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

Buying travel insurance policy? Use this 5 point checklist

11 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Kreuzfahrtfan

Travel insurance protects the policyholder for loss arising because of unforeseen events during travel. Coverage, extent of coverage, destination clauses, pre-existing health conditions coverage are some factors one should check before buying one such cover.

Here are the top 5 things to be evaluated before buying a travel insurance policy:

1. What is actually covered and what is not: While all travel insurance policies may look similar on the face of it, the finer details of what is covered and what is not can make a huge difference. For example, medical coverage while travelling abroad is an important component.

2. Destination coverage: Travel insurance companies offer policies which may either have global coverage or have specific geographical coverage. Choosing a policy with global coverage is always safer, as there is no risk of rejection. However, there may be sub clauses and exceptions to this.

3. Duration of coverage: Policies can be either a single trip policy or an annual multi trip policy. The frequency of travel should determine the choice of the policy. Check how many consecutive days abroad will be covered under the policy.

4. Extent of coverage: In addition to the various heads which are covered in the policy, one must also check how much will be the coverage for each head. This means there will be a limit on the claims imposed, depending on what is being claimed.

5. Pre-existing health conditions: Insurers generally do not cover pre existing conditions of the policy holder. However, some companies offer coverage with certain caveats and conditions. Policy holders are required to declare the pre existing conditions while purchasing the policy.

Any insurance costs money and therefore purchasing travel insurance entails premium outflow. However, it is better to be safe than sorry, and travelling without adequate insurance is foolishness. It is important to compare the various options available, look up all the relevant features of the policies and select the one which is provides the most appropriate coverage.

by Smitha Hari

See Full Story on moneycontrol.com

Travel insurance: 5 scenarios why you should opt for higher cover

8 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Giorgio Montersino

Travelling is an important and regular event in everyone’s life whether it is for leisure or work. Travelling creates memories which we cherish all through our life.

What You Need? A good travel insurance plan will take care of any unforeseen situation during transit. Situations like loss or theft of baggage, delay of flights leading to financial loss, loss of passport and other important documents and medical emergency are quite common.

Big Mistake: Buy the lowest premium insurance or tick off any box the agent or airline asks you to.

Result: Just not enough when the actual need arises. Either it won’t cover that situation or the reimbursement will be a measly amount.

Solution: Buy the coverage for travel insurance keeping in mind the country you are traveling to and the purpose of your travel.

Not Convinced Yet? Consider these situations and statistics:

High Cost To Meet Medical Emergency: If you are travelling to United States, Singapore, Egypt, Turkey or Greece (the most popular tourist countries) and you fall sick even with a basic problem of gastritis you are up for big trouble.

Student Travelling Abroad for Education: If you are studying abroad in Australia, US, UK or Canada (countries that see highest influx of Indian students) you would definitely need a higher coverage travel plan to cover any unforeseen situation.

Adventure Travel: If your travel plan includes indulgence in adventure or extreme sport activities like mountain climbing, sky diving, paragliding, rafting, etc you may want to go for a higher travel insurance coverage.

Acts of Terrorism: Are you planning to travel to Thailand, Egypt, Turkey or Philippines without a good insurance plan? My advice: Don’t.

Airlines – The Soft Targets: Hijacking, accidents, terrorist attack, and flight delay – we have heard about these situations innumerable times. Airlines are, undoubtedly, the soft targets.

When you are travelling then only good preparation can save you and buying a travel insurance plan that covers you adequately is an important preparatory tool.

Recommended Minimum Travel Insurance Coverage (USD):

US or Canada—$50,000
Europe excluding UK—$30,000
UK—$50,000
Entire Asia Excluding Japan—$15,000
Anywhere Else—$50,000

by Yashish Dahiya

See Full Story on deccanchronicle.com

Things you need to know about travel insurance before you head off

6 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Jurien Minke

It is imperative that business travellers ensure their travel insurance is up to scratch before embarking on a business trip. According to Corporate Traveller South Africa, in 2014, 40% of business trips from South Africa were into the rest of the continent, and of these, 65% of travel insurance claims were medical, compared to only 25% for cancellation and 15% for baggage loss or damage.

According to data from Travel Insurance Consultants (TIC), which works closely with Corporate Traveller, travellers aged 40 years and above tend to be at the greatest risk of cardiac emergencies, and diabetes is the most common pre-existing illness claim. Further to this, 50% of medical claims are accident or injury related, but the most common claim was food poisoning or gastroenteritis, resulting in travellers forking out anywhere between R3 000 – R30 000 for medical bills due to insurance policies that were insufficient.

Typically, travellers do not think it is necessary to take out additional travel insurance as a certain amount of cover is provided by their banks when purchasing an air ticket on a credit card. However, what travellers are not aware of is that this provides only limited medical cover and makes no provision for pre-existing conditions. By opting to top up this cover with an additional policy, a much greater level of cover can be secured at an affordable cost and obviously minimise the risks of incurring unnecessary costs.

When it comes to serious illness, although most people are worried about Ebola, it is malaria that dominates travel risks. Annually, there are about 200 million cases of malaria, of which 600 000 result in death. As a lot of hospitals and clinics in Africa lack basic medication and equipment; it is therefore important to know the risks and ask the right questions before heading overseas.

“Travel insurance is in part about the importance of being able to react quickly and having all the necessary agreements in place to provide a comprehensive insurance plan that can cover unplanned incidents such as these,” explains Michelle Jolley, Marketing Manager, Corporate Traveller.

Most serious medical cases on the continent such as these often require a patient to be moved to an appropriate facility, usually in another country. As such, TIC employs the services of Europ Assistance to manage all medical emergencies.

One of the latest provisions is an unconditional tropical disease cover, which is designed to provide full cover upon contracting malaria – even if the traveller did not take preventative medicines. To highlight the benefit of this insurance, a traveller who recently contracted malaria in Sierra Leone could not be treated there and was transferred to the nearest centre of medical excellence, Accra, Ghana. The total cost of which, including medical care, amounted to more than R950 000.

An alternative solution which provides great peace of mind for business travellers is an annual travel insurance policy, which can be taken out in the company’s name and provides cover for all travellers over an annual period. The policy is purchased in bulk based on the estimated number of travel days employees are likely to undertake over one year, and then adjusted at the end of the period based on actual travel dates. This represents a highly cost-effective and hassle free-solution against any unplanned medical needs while abroad.

“It’s natural to think ‘it will never happen to me’, but the reality of being unprepared is significant, from both a financial and health perspective. The cost of medical aid on the continent can be enormous, especially when the patient may need to be transferred across borders for treatment. ,Therefore it is more important than ever that travellers know what is covered in their travel insurance,” says Jolley.

by GGi Communications

See Full Story on pressoffice.mg.co.za

Travel Insurance is Now a Prerequisite for a Worry Free Vacation

4 May 2015 By Digital Curator Leave a Comment

Image via Flickr user bass_nroll

Every traveler begins her journey with a complex web of connections, coupled with dreams of blue skies, unlimited horizons, fair weather and unlimited upgrades.

But, as in everything in life, risk and reward live together and in this complex fine print driven world, we all live and travel while the “devil truly is in the details.”

Practical Drivers for Taking the Plunge and Buying Travel Insurance

Most travelers have a tendency to buy insurance if they believe their may or could have a problem out there on the road that’s unforeseen and significant.

For many of you it’s the smart thing to do — your dropping some serious money on a trip and spending $100-$200 in travel insurance is really not a significant cost vs. the level of protection you will receive.

Critical Option You Should Weigh Prior to Boarding

As above, dear traveler, the devil is in the details. So, don’t multitask this with a carrier on a land line and your smartphone logged in to Instagram.

Go Deep and Long if You are out there on the Frontier: You can get unlimited medical coverage from some providers and a lower cost policy might just cover up to $1M.

Know if you are Covered with Reciprocal Healthcare: Some countries have agreements with other countries, you may be entitled to free or reciprocal coverage if their is reciprocity between the countries.

Are All or Some of Your Belongings Covered? If your iPad falls into the Thames, are you covered? Is your luggage covered for theft and damage of any kind, are electronic devices covered — get the details from your provider, they are obligated to walk you through the fine print.

What does “Cancellation” Mean? With many providers you can define the amount of coverage based on a specific event that prevents you from traveling — look for a policy that covers the full cost of your trip and any incremental costs. Like all things in business, a higher amount triggers a more costly premium.

Provider Insolvency: If your provider goes out of business while you are traveling make sure you have a minimum of $250K in coverage and this can be an exotic clause for some providers and your airline should be factored into this coverage.

Car Rental Coverage: In most cases mainstream coverage bundled with the car rental may not cover all of your costs if you are involved in an accident.

Personal Liability Coverage: This should be $2-$3 million at a minimum and you want blanket coverage that prevents someone from suing you for any type of exotic or weird happenstance.

Be Prepared for Challenges: Travel with emergency numbers and contacts and keep a copy of these on you physically in case you are injured and unconscious and don’t rely on information backed up on a device, paper is better.

Keep Your Paperwork: If you have a problem be diligent in keeping all receipts, police reports, hotel records, whatever else you need to substantiate a claim.

Be safe, have a great time and shop around for travel insurance and make sure you get localized comprehensive coverage that fits your travel plans.

See Full Story on huffingtonpost.com

6 shadiest auto insurance fraud schemes

1 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Don Hankins

Even if you never find yourself in the middle of one of its sleazy scams, auto insurance fraud hits you. Industry experts say it slows legitimate insurance claims, increases premiums and, in some cases, puts innocent victims in danger.

Law enforcement officials say fraud factors into as many as 1 out of every 3 auto insurance claims in New York City. The problem may be even worse in Los Angeles, the city that generates the most questionable claims potentially linked to organized crime, according to the National Insurance Crime Bureau.

That trade group tracks fraud for insurers and ranks California, Florida, Texas, New York and Maryland as the top five states for fishy auto insurance claims.

The cost to motorists is tough to pin down because fraud often goes unreported, but it’s definitely a “major-league crime involving a wide variety of schemes,” says Jim Quiggle, a spokesman for the Coalition Against Insurance Fraud in Washington, D.C.

In New York City alone, officials estimate that fake auto claims add $241 million to premiums. Nationally, experts believe overall insurance fraud costs tens of billions of dollars every year.

Learn how to protect yourself as we uncover the worst auto insurance frauds.

by Michael Estrin

See Full Story on bankrate.com

5 examples of car insurance fraud

29 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

Everyone knows car insurance fraud is bad news. But would you know how to spot it? We’ll reveal 5 common schemes to give you a better understanding of fraud in action.

Recap: insurance fraud 101

Car insurance fraud is any deception committed against an insurance company for financial gain. Fraud is illegal in all 50 states, and insurance companies (like ours) do all we can to investigate and expose fraudsters.

5 ways car insurance fraud can happen

1. Vehicle dumping, aka “owner give-up”

This type of car insurance fraud occurs when the owner disposes of the vehicle by leaving it somewhere, burning it, dumping it in a lake, or even selling it, and then claiming it was stolen.

2. False registration

Where you live affects what you pay for car insurance, and this car insurance scam is designed to mislead insurers and avoid higher premiums.

3. Exaggerated repair costs after a car accident

This one is committed by less-than-upstanding repair shops. Let’s say you bring your car to the shop after an accident, and the mechanics use shoddy parts to make the necessary repairs.

4. Faulty airbag replacement

This is another type of car repair scam. It happens when mechanics don’t replace the airbag after an accident. Instead, they stuff the compartment with other objects, such as beer cans (yup, you read that right) or packing peanuts to keep the sensors working.

5. Faulty windshield replacement

Windshield fraud can take unsuspecting drivers by surprise. Usually, someone claiming to be a windshield repair specialist will approach you in a parking lot, trying to convince you that your windshield is damaged and you need a new one ASAP.

See Full Story on esurance.com

Why Use An Insurance Agent?

27 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

Generally speaking, when you buy direct you cut out “the middleman” – a retailer who buys wholesale from amanufacturer. They mark up the product’s price and sell it to you.

By dealing direct with an insurance company, a consumer takes on a level of risk that they may not realize even exists.

That Was Then…

Traditionally, insurance companies did not sell to the public. Instead their products were offered to consumers by “agents” who had to be professionally licensed to deal directly with the public. Consumers actually paid the agent nothing because it was the insurance company who paid the agent a commission, and this commission was not added to the retail price.

This Is Now…

The agency system is still in place throughout the U.S. You can find dozens if not hundreds of local independent agents in your telephone book or internet guide. However, thanks to the internet you can also go directly to many insurance companies and get a quote. If you like the quote you can often buy a policy by filling out a few more forms, right on the spot.

An independent agent can do important things for you:

Agents have at their disposal the ability to quickly check prices and coverages with dozens – if not hundreds – of different insurance companies.

Independent agents are a one-stop-shop for all of your insurance needs. An agent typically doesn’t sell just auto insurance.

Insurance is a complicated subject. Its an agent’s business to understand it, and communicate it to you so you understand it as well.

Coverages don’t just vary from state to state … they vary from company to company within the same state.

The above is the good news with regard to what an agent can do for you. What about the bad news?

Which brings us to another problem that you create when you go direct. You have no licensed, regulated insuredagent acting on your behalf.

Don’t get us wrong… There is nothing wrong with direct-writer insurance companies. However, if you deal with an agent, there are certain services and protections you are going to get that a direct-writer insurance company simply cannot provide.

by Matt Robertson

See Full Story on lelandwest.com

Do I Need an Insurance Agent?

24 April 2015 By Digital Curator Leave a Comment

Image via Flickr user bloomsburys

It used to be, the only way to purchase car insurance was through an agent. Now with the digital age in full swing another option is available. Purchasing car insurance directly through the internet is becoming more and more popular, which raises the question do I need an insurance agent?

Start by knowing all the methods to purchase car insurance. Then weigh the benefits of each one. Finally, go with your gut feeling. Car insurance is very important and you want to make sure the coverage is made clear at the time of purchase.

Three Sources of Car Insurance

Captive AgentA captive agent is an agent that sells one primary insurance carrier. These agents are not sole proprietors. They work directly for the insurance company.
Independent AgentAn independent agent is an agent that sells insurance through multiple carriers. While an independent agent may sell primarily for one carrier, they still have the ability to place business with other carriers if it benefits the client.
Direct OnlineBuying direct means no agent is involved in the insurance process. The client does most of the work by imputing all the pertinent information online.

Benefits of Having an Agent

Personalized ServicePersonalized service is something a lot of people still look for in the insurance industry.
Knowing Your AreaHaving a local agent that knows your area is also a benefit. An agent can relate to you and where you live.
Cash PaymentsCash is becoming scarce, but for the people who don’t want to give it up, most agencies still accept cash payments.
Multi-policy DiscountA big perk for having all your insurance with an agent is the multi-policy discount.

Benefits of Buying Direct

Fast Online ConvenienceBuying car insurance direct is super fast and convenient. Any time day or night, you can go online and run your own quote.
Potential SavingsIt is possible to get a lower rate when purchasing car insurance direct.

Insurance agents are no longer mandatory with today’s technology. It is more of a personal preference in how you like to do business whether you need an agent or not.

by Emily Delbridge

See Full Story on carinsurance.about.com

Top 5 Reasons Why Consumers Should Use an Insurance Broker

22 April 2015 By Digital Curator 1 Comment

Image via Flickr user Hernan Seoane

Consumers generally think they benefit when they buy insurance direct but is it true?

To find out, we’ve asked people what matters to them when buying insurance, and in turn our panel used those criteria to evaluate the differences between buying insurance via a broker and buying direct online.

What is important to consumers?

In order of importance, these are the things people said matter to them:

Cost.
Ease.
Speed.
Peace of mind that everything is covered.
Security of personal data.

So let’s now analyze these items and let our panel judge how each performs when insurance is bought directly or when via a broker.

1. Cost

Contrary to popular consumer belief we found that broker pricing was actually better than direct insurance pricing.

2. Ease

Many of the consumers in our test case were surprised here. At least half began our test with the impression that buying policies directly would be the easiest option for them. After trying both, almost all had changed their mind.

3. Speed

The results here were quite evenly balanced. In the case of the time taken to generate initial quotation figures, direct services (online) were consistently very quick, while some brokers answered quote requests by personal follow up.

4. Peace of mind that everything is covered

We saw few surprises here. Brokers were largely far more efficient at cross checking policies than consumers, and also very good at educating their customers, explaining what types of cover were available and answering queries.

5. Security of personal data

This was a difficult one to test, and fell largely to our technical team. We did however take into account how consumers felt about their data security after using the various services.

by Adam Bishop

See Full Story on riskheads.org

How Hybrid and Electric Vehicles Affect Your Auto Insurance Quotes

20 April 2015 By Digital Curator

Image via Flickr user Center for Neighborhood Technology

For many hybrid drivers, ditching the gas guzzler for something a bit greener may be more about lifestyle than economics. But if you choose one of these vehicles, it could cost you when it comes to auto insurance quotes.

Hybrid vehicles generally cost more to insure than their solely gasoline-powered counterparts, according to a 2008 study from the Insurance Institute for Highway Safety, although the difference was relatively small in most cases.

One major reason cited for the difference: Alternative-fuel vehicles tend to cost more to repair and replace than conventional vehicles. Also, a study by the National Highway Traffic Safety Administration, from 2009, found that hybrids were more likely to get into accidents involving bicycles and pedestrians, probably because they’re so much quieter than other cars. Plus, because hybrids often are smaller vehicles, the damage they suffer in accidents tends to be more extensive and thus more costly to repair.

These and other factors can play a big role in how much you’ll pay to insure hybrids and electric cars, although it’s not all bad news.

Discounts may be available

A few auto insurance giants offer lower rates for eco-friendly drivers. Travelers and Farmers, for example, give hybrid and other alternative-fuel vehicles a 10% discount. This is in addition to good-driver, multicar and other common discounts. However, it’s important to note that the Farmers discount is only available in some states. And not many other insurers have followed suit with similar discounts.

Safety matters

While alternative-fuel vehicles tend to get into more bike and pedestrian accidents, those accidents often happen at low speeds, according to the government study.

And new research shows hybrid models actually have a leg up on safety over their conventional counterparts because they’re heavier (thanks to their batteries and other equipment). According to the IIHS, the odds of being injured in an accident are 25% lower for people traveling in hybrids than people in non-hybrid models.

Safer vehicles often lead to lower car insurance quotes, although premiums also depend on many individual factors.

Repair costs

Hybrid and electric vehicles generally cost more to repair or replace than non-hybrids, partly because of high-priced components in alternative-fuel vehicles. Labor charges can also be higher if, say, a shop has just one technician qualified to repair gas-electric engines.

Hybrid vehicle owners are more likely to use replacement parts provided by the manufacturer, rather than aftermarket parts made by third-party providers. Aftermarket parts can cost as much as 50% less than those made by the original manufacturer, according to the National Association of Mutual Insurance Companies. Insurance companies love aftermarket parts because they cut repair costs. But debate is raging over whether they should be used at all, and hundreds of repair shops from 36 states are suing major insurers over the issue.

The bottom line

Hybrid and electric vehicles are a great way to reduce carbon dioxide emissions andsave money on gas. But higher repair costs and some safety concerns can make them slightly more costly when it comes to car insurance quotes.

There are many good reasons to choose a hybrid or electric vehicle. Just make sure to factor in the cost of car insurance. You can get an estimate before you buy by using NerdWallet’s car insurance quote t ool.

by Sarah Cooke

See Full Story on nerdwallet.com

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Insurance Agency Singapore | Commercial Insurance and Personal Insurance