6 September 2006
Dear Motorist
Shop around to get the best motor premium rates
Many car distributors have made it compulsory for the motor insurance for the first year to be placed with their tied insurance company. It is offered as a package with the sale of the new car. The owner is not given a choice of selecting their insurer.
From our market study, the premium rate charged by the tied insurers could be up to 30% higher than the premium rate charged by NTUC Income. The actual difference may vary according to the vehicle model and to competitive forces.
I encourage the owners of the new cars to shop around for the premium rate when their insurance policy comes up for renewal during the second and subsequent years.
Our premium rates for the popular models of cars are shown below. You can also get a quotation from our website at www.income.coop/xxxxxxxxxxxxx
NTUC Income has enjoyed the strong loyalty of our policyholders due to our competitive rates and good service. Our renewal rate has been consistently above 75% which is one of the highest in the industry.
Tan Kin Lian
Chief Executive Officer
NTUC Income
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