Car insurance premiums up and up

The motorists are so pissed off with the high insurance premiums for cars that two letters appeared in the ST forum today. There could be more letters written in and many more who are angry but did not write in. The gist of their anger is that the high operating cost in the insurance industry is contributed by bad management and probably misleading claims and the whole process of repairing and claims. And all these were simply passed to the innocent motorists. Worst, many motorists have never made a claim in their lives and are made to pay more and more. Huh, pay more and more. Motor insurance is a compulsory requirement by law. Should the authority be concerned and be interested to see that there is fair play in this business? Or someone is sleeping or paid not enough so does not think it is his job to get his feet wet or hands dirty? The other question is whether the accident rate is really that high given the high number of vehicles on the road. Without proper monitoring and regulations in this industry, the insurers could turn themselves into highwaymen and the motorists becoming victims of another scheme of daylight robbery. Wake up man.


Anonymous said...

I have not made a motor claim for the last 10 years. Yet, I will have to pay more for motor premiums. The whole system is a scam and law abiding, careful drivers like me are made to suffer for the greed, carelessness and incompetence of others.

Careless taxi drivers and other morons on our roads contribute to the voluminous claims. Motor workshops in cahoots with insurance company employees scheme to churn and maximise repairs and inflate claims. There is almost non existent police patrols to ensure that everyone drives according to the law. And a sleeping regulatory body within the now infamous MAS (after the Lehman and Minibond fiasco) all contribute to the current state of affairs.

These days, it doesn't pay to be a good guy or a careful driver. The next time I see a motherfucker taxi driver cutting suddenly into my lane, I'm gonna bang the daylights out of him!

Anonymous said...

Cannot beat them, join them.
Open a car insurance agency office and earn some commissions from all the suckers.

Chua Chin Leng aka redbean said...

at the rate it is going, the insurance will soon be more expensive than the car.

Jaunty Jabber said...

When several insurance companies adjust their premiums upwards synchronically, doesn't it means violating the Anti-Competition Law?

Chua Chin Leng aka redbean said...

wait wait, wake up already.