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COE CASINO
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pharoah88
Supreme |
09-Apr-2010 11:38
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WHY is there nO DEATH PENALTY on FRAUD ???? the ECONOMIC DAMAGES CAUSED BY SUCH FRAUD is WORSE and FAR MORE WIDE RANGING THAN THAT OF 20 GRAMS OF DRUGS ???? While making FRAUD a more severe offence and reducing the incentive for higher repair costs won’t necessarily bring premiums down 21 per cent right away, if the changes make even a 10 per cent dent in premiums they could quickly save consumers over $100 million per year and put part of that $190 back in drivers’ pockets. WHY there is nO response from CID and POLICE on such OPENLY KNOWN FRAUD ???? WHY there is nO Ministerial FARUD Committee ???? to undertake iMMediate INVESTIGATIONS ???? S I M P L Y cannOt underSTAND ????
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pharoah88
Supreme |
09-Apr-2010 11:30
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this is the AREA that SINGAPORE nEEds FOREIGN TALENT (nOt tOlent, fOr gOd's sake) LIKE FBI and CSI What is this LYING OPENLY TOLERATED ???? WHO are AFRAID of WHO ???? WHO FEAR WHO ???? should be there a MINISTERIAL LYING COMMITTEE ???? to underTAKE the INVESTIGATIONS ???? |
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pharoah88
Supreme |
09-Apr-2010 11:21
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What are the CID and the POLICE doing about the LYING ? ? ? ? Lying about accidents has been blamed for everything from higher costs to unnecessary court cases, and touting could easily result in unnecessarily costly repairs or litigation. It’s easy to see how these actions, too, could result in higher premiums. PS: Are they ALL LIARS in this process ? ? ? ?
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pharoah88
Supreme |
09-Apr-2010 11:15
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V The nine recommendations by the Motor Insurance Taskforce to tackle “critical issues” to address premium increases averaging 21 per cent last year are a positive step towards that financial relief for drivers, yet the need for two further moves stand out. First, fast yet considered action on the more straightforward recommendations could save drivers money. It seems surprising that some of the recommended actions were not in place already. For example, surveyors are paid a percentage of the amount they estimate a repair bill cost. The higher the estimate, the more they make. While practices may vary, it’s easy to see how paying surveyors more if they recommend more costly repairs could result in higher costs. The Taskforce recommended that surveyors should be paid a flat rate. The Taskforce also recommended that making false accident reports and touting be made criminal offences. Here, too, it seems that penalties for both actions should be severe. Lying about accidents has been blamed for everything from higher costs to unnecessary court cases, and touting could easily result in unnecessarily costly repairs or litigation. It’s easy to see how these actions, too, could result in higher premiums. PS: Are they ALL LIARS in this process ? ? ? ? It took about six months for the Taskforce to come up with its recommendations. While discussions about more complex recommendations like consumer education or a no-fault claims system could take longer, making the more straightforward changes faster could benefit consumers tremendously. The Taskforce pointed out, though, that the next step is for “all stakeholders to play their part to deal with the issues”. Already, the wrangling over the recommendations has begun. The chairman of the Singapore Automobile Appraisers Association has come out opposing flat rates, as one might expect. Lawyers or auto repair centre staff who rush to the scene of an accident minutes after it happens might raise objections too. Proposals for changes in regulations have not been publicised yet. Meantime, though, consumers are still paying the higher rates. While making FRAUD a more severe offence and reducing the incentive for higher repair costs won’t necessarily bring premiums down 21 per cent right away, if the changes make even a 10 per cent dent in premiums they could quickly save consumers over $100 million per year and put part of that $190 back in drivers’ pockets. Second, if seemingly reasonable practices like these weren’t already in place for motor vehicle insurance, could proactive reviews of other types of insurance to root out similar issues stave off higher costs too? The General Insurance Association said that claims for Work Injury Compensation Insurance increased by 18.5 per cent last year, for example, while premium income dropped 3 per cent. The sector slipped from a slight profit in 2008 to a $12.2 million loss last year. The increase in claims and decrease in premiums occurred even as workplace safety education programmes continued to proliferate. Even though there may not be glaring gaps that caused the increase in claims, the size of the rise could indicate that insurance premium increases may lie ahead. The Motor Insurance Taskforce could serve as a model for setting up similar forums to tackle issues proactively rather than waiting for costs and claims to rise abruptly. “General insurance” includes personal accident, health, travel, property and business insurance too. While rates for these types of insurance have not spiked like motor insurance, working proactively to avoid false claims or inflated assessments could also avert higher costs. Setting up the Taskforce to tackle rising motor insurance claims after massive increases was indeed a good move. The task ahead now is to make rapid yet considered changes quickly. Any results achieved could greatly benefit consumers and companies in other areas of insurance. ehicle owners in Singapore could save an average of about $190 a year each if motor insurance premiums simply dropped from the $1.08 billion they cost in 2009 to their level the year before.The writer is a consultant who has lived in Singapore since 1992.
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pharoah88
Supreme |
09-Apr-2010 11:05
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would Mr RICHARD HARTUNG be a BETTER MINISTER OF TRANSPORT ?
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pharoah88
Supreme |
09-Apr-2010 10:59
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comment &analysistoday Friday April 9, 2010 page 26Drivers could save $100m in premiums ... if motor insurance taskforce ideas are implemented quickly Richard Hartung The writer is a consultant who has lived in Singapore since 1992. |
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pharoah88
Supreme |
09-Apr-2010 10:48
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is INFLATION "REDEFINED" as NEW ECONOMIC GROWTH ? upon which PERFORMANCE INCENTIVES are based ? |
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pharoah88
Supreme |
09-Apr-2010 10:45
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Indeed the perceptions for most Singaporeans is that the cost of living is much higher and has increased faster than salaries have. This is especially the case when the economy is just coming out of the worst recession in decades and many companies are exercising wage restraint.
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pharoah88
Supreme |
09-Apr-2010 10:42
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COE SHARKS IN SINGAPORE WORLD's 1ST ? ? ? ? nOt AGAiN ? ? ? ? is this ETHICAL ? is this JUST ?? is this FAIR ???
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pharoah88
Supreme |
09-Apr-2010 10:38
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COE MONOPOLY As it stands now, the COE bidding system is an unfair one. It is largely monopolised by car dealers and speculators, leaving no room for the car owner to bid for his own COE.
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pharoah88
Supreme |
09-Apr-2010 10:37
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Mr ALFRED LIM will make a BETTER MINISTER OF TRANSPORT ! Mr ALFRED will be an EXCELLENT MINISTER OF LIVING STANDARD
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pharoah88
Supreme |
09-Apr-2010 10:33
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I REFER to “COEs the next lightning rod?” (April 8). It is heartening to know that Government Parliamentary Committee chairman (Transport) Lim Wee Kiak realises the increased Certificate of Entitlement (COE) premiums could be seen as a “cost of living issue” for current and future car owners and that any price increase, be it COE or HDB prices, will have a “political implication”. Indeed the perceptions for most Singaporeans is that the cost of living is much higher and has increased faster than salaries have. This is especially the case when the economy is just coming out of the worst recession in decades and many companies are exercising wage restraint. However, Dr Lim goes on to add that the Government “has done its part” to tackle people’s concerns and to explain the rising car prices. In this regard, more can be done to ensure the cost of living is moderated and that sudden increases are tempered by a properly regulated system. As it stands now, the COE bidding system is an unfair one. It is largely monopolised by car dealers and speculators, leaving no room for the car owner to bid for his own COE. A simple solution is to have car owners bid for their own COE before buying a car. The desires of a car dealer to make a fat profit by closing his car bookings should be taken out of the COE equation. It is inequitable that the consumer is made to pay for the greed of car dealers and speculators, who often spread rumours and create fear in the car buyers that if they do not act “now”, they will pay higher prices later. COE bidding now is as simple as going to the ATM to punch out the amount you wish to bid. The amount which the car buyer is prepared to pay should be the only determining factor of the COE prices. The current COE system is lacking in this respect.
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tchoonw
Veteran |
09-Apr-2010 10:32
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siao ah....i rather take taxi!
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pharoah88
Supreme |
09-Apr-2010 10:24
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VOICES today Friday April 9, 2010 page 18 Wheeler dealers? Cut car dealers out of the COE bidding process Letter from Alfred Lim |
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pharoah88
Supreme |
09-Apr-2010 10:21
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CAR DEALER SCAM ? AGAiN & AGAiN ?? S$150,000 COE ? ? ?
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Hulumas
Supreme |
08-Apr-2010 21:29
Yells: "INVEST but not TRADE please!" |
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Yes, become car's slave instead of slaveholding car.
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melchamp
Member |
08-Apr-2010 20:25
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i remeber a time where we need to pay more than 100k for the COE... slavery to car... | ||||
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pharoah88
Supreme |
08-Apr-2010 20:22
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when people cannOt CHANGE the system, what can they dO tO their sufferings ? |
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pharoah88
Supreme |
08-Apr-2010 14:35
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ECONOMIC SLAVERY ???? WHEN NATIONAL ECONOMIC SYSTEMS ARE EXPENSIVE PEOPLE ARE SUCKED SUCKED SUCKED SUCKED DRY DRY DRY DRY |
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pharoah88
Supreme |
08-Apr-2010 14:17
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HOME myPaper THURSDAY APRIL 8, 2010 Page COE prices spike again with supply cut C When bidding for the latest The premium for cars up to 1,600cc closed at $34,001, up 19.8 per cent from the last exercise two weeks ago. The Open category, which can be used for any vehicle type but is typically used for cars, climbed 16.7 per cent to reach a 10-year high of $49,000. In the commercial-vehicle category, prices trekked north to close 11 per cent higher at $36,511 – the highest in 16 years. Only the COE for Though the prices left buyers and traders shaking their heads, they surprised no one, coming on the back as they did of a sharp cut in the COE supply. Each monthly Anticipation of the sharply reduced supply sent COEs soaring in the previous tender two weeks ago. With the latest rates, some COEs are double what they were in February. “It’s scary,” said Mr Neo Nam Heng, president of the Automotive Importers and Exporters Association. “I think we have to see what premiums are like in the next one to two months to see if consumers are accepting the new prices.” ERTIFICATES of entitlement (COE) have posted a second consecutive round of sharp increases, sending premiums to their highest levels in 10 years or more.tender stopped at 4pm yesterday, the COE for cars above 1,600cc hit $45,501, 26.1 per cent higher than its previous level and its highest point since 2000.motorbikes chalked a modest rise of 1.8 per cent to close at $1,221.quota is now about 4,300, or some 40 per cent less than the supply at the same time last year, because of fewer vehicles being taken off the road and an adjustment to offset a COE oversupply in recent years.Dealers Mr Ricky Tay, president of the Singapore Vehicle Traders Association, said buyers waiting for relief will find none. “Prices will definitely head north and there is no return,” he said, adding that the COE supply is likely to shrink further as motorists hang on to their cars because of the price spike, leading to even fewer deregistrations ahead. The price spike has also caused unhappiness among drivers who booked cars – some as far back as in January – but had not got them because agents had failed to secure COEs earlier in the year. One of them was businessman Dominic Tan, 52, who booked a Hyundai Avante in February for about $52,000. But even after topping up twice to an eventual price of close to $62,000, he did not get his car. “I was so fed up I cancelled the order,” he said, adding that he then booked an off-peak Kia Cerato for just over $44,000. Yesterday, Kia agent Cycle & Carriage secured a COE for him. “I’m very happy about it,” said Mr Tan. have reported a plunge in new orders since COEs rocketed two weeks ago, with some saying that sales had dropped by 90 per cent. However, used-car sales seem to have picked up speed.THE STRAITS TIMESA6 |
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