Certificate of Entitlement

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[pic] FIN3119 RISK AND INSURANCE CERTIFICATE OF ENTITLEMENT (COE) Kim Bit Na |NT080276X | |Ko Sung Kwon |NT080023L | |Lee Han-wei |U054363X | |Lee Jung Min |NT080657J | |Li Rong Yan |U054362L | |Lim Yi Ning |U064324X | |Lim Su Ming Jesselyn |U064833X | |Loo Yan Ling Joyce |U064698L | Content Page 1. Introduction2 2. Certificate of Entitlement (COE)2 2. 1 COE’s Origins2 2. 2 COE’s Open Bidding System3 2. 3 COE’s Determinants3 2. 4 COE Prices4 3. Advantages of COE4 3. 1 Greener Environment5 3. 2 Reduced Traffic Accidents5 3. 3 Revenue5 3. 4 COE Open Bidding System6 3. 4. 1 Greater Transparency6 3. 4. 2 Eliminate Fluctuations in COE Price6 3. 4. 3 Stability in Vehicle Price and Shorter Waiting Period6 3. 4. 4 Secure System7 4. Disadvantages of COE7 4. 1 High COE Prices 7 4. 2 Problems with Biding System8 5. Recommendations8 5. 1 Usage of Electronic Road Pricing (ERP)8 5. 2More incentives for people to take public transport8 5. 3“Leave Your Car at Home” Day9 . 4Encourage Car-pooling9 5. 5Lower Prices by Increasing the Vehicle Quota9 5. 6 Give Subsidies to Lower Income Groups10 5. 7 “Price Discrimination”10 6. Conclusion11 Appendix13 1. Introduction Demand for cars ownerships will continue to grow among Singaporean because of convenience, flexibility, and social status. Car ownerships have been viewed as a necessity of middle and upper-middle income lifestyle. The proportion of people with aspirations to own cars is likely to grow over time, as education level rises and people start to benchmark their lifestyle options against global standards. Singapore is unique and different from other cities. Car ownership rates in Singapore will always be limited by the fundamental fact that Singaporean does not have a hinterland where they can use their cars outside the city. Hence, there is a need to adopt different approaches in managing the demand for cars and road usage. This brought about the implementation of various traffic management strategies; of which, the Certificate of Entitlement (COE), is one of the key pillars of Singapore’s traffic management strategy. This report seeks to understand and evaluate the COE system; and to recommend solutions to improve any ineffectiveness presented in the system. 2. Certificate of Entitlement (COE) 1. COE’s Origins Singapore is a small country with limited space. In order to prevent huge traffic jams, the Government implemented the Vehicle Quota System (VQS). VQS is a system controlled by the Certificate of Entitlement (COE), which aims to control the growth of cars population at 3% annually in order to reduce road congestion. To register a vehicle, would-be owners participate in an open bidding exercise for a COE- the right to own a vehicle. COEs are valid for eight years from the date of registration for taxis, and ten years for other vehicles. There are five categories of COE; the non-transferable categories consist of: • Category A : Cars (1,600cc and below) & taxis • Category B : Cars (1,601cc and above) • Category D : Motorcycles While the transferable categories consist of: • Category C : Goods Vehicles and Buses Category E : Open Category (for any vehicle types) 2.

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