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GIA president Derek Teo said the new initiative is aimed at making 'the entire claim process for the motorist a seamless and painless one'. -- ST PHOTO: NG SOR LUAN
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NO MORE forms to fill at roadside, or dealing with workshop touts and tow-truck operators, or waiting at inspection centres.
All motorists need to do the next time they are involved in a road accident is to call their insurers, who will take care of the rest, including supplying a replacement vehicle where feasible.
The General Insurance Association (GIA) announced this 'one-stop' service on Wednesday in yet another bid to staunch insurance losses, which hit a five-year high of $103.2 million last year.
GIA president Derek Teo said at the association's 41st annual general meeting luncheon that all 29 member companies will inform their customers about the new initiative which it plans to roll out by May.
On their part, motorists will be required to inform their insurers of an accident within 24 hours.
'If they do not, they will be in breach of an agreement and risk not being covered,' he said.
They are also advised not to sign any authorisation agreements with tow-truck operators who often appear at the scene of accidents.
The new initiative, Mr Teo said, is aimed at making 'the entire claim process for the motorist a seamless and painless one'.
Mr Teo, who was re-elected on Wednesday to serve a fourth year as GIA president, attributed the motor underwriting losses - which soared from $625,000 in 2006 to $103.2 million last year - to motorists sending accident vehicles straight to workshops.
This he said, had led to contentious claims and litigation, which drove costs up unnecessarily.
Read the full story in Thursday's edition of The Straits Times.
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