If you have bought an NTUC car insurance before, you’ll probably know how to renew your motor insurance with NTUC Income. The process is easy and hassle free.

About one month before your car insurance expires, the insurer will send you a renewal notice. You can simply follow their step-by-step instruction to renew and pay for your car insurance.

This renewal notice serves as a reminder to renew your car insurance and your road tax. You may have to send your car for inspection before you can renew your road tax though. Inside this document, your car insurance renewal premium and the excess are stated.

Other than that, the insurance start date is also mentioned. In order to avoid problems renewing your road tax down the road, it is advisable to align your car insurance start date to your road tax start date.

To do this, you can simply request to extend your insurance policy or cut it short. It’ll be helpful if you can let the customer service officer know your intention to align your car insurance date with the road tax date.

After considering NTUC’s offer, you can choose to insure your car again with NTUC or source for quotes elsewhere.

In general, if the car insurance premium is less than the previous year, motorists wouldn’t mind renewing with their existing insurer. Otherwise they will readily find several other car insurance quotes from elsewhere to compare.

Why Do Customers Want to Renew Their Car Insurance With NTUC?

There are a few advantages to renewing your car insurance with NTUC. First, for being a repeat customer, you can enjoy a better rate.

Also, NTUC Income has improved their customer service by a great deal in the past 1-2 years. Therefore complaints you may have heard about are mostly a thing of the past.

Recently NTUC Income also organized an Orange Force Accident Response Team to assist customers in case they meet with an accident.

They can be called upon in a moment’s notice and they are available 24 hours a day, 7 days a week. On top of that, they will offer assistance regardless of where you are in Singapore.

The Orange Force Team moves about in a special 3-wheeled bike. Therefore even traffic congestion will not impede their quick response.

Having said this, we must also remember that NTUC car insurance is not perfect. Just like any insurance company, there will be times when customers are not happy with them for one reason or another.

Nevertheless it is important to understand that NTUC’s customer service officers are willing to solve those problems when they arise.

Apart from renewing your car insurance with NTUC Income, you can also protect your vehicle with other reputable insurers like Chartis Insurance, AXA Insurance, India International, etc.

To get quotes from these companies and more, click on www.motorinsurancesingapore.com and request for them.

Friends Who Read the Above Article Also Read:

1. Cancelling Your NTUC Car Insurance Policy
2. NTUC Car Insurance – Scope of Coverage For Your Vehicle (Own Damage and Loss )
3. NTUC Car Insurance – Should You Sign Up For The Drivo Classic Plan or The Drivo Premium Plan?
4. Different Types of NTUC Car Insurance
5. NTUC Car Insurance – Third Party Liability Coverage, Medical Expenses & Personal Accident Benefits

For example, if the cost of your claims amount to $2,000 and the deductible is $600, you’ll have to bear $600 while the rest can be claimed from the insurer. An illustration is drawn for you below:

If the total amount (for repairs, damages, etc) is less than the excess ($600), nothing is payable by the insurer.

But…why do the insurers want to impose such an idea on motor car insurance? Because…

- The insurers hopes that the drivers will take more care and responsibility as the driver still has to pay for damages not exceeding the excess amount.

- Claim payouts (by the insurers) are reduced by the excess amount, the risk/liability of the insurer is also reduced. This also lowers the insurance premiums.

- There are fixed costs incurred to service each claim, it doesn’t make sense (economically) for the insurers to attend to each and every small claim.

- For customers with bad claims experience (profiled as high risk for the insurers), higher excess can be imposed to allow their car insurance to remain in force. This also keeps their premiums within financial reach.

You can certainly request for excess to be removed or reduced in some cases. But since the insurers are taking on extra risk, your premiums will go up by quite an amount. For drivers under 21 (or 23) years old, such excess cannot be removed.

Friends Who Read the Above Article Also Read:

1. Renewing Your NTUC Car Insurance Policy
2. NTUC Car Insurance – Should You Sign Up For The Drivo Classic Plan or The Drivo Premium Plan?
3. No-Claim Discount (NCD) for Car Insurance Policies
4. NTUC Car Insurance – Third Party Liability Coverage, Medical Expenses & Personal Accident Benefits
5. Etiqa – Summary of Main Benefits – Any Workshop

In Singapore, knowing these motor car insurance terms may save you a couple of hundred dollars as you are shopping for an auto insurance package for your vehicle.

The idea is to know what you need and what you don’t. For example, you may not need a courtesy car or towing/roadside assistance. Adding these into your coverage may cost you a little more than you’ll need to pay for.

So get familiar with these terms now:

Motor Premiums
This is the amount ($) you pay to insure your car from eventualities. Ensure your premiums commensurate with your risk profile. Always make sure that you’re not over-paying for your car insurance (or motorcycle insurance).

Excess Amount (aka Deductible)
Find out the amount that you might be required to bear when a claim is made. Eg. If your claims amount to $2,000 and the deductible is $600, you’ll have to bear $600 while the rest will come from the insurer’s pocket.

Every insurer will impose excess on policies – the higher the excess, the lower the premium charged and vice versa. And each insurer will state their excess amount when they make their offer (quote) to motorists.

No Claim Discount (aka No Claim Bonus / No Claim Entitlement)
No Claim Discount (NCD) reduces your car insurance premium significantly. If you have an NCD of 20%, you’re given a 20% discount of the premiums that you’re supposed to pay. You are entitled to NCD on renewal if you have not made a claim for a year. This is how NCD is calculated for subsequent years:

If a claim is made during a policy year while you are still enjoying NCD, the NCD will be reduced at the next policy renewal. The reduction of NCD is computed as follows:

Windscreen Damage
Many insurers provide you with windscreen cover (free of charge) but apply an excess of $100 for each claim. (check insurers’ policy)

Personal Accident Cover
Some insurers offers personal accident covers for you and your passengers as part of their insurance plan. (This may or may not be necessary for you, depending on whether you have an existing personal accident coverage)

Repair Options
Restrictions on repair workshops and new part replacement applies. Usually cheaper premium policy will tend to have more restrictions. This contributes to the advice that the cheapest motor car insurance may not be the best.

Towing/Roadside Assistance
Some insurers provide towing and roadside assistance in their plan.

Courtesy Car
Some insurers provide a courtesy car while your vehicle is under repair.

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Friends Who Read the Above Article Also Read:

1. NTUC Car Insurance – Should You Sign Up For The Drivo Classic Plan or The Drivo Premium Plan?
2. OAC (Drive & Save) – Summary of Main Benefits (Authorised Workshops)
3. Liberty Insurance – Summary of Main Benefits (Authorized Workshops)
4. Should You Buy NTUC Car Insurance or Chartis Car Insurance?
5. Protecting Your Car With Chartis AutoPlan Car Insurance