Monday 7th of January 2019 12:23:42 AM
I insured my new Toyota Vios back in May 2013 for a premium of $1,491.97 which was then slightly higher than what I used to have but accepted it as this tied with the insurance rebate from Borneo Motor. This premium was after 15% OPC discount, 10% NCD and 5% promotional discount. The renewal premium notice came early May quoted by AIG as $1,573.18 after 15% OPC discount, 20% NCD and 10% BMS Renewal Discount. After I called AIG, they gave a further 5% discount (final $1,497.96) saying that is the best they can offer. I ask for the reasons for the premium hike, they can only said these are based on their internal data that cannot be reveal how they derive to such an amount and that market value of the car is only one of the factor, no general consensus of the insurance industry nor any news clippings to substantiate their increases.This year's premium $1,497.96 is still higher that my last year's by $6, but the increase is more than 20% factoring additional 10% NCD, 10% BMS Renewal Discount and the fact that my car is a year older where the insured amount stipulate clearly market value. What justification for the increase which AIG cannot substantiate or attempt to explain despite attempts through their followups and online survey verification.On 29th May 2014, Business Times published that motor insurance premiums have fallen as most insurers cut prices after a profitable year in 2013, while others compete for more business. In the article, it cited an example that AIG had reduce the premiums by 18.9% however my recent motor insurance with AIG have inflated by more than 20%. I called early July to demand a letter of explanation as to why my premiums were inflated while they publicly said that their premiums have reduced. A day latter, AIG called and said that there is a computer glitch and my premium should be reduced by $232.46 and took them 2 to 3 weeks to mail the cheque to me.To me, ($1,497.96-232.46) =$1,265.50 is still not the 20% discount entitlement least to talk about premium reduction. Yet, AIG were not apologetic as I have yet to receive any letter of explanation of the differences. Called again to find out whether they are going to sent the letter and told that with the refund, the case was considered closed. I reiterate my demand for a letter of explanation, one week past nothing coming through. I called and told that AIG management thought that it was not necessary to sent letter, but I asked had AIG informed me about their decision which they cannot answer. Then, I set another deadline for one more week for their letter. To this end, no letter nor contact made after the deadline.I only conclude that AIG simply ignore their customer and brush aside customer' rights to know, after numerous phone calls to their customer service over more than 3 months. Can you imagine, had this was a claim wonder how the claimant were treated. AIG supposed to be a international company that was bidded out recently by US taxpayer become very arrogant, opaque, dishonest, paying lips service, said what you don't do and the worst the management hiding behind the customer service hotline. Can anyone together with the relevant authorities, GIA, CASE, other insurers and Competition Council please comments on this?