My car insurance will be expired on 30 Mar and I just renewed it for $1,041.84. This amount is after deduction of 50% No Claim Discount + an additional 5% Certificate of Merit Discount. Last year's premium was less than $900, an increase of about 18%! I have a clean record since I started driving in June 2001 and so, I got pissed off to see premium keeps going up!
There is a report in today's Straits Times "Insurance relief for motorists". It sounds like a good news for us but it was not. The General Insurance Asociation of Singapore (GIA) mentioned that "Any rise in premiums this year will be marginal". What is so good news about this? Still an increase, right? Personally I think GIA is not doing enough to stop the rising premium. All they did was to blame motor workshops, lawyers and doctors for fraudulent claims. I agree with the view that the insurers didn't study hard enough at their operations in particularly they way they investigate claims. As car insurance is compulsory, it is not unreasonable to assume that they are taking the easy way out by just increasing the premiums.
Next year, I will source around for a cheaper premium instead of extending it blindly with my current insurer, Chartis (formerly known as American Home Assurance Company).
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