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Tuesday, July 25, 2006

Motor Insurance anyone?

1.What does the motor insurance for private car cover?

We offer
four types of insurance

- quality
- quality plus
- third party, fire and theft
- third party

The quality
plan covers:

- Loss or damage to insured vehicle, subject to
an excess
- Windscreen damage to insured vehicle for its full
value, subject to an excess of $100
- Legal liabilities to third
parties (including passengers) - Personal accident benefits for the
policyholder at $20,000 and the passengers at $10,000 each
-
Medical expenses benefits for the policyholder and the passengers at
$300
- Compulsory accident repairs by quality workshop

The quality plus covers all of the above benefits, and includes waiver of
excess and the use of a courtesy car.

2. What is the difference in premium rates?

The premium rate varies according to
(a) type of cover,
(b) characteristics of the vehicle,
(c) characteristics of the driver,
(d) past driving and claim experience.

Here is an example showing the difference in
premium rates by cover type for a new Toyota Altis owned by a 35
years old male who enjoyed NCD 50%.

Cover Premium
Quality Plus $679
Quality $621
TPFT $411
Third Party $344

3.
Do I get a discount if I have many years of! driving experience and
have not met with an accident?

You wi ll earn a no-claim discount (NCD). The discount is 10% for each year of driving
experience without any claim, up to a maximum of 50%.

If you enjoy NCD from your insurance policy and you wish to move your
insurance to us, we can give the same NCD to you.

If you enjoy 50% NCD for 5 years or more and should you meet with a minor
accident where the claim is less than $3,500, most insurers will reduce your NCD. In this situation, we will not penalise your NCD. This special benefit is offered only by us in the industry.

4.
What are the options or riders that I can add to my motor insurance
policy?

* If you enjoy a NCD of 50%, you can buy a protection
for an additional premuim of 10% (subject to a minimum of $50) to
allow you to make one claim and still enjoy the same NCD.

* You can insure for non-factory fitted accessories for an additional
premium of $25 for every $1,000 (minimum $25)

* Option to allow vehicle repair at! distributor's workshop, subject to an
additional premium of about 25%

5. Is there a difference in premium for a male and female driver?

A female driver enjoys a discount of about 6% reduction in the premium, due to their lower
claim experience. Some other companies charge the same premium rate for both genders. Female drivers enjoy a discount when they insure with us.

6. Do all insurers charge the same Excess?

The Excess is the amount that you have to pay when you make a claim for
the repair to your vehicle.

The Excess varies from one insurer to another, and depend on the model of vehicle. Generally,
the Excess imposed by us is among the lowest in the market.

Some insurers charge a lower Excess than us, but they impose an additional
excess for unnamed or older drivers

We do not impose an additional Excess for unnamed or older drivers.

7. Do I get a discount if I come directly to NTUC Income, instead! of going through
an agent?

We will give you a direct discoun t of 5% immediately. If you go through an agent, you will earn the loyalty discount of 5% after staying with us for 3 consecutive years.

8. How can I enjoy a lower premium?

If you are a safe driver you may decide to take on a larger part of the risk to enjoy a lower
premium. You can opt for a higher excess and enjoy a premium reduction of between 8% to 15%.

9. Can I pay for my motor insurance by instalment?

You can choose our easy payment option. We will allow you to pay your motor insurance premium in 12 monthly instalments through GIRO, free of interest.

10. Can I also pay for my road tax by instalment?

You can apply for an advance to pay your road tax. We will collect it from you in 12
monthly instalments with a flat interest, as follows: - for customer with loyalty discount: flat rate of 3% per annum - for other customers: flat rate of 6% per annum

Note: a customer enjoys a loyalty discount by insuring with us for at least 3 years

11. How do I make a claim?

In the event of a motor accident, you should call our 24-hour hotline at 6788 6616. If a camera is
available, you should take some photographs of the damages to the damaged vehicles and properties.

You should fill up the Singapore Accident Statement (SAS) form at the scene of accident, get
it signed by both parties involved. You then proceed to the nearest Independent Damage Assessment Center (IDAC) within 24 hours for a damage assessment and to submit the SAS form to IDAC.

( For details, refer to http://www.income.coop/claims/motor/noninjury.asp )

12. Can I repair my car at the distributor's workshop?

We encourage our policyholder to have the repair carried out at our selected workshop. 97% of motorists who repair their cars at our workshops are satisfied with the standard of repair.

We allow repairs at distributor workshops if the cost charged is reasonable or where specialised skills or tools are necessary to carry out the repairs.

13. What happens if my car is stolen or seriously damaged within one year of purchase and has to be declared a 'total loss' ?

NTUC Income pays the market value of your car at the time of loss. If your car is less than one year old, we will replace it with a new car of similar make or its equivalent. Alternatively,
you can opt for cash payment.

14. Will my insurance policy be able to cover me when I rent a car when overseas?

If you drive a rental car overseas, you are usually provided with a limited third party liability cover. You will be personally liable for any amount exceeding the limit of cover provided by the rental company. Your NTUC Income policy allows you to extend your cover up to US$1
million against the third party liability that exceeds the basic
cover provided.

Our premium for this extension is 50% of the normal market rate. This cover is available to you if you are currently enjoying a 2! 0% or more NCD.

15. How is NTUC Income different from other insurance companies?

NTUC Income is a cooperative. We take care of our policyholders. Our motor
premium rates are 10 to 15% lower than our competitors for most vehicle types.
If you are now insured with another insurer and you move to us, you can enjoy a saving of up to 15%.
Just call us for a quotation. You can compare for yourself.

We are able to charge a lower premium rate for the following reasons:

* We manage the claims effectively and avoid paying for inflated claims.
* We charge a fair premium rate based on the claim experience (according to various risk factors).
* We have low administrative expenses.
* We keep a modest profit margin.

Some info about what I am doing. Friends, if you wish to purchase Motor Insurance with NTUC Income, you may contact me for more info.

Peace.

Phirizy::Tuesday, July 25, 2006