Digital Curator, Author at Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Your Cheap Car Insurance May Actually Cost You Thousands More

2 March 2015 By Digital Curator Leave a Comment

Everyone knows the old saying about excess – too much of anything is a BAD thing. But not everyone knows that trying to save too much money on your car insurance policy’s “excess” is a risky move that can cost you thousands of dollars if you’re not careful.

What Is This “Excess” You Speak Of?

In case your insurance agent skipped the “excess” portion of your car insurance policy or you chose a higher excess when purchasing your policy online because you thought “more” was better – excess is the amount of money YOU must pay your insurer before it will cover the full amount of your claim.

Why Doesn’t Everyone Have a Low Excess Then?

The problem with having a low excess is that it’s expensive. That’s because most of the financial risk is on your insurer if you ever make a claim. But you shouldn’t worry too much about your insurer shouldering most of the cost in case you get into an accident – they’re getting plenty of money from you in the form of higher monthly premiums.

Cheaper Isn’t Always Better – It Can Cost You In the Long Run

What’s wrong with raising your excess to the highest possible limit to save money? Nothing – if you’re someone who drives an off-peak car, lives fairly close to work, drives irregularly, and has the unique ability to see into the future.

Drivers under 26: Sorry kid, statistically, you’re more likely to be involved in an accident than someone just a few years older than you.
Drivers over 60: Sorry uncle, with all due respect, you’re more likely to have poor eyesight, health problems that affect your limb movement, and slower reaction time – factors that contribute to many accidents involving older drivers.
Rush Hour Commuters: Bumper-to-bumper /stop-and-go city traffic poses a higher risk for accidents, where even a slow speed accident can cause 1K-2K worth of damage!
Drivers Who Commute 50km+ daily: Your likelihood of an accident increases with both driving frequency and distance.
Shift Workers: Fatigue is a big contributing factor to accidents, as people who come off 12-hour shifts tend to be more fatigued than those of us working 8/9 hours daily.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

SOFTWARE REWRITES INSURANCE

27 February 2015 By Digital Curator Leave a Comment

Image via Flickr user Michael Daddino

Insurance is all about distributing risk. With dramatic advances in software and data, shouldn’t the way we buy and experience our insurance products change dramatically? Software will rewrite the entire way we buy and experience our insurance products — medical, home, auto, and life. Here’s how:

By changing the way insurance companies price risk

So many more signals are available for insurance companies to better price the premiums we should pay. Drivers that drive carefully in safe neighborhoods vs. recklessly through accident-prone intersections ought to pay different amounts to insure the same car — but all that data isn’t reflected in an annual odometer reading.

By empowering an ongoing relationship between an insurer and insured

Today, our relationship with an insurer revolves mostly around a monthly billing statement sent to us from a mainframe application. You can tell because big chunks of the billing statement are printed in ALL CAPS IN A FIXED WIDTH FONT … the only fonts that existed at the time the applications were written.

By changing the way insurance companies pool capital

Historically, we’ve seen mutual insurance companies (insurance companies owned by policyholders) and stock insurance companies (insurance companies owned by shareholders). We expect to see more crowdsourced insurance companies, just as we’ve seen in other parts of the financial system.

by Frank Chen

See Full Story on a16z.com

All You Need To Know About HFMD (Hand, Foot and Mouth Disease)

25 February 2015 By Digital Curator 1 Comment

Image via Flickr user Alex Proimos

Hand, foot and mouth disease (HFMD) has hit epidemic levels in Singapore, with over three times as many cases in the first 18 weeks of 2012, as compared to the same period in 2011.

What is HFMD?
HFMD is an illness caused by intestinal viruses, with the commonest being Coxsackie virus and Enterovirus 71. While most cases of HFMD are mild and self-resolving, serious complications involving the nervous system, lungs and heart can occasionally occur, although quite rarely. Such complications are usually due to the Enterovirus 71 strain.

Who gets affected?
Both adults and children can be affected but the younger ones, particularly those under the age of five, are most susceptible.

What are the symptoms?
A person with HFMD usually has the following symptoms:
• Fever
• Sore throat
• Rash (flat or raised red spots) or small blisters on the palms of hands, soles of feet, or buttocks
• Ulcers on the inside of the mouth or sides of the tongue
• Poor appetite
• Lethargy

Don’t confuse HFMD with…
Foot-and-mouth disease (FMD), sometimes called hoof-and-mouth disease, which is a disease in cattle, sheep, and swine. The two are caused by different viruses and are not related. Humans do not get the animal disease, and animals do not get the human disease.

How is HFMD spread?
The virus is spread from person to person by direct contact with the nasal discharge, saliva, and fluid from inside the blisters of an infected person, and can also linger in faeces for up to several weeks after infection.

Minimise the risk of HFMD transmission
• Wash the hands with soap before eating and after going to the toilet
• Cover the mouth and nose when coughing or sneezing and throw the tissue away immediately
• Clean and disinfect toys or appliances which are contaminated by nasal or oral secretions thoroughly
• Do not share toothbrushes, towels, or rinsing mugs
• Do not share eating utensils, drinking straws, food or drinks

When should I bring my child to the doctor?
The Ministry of Health (MOH) advises parents to consult a doctor early if your child shows symptoms of HFMD. Also be alert to any change in your child’s normal behaviour. Should they refuse to eat or drink to extremes, have persistent vomiting or drowsiness, bring them immediately to the A&E Departments of either NUH or KKH, whichever is closer to your home.

by Mandy Lim

See Full Story on singaporemotherhood.com

Opec has ceded to the US its power over oil price

23 February 2015 By Digital Curator Leave a Comment

Image via Flickr user KOMUnews

Normal diplomacy probably could not have achieved the geopolitical outcomes that have been produced in the past year by America’s shale oil revolution. Oil prices have more than halved, which — coupled with the collapse of the rouble that stemmed from the turmoil in Ukraine — has gone a long way towards disabling the Russian economy. Cheap oil has weakened Iran’s economy, too, lifting the chances of a realistic nuclear agreement. Finally, oil-rich Venezuela was on the edge of default even before the oil price decline. This amounts to a marked change in the economic and geopolitical landscape, of which the main beneficiaries are the US and its allies.

At the root of the price collapse was the development in the US of techniques for extracting tight oil, mostly from shale deposits, by horizontal drilling and hydraulic fracturing. This reversed the decline in US oil production, adding 3m barrels a day since 2012. As a result, the gap between global production and consumption has widened, precipitating a dramatic rise in US and world inventories and a fall in prices. Saudi Arabia, confronted with an oil supply glut but not wishing to lose market share, abandoned its leadership role as global swing producer and refused to cut production to support prices.

After the oil embargo of the 1970s, Opec wrested oil pricing power from the US. But the shale technology breakthrough is likely to be a far more effective stabiliser of oil prices than the cartel of oil producing countries. Opec is now relinquishing its pricing power. It may never be regained.

The reason is that shale technology is far more flexible. Shale oil wells can come on stream faster than most conventional wells, and drain far more rapidly. More than half of the oil content of shale wells is run off in the first two years of operation, while conventional wells keep producing for 20 years or more. Thus, shale oil output can expand and contract more rapidly than conventional wells. Unlike the production decisions of a monopolistic Opec, fluctuations in market prices will automatically guide shale expansion and contraction.

by Alan Greenspan

See Full Story on ft.com

Get Ready for $10 Oil

22 February 2015 By Digital Curator Leave a Comment

Image via Flickr user Olle Svensson

At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why.

U.S. economic growth has averaged 2.3 percent a year since the recovery started in mid-2009. That’s about half the rate you might expect in a rebound from the deepest recession since the 1930s. Meanwhile, growth in China is slowing, is minimal in the euro zone and is negative in Japan. Throw in the large increase in U.S. vehicle gas mileage and other conservation measures and it’s clear why global oil demand is weak and might even decline.

Oil Prices

At the same time, output is climbing, thanks in large part to increased U.S. production from hydraulic fracking and horizontal drilling. U.S. output rose by 15 percent in the 12 months through November from a year earlier, based on the latest data, while imports declined 4 percent.

Something else figures in the mix: The eroding power of the OPEC cartel. Like all cartels, the Organization of Petroleum Exporting Countries is designed to ensure stable and above-market crude prices. But those high prices encourage cheating, as cartel members exceed their quotas. For the cartel to function, its leader — in this case, Saudi Arabia — must accommodate the cheaters by cutting its own output to keep prices from falling. But the Saudis have seen their past cutbacks result in market-share losses.

So the Saudis, backed by other Persian Gulf oil producers with sizable financial resources — Kuwait, Qatar and the United Arab Emirates — embarked on a game of chicken with the cheaters. On Nov. 27, OPECsaid that it wouldn’t cut output, sending oil prices off a cliff. The Saudis figure they can withstand low prices for longer than their financially weaker competitors, who will have to cut production first as pumping becomes uneconomical.

What is the price at which major producers chicken out and slash output? Whatever that price is, it is much lower than the $125 a barrel Venezuela needs to support its mismanaged economy. The same goes for Ecuador, Algeria, Nigeria, Iraq, Iran and Angola.

by A. Gary Shilling

See Full Story on bloombergview.com

Car Insurance: 11 Things Every Singaporean Driver Must Know

20 February 2015 By Digital Curator Leave a Comment

Finding the right car insurance plan can be like playing Pin the Tail on the Donkey…but after six margaritas and a double blindfold. Before we even get started, let’s point out the obvious.

1. What am I Paying for?

How much you pay for the insurance plan depends on things like your driving record, your car model, your insurance history, etc.

2. Restrictions on the Driver

You may be a good driver, but your insurer doesn’t know if your spouse/children/drinking buddy is.

3. What extra cover can you buy?

You may be able to buy protection from things besides road accidents.

4. Make sure your bank approves.

If you’ve bought the car on a bank loan, you may be facing other requirements. Some banks won’t allow you to buy TPO (Third Party Only) car insurance.

5. The Excess

When you make a claim, the amount you have to pay is referred to as the excess. The rest of the cost is borne by your insurer.

6. Damage Assessment

Sadly, my assessment that my last collision resulted in “total demolition” wasn’t acceptable to my insurer. I had to take my car to an IDAC (Independent Damage Assessment Centre), where after the inspector stopped laughing, he defined the damage as “a small dent in the front bumper”.

7. Repair Restrictions

Insurers may insist you go only to specified workshops. Likewise, they may be finicky about who repairs the car, and what parts the mechanics can use.

8. No Claim Discount

The NCD (No Claim Discount) is a discount to your premium. You get this in increments of 10% when you don’t file any claims for the year, and it accumulates for each year without a claim.

9. Proper Procedures

I have a booklet on my insurer’s claim procedures. It’s about as accessible as a third year course in Greek poetry, so I just call the experts and ask instead.

10. Refunds and Penalties

Let’s say you’ve made a dire mistake, and brought your car to JB for some unsubtle modifications. As a result, your car now resembles a cruise missile more than a sedan.

11. Finding the Right Insurance

The right car insurance isn’t just about the lowest premiums. If you aren’t properly covered for an accident, cheap insurance is worse than no insurance.

by Ryan Ong

See Full Story on blog.moneysmart.sg

Do I Really Need to Buy Travel Insurance?

18 February 2015 By Digital Curator 1 Comment

What Travel Insurance Covers and How Much It Costs

You can get travel insurance from a number of sources: The airline or cruise carrier directly, an independent travel insurance agency, and, sometimes, your credit card. In general, travel insurance costs around 5 percent of your total trip. For a $4,300 trip, for example, I paid $158 for standard travel insurance with Allianz.

Trip cancellation and trip interruption insurance: This reimburses you non-refundable travel costs if your trip is cancelled or seriously delayed due to a natural disaster, illness, or the carrier goes out of business.

Baggage and personal items coverage: If someone steals something from your bag or your luggage is lost or delayed, travel insurance will pay you for your trouble, usually up to about $500 per lost baggage and $100-$300 per baggage delay.

Emergency medical insurance: Just as you wouldn’t want to go without medical insurance in everyday life, when you’re traveling abroad it’s important to stay covered in case of accidents.

Accidental death or dismemberment insurance: If you or a loved one dies on the trip or suffers a life-impairing accident (e.g., losing eyesight), this insurance feature pays out up to about $500,000, depending on the situation.

So Is It Worth It?

As with other insurance policies, buying travel insurance (or not buying it) is a gamble. You don’t want to ever regret not buying the insurance, but you also don’t want to pay for something you don’t need—and, looking at the list above, you might already be covered for some of these items elsewhere (e.g., you already have life insurance that covers death or dismemberment or health insurance that covers emergencies abroad).

Step One: Decide how much is at stake if something goes amiss on your trip. You probably don’t need travel insurance if you got one of those cheap $99 last-minute flights.

Step Two: Figure out if your credit card offers travel insurance. If it does, read the fine print to see if it would cover your insurance needs.

Step Three: Find out how much travel insurance costs for your trip. Use comparison site InsureMyTrip to compare independent agency policies available to you.

Finally, remember that you have to get insurance before your trip starts; it won’t protect you if you get the insurance after an accident happens or your trip is cancelled (that’s like trying to get home insurance after your house has already burned down).

by Melanie Pinola

See Full Story on lifehacker.com

10 things to look out for on your travel insurance

16 February 2015 By Digital Curator Leave a Comment

Image via Flickr user Moyan Brenn

Packing to go on holiday can be a bit of a slog, but the only items you essentially need are your passport (if you’re going overseas), money, travel documents – and your travel insurance.

1. Limits on trip duration

When selecting which travel insurance policy to go for, it’s important to check how many consecutive days abroad you’ll be covered for.

2. Destinations that might be excluded

Also check that your policy covers you for the destination you’re going to before you apply. It sounds obvious, but policies vary and if you don’t know what you’re looking for, they can be confusing.

3. Pre-existing conditions

It’s important that you are honest when it comes to any pre-existing medical conditions you have.

4. Action-packed holidays

Planning to take part in activities such as scuba diving, horse riding or bungee jumping on your holiday? Then you need to check that your travel insurance will cover you in the event you had an accident.

5. Limits on claims

Checking exactly how much you’ll be able to claim back in the event that you lost your wallet or had to cancel your holiday is also important.

6. How your belongings should be treated

Your insurer will expect you to take reasonable care of your belongings. If you’re found to be negligent, it could refuse to pay out.

7. How you should report a theft

Should you fall victim to theft, you’ll need to report it to the police as soon as possible.

8. If you miss a flight

We’ve all been there – stuck in traffic or caught up on a delayed train on the way to the airport, frantic with worry that we won’t catch the flight in time.

9. Alcohol and drugs policies

It’s easy to let your hair down when you’re on holiday, but most insurers won’t cover you if you’re involved in an accident when you’re under the influence of alcohol or non-prescription drugs.

10. Cancellations

Although you can buy your travel insurance policy on the day you are jetting off, it can pay to buy it at the same time as booking your holiday.

by Rachel Wait

See Full Story on moneysupermarket.com

Not Covered: Seven Caveats on Travel Insurance

13 February 2015 By Digital Curator Leave a Comment

Singaporeans are among the most avid travellers in Asia and travel insurance are commonly available. However, travellers would do well to know about some common sticky situations in which insurance claims may be refused.

1) Valuables and loss due to personal negligence

Travel insurance policies often explicitly state that the loss of personal valuables due to negligence is not covered.

Furthermore, some basic schemes also exclude the loss of jewelry in overseas trips, whether or not it is the result of negligence.

2) “Known Events”

Some insurers, such as NTUC Income, have a specific exclusion with regard to “Known Events”.

Claims arising out of such “known events” may thus not be admissible under the policy coverage.

3) Mode of transport

If you are going on packaged tours, you should be aware that occasionally, deaths and disabilities resulting only from travelling via public transportation (a.k.a. “public conveyance or common carrier”) are covered under the most basic of travel insurance packages.

4) Disease outbreaks

Although medical claims for illnesses contracted overseas are covered, insurers may stop short on compensating for losses from travel delay or air travel reschedule as a result of disease outbreaks.

5) Trip cancellations

In certain insurance policies, trip cancellations are valid for a small list of events which occur 30 to 60 days prior to departure. Such events may for example be limited to deaths or serious injuries to immediate family members or civil unrest at the destination countries.

6) Reporting of loss

As in the terms and conditions of most other forms of insurance, for travel insurance claims to be admitted, insurers generally require reports to be filed either with the police (or with parties such as airlines in the case of loss luggage) within 24 hours of the occurrence of the incident or accident.

7) Length of trips

For frequent travelers, insurers often offer a multi-trip “one-year plan” in which a travel insurance policy is in effect over a year and activation is not required for each trip. Despite the nature of such plans, such policies do provide not long term coverage.

See Full Story on singwealth.com

10 Reasons to Buy Travel Insurance For Your Trip

11 February 2015 By Digital Curator Leave a Comment

Travel insurance is a must-buy before any trip we take – because when you are stuck, there is nothing worse than not having the means to sort everything out. Insurance can make life much easier if something does occur while you are away especially in some of the scenarios highlighted below:

1. A culinary adventure in Pakistan brings you gastric problems, and you don’t want to spend hours and hours trying to convince somebody to attend you at the hospital, having a holiday insurance saves you money and time.

2. A terrorist act occurs at the airport. The airport is closed, all flights are cancelled. Who will assist you until the airport operates again?

3. Food poisoning during your mountain bike tour.

4. In dangerous neighborhoods you are assaulted.

5. A shark bite puts you in hospital.

6. Passports are worth a lot on the black market, so you can easily get pick pocketed.

7. You are involved in a bus accident when site-seeing in London.

8. You are on a business trip in New York, the taxi driver gets into trouble crashing with another car, and you get a broken tooth.

9. When visiting the Eiffel Tower, a nice couple asks to take a picture of them; jostling follows, and the camera accidentally ends up in pieces on the floor.

10. Hiking in a remote area, you suffer a fall and need to be medically evacuated to the nearest hospital for urgent surgery.

by Zhiqiang and Tingyi

See Full Story on passportchop.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance