3/23/2010
Motorists are also citizens
Motorists are also citizens and need protection from scams and robbery. Who is responsible to protect the interests of the motorists in the face of outrageous surge in motor insurance premiums at their detriment? No one is responsible? Or just because the silent motorists are not complaining so there is no issue and it is acceptable for the insurance companies to keep fleecing them?
The No Claim Bonus is meant to be a reward for clean driving records and not making any claims against the insurers. This must be translated into lower premium, not higher. How on earth can the increases be more than the NCB when the motorists are not making any claims? Why should the motorists be made to pay more?
Where is JUSTICE! Where can the little motorists find justice?
More motor accidents, more claims, higher claims! Whose fault and who should be accountable for the higher insurance payouts? The motorists that did not make any claims?
The sickening thing is that the insurers also knew that there is a big scam going on. And instead of tackling the problem at its source and make the culprits pay, the buck is passed to the motorists. And nobody cares, not anyone's business. Let the motorists continue to be fleeced. And if they are not complaining, it means that the premium is still affordable. And why not, the premium is determined by market forces, so must be right.
What kind of principle are we following? Cost overrun also no problem. Just make sure the people can pay. Medical cost goes up, make sure the people have more money in their Medisave. QED. Problem solved.
Are Singaporeans willing to live by such thinkings?
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14 comments:
Jus got to say something here, can't help it. My understanding of the Culture Of SIN is that so long as the process is legal, JUSTICE is secondary.
Mr Bean; U kpkb abt trivial issues, don't U see that all these small little issues stem from a leadership that is lost itself ? It does not even know how to relate to its' citizens and or take care of their wellbeings.
Ooops, your are right. I shouldn't kaypoh as the motorists are all happily driving their cars and paying their premiums. Non issue, really.
And good for the economy too. I wonder who is making all the money.
Hehe.
You are hereby solemnly advised that if you are so unhappy about the way the insurance companies rob you, please take our world class MRT, buses and taxis driven by the the most qualified unemployed in the world. We count Phds, ex lawyers, ex accountants ex everything as our cabbies.
Mr. Bean, can you kindly email me also with your brilliant plan to cut motor insurance by 50%?
I will still want to drive because I do not relish the thought of being packed into the MRT like sardines and having to listen to all the tagalog, shanghai dialects, hindustani etc. dialogues going on around me. Sure makes the journey unpleasant like hell. And those out of work cabbies? Many of them has suicidal tendencies. They're thinking......if I have to suffer like this, lets go to the shithole together!
Wally, what's your email?
Mr. Bean,
wallybuffet@gmail.com
Hope your plan works and I can save some money for happy hours.
Hehe.
Making "greed" or "evil" as an argument is always a weak argument -- logical fallacy: "Appeal to emotion"
"The govt should protect people" --- logical fallacy: "Argument ad populum" - appeal to popular beliefs.
No one has bothered to ask the question why the premiums are going up and the "benefits" decreasing.
My hypothesis is that the insurance companies have been "scammed" themselves: mainly in the derivatives market.
Matilah, I know they are all fallacies to con the innocent and naive. But I must say it and repeat it till they become a mantra.
How else are we to teach the children in school? Telling them being honest, compassionate, caring, selfless are all rubbish and stupid?
The successful may be laughing at these silly age old make belief goodnesses while they cheat and steal and live a good life and give lip service to them, the reality, like you say, is that the simple folks will always be cheated and taken advantage of.
Perhaps the Automobile Association can consider setting up a low cost motor insurance mutual for all its members. To keep premiums low, keep costs low by:
1) Offering no frills compulsory 3rd party insurance only instead of comprehensive covers. All member to bear repair costs themselves. This will discourage inflated repairs claims and serve as incentive for motorists to get best value for money repair services. In any case, maximum loss for vehicles is limited to the difference between market value and scrap value of cars in Singapore. Those who want additional cover can buy from elsewhere.
2) Cut out commissions by introducing direct on line sales.
3) Minimise overhead/manpower costs by simplifying policy terms/conditions and sell on-line like travel insurance policies.
4) As this is a mutual, any profits should be declared as policyholders' dividends to members once every 3 years or so.
Robert,
Good ideas but they have been thought of, trust me.
We can talk until our faces turn blue on this subject and not much will be done. It seems that the will to cut excise the cancerous leeches sucking up money from motorists is not there. So just work the cost of this daylight robbery motor premium into the cost of running a car. Like some kind of a tax you know.
I also agree that Robert's idea is good. And yes, it is a money game and where the money goes to.
redbean
You've highlighted a pet peeve of mine: teaching children in school, as opposed to guiding the children to LEARN and allowing children to discover truths about the objective reality and the naturalworld for themselves -- allowing them to be WRONG and allwoing them to learn from their errors.
The big problem, as you have indicated (although to you it is not a problem) is instructing children how to behave through educational/moral edicts. Hogwash. It has never worked and will never work. This out moded and wrong methodolgy manifests itself in rebellious (without cause) or clueless children who grow up to be clueless "blame-it-on-someone-else" adults.
To Robert:
Here in Oz compulsory basic 3rd party is required by law. In fact the basic 3 rd part cover (covering injury and loss of life) is factored into the vehicle license itself.
You are allowed to drive without comprehensive or additional 3rd party insurance, but if you happen to be unlucky and so much as damage a $500k luxuary car, the insurance comapany will bankrupt you -- go after your assests until they recover their costs.
Relax folks, S'pore vehicle insurance rates are still OK compared to many other countries. Singaporeans will bicker that everything is so expensive. But when something is "cheap" they'll announce it to the world to.
Singaporeans are like the price-mechanism gone mad. Everything oso must talk.
"You are allowed to drive without comprehensive or additional 3rd party insurance....."
Anyone who does this shouldn't be driving anyway. He should just ride a horse on his sheep farm.
Hehe.
Now the insurers are complaining that the insurance premiums are too low. Would they open their books to show how much of the premiums got to salary, bonuses and commissions other than those going to the scams?
Wally, In the whacky country I live in, lots of people shouldn't be doing most things -- but the fact is they do.
Freedom, man,...it's not dependent on individual IQ ;-)
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