Blog - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Finding Cheaper Auto Insurance – Important Tips

7 November 2017 By admin Leave a Comment

Finding affordable car insurance rates is no longer difficult. Drivers who need coverage can do all their insurance shopping on a single website. http://autocarsinsurancetips.com/ provides some of the best auto insurance quotes available on the market. The insurance brokerage services are completely free and accessible to anyone.

Here, by providing their ZIP codes, drivers will be able to actively compare multiple offers in their areas, without having to pay any fees. This allows drivers to actively compare available coverage options with the purpose of finding cheaper insurance. Studies also show that drivers who spend more time shopping around for coverage generally pay less.

By shopping for car insurance, drivers can cut auto insurance prices by 15-20%, sometimes even more. There are multiple offers available on the market and by comparing prices, drivers will be able to find them fast and with little effort.

Auto insurance quotes can help drivers compare multiple plans in a fast and convenient way. Shopping around for the best policy is strongly recommended because there are multiple plans available. Without actively comparing prices, drivers may miss out on some advantageous opportunities.

“Online car insurance quotes are a great tool for finding the right policy for your vehicle,” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See full story at markets.businessinsider.com

Cost-saving insurance tips for small business owners

2 November 2017 By admin Leave a Comment

Whether you’re starting a business for the first time or looking to increase your business’s bottom line, which small business insurance you go with will make all the difference.

Every business comes with risks. Even if you’re prepared for 90% of them, the few that you can’t account for are the ones that pose the biggest threat to your business. Finding the right business insurance policy can be frustrating for most entrepreneurs. Fortunately, the insurance industry is rife with experts looking to guide customers into the right hands.

Laura Adams, senior analyst at insuranceQuotes.com, spoke with PC360 on what exactly entrepreneurs and home business owners need to know about finding the right policy and lowering their risk.

Common misconceptions

No matter the size of your business, you need insurance. Many small business owners believe they don’t need it because they’re too small.

“Every business — even a small, home-based operation — needs liability coverage, at a minimum. No business is too small to be involved in a lawsuit. Having some amount of commercial liability insurance protects your business if you, an employee, or your products or services cause injury to a third party,” said Adams.

For those who operate from home, there is a belief that their homeowner’s policy will protect. Typical home insurance, however, does not cover business equipment, inventory or liability issues related to a commercial operation, Adams stated. Similarly, a vehicle used for business purposes would not have sufficient coverage through a personal auto policy.

BY DENNY JACOB

See full story at www.propertycasualty360.com

Prevent Car Accidents and Keep Auto Insurance Rates Low

26 October 2017 By admin Leave a Comment

The driving record is always important for determining car insurance costs. Someone who has multiple road accidents on record will be considered a liability and will get more expensive rates. Preventing accidents means keeping auto insurance rates low. The premiums of an auto insurance plan can always change and can be influenced by different factors.

Compare car insurance quotes to find better auto insurance plans

The insurance market is dynamic and competitive. Many agencies have different offers and try to get as many clients as possible. A driver who compares different plans will have the best chances of getting an affordable policy. It is important to note that a policy may cost different for each driver because rates are determined based on the vehicle that needs coverage and based on the applicant’s driving record.

The best way to compare auto insurance prices is by visiting http://lowcostcarinsuranceprice.com. Here, clients will have to enter their ZIP codes and then complete a simple and short online form. This will help brokers select reliable and relevant auto insurance quotes for each driver, making the whole process simple and fast.

Even high risks drivers can save money by comparing quotes. An accident will not always increase car insurance costs. An agency will look at different factors before making a decision.

“Buying auto insurance after an accident can be difficult, but we can help you find the right coverage policy,” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See full story at markets.businessinsider.com

Insurers urged to increase insurance penetration through technology

24 October 2017 By admin Leave a Comment

Insurance companies in the country have been urged to embrace technology to deliver value-added services to customers.

This according to the Managing Director of Ghana Reinsurance Company Limited, George Mensah, would enable them to withstand the growing competition in the financial sector.

He made the call at the 8^th Cedants Awards Night on the theme: ‘Embracing Technological Innovations for the growth of the Insurance Industry’ at the Kempinski hotel in Accra.

He underscored the need for insurers to take advantage of the growing trend in technology to remain relevant in the business environment.

This, Mr. Mensah stressed would help them address challenges and remain a step ahead of their competitors.

Citing Ghana Re as an example, he said they have connected their officers virtually within the company and this has helped staff no matter their location to work productively across organizations using a common IT infrastructure.

“We further consider the automation of our workflow as a key to moving towards a more digital environment to add value and improve customer service” he added.

In future, Mr. Mensah revealed they intended to put in place a secure and convenient way for storing and accessing its IT services through the ‘Cloud’ to place the company at the doorstep of their cherished clients.

He maintained that adapting quickly to the new technologies will give businesses the opportunity of interacting with business solutions that will drive their businesses whilst providing value for their customers.

See full story at www.myjoyonline.com

Buying Car Insurance Online Vs. Agent

19 October 2017 By admin Leave a Comment

Auto insurance coverage has always been a mandatory requirement in many US states. Before the inception of online car insurance comparison sites, drivers used to obtain coverage via licensed insurance agents. Insurance providers only dealt professional insurance agents who upon successfully selling an auto insurance product to a client, received a percentage commission. And no, the commission wasn’t added to the product’s retail price.

The onset of the internet age changed all that. Almost everything can be done online. You can get an auto insurance quote and purchase the actual policy within the click of a button anywhere, anytime. You can still choose to buy an auto insurance policy from an agent.

Buying Auto Insurance Directly Online

If you are keen enough, you’ll notice that there has been an increase the number of insurance commercials on TV. Almost every online streaming site, media outlet or cable channel is bombarding you with adverts telling you to compare quotes online.

It’s actually pretty easy, go to an auto insurance online comparison site, fill in the details and get your quotes. If you are pleased with one particular quote, you just have to fill a few additional forms and get a policy.

Advantages of Buying Online

Fast and Convenient

The convenience that comes with buying car insurance online is unmatched. You can go online and get a quote anytime, day or night. In addition to that, its super-fast compared to when dealing with an agent. Usually, when dealing with an agent, you have to leave your details and wait for them to call you back.

It’s Cheaper

Theoretically, buying online eliminates the need for a middle man. Therefore, you will get a lower rate as opposed to dealing with an agent who gets paid through commission.

Disadvantages

Buying online can be cheap and fast, but it has its downsides too. Information is limited, and you don’t have the convenience of asking questions that come up. Dealing with an agent comes with more insight and understanding of the product you are about to purchase.

Buying Coverage via an Agent

The auto insurance agent system is still intact across the US for people who prefer to go old school. You can get their contacts from online guides or via the telephone directory. There are two types of insurance agents:

• Captive agents

• Independent agents

By Daffa Zaky

See full story on fxdailyreport.com

Households risk financial disaster by failing to update home insurance

12 October 2017 By admin Leave a Comment

As storms, floods, fires and earthquakes make headlines across the world, research group Canstar has found that four out of 10 Australians with home and contents insurance have less than $350,000 of total cover, while average national values are more than double this.

Almost 80 per cent of those people feel they have enough to cover their home and contents if their home is totally destroyed, it found.

Finance specialists say homeowners are failing to account for the costs of rebuilding and demolition, or the surge in expensive technology items in homes in recent years.

“I would be very confident in saying people are massively underinsured,” said Canstar group executive financial services Steve Mickenbecker.

“It’s the replacement value of the home and $350,000 doesn’t get very far in this day and age,” he said.

“They insured for an era when the fridge and the TV were the expensive items, and would be underestimating just how much electronic stuff is in the home today.”

The median value of all dwellings in Australia ranges from $383,000 in Hobart to $910,000 in Sydney, according to CoreLogic.

While home and contents insurance doesn’t have to cover land values, it does have to pay for demolition, rebuilding and replacing all items.

Consumer finance specialist Lisa Montgomery said many people did not think they would ever suffer a total loss of property, and instead guessed the level of cover they might need.

By Anthony Keane

See full story at www.adelaidenow.com.au

Check insurance before sending child to college.

10 October 2017 By admin Leave a Comment

When checking off items for college, the Missouri insurance department wants to remind students and parents not to forget insurance coverage.

“College students will be heading to school soon, some for the first time. Such a significant life change is likely to impact your insurance coverage,” Chlora Lindley-Myers, director of the department, said. “It’s important to understand what your coverage is now and what it will be after students leave for school in case you have to file a claim. A little bit of preparation on your part now can ensure all of your coverage needs are met later.”

The department offers these tips for families to make sure their students are properly covered when they’re off at school:

•Auto insurance: If your child is taking a car to college, check with your insurance agent. The price and coverage of your policy may change based on the city and state where your child will live, also, see if your insurance company offers a discount for a student’s good grades. The department has an auto insurance guide which provides basic information. The guide is located on the department’s website at www.insurance.mo.gov.

•Homeowners and renters insurance: Ask your agent if your child’s possessions will be covered by your homeowners policy. Some policies cover a student’s possessions if they live on campus. For students living off campus, consider renters insurance. A landlord’s policy will only cover the building, not the tenant’s possessions. College students should complete an itemized checklist of their possessions called a home inventory. When filing a claim, your insurer can ask for a home inventory to see a list of your possessions before paying out a claim. The checklist can help you during the claims process in the event of a fire, storm or theft. An easy-to-use home inventory checklist is available for free at the department’s website, along with free smartphone apps for iPhone and Android devices.

•Health insurance: Most young adults can stay on their parents’ health insurance up to age 26, regardless of marital status, financial dependency, residence or enrollment in school. Students should take copies of their insurance cards and check their parents’ health insurance plans to know which physicians and hospitals are in their network while away at school.

See full story at cedarrepublican.com

Hurricanes And Travel Insurance: What You Need To Know

5 October 2017 By admin Leave a Comment

As Hurricane Irma barrels toward Florida, first of all, stay safe! And once you are safe, if you’re a visitor to the storm zone you might well be considering travel insurance to cover your expenses from the trip.

But what kind of insurance? There’s a variety of types, and the type you get may determine whether you’re covered and how much.

One of the most important factors is timing. “Once a storm is named, it’s too late to buy travel insurance to cover it,” says Dan Durazo, director of communications for travel insurance provider Allianz. Irma, for example, received her name on August 30. At that point she became what insurers call a foreseeable event, and policies purchased after that wouldn’t cover losses due to the storm. That’s why Durazo advises buying travel insurance as soon as possible.

So does Chris Carnicelli, CEO of insurer Generali Global Assistance. “Travelers should always be aware of the possibility of weather-related events affecting their vacation plans.” This seems to be all the more relevant as weather patterns get more severe and the timing more erratic.

Then there’s the question of what travel insurance actually covers. Depending on the plan, benefits might include coverage for transportation, emergency assistance, concierge services, reimbursement for medical and dental expenses, and 24-hour assistance call centers. Some plans cover a percentage of your loss or stipulate that you must cancel within a certain time period, so it’s important to check the terms and conditions before buying.

Broadly, travel insurance coverage applies to three major scenarios: your trip being canceled completely, interrupted after you’ve left or delayed due to storms.

By Andrew Bender

See full story at www.forbes.com

Learning life insurance basics

3 October 2017 By admin Leave a Comment

One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death.

When you die and your paychecks stop, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death.

Life insurance is also commonly used to pay any debts that you may leave behind. Life insurance can be used to pay off mortgages, car loans and credit card debts, leaving other remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes. Finally, life insurance can create an estate for your heirs.

How much life insurance do you need?

Your life insurance needs will depend on a number of factors, including whether you’re married, the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.

There are plenty of tools to help you determine how much coverage you should have. Your best resource may be a financial professional, although there is no assurance that working with a financial professional will improve results. At the most basic level, the amount of life insurance coverage that you need typically corresponds to your answers to these questions:

What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?

How much of your salary is devoted to current expenses and future needs?

How long would your dependents need support if you were to die tomorrow?

How much money would you want to leave for special situations upon your death, such as funding your children’s education, gifts to charities or an inheritance for your children?

Since your needs may change over time, you’ll need to continually re-evaluate your need for coverage.

How much life insurance can you afford?

How do you balance the cost of insurance coverage with the amount of coverage that your family needs? Just as several variables determine the amount of coverage that you need, many factors determine the cost of coverage. The type of policy that you choose, the amount of coverage, your age, and your health all play a part. The amount of coverage you can afford is tied to your current and expected future financial situation, as well. A financial professional or insurance agent could help you select the right insurance coverage.

By Stacy Bush

See full Story at www.valdostadailytimes.com

How the Insurance Industry Can Push Us to Prepare for Climate Change

28 September 2017 By admin Leave a Comment

Climate change risk is rising, and yet behavioral economics research argues that we are collectively underinvesting in protecting ourselves. In The Ostrich Paradox: Why We Underprepare for Disasters, Robert Meyer and Howard Kunreuther point to several personal traits that expose us to greater risk from natural disasters. First, individuals focus on short time horizons and thus underprepare for future threats. Second, when major disasters do occur, individuals are shocked but quickly begin to let their guard down again. Third, people are over-optimistic and thus underestimate their own risk exposure.

And the risks are real: Zillow’s research predicts that $400 billion dollars of real estate value in Florida could be at risk from climate change by the year 2100.

It might seem, then, that private insurance can be of little help in addressing climate change. There’s concern that for-profit insurers won’t want to insure risky properties, and that individuals won’t have the wherewithal to buy insurance plans in the first place. It’s certainly true that private insurance is not enough, on its own, to mitigate and adapt to climate change. Nor can insurance fully prevent the massive harm caused by storms like Hurricane Harvey, which recently struck Houston, killing at least several residents and causing considerable damage.

Nonetheless, private insurance has a significant role to play. And we believe that the concerns raised by behavioral economics are overblown. Sure, we aren’t perfectly rational. But the emerging challenge of reducing risk exposure for coastal residents creates new opportunities for firms that can innovate and provide new solutions. Innovations in spatial sciences, combined with big data, raise the possibility of the insurance industry introducing innovative pricing strategies that induce private real estate owners and local governments to take efforts that together yield a more resilient real estate capital stock. In short, the insurance industry is adapting in order to profit from climate risk, and in doing so it will help society adapt as well.

By Matthew E. Kahn, Brian Casey and Nolan Jones

See full story at hbr.org

Insurance Agency Singapore | Commercial Insurance and Personal Insurance