3/19/2009

The motorists are angry, very angry

The high insurance cost now, and the coming future, is making many motorists angry. And the fact that this is a mandatory requirement really is a pissed off. It is like legalising daylight robbery. It is not the point to tell the industry to reduce the insurance premiums. The govt must step in to stop the malpractice as the legal requirement for car insurance is from the govt. How can this thing be left to the insurance industry completely to decide how much they want to charge when it is obvious that frauds, abuses and malpractice are the cause. And don't forget that pay is also a major concern. How much is the cost going to the pay of the industry players? Big pay means big cost, don't ever forget that. Someone must pay for it. 8 month bonuses or 12 month bonuses or more?

7 comments:

Anonymous said...

sorry god cannot help us here because god is on govt. side.

redbean said...

ya, god said, for those who have, more will be added unto them.

god also said it is very difficult for the rich to go to heaven.

is god fixing them up?

Anonymous said...

Suggest to ban comprehensive insurance coverage altogether. Just third party will do. Then all those reckless fools will have to bear their own responsibility for ensuring that their precious toys don't end up in the junk heap. And they'll be more careful when they drive.

With third party coverage only, few, if any will complain about the low premiums.

ORROZ.

redbean said...

hi orroz, welcome to the blog. i support the idea of 3rd party insurance as compulsory and comprehensive coverage as optional.

but knowing the robbers, they will find ways to make 3rd party coverage just as expensive.

Anonymous said...

The problem with having insurance cover is that there is always an avenue for malpractices. Humans are getting better in exploiting loopholes to make more money. They are evolving.

We also had motor insurance in the distant past. There were little or no such malpractices. Motorists were probably more ethical then, or were they more foolish in not taking advantage of the system?

It is also the same with with hospitalisation and healthcare insurance now. Such insurance covers will ultimately lead to upward pressure on hospitalisation and related charges because, humans being humans, there is always the notion that since insurers are paying for the bill, it doesn't matter if they just add a little more here and there. Or include some unnecessary test procedures before treating the patient. Of course they will not call that as malpractices!

But who suffers in the end? Insurers will have to increase premiums to cover those excess payments.

That is what ails the US healthcare system today. A great number of people in the US cannot afford hospitalisation because they are too poor to buy healthcare cover, with healthcare premiums going through the roof due to exhorbitant hospital bills.

We are going in that direction. Then they will tell those Singaporeans who cannot afford hospitalisation here, to get treatment in JB instead. The healthcare machinery here is to cater to the elites who can afford, and rich patients from neighbouring countries.

That is the coming reality, if they do not rein in healthcare costs too.

Lost Citizen

Matilah_Singapura said...

> The govt must step in to stop the malpractice as the legal requirement for car insurance is from the govt. <

I doubt will have any effect. Govt intervention will only be used as an excuse for the govt itself to get involved in the insurance business.

Oh wait... the govt is already in the insurance business. Silly me.

redbean said...

this is another vicious cycle of the dog chasing its own tail, never ending.