at a portfolio of business. In your case, you've made 2 claims of at least 10k so at least 20k of claims over the last 3 years (it's not exactly clear in your post if it's 10k or 20k?)

If your annual premium was lets say 3k, that's 9k they've collected which relates to a loss ratio of 222% with a current claim occurrence of every 18 months. Believe it or not, Insurance Companies overheads, salaries just like any other business and needs to make a profit.

You say they only changed the bumper and the claim was still for 10k I'm guessing you might have ran in to the back of another car.

The first claim was about 2000$ and it was 50/50 as it was not my but other's drivers fault, but he made up incorrect drawing and explanation and insurers decided to give 50/50 claim. Second claim was above 10K, but definetely less 20K, even this i believe is too much, as the damage was not that serious - they had to change front bumper, but I didn't run into back of another car - another car with some kind of hook pulled off my bumper, though I slipped into his side - he was making U turn and I drive on slip road - under any circumstances I had to give way to anyone. After accident I was able to drive - is that major damage to be so costly?

mits wrote:The first claim was about 2000$ and it was 50/50 as it was not my but other's drivers fault, but he made up incorrect drawing and explanation and insurers decided to give 50/50 claim. Second claim was above 10K, but definetely less 20K, even this i believe is too much, as the damage was not that serious - they had to change front bumper, but I didn't run into back of another car - another car with some kind of hook pulled off my bumper. After accident I was able to drive - is that major damage to be so costly?

10k plus just for a new bumper is seriously too much, what car have you got?

Toyota Fortuner

I just can't see how a new snap on bumper including paint and fitting would cost over 10k to be honest, 3k at the most from main dealer.

Thanks for your quote - I absolutely agree with you.. I'm going to meet with insurers and see how they will explain this.