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

Google Launches A New Tool To Sell Car Insurance To U.S Web Searchers

17 April 2015 By Digital Curator Leave a Comment

Image via Flickr user See-ming Lee

Confirming earlier reports that Google has been plotting a move to help sell consumers auto insurance in the U.S., the search giant announced this morning it’s launching a new feature called “Google Compare for Auto Insurance,” a comparison-shopping site that lets you compare the rates from different insurance providers.

Consumers who enter in this search query will see a small, gray questionnaire appear, asking for their zip code, and other information about their vehicle.

Google’s insurance partners, which include Mercury Insurance and MetLife, as well as local providers, is based on a flexible cost-per-acquisition (CPA) model, Google notes, adding that payment isn’t a factor in ranking or eligibility.

Today, Google already provides auto and travel insurance quotes, as well as mortgage quotes in the U.K., and it operates a credit card comparison site in the U.S., all of which fall under the “Google Compare” branding.

The auto comparison U.K. site has been live since 2012, but the U.S. launch has continually been pushed back. However, as of this January, Google Compare Auto Insurance Services, Inc.was licensed to do business in more than half of U.S. states, Forrester noted.

Google says that its comparison technology was built in-house, but did confirm it’s working with “many partners” including CoverHound and CompareNow as part of the quote aggregation process.

The move to offer insurance comparisons to web searchers could help Google generate additional revenue through commissions, but several of the major insurance carriers in the U.S. have been declining to work with Google on this new effort, we understand, including names like Progressive, State Farm, GEICO, and Allstate.

“Many of the major carriers are very resistant to participate on the Google Compare platform,” explains Joshua Dziabiak, a co-founder at car insurance comparison startup The Zebra.

More Data For Google’s Self-Driving Car Biz?

It’s unclear how much revenue Google would generate from this auto insurance comparison site, as consumers may not be prepared to buy from an aggregator like this at present.

But for Google, the comparison site may not be just about an additional revenue stream – it could be about collecting more information on how the different insurance companies price the same risk.

“If you think about what’s going on with self-driving cars in the future, Google is really going to have to understand how insurance companies price risk because the whole model is going to change,” notes Forrester analyst Ellen Carney. “And I imagine that some component of insurance is going to be included with the car,” she adds.

by Sarah Perez

See Full Story on techcrunch.com

Why Your Neighbor Might Get a Lower Auto Insurance Quote

15 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Dean Hochman

Politics. Religion. The state of their lawn. Add auto insurance quotes to the list of things you should never discuss with your neighbors if you want to remain, well, neighborly.

You may find out that they’re paying a lot less for auto insurance than you are, even though you live right next door and have the same insurance company. That might not seem fair, but it’s not unusual. So what gives?

Turns out, a lot more than location goes into an auto insurance quote. Here are some reasons your neighbor might be getting a better deal.

Age

The older you get, the less your auto insurance is going to cost. Well, to a point. Statistics from the Insurance Institute for Highway Safety (IIHS) show a drop-off in driver death rates at age 25, so reaching that age should lower your quote.

Gender

Sorry guys, but research shows that men are involved in accidents and engage in risky behaviors, such as speeding or drunken driving, more often than women, according to the IIHS.

Driving record

Maybe you have three speeding tickets on your record. Or you’ve caused two accidents in the past five years.

Shorter commute

If your neighbors commute to work each day on the train, and you drive 200 miles both ways, their insurance is going to be lower because they aren’t using their vehicle as much as you.

Cheaper-to-insure car

If your neighbor’s vehicle has a better-than-average claims history, that likely translates into a better deal on car insurance, all else being equal.

Think you’re getting a raw deal compared with your neighbor? Find out how you cansave on car insurance, then shop around for a few quotes. You may find a better price than you thought possible.

by Sarah Cooke

See Full Story on nerdwallet.com

Understanding specific insurance terms

13 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Simon Cunningham

As we go through life, we are presented with many risks. Such risks can be minor, such as stumbling as we walk, or a major risk, such as a tornado leveling our home. Insurance is designed to provide a means for us to recover from the unexpected.

In providing coverage insurance companies use very specific words to define the level of harm or injury. Generally, we use words like “risk,” “peril” and “hazard” to mean similar things. Within the insurance industry, these terms each have a distinct meaning.

Risk is used when speaking of a chance for loss or injury. It is used to describe an event that is unexpected or unpredictable. Predictable events cannot be insured. A value can be placed on the consequences of an unpredictable event and can be insured.

Peril is any event or situation that can cause a loss — whether it is loss of mobility, loss of life or loss of the use of property. Peril is the cause for insurance and people can be protected from the consequences of perils. Perils can be hurricanes, robbery or accidents.

Hazard is anything that increases the chance of loss or increases the amount of loss. A burnt out light bulb could result in someone being injured on a darkened stairway. The peril is a fall, the hazard is the burnt out light bulb. A faulty water heater may cause water damage due to leakage. The peril is minor flooding, the hazard is the leaky water heater.

Insurance companies separate risks based on the type of injury or loss. Personal risks are those that involve income, personal mobility, life, or illness. Property risks may include the home, fire and theft or damage to the property around the home. Liability risks involve negligence that leads to injury, death or property damage. This negligence may be any failure to take reasonable care to prevent damage to a person or property.

Insurable risks are those that require an insurance company to pay in the event a particular situation, as determined by the policy, occurs. Pure risks, those that are insurable, are accidental and unintentional. Even though a risk cannot be predicted, the monetary consequence of such a risk occurrence can be determined actuarially. Insurance companies examine the statistics of various scenarios, the frequency of occurrence and the potential loss. A policy is then offered to pay that monetary loss. Insurance cannot and will not pay for those circumstances that are predictable or totally avoidable.

by Mary Fox Luquette

See Full Story on theadvertiser.com

Holiday hire car: Avis still refuses to spell out extra insurance costs when customers book online

10 April 2015 By Digital Curator Leave a Comment

Image via Flickr user David Shankbone

Travellers booking overseas car hire online with Avis, one of the biggest firms, aren’t given full insurance costs until they reach the pickup desk – landing many with extra bills for hundreds of pounds

Car hire giant Avis continues to withhold the costs of additional insurance from customers who book overseas vehicles online, despite promising Telegraph Moneyeight months ago that it was “working on a solution.”

The insurance in question is known as “excess waiver” protection.

If you don’t buy it, you are liable to pay the “excess” or first part of the cost of any damage caused to the vehicle. This is usually about £1,000.

If you buy “excess waiver” cover you won’t pay this excess.

Most of Avis’s rivals, including Europcar and Sixt, do spell out the need for the cover and its cost at the time of booking.

This gives travellers the option to shop around and consider stand-alone car car hire excess waiver policies which can cost as little as £3 per day.

Avis’s own policies are far more costly. Booking a four-door Seat Leon from Malaga Airport for a week in mid-April costs £143 with Avis, for example. The excess payable is €1,400 (£1,020). The add-on insurance required to reduce the excess to zero – not disclosed to those booking online – is €15 (£11) per day.

That would boost the total car hire cost by over 50pc to £220.

Telegraph Money first publicised Avis’s systematic failure to reveal these add-on costs in August last year. The giant car hire firm then acknowledged the problem and promised “a solution”.

But nothing has changed.

Last week, Avis refused to explain why these costs remained hidden from customers at the time of booking. When Telegrpah Money asked whether this refusal was a deliberate ploy to trap customers into paying higher rates at Avis’s desks, it declined to reply.

In an emailed statement it admitted “certain covers and waivers for overseas rentals are not available when booking online” and said “customers will be given the opportunity to find out more about additional waivers and, if desired, purchase them at the time of vehicle pickup.”

It added it was “in the process of updating the end-to-end booking journey.”

In the meanwhile, when it comes to planning their own journeys, Telegraph Moneyreaders should choose another firm where costs are more transparent – or always buy excess waiver policies from third-party insurers before they travel.

by Richard Dyson

See Full Story on telegraph.co.uk

Is It Time to Give Your Insurance Policies a Checkup?

8 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

You could be overpaying or underprotected if you’re not regularly reviewing your policies.

The insurance industry often urges customers to check their policies every once in a while to make sure everything is up to date. While that sounds like self-serving advice – because you know any conversation with your insurance agent will end with a pitch to buy more insurance – that doesn’t mean it’s a bad idea.

You may catch mistakes. You probably have a lot of insurance policies – health insurance, life insurance, auto insurance, homeowners insurance.

You might find a better rate. Ken Davidson, co-founder of Dallas-based Eagle Independent Insurance, points out that you may lower your premium if you regularly compare insurance quotes.

You have more assets. Your life doesn’t just change. What you cover does. Leigh Needelman, CEO of Florida Assurers, an insurance agency in Miami Beach, Florida, has a rather colorful example of how assets can change.

You may decide it’s time to bundle. If you have four different policies with four different carriers, you might want to bundle a few. That is, have your homeowners and car insurance with one company, for example.

You may get some discounts. Yes, your insurance agent may talk you into buying more insurance, but at the same time, you may learn that you’re due for some discounts.

Your life has probably changed. If you bought life insurance when you were married or after your first child was born, and you’re now on baby No. 4, you’re probably long overdue for an upgrade.

by Geoff Williams

See Full Story on money.usnews.com

How much homeowners insurance do I need?

6 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

You need enough insurance to cover the following:

The structure of your home.
Your personal possessions.
The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
Your liability to others.

The structure

You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don’t include the cost of the land. And don’t base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.

Factors that will determine the cost of rebuilding your home:

Local construction costs
The square footage of the structure
The type of exterior wall construction–frame, masonry (brick or stone) or veneer
The style of the house (ranch, colonial)
The number of bathrooms and other rooms
The type of roof and materials used
Other structures on the premises such as garages, sheds
Fireplaces, exterior trim and other special features like arched windows
Whether the house, or parts of it like the kitchen, was custom built
Improvement to your home–adding a second bathroom, enlarging the kitchen or other additions that have added value to your home

Standard homeowners policies provide coverage for disasters such as damage due to fire, lightning, hail, explosions and theft. They do not cover floods, earthquakes or damage caused by lack of routine maintenance.

Flood insurance is available from the National Flood Insurance Program – NFIP and from some private insurers. Earthquake coverage is available from private insurance companies or, in California, also through theCalifornia Earthquake Authority.

Replacement cost policies
Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.

Guaranteed or extended replacement cost coverage
After a major hurricane or a tornado, building materials and construction workers are often in great demand. This can push rebuilding costs above homeowners policy limits, leaving you without enough money to cover the bill.

Building codes
Building codes are updated periodically and may have changed significantly since your home was built. If your home is badly damaged, you may be required to rebuild your home to meet new building codes.

Inflation guard
Consider adding an inflation guard clause to your policy. This automatically adjusts the dwelling limit when you renew your policy to reflect current construction costs in your area.

Older homes
If you own an older home, you may not be able to buy a replacement cost policy. Instead, you may have to buy a modified replacement cost policy.

Your personal possessions

Most homeowners insurance policies provide coverage for your personal possessions for approximately 50 percent to 70 percent of the amount of insurance you have on the structure or “dwelling” of your home. The limits of the policy typically appear on the Declarations Page under Section I, Coverages, A. Dwelling.

Replacement Cost or Actual Cash Value
You can either insure your belongings for their actual cash value, which pays to replace your home or possessions minus a deduction for depreciation up to the limit of your policy.

Insuring expensive items with floaters/endorsements
There may be limits on how much coverage you get for expensive items such as jewelry, silverware and furs. Generally, there is a limit on jewelry for $1,000 to $2,000. You should ask your agent or look it up in your policy.

Additional living expenses after a disaster

This is a very important feature of a standard homeowners insurance policy. This pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.

Liability to others

This part of your policy covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by pets. It pays for both the cost of defending you in court and for any damages a court rules you must pay.

Umbrella or Excess Liability.
You should buy enough liability insurance to protect your assets. If you own property and or have investments and savings that are worth more than the liability limits in your policy, you may consider purchasing an excess liability or umbrella policy.

See Full Story on iii.org

15 Things You Need To Know About Buying Auto Insurance

3 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Simplificamos Su Trabajo

Whether you just drove off the dealer’s lot in a shiny new vehicle or you’re puttering down the highway in an old clunker, you must protect yourself, others, and your two/three/four/eighteen-wheeled investment with auto insurance.

Here are 15 things you may not know — or that you need to know — about insurance for your wheels.

1. Minimums? What minimums?
Sure, buying the minimum amount of coverage allowed by law (or by your lender) will save you money, but it won’t save you anything in the long run if you ever have a claim.

2. Yes, larger deductibles mean a lower premium, but think about what an accident would cost you.
Let’s say you have $5,000 in repairs. A $1,000 deductible means you’ll have to pay out-of-pocket for 20 percent of the costs.

3. There are discounts for everything out there, and that includes your auto insurance.
Many vehicles come with safety features and alarm systems that will lower your premiums (so don’t buy without talking to your insurance agent, and also read more about which cars are the most and least expensive to insure).

4. In many states, where rates are set by law, cheaper insurance simply means less coverage.
If you live in a state where the rates are pre-set, think twice before taking a less expensive policy because it may not give you what you need.

5. Combining policies can save you money…
It’s not just ad-speak; some insurers will knock off up to 15% from both your auto and home policies if you bundle them together. Just make sure both policies provide the right amount of coverage.

6. But it still pays to shop around.
While you can get healthy discounts for being a long-time customer and for having more than one policy with the same insurance company, it still pays to shop around once a year.

7. Check to see if your insurance will get you a loaner car.
If you have an accident and you need a rental car, you’ll find that having some kind of coverage that gives you an allowance for a rental will long-term be cheaper than paying out the full price for a rental.

8. Don’t lie.
You might save a few bucks by saying you park in a garage instead of on a street, but chances are the savings are very small compared to what could happen in you get caught.

9. File claims judiciously.
Your insurance is there to protect you, but you could be in for higher rates if you file a claim every time a grocery cart rams your side panel.

10. Do the math on installment payments.
Installment payments for insurance policies are a cash cow for the insurer, and it takes as much as $10 a month out of your pocket.

11. Some employers cut deals with insurance companies to give their employees discounts.
Ask your boss if your company has any side deals for car insurance. Also call your college and any industry groups to which you belong to see if they offer group discounts to members.

12. If you use your vehicle for work, you may not have the coverage you expect.
You probably purchased a personal policy, but if you’re constantly driving as a salesperson or a pizza delivery person, make sure your policy covers your work use of your vehicle.

13. Red means nothing.
That’s right — having a red car doesn’t mean you’re a bad driver or that you’ll drive irresponsibly — and, contrary to a popular myth, it therefore has nothing to do with the price of your insurance.

14. Thieves don’t care about the price tag.
You might think your wheels are the hottest, but those stolen most often are nabbed because their parts earn a lot for the thief.

15. Review, review, review.
As your vehicle gets older, you may not have the same needs as you did when it was bright and shiny off the lot.

Identity Theft & Credit Card Fraud – How to Protect Yourself

1 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Steve Wilson

Identity theft occurs when someone obtains your personal information, such as your credit card data or Social Security number, to commit fraud or other crimes. The Federal Trade Commission estimates that 9 million Americans suffer identity theft annually. It sounds like a big number, but it isn’t.

Do You Need Identity Theft Protection? Before examining the services available, try these common-sense, no-cost measures to protect against identity theft and fraud:

Guard your information online. These days, many of us do most of our shopping and banking on the web. With all those account numbers and passwords floating around, it’s easy for someone to nab your information and go on a spree.

• Clear your logins and passwords. This is especially important if you’ve been working on a public computer. Change logins and passwords monthly.

• Pay for online purchases with your credit card, which has better guarantees under federal law than your online payment services or your debit card.

• Be alert for phishing, a trick in which spam or pop-ups mimic legitimate banks or businesses to obtain your personal information, which they use to access your accounts. Always verify that you’re on a familiar Web site with security controls before entering personal data.

Monitor your bank and credit card statements. Check your accounts regularly so you know when something’s awry. Purchases you didn’t make should be obvious—like a gas fill-up halfway across the country.

Verify your mailing address with the post office and financial institutions.Identity bandits may fill out change of address forms so that delinquent credit notices remain off your paper billing radar.

Monitor your credit report. By law, you’re entitled to a free report every year from each of the three bureaus (Equifax, Experian, and TransUnion).

Shred sensitive documents. Buy a shredder and regularly shred outdated bank statements, credit card applications, bills, and anything with your personal information before tossing it into the trash or recycling.

Picking the Right Service Before you spring for identity theft protection, which, at a minimum, is likely to set you back at least $150 a year, consider the no-cost measures you can take to protect yourself.

Fraud alerts. Some identity-theft protectors will immediately place fraud alerts on your files with the three main credit bureaus, whether you’ve been victimized or not.

Credit freezes. Freezes are far more effective than alerts. Icing your files prevents any company from accessing your credit unless you already do business with them, effectively sealing your records against any new creditor.

If you’ve detected fraudulent activity, notify the financial institution where the fraudulent activity occurred first so they can freeze your account. Depending on the situation, you’ll need to file a complaint with the FTC and your local police department, as well as investigate all of your other accounts. And keep a vigilant eye on that credit report.

See Full Story on guides.wsj.com

How Insurers Investigate Fraud in Singapore

30 March 2015 By Digital Curator Leave a Comment

Image via Flickr user Still Frei

I almost got busted for insurance fraud once. That was when I microwaved oily bacon in tinfoil and set most of my kitchen on fire. “You were safe from fraud charges all the time Ryan.” I was? “Yeah, because stupidity is not the same as fraud.” LOL, damn right, the joke’s on them huh? Anyway, here’s how they investigate it:

What Exactly is Insurance Fraud?

In health insurance, there are broad kinds of insurance fraud. According to P., these are “fraudulent claims, and premium frauds.” Of the two, the latter is more common.

1. Checking the History of Claims

P. warns that insurers “talk to each other,” and are on guard when they realize someone has a history of repeated claims.

2. Checking the Timing of the Claim

Mugan says he’s often called in due to the timing of a claim. An example is when someone gets a medical condition just after buying a policy, or if all the old computers in an office are damaged shortly after general insurance is bought.

3. Actual Stakeouts

If you claim you can’t work, and your insurer finds it suspect, they might put you under surveillance.

If the investigator (very often a Private Investigator) spots you head banging in a nightclub despite your whiplash, the pictures will show up when you’re dragged to court.

4. Damage Analysis of Property

When property is damaged, investigators compare the type of damage to the claims being made. This is fairly easy in cars, thanks to dash cams.

5. Financial Background Checks

This is related to point 2. A suspicious insurer starts to check for debt, in particular decreasing credit scores. They might also note the sale of a house or car.

6. Stalking Social Media

These days, investigators have begun to monitor social media sites. These are a goldmine of information (not to mention photographs), and it’s easy to make a slip-up on Facebook.

Or congratulate him on his new job in the same line, even though he claimed he was unable to work in the same occupation.”

by Ryan Ong

See Full Story on blog.moneysmart.sg

Why Successful People Never Bring Smartphones Into Meetings

27 March 2015 By Digital Curator Leave a Comment

Image via Flickr user Peter Hayes

You are annoying your boss and colleagues any time you take your phone out during meetings, says new research from USC’s Marshall School of Business. And if you work with women and people over 40, they’re even more perturbed by it than everyone else.

The researchers conducted a nationwide survey of 554 full-time working professionals earning above $30K and working in companies with at least 50 employees. They asked a variety of questions about smartphone use during meetings and found:

• 86 percent think it’s inappropriate to answer phone calls during meetings

• 84 percent think it’s inappropriate to write texts or emails during meetings

• 66 percent think it’s inappropriate to write texts or emails even during lunches offsite

• The more money people make the less they approve of smartphone use.

The study also found that Millennials are three times more likely than those over 40 to think that smartphone use during meetings is okay, which is ironic considering Millennials are highly dependent upon the opinions of their older colleagues for career advancement.

TalentSmart has tested the emotional intelligence of more than a million people worldwide and found that Millennials have the lowest self-awareness in the workplace, making them unlikely to see that their smartphone use in meetings is harming their careers.

by Dr. Travis Bradberry

See Full Story on huffingtonpost.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance