How premiums are calculated and how making a claim does not mean a higher premium renewal.
Synopsis: In this new podcast, The Straits Times offers expert insights if you are in the market for a new vehicle or are tracking transportation trends.
It is compulsory for all vehicles to have third-party insurance and vehicles that are under financing are required to have comprehensive insurance policies.
To find out how motorists can avoid some of the pitfalls of getting coverage for their vehicles, ST’s senior transport correspondent Lee Nian Tjoe speaks with Mr Douglas Chia, the chief executive of Eazy, an insurance brokerage.
Highlights (click/tap above):
3:33 Why does it seem that motor insurance premiums are always going up, even when the car is getting older?
10:00 A married male driver pays less for insurance than an unmarried one, but the opposite is true for female drivers: an unmarried one is deemed to be less risky than a married one
21:33 How the No Claim Discount (NCD) protector does not work to the motorist’s benefit
28:00 Why accidents in rental cars are so shockingly expensive
33:49 Horror stories of exorbitant claims from staged accidents
44:35 What happens if the other party runs away in an accident?
Produced by: Lee Nian Tjoe (niantjoel@sph.com.sg), Ernest Luis and Teo Tong Kai
Edited by: Teo Tong Kai
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