In the old days (before Sep 1989), insurance premiums were derived using a standard table provided by the General Insurance Association of Singapore (GIA). This table is known as a Motor Tariffs Table. Under this system, factors such as the ones below were used as a basis for computation: - Type of Cover, - Engine [...]
First, let’s look at why the MIB was set up. Its main purpose is to handle motor claims in cases where (1) the negligent driver cannot be traced/located, (2) the negligent driver possess an invalid motor car insurance policy, or (3) the negligent driver is not covered by any auto insurance at all. Under the [...]
Excess is included in a private motor insurance to deter motorists from making small claims. Excess is the initial amount of any claim that the auto insurer will not pay. In other words, the car owner has to bear this cost. For example, if the cost of your claims amount to $2,000 and the deductible [...]