You may feel like you’ve hit a brick wall when your insurer refuses to renew your car insurance because you’ve reported a couple of accidents that aren’t even your fault. But there are ways round it…
The newspaper and online forums are full of hard-luck stories of drivers who have been involved in accidents that are not their fault yet have been turned down when trying to renew their insurance policy.
The following is just one example of such a case:
“Last year I was involved in two separate but almost identical minor accidents where I was not at fault.
I made timely reports and even informed the insurance company about video evidence of the second accident, which was recorded by a Land Transport Authority camera.
Yet, after months of waiting, I ended up paying a higher premium (over $1,000 more) after the first accident, and just two months before my subsequent policy renewal, the insurer declined to renew my insurance despite my having enjoyed a 50 per cent no-claim bonus for more than 25 years.
I found out later that my insurance company had merely paid an accident survey fee of $347, but apparently set aside in reserve more than $10,000 for claims for the next six years.
To date, I have spent $600 (the total for the two accidents) to have repairs done at the insurer’s preferred workshop, and also received its confirmation that no third-party claims have been paid out.
Its decision to decline my renewal meant I had lost my “insurability”. Yet, I have a letter from the police stating that the other driver in the second accident was at fault.
Mr Khoo’s story highlights the situation many drivers find themselves in when it comes to reporting accidents to their insurer then finding it impossible to get their insurance renewed.
It’s frustrating and in many cases unavoidable, with many insurers basing their premiums on risk assessments which also take into account ‘not at fault’ or partially ‘not at fault’ accidents
For those drivers that are being refused renewals, though, there is help at hand. DirectAsia.com’s SOS Car Insurance is aimed at giving drivers who are considered ‘high-risk’ a second chance.
Simon Birch, CEO of DirectAsia.com, said:
“At DirectAsia.com we understand that accidents happen whether it is your fault or not. Not everyone has a perfect driving record.
“That’s why we’ve come up with SOS Car Insurance, a policy that gets you back in the driving seat and back on the road in no time. It is aimed at drivers considered as ‘high risk’ who would otherwise be refused insurance or have difficulties renewing their policy.”
Almost every major manufacturer, and quite a few upstarts, are beginning to reveal their bikes of the future. It makes sense. The cost of Petrol will only continue to rise…
Feeling like your life is on hold or stuck in your job? Maybe it’s time to plan a career break. If the thought of leaving your desk fills you with…