pehon

Hello Rx8 owners.

I'm currently lookin at the possibility of purchasing a Rx8 in Singapore, and am doing some financial "planning".

I'm 22 and have my licence for 4 years already. Is there any Rx8 owners here that has any idea what the insurance would be for me? just want a rough estimate, not an insurance qoute.

Thanks all!

coupe07

shld be rather high based on ur age.

ard the 3k range.

CoupeM

I put it under my dad's name and I am paying about 2k without NCD but the excess is 1.5k

INXS

Same here..

Im doing with NTUC, with 30% NCD, excess 1.5k (higher than most) and the premium stands at 1.2k (lowest in the market)

INXS

Same here..

Im doing with NTUC, with 30% NCD, excess 1.5k (higher than most) and the premium stands at 1.2k (lowest in the market)

Btw: Forget about getting quotes from AXA, AIG, Aviva... they view the 8 as a 2 door car and with 30% NCD, the best my underwriters can give is $2.8k, excess $800. Though they are my partners in underwriting Corp Insce, Id pass on them for 2 door vehicle Insce.

Emperor

How old are you? I am with NTUC. 27 years old, comprehensive (i think)20 or 30% NCD, 2k excess outdoor occupation with 5% loyalty bonus and paying $2.7k.

snowflake8888

pehon,

The only way you're going to pay anything less than 3k is if the car is registered in your daddy's name and the insurance is under him. Alternatively, your family owns the insurance agency. Factoring in age, driving experience, occupation and listed taxable income, its logical to estimate that you're going to be paying more than Emperor. Unless you got super lobang.

INXS

Emperor, its under my dads name thats why.

For your info, NTUC commands the car insce sector with their cheap premiums. However, it comes with higher excess than most underwriters and compulsory IDAC when it comes to claims. With IDAC, they will assess and then get the lowest quote from 3 ABC registered workshops and assigned the repair job to the cheapest quotations. You might not get quality repair + parts (major concern). I got pretty **** service 1 yrs back when i got hit by an auntie driving a Presea CtII. Lousy service, slow, lelong lelong, workshop spray different tone, exhasts i think is refurbish one..

I decided on getting from NTUC simply becos of their pricing.. My underwriters from Chubb, AIG, Aviva gave me close options btw 2500 - 3200 (before discount), with an excess of 800-1000. NTUC came with a premium of 1280, with excess 1500. So i guess the choice is pretty obvious..

However, if you wish to get better service and quality repairs if anything should occur, GO FOR other Insce Companies other than NTUC. Let me know if youre interested to get a quote, even if its for your other sedans.. Alternatively, send your enquiries to my company and my admin girl will check it up for you. Do pm me when you decide to do so. Discount for all RX8 bros..

www.avision.com.sg

pehon

Thanks for all your replies! Actually, insurance of 3k was better than what i had expected. I was "planning" my finances based on 4-5k. So its good to hear that!

I won't be putting the car under my dads name, due to certain circumstances, sadly.

Looks like NTUC has the cheapest price in terms of insurance! I'll see what qoutes i get! Thanks all! Hope to join the 8 brotherhood ASAP!



To snowflake8888 or anyone who can answer this question.

Will the cost of insurance be influenced by occupation? How? If i'm in a high risk occupation does that increase or decrease the premium?

Thanks.

sqflyer

My NTUC insurance base cost is just under $2.2K without NCD and discounts. Now at 20% NCD and further 5% discount but I padded on addition protection by $3K for my bodykit for a small amount. BTW, my policy states that I am allowed to send my car to the agent (MM) for insurance claims.

Not sure if auto insurance is affected by occupation, but I know that life insurance is. Naturally, "high risk" occupations will increase the premium.

sgrenesis

if you happen to be in sales which requires you to drive more often than normal, then your premium may be higher.

INXS

The occupation is a minor criteria in underwriting. More importantly, your premium will be based on

1. Age
2. License Validity
3. Value of Car
4. Past records
5. NCD

Did i miss out anything?

snowflake8888

Perhaps i should qualify, by occupation, i primarily meant as in whether you had a job or not. insurance companies like assurance you can pay and not zao sai. But yes, whether your job requires you to drive ard a lot is a factor, but a miniscule one.

sqflyer

I highly doubt that auto insurance premiums are affected by whether you hold a job or not. I guess they assume that if you have money to afford a car (on loan or otherwise), you can afford the insurance premium. Besides, premiums are collected upfront before they underwrite your coverage. And if you don't have money to pay the excess in event of a claim, they have the right not to pay the repair bill or not to release the repaired vehicle to you until you pay up the excess.

Emperor

Motor insurance is affected by occupation. Either indoor or outdoor. I am paying for outdoor which is about $300-400 extra.

sqflyer

I wonder if my occupation is considered indoor or outdoor... if there's an extra surcharge for outdoor occupations, I wouldn't wanna be paying for it if they classified me in the wrong group.

Emperor

Your office is statistically safer than any other form of transport. Maybe can use this fact to get a discount.

What they mean by outdoor occupation means driving more than a deskbound person or more frequent use of insured car than normal. So if you pay for a indoor occupation rate when you are actually classifed under outdoor occupation, they can actually refuse to pay out if they find out.

Generally they make quotes for indoor occupation; they just presume it. Of course, they can do that, the insured have the duty to disclose.