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28Jul/090

Guide on Claims Procedure in Singapore

The Motor Claims Framework (MCF) was set up to provide a comprehensive service for all motor insurance claims. The MCF is fully supported by all
insurers in Singapore and allows motorists to make motor claims in a simple, hassle-free and speedy manner, as well as bringing the added benefits of a greater pool of certified motor repair workshops and related services.

This simple guide will walk you through the recommended steps you need to take in the event of an accident. Follow them and you will find the claims process a smoother one because it works to your maximum benefit.

1. In case of accident, you should:

Exchange particulars of involved parties including Name, NRIC/FIN, Telephone Number, Address and Insurer. Take note of the vehicle numbers and do take digital photographs (e.g. MMS) of your accident vehicle which can be included during the e-filing of accident reports later.

Call your insurer's hotline for a tow truck

Report and bring your accident vehicle (whether damaged or not) to the approved reporting centre/authorized workshop within 24 hours or by the next working day.

* Avoid all unathorised tow-truck operators or repair workshops.

2. The Benefits Of Reporting

By reporting the accident within the stipulated time, you not only enjoy hassle-free and quality-certified repair services as provided under the MCF, you will also avoid potentially higher costs from exaggerated claims.

REMEMBER:

All accidents must be reported to your insurer within 24 hours or by the next working day with your accident vehicle, no matter how trivial or even if there is no visible damage, and irrespective of whether you are claiming from any
insurers or third parties.

3. Should You Fail To Report The Accident

Should you fail to report to your insurer with your accident vehicle, you may find yourself in a position of having your claims prejudiced or declined later by
insurers. Failure to comply with the new policy condition will be seen as being "in breach" of the policy terms and conditions, i.e. there will be no liability on the part of the insurer.

Any non-compliance of this Policy Condition will result in a loss of your No Claims Discount upon renewal of your policy.

4. Can I Still Use IDAC?

The Framework does not mean the end of Independent Damage Assessment Centres (IDAC). There is no change to the process at IDAC currently used by some of our member companies. If in doubt, you are advised to check with your own insurer on the use of IDAC.

Should you have any questions, feel free to call your insurer for advice, or visit the MCF online at www.gia.org.sg

Questions? Email us here

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28Jul/090

12 Factors affecting your Car insurance

saving money on premiums

  1. Age Group - the car owner (driver) age. Please note that this is just an illustration and an estimate.
    Insurance companies may revise their age group premiums from time-to-time, without disclosing.

    18 to 21 - young drivers, very expensive
    21 to 25 - expensive
    26 to 30 - moderate
    31 to 65 - low

  2. Driving Experience - this is defined from the time you have your driving license till your
    car insurance renewal application.

    0 to 1 - extremely expensive, usually bundled when you buy a new car
    1 to 2 - expensive
    2 to 3 - normal
    > 4 - varies. At this stage, most of us would have NCB (No Claim Bonus) discount lowering the premium further. If you have accidents, your premiums most probably are going to be jacked up by the car
    insurers.

  3. Job Occupation Type (Indoor/Outdoor) This is pretty straightforward. It refers to the nature of work, like desk bound or indoor sales. If you are not sure, please check with the agent.Indoor - Lower risk of accidents = cheaper
    Outdoor - Higher risk of accident = more expensive
  4. NCB - No Claim Bonus discount. You get additional 10% NCB for each year without accidents. The maximum NCB that you can accumulate is 50%. E.g. If you buy a car in Apr 2008, and renew your
    car insurance in Apr 2009, you'll be eligible for 10% NCB discount upon renewal. If you are unlucky and get into an accident, NCB is 0%. You cannot get negative NCB.

    If you NCB accumulates to 40% and you were involved in an accident, the NCB reduces to 10%. If you don't want to start from 10% or even zero%, then you should get the NCB Protector, see below.

  5. NCB Protector - This is only available to people with 40% or 50% NCB. In the event of first accident within the policy year, your NCB will remain as 50%.The second accident will reduce your NCB to 20% (50% - 30%).

    The third accident and your NCB becomes 0%

    It is important to note that NCB protector is only effective if you renew your car insurance with the same insurance company. If your
    car insurance is with company A and your NCB is 50%, even after the first accident, your NCB remains at 50% when you do your next renewal.

    However, if you decide not to renew with Company A, and look for company B. You'll only get 20% NCB.

  6. Safe Driver Discount
    The Certificate of Merit (COM) entitles a driver to a 5% discount on vehicle insurance premium from participating
    insurance companies, over and above his No-Claim Bonus (NCB).

    A driver is eligible for a COM if, at the point of purchasing a
    car insurance coverage, he/she has maintained for the past 3 years, a continuous demerit-point-free driving record. This means that, if a driver has committed a traffic offence any day in the 3 years immediately before an insurance purchase that resulted in him/her being 'awarded' demerit points, he/she would no longer be eligible for a COM on the day that he/she purchases the insurance. The direct link is too long for me to post here. To find out your COM status, please use the direct link under Useful Links section.

  7. Engine Capacity (cc) - This refers to your car engine in cc. Generally the lower the cc the lower the premium. Refer to your car log file if you are not sure.
  8. Year of Manufacture - This generally means the year which your car is made/register. Generally, the older the car, the lower the premium
  9. Body Type - the type of car e.g. saloon, MPV, SUV
  10. Engine Type - normal or turbo engine, the latter costs much more.
  11. Gender/Martial Status - this really depends on the insurance company. Not all use this to calculate the premium.
  12. Off Peak Cars (OPC) - . dependent on insurance company

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25Jul/090

What is Cert of Merit and how to get Safe Driver Discount

The Certificate of Merit (COM) entitles a driver to a 5% discount on vehicle insurance premium from participating insurance companies, over and above his No-Claim Bonus (NCB).

A driver is eligible for a COM if, at the point of purchasing a car insurance coverage, he/she has maintained for the past 3 years, a continuous demerit-point-free driving record. This means that, if a driver has committed a traffic offence any day in the 3 years immediately before an insurance purchase that resulted in him/her being 'awarded' demerit points, he/she would no longer be eligible for a COM on the day that he/she purchases the insurance.

We can check for your eligibility for Cert of Merit or Safe Driver Discount (SDD), simply fill up the form here, and we'll send you one of our best competitive quote for perusal.

No Insurance Company Name
1 ACE Insurance Ltd
2 Allianz Insurance Co of Singapore Pte Ltd
3 American Home Assurance Co - S'pore
4 AXA Insurance Singapore Pte Ltd
5 China Insurance Co (Singapore) Pte Ltd
6 EQ Insurance Company Ltd
7 Federal Insurance Co
8 First Capital Insurance Ltd
9 HSBC Insurance (Singapore) Pte Ltd
10 India International Insurance Pte Ltd
11 Liberty Insurance Pte Ltd
12 Lonpac Insurance Bhd
13 Mayban General Assurance Bhd
14 Mitsui Sumitomo Insurance (Singapore) Pte Ltd
15 MSIG Insurance (Singapore) Pte Ltd (formerly Aviva General Insurance Pte Ltd)
16 Nipponkoa Insurance Co Ltd
17 Overseas Assurance Corporation Ltd
18 QBE Insurance (International) Ltd
19 Royal & Sun Alliance Insurance Plc
20 SHC Capital Ltd
21 Sompo Japan Insurance Co (Asia) Pte Ltd
22 Tenet Insurance Co Ltd
23 TM Asia Insurance Singapore Ltd
24 Tokio Marine & Fire Insurance Co (S) Pte Ltd
25 United Overseas Insurance Ltd

Singapore Best Comprehensive and 3rd Party Fire & Theft Car Insurance.

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