Thursday, April 01, 2010

NTUC INCOME INSURANCE WOES

Once again, the insurance companies have increased their premiums.

I was paying about $1200 for comprehensive commercial vehicle insurance under NTUC Income, and it has gradually increased over the years, even though I never had a claim in my life.

As I am closing down one of my companies, I had to transfer ownership of the van from one of the companies I own to another. Though I recently renewed my insurance at about $1200 on March 15, 2010, when I am transferring ownership between companies, I need to get a new policy. I called yesterday to check several insurance agencies for quotes, and I have used an agent by the name of "Tracy" to get quotes, but all these insurance companies seemed reluctant to do business.

I was put on hold for long periods of time, then talked to a sales staff to and they asked a few questions, and say, "I'll get back to you." Which obviously they did not.

As I need to effect the transfer of ownership on April 1, 2010, I need to get the insurance immediately as I've given these agents 1 week, still no reply. As my commercial vehicle was insured by NTUC Income, I called them on 31 Mar, 2010 and eventually got a quotation for about $1500 (For period 1 April - 15 Mar 2011)

The quotation was not that good, and I told them I need the paperwork done today, so I decided to go to NTUC income.

To my horror,

1) INSURANCE was about $2100. This was far from the $1500 quoted. I checked my old policy and it was about $1200, from NTUC Income 2 weeks back.

2) I asked the lady to check again, and time and again she has to consult her manager, and the end result was still about $2100. (Process took longer than 1 hour) Productivity tips by their NTUC Chairman Lim Swee Say does not seem to be used in the organization.

3) When I asked about my quotation, I got the bureaucratic answer, "Company policy increased premiums of all commercial vehicles today." BY MORE THAN 50%

As I was in a rush to register my vehicle, I had no choice as the other insurance companies does not seem to want to do business, and NTUC gave me an invalid quotation which was available yesterday and somehow different today because of company policy.

Why do they even bother to give a quote when they cannot offer that price?

-- Iron Bowl

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