Blog - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

How can you reduce the cost of your car insurance?

5 November 2019 By admin Leave a Comment

We’ve rounded up some tips to help you take the first steps to reduce your premium.

Shop around and compare

You may feel tempted to accept the renewal quote that pops through the door but don’t fall into that trap! Once you have received your renewal quote, always go to the website of your current insurance provider and get a quote as a new customer and not an existing one. Insurance companies do not reward loyalty so you will always get a better quote as a new customer.

Don’t over insure

Always put a realistic value on your car – When asked to value our cars most of us have a pretty inflated price in our mind so it is worth checking similar makes and models online to get an idea of the replacement cost.

Look carefully at the excess

Increasing the amount of the excess on your policy will bring down the cost of your premium, but remember it will mean paying more when you claim.

Consider telematics

The use of a telematics system or black box provided by an insurance company to track your driving is becoming more popular particularly among new drivers as a way to reduce insurance costs. However, all drivers can benefit as the regular feedback you get on your driving can make you an overall safer and better driver.

BY GERALDINE HERBERT

See Full Story at www.goodhousekeeping.com

Insurance tips to help you save money in the long run

31 October 2019 By admin Leave a Comment

Three not so boring insurance tips that can help you save in the long run.

Start as soon as you can

This is probably one of the tips that people drone on about, but there is a reason why. Insurers look at the level of risk you pose when giving you a premium. This is known as the underwriting process. The older you are the more likely it is for you to get sick or sustain a life-altering injury.

It’s all about the features

One of the common mistake people make when buying important things in life such as a house, car, or life insurance is to check the price only. However, it is the features of such items that matter the most. When it comes to life insurance, it is vital that you choose something that is not only suitable for your pockets but is sufficient to cover your loved ones.

Avoid the ‘set and forget’ method

A lot of things can change over the course of your life. Simply taking out a policy and paying it without constantly reviewing if it is still suitable for you can be a dangerous game to play. Not only will you find that you might be paying more than you should, but you will also realise that it may come with features that are no longer suitable for your lifestyle. For example, you may have insured yourself when you had no children or a spouse. It is important to read the fine print of your policy carefully along with the exclusions that come with it.

See Full Story at reviewonline.co.za

Homeowner insurance review your policy before a disaster

29 October 2019 By admin Leave a Comment

Homeowners typically don’t know what’s covered until disaster strikes, White says. But it’s important to make sure you have adequate insurance before that happens because insurers won’t retroactively add coverage.

“Most homeowners don’t think about their policy until they actually need it,” White says. “So when you buy coverage, you should make sure that there’s adequate limits for what if the whole place burned to the ground, or what if all your stuff was destroyed?”

Insurance typically covers both the structure and a homeowner’s belongings, but White says common pitfalls include failing to insure a house for its actual replacement cost and ignoring the impact of inflation. For instance, a couch bought years ago for $5,000 could now cost $7,500 to replace.

By Aimee Picchi

See Full Story at www.usatoday.com

Disadvantages of a cheap car insurance policy

24 October 2019 By admin Leave a Comment

The disadvantages of a cheap car insurance policy are the following:

The coverage can’t be enough. The liability coverage has some really low limits. While experts are recommending to have at least $500,000 of liability coverage per accident and $2 million to be fully protected, cheap policies are offering only $10,000 to $30,000 liability coverage per incident. These small limits can easily be exceeded even in a minor accident with a few passengers that require costly medical treatments.
Drivers won’t be able to fix their cars after a collision. Insurance companies will cover the damage inflicted on other drivers, property, passengers, and vehicles if the policyholder only has liability coverage. Liability coverage does not cover the costs to repair the policyholder’s damaged vehicle.
Drivers can remain without their cars after a claim. Drivers that have cheap car insurance are more likely to remain without a car after filing a claim. Policyholders that don’t have the money to repair their vehicles after a crash, and their cheap policies don’t cover the costs will probably remain without their cars until they can afford to repair them.
Bad customer service. Some insurers will offer better customer support to persons that have expensive policies compared to those that have only liability coverage. Although this doesn’t sound that bad, drivers that are dealing with an insurance claim will need to have good customer support.
High deductible. Raising the deductible is one of the most common methods used to lower the insurance premiums. Drivers will pay less on their monthly insurance, but if they are required to make a claim, will have to pay a significant amount of money upfront before the insurance kicks

See Full Story at www.prweb.com

Find out how Homeowners can save car insurance money

22 October 2019 By admin Leave a Comment

Drivers that own a home can pay cheaper car insurance premiums. Bundling car insurance with home insurance can help drivers save money on car insurance. Most insurers that sell car insurance policies are also selling home insurance policies.

Homeowners can save car insurance money through other methods, besides bundling like the following:

Good credit score. Usually, homeowners have a better credit score than renters. The credit score is used by insurers to determine the insurance rates paid by a policyholder. Policyholders with a good credit score will pay less on their premiums than drivers with a poor credit score,
Better neighborhood. Drivers that live in areas that are considered safe by insurers will pay less on their premiums. The ZIP code of a driver is very important for any insurer. Insurance companies will use the ZIP code to find out how many claims are in an area, vehicles theft ratio, number of break-ins, or acts of vandalism.

See Full Story at finance.yahoo.com

Consider this tips for renewing homeowners insurance

17 October 2019 By admin Leave a Comment

Home value is different from replacement cost

Home insurance covers how much it would cost to rebuild the home, while the value of a property generally includes intangible things, such as the land and the quality of the school district, says Mike Walsh, a State Farm agent in Bellmore.

Insurance companies use a tool that estimates only how much it would cost to rebuild the home, Walsh says. For example, if you buy a home for $500,000, it might cost $400,000 to replace, he says. So, he says, you do not need $500,000 in insurance — and higher premiums — if the bank asks for it. “Some banks will push you to insure it for the value,” Walsh says. “Many times, I have to fight with the bank on my customers’ behalf.”

Homeowners can also consider a replacement cost guarantee, which provides up to an additional 25 percent of insurance coverage in case there was something that was missed and the replacement cost is more than the homeowner is insured for, says Bob Platin, the owner of Supreme Agency in Holbrook.

Consider bundling

Bundling is not just for cable TV, internet and phone, and most insurance companies will give you a better deal if you take out both home and auto insurance policies with them.

See Full Story at www.newsday.com

Tips to for teen drivers to pay less on car insurance

15 October 2019 By admin Leave a Comment

Teen drivers pay some of the highest car insurance premiums. Insurance providers classify teen drivers as high-risk and charge them extra. The reasons for that is the lack of previous driving experience and the fact that teens are more likely to get involved in car accidents.

Teen drivers who want to pay less on car insurance should follow the next tips:

Get a good student discount. Insurance companies consider that students who do well in school are more responsible and less likely to be involved in car accidents. For these reasons, teen drivers who have a 3.0 GPA or higher can qualify for a good student discount.
Get on the family plan. Staying on the family plan can be cheaper for teen drivers than going on a separate policy. Teen drivers can take advantage of several discounts such as multi-car or multi-policy discounts. However, some insurance companies will rate a teen driver on all the vehicles covered by the policy. In many cases, the premiums paid on a family plan will become more expensive than the premiums paid on separate policies. it’s good to do research before adding a teen driver to a family policy.
Graduate a defensive driving course. Insurance companies offer a discount of ten to fifteen percent to those teen drivers who manage to attend and graduate an approved defensive driving course. These courses take from four to eight hours to complete and they can be ordered online. Besides gaining a substantial discount, teen drivers will also learn how to become better drivers.
Get online quotes. Teen drivers can obtain better insurance rates if they compare multiple quotes. Brokerage websites can help teen drivers obtain multiple car insurance offers from multiple insurers. Teen drivers can sit in the comfort of their homes while they are simulating different insurance plans.

See Full Story at www.benzinga.com

Useful Tips to Get the Best Car Insurance Rates

10 October 2019 By admin Leave a Comment

Either you are buying a new car or possess an old one, Insurance is a must-have for vehicle owners. You don’t want to be in a distressed situation if your car meets an accident or gets stolen. All the financial burden will be managed by the insurance companies in case of damage to an insured car.

Comparing Car Insurance Quotes

You need to know how to analyze an insurance quotation for yourself. There are some key terms mentioned and you need to understand them properly. You need to see which insurance company is offering the best financial security by looking at Liability Limit, Collision Coverage and other related terms and conditions mentioned.

Create a chart for all the quotations you receive and compare them with their pricing plans. Select an Insurance Plan that falls perfectly within your monthly budget and almost satisfies all your needs. Insurance bills are sent over monthly so you need to have pre-planned budgets to clear them before deadlines.

By Adrian McDonald

See Full Story at kxan36news.com

What is the difference between Car Insurance Agents And Car Insurance Brokers

8 October 2019 By admin Leave a Comment

Insurance brokers and insurance agents are industry professionals that act as intermediaries between policyholders and insurance companies. The most important difference between insurance brokers and insurance agents is who they represent. The insurance broker represents the policyholder. The broker can help a driver find the best car insurance policy. The insurance agent represents one or more insurance companies. Insurance agents will try to sell policies from their companies to any potential customer.

Drivers who haven’t decided with whom to work should consider the following about insurance brokers and agents:

Insurance broker. Brokers work for the customers and not the insurers. Brokers can help drivers to determine their own insurance needs and they can assist them when looking for a policy that can satisfy those needs. While some customers need brokers to find cheaper insurance policies, other customers have complex insurance needs and they require assistance. Brokers can recommend drivers insurance products that can help them save money on insurance. Drivers who got involved in an accident can get assistance from the broker when making a claim. Brokers can help drivers manage the claim, organize the documents, or handle the insurance company. Usually, brokers work for smaller companies that represent large insurance. companies
Insurance agents. Usually, an insurance agent represents a single insurance company. An insurance agent serves as the link between policyholders and insurers. Some insurance companies have a business model that is based on bundling personal connections between insurance agents and customers and they are selling policies only through their insurance agents. Some insurance agents have the best interests and they will help drivers compare insurance plans and look for better deals. Other agents just want to sell policies that bring the largest commissions.