Blog - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Insurance holders (third party) pay more money for less cover

9 February 2016 By Digital Curator Leave a Comment

Image via Flickr user Ian Armstrong

Drivers are being warned not to assume that third-party insurance will be the cheapest option after research by Guardian Money found they were being quoted up to £4,000 a year more for policies that offer less cover than fully comprehensive plans.

Third-party quotes obtained by the Guardian using comparison websites Uswitch.com, Comparethemarket.com and Confused.com, and from the UK’s biggest insurer Aviva, were all more expensive than fully comprehensive insurance.

In the case of a 20-year-old mechanic living in south-east London and driving a 1.6 litre Ford Focus, the gulf between the cheapest policies available was vast. While the best third-party quote on Comparethemarket.com was £5,762 a year from GO Girl, if the same driver opted for comprehensive cover they would pay just £1,531 with a More Than Smart Wheels telematics policy, where a black box is fitted to the car.

On Comparethemarket.com, third-party cover was more expensive than fully comprehensive insurance in each of the scenarios, but third party, fire and theft proved cheaper in three of the seven cases. The biggest saving for buying less cover insurance was £32 a year for a policy covering a 70-year-old Ford Ka driver from Swindon.

Martin Lewis, the founder of MoneySavingExpert, said: “There are probably hundreds of millions of pounds being wasted by people thinking third-party insurance is cheaper. The golden rule is if you’re only looking for the cheapest policy full stop, don’t just look at third party, get comprehensive quotes as well.”

Despite the low level of third-party policies being offered and sold, it appears this type of insurance will not be disappearing any time soon. Rod Jones from uSwitch.com said: “There will always be a market for third party as some consumers will persist in searching exclusively for it, and for some insurers the loss ratio will be acceptable to make it worth offering.”

Some comparison sites already include features that make it easier to see a comprehensive quote. These include preselecting comprehensive on the quote generation pages, and making it easy to switch between different levels of cover on the results page.

All drivers have access to car insurance, as Pam Quinn of the British InsuranceBrokers Association, said: “There is always a choice, but if you are confused about the insurance options available to you speak to a broker, rather than leaping in and buying an expensive and perhaps unsuitable policy.”

by Dan Moore

See Full Story at theguardian.com

Motor insurance to soar by 15%, brokers warn

26 January 2016 By Digital Curator Leave a Comment

Image via Flickr user Lindsay Shaver

Motor insurance costs are likely to soar by up to 15% in the coming year — on top of the near 27% hikes over the past year, the country’s largest brokers’ group said yesterday.

Brian McNelis, director of general insurances at the Irish Brokers’ Association —which represents 450 big and small brokers selling insurance across the country —also warned about the inevitability of even more car insurance premium hikes until loss-making insurance underwriters start making money again on their Irish business.

Michael McGrath, finance spokesman for Fianna Fáil, last week said that action was needed to rein in motor insurance costs.

The CSO’s latest figures show that while all prices have fallen 0.3% in the past year, motor car insurance costs have soared 26.7% over the same period.

Other types of insurance — such as home insurance have also risen but at the much slower pace of 6.5%, while health insurance —after hefty increases in previous years — has risen by only 0.7% over the past year. Motor bike insurance is unchanged, while travel insurance has dropped by 5.8%.

He said whiplash claims, at an average €15,000 in Ireland, were running three times higher than in the UK, while fraud was also driving up costs.

A Central Bank report last month showed that private motor premiums had fallen sharply until recently, falling by 47% and 48% for comprehensive and third-party fire and theft between 2003-2013.

But Michael Kilcoyne, deputy chairman of the Consumers’ Association of Ireland, said he was baffled by the reasons for the premium hikes.

“There is absolutely no regulation there of any kind. They can charge you what they want for motor insurance and you have no choice to pay for it if you want it.

“They argued that if the jury was abolished that the awards would drop. Juries were abolished but awards didn’t drop because the judges obviously felt that the people were entitled to them.”

by Eamon Quinn

See Full Story at irishexaminer.com

The importance of Singapore as risk hub grows

21 January 2016 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

“The Asian insurance market remains very vibrant, with a number of domestic markets developing, plus a growing reinsurance market,” Chris Panes, chief executive officer, Asia, of loss adjuster Crawford & Company, told SIRC Today.

He said the markets continue to attract new entrants, especially Singapore. He also said he believes that a new player will secure a licence to write reinsurance business in Singapore from next year, which he describes as being a major new addition to the market.

“The importance of Singapore as a regional market continues to grow. It has developed itself into a Lloyd’s-style marketplace. Singapore’s regulators have created a user-friendly location for insurers, and Lloyd’s itself regards it as a key marketplace. Twelve to 14 years ago there were three Lloyd’s syndicates there. Now there are 24,” he said.

He added that the market is mature in the way it views and handles claims. Crawford has a presence across 12 countries in the region, from India to Japan. It has large operations in what he calls the sophisticated markets of Singapore, Hong Kong and Malaysia but sees opportunities in some of the less developed places.

He adds that China also has enormous potential, due to the sheer number of people there.

“It is the second largest insurance market in the world, mostly concentrated in motor insurance, but insurance penetration rates are remarkably low.

“A good example of this was provided by the recent Tianjin disaster, where there was a great deal of commercial insurance claims, but not so much in terms of domestic insurance,” he said.

by Chris Panes

See Full Story at intelligentinsurer.com

Renegotiating insurance and benefits in Singapore

19 January 2016 By Digital Curator Leave a Comment

Image via Flickr user Pete

Many human resources professionals across Singapore are finding themselves in the unfamiliar, or at best irregular, position of having to arrange health insurance for their company’s employees. In Singapore more than 70% of the employee benefits renewals happens in January, and this means that carriers are faced with the demand of generating quotations for brokers or agents.

With management pressure to cut costs, without reducing cover, how can HR teams get the best deals out of insurance and benefits suppliers?

It’s all in the preparation

When looking after your company’s employee benefits programme is just one of many other responsibilities, time pressure can lead you to leave the renewal details to the last minute. We regularly see companies approach us two to three weeks before renewal deadlines with problems regarding cost, claims, and cover — right when they are running out of time.

Our advice is start earlier, particularly if your renewal is in December when the insurance market is traditionally busier. An effective timeline to follow is:

• Around three months before renewal agree your renewal objectives with your broker or agent. Are your objectives for that renewal focussing on cost, level of cover, or the performance of the insurer?

• After four to six weeks review progress, bearing in mind it can take two to three rounds of negotiation to get what you want.

• Expect final terms three to four weeks before renewal to give you chance to check the details and get management approval.

As we move towards the end of October, this process should, ideally, be underway. However, there’s no time to start like the present! If this process has not started, you still have time to get moving.

Just how good is your broker or agent?

A good Singapore-based broker should not be ‘transactional’ – they should be treating this as a partnership, and ideally will have already contacted you about the renewal process and your commercial deliverables for the next year.

Know what you want

If you have recently taken on the responsibility of looking after your company’s insurance and Employee Benefits programme, there are a few key points to learn and a lot of potential support to help you deliver the benefits programme your staff deserve, and your management is willing to pay for.

Also, if your health benefits programme has high levels of administration from claims and a need to analyse those claims to mitigate rising costs, you will need good service from your broker or agent. Regular meetings and good management information are essential.

From our experience, clients need a mix of service, advice, value, and price to suit their particular needs. Knowing what you need is important in finding the right resource to help you.

by Aniz Sirajudin

See Full Story at sbr.com

China Taiping Motor Insurance Changes

6 January 2016 By Alex Tan Leave a Comment

Dear valued customer,

With effect from 4^th January 2016, China Taiping Insurance will have some changes to their Motor Insurance Policy for both Private Car and Commercial Vehicle.

PRIVATE CAR	COMMERCIAL VEHICLE
1. Loss of use benefit: You can choose to take up this optional benefit with additional premium of $50+gst ($50 per day is claimable, up to maximum of five days when repair exceeds 3 days and more. Up to $250 per policy period.	1. Removal of Foreign Worker Excess: No more flat excess of $3000 for any authorized driver who is holding a foreign driving licence or holding a Work Permit/Special Pass issued by Ministry of Manpower.
2. Parallel Import (PI) vehicle: Any workshop plan is now available. If customer opts for Autosafe plan, all PI vehicles must be sent to our PI authorized workshops for any Own damage/windscreen repairs and all accident reporting.	2. Additional Excess of $3,000 for Young and Inexperienced Authorized Driver: Implementation of additional excess $3,000, on top of the Excess Applicable (as stated on quotation slip), for any authorized driver(s) who is below the age of 22 or possess a full driving licence for less than one year.
3. Waiver of Elderly Excess: No more Flat Excess of $2,000 for unnamed driver(s) who is 66 years old & above.	3. Option to increase Third-Party Property Damage (TPPD): Allow to increase coverage to $1million with an additional premium of $300+gst
4. Autosafe Discount for BMW 5-series and 7-series: Higher Autosafe discount given.	4. Option to buy NCD Protector: Allow to buy NCD protector with additional premium of $80+gst for commercial vehicle, with maximum NCD of 20% only.
5. Insured age 29-30 years old: Rate reduction for insured within this age group
6. Waxier on claim loading: No loading for one claim which is $10,000 and below, within the past 12 months (For new customer only.)

You may wish to email to sales@credence.agency for more details. Alternatively, you can also call us at 68978226.

THINK AGAIN BEFORE ILLEGALLY MODIFYING YOUR VEHICLE

25 November 2015 By admin Leave a Comment

Repeat Offenders Will Be Subject to More Frequent Mandatory Vehicle Inspections

From 1 November 2015, vehicle owners caught with illegally modified engines or exhaust systems in their vehicles for a second or subsequent time will be subjected to more frequent mandatory vehicle inspections.

o Second-time offenders will be required to bring their vehicles for mandatory inspections every six months for a period of two years

o Third-time or subsequent offenders will need to bring their vehicles for mandatory inspections every three months for a period of two years.

This represents a more stringent inspection regime as compared to that for normal vehicles, which are typically inspected once every one or two years, depending on their age and type.

Any owner who does not comply with the inspection regime is guilty of an offence and can be fined up to $1,000 or jailed for up to three months on conviction for the first offence. On conviction for a second or subsequent offence of failing to comply, the maximum penalty will be doubled.

The enhanced inspection regime will complement existing penalties to deter motorists from modifying their vehicle engines or exhaust systems illegally. Any person who is convicted of an illegal modification can be fined up to $2,000 or jailed for up to three months, for the first offence. Repeat offenders can be fined up to $5,000 or jailed up to six months.

In addition, if a vehicle is found with a tampered engine, it will need to be deregistered and the owner may not be granted the rebates for the residual Certificates of Entitlement (COE) and Preferential Additional Registration Fee (PARF), if any.

The Land Transport Authority (LTA) takes a serious view of such illegal modifications, as an illegally modified engine or exhaust system can create serious safety and environmental hazards. Once a vehicle’s engine or exhaust system is modified without due certification and approval, the existing vehicle components may not be able to handle the increased power or speed. Such modifications may also affect the durability and reliability of a vehicle.

Currently, motorists may choose to legally install after-market exhaust systems that are certified to be suitable for the specific vehicle make and model. These exhaust systems which are specifically designed and engineered for a particular vehicle make and model will have undergone testing, either by the vehicle manufacturer or by independent test laboratories, to ensure compliance with internationally recognised standards.

See Full Story at LTA

Tips for your Car Insurance in Singapore

23 November 2015 By admin Leave a Comment

Driving and owning a car in Singapore can be a costly undertaking. It is not only the car and its license that is expensive, but also the car insurance can weigh heavy on one’s finances. No matter how much money one has, there isn’t any chance that one can lower the government-imposed charges for the usage of the car. Therefore, it is even more important that one finds a beneficial deal for the car insurance.

1. Drive safely

If one met a car accident, the rate one has to pay for its car insurance monthly or yearly is instantly increased. However, If you are driving safely around Singapore over a long period of time, your car insurance will remain the same or even shrink slightly.

2. No Claim Discount (NCD)

Many car insurances offer a NCD which allows a 10% discount for every year in which you haven’t claimed anything. Let’s say you have only a minor dent in the car, you may want to consider not claiming it from your insurance, as you can possibly save more with the discount. The NCD can reach a maximum discount of 50%, with which one can safe potentially thousands of hard-earned dollars. Thus, It is important to think twice before making any claims.

3. Being a Safe Driver

This also means being a law-obeying driver. Fancy and fast cars are extremely attractive in Singapore, but even if you have one of those race cars, you are still subject to the speed limits. If you have a clean license over an extended period of time, you can earn a further discount instead of another ticket. After three years driving without committing a traffic offence, you can even get the Certificate of Merit (COM), which brings you a further 5% discount on top of NCD.

4. Get the right insurance policy

When you are arranging a new car insurance policy. Often, pay attention to what you actually commit. Many policies often include unnecessary points. Go through them and use your common sense. It can be that your car insurance also covers you for something that you are already covered for. Being covered twice for the same cause will not bring you double money and doesn’t mean you can claim it twice.

5. Young drivers and insure driver

Inexperienced drivers has the tendency to crash a car more often than older and more experienced drivers which thus, results in a higher insurance policy for younger drivers in general. Even if you’re driving perfectly, you are paying more by default.

However, one can insure the car on another person or include a driver with more experience into the policy. Mixing a high risk and a low risk profile will in most cases reduce the insurance. Therefore, one should check who is a low risk profile. Statistically older or female drivers will fall in this category. Listing such as the main driver in one’s car insurance policy, can save some money.

6. Car engine

Each car is categorized with a certain amount of insurance money that the owner has to pay. It is generally known that the bigger the engine of the car, the higher is this amount. The reasoning of the car insurance companies is the higher risk. Statistically cars with a higher engine are more likely to crash. For obvious reasons, insurances are all about statistics. So if you can beat the statistic, you will save some money.

7. Modified Car

Most people will not modify their car, however there are car enthusiasts that do. A simple engine tweak or any other car modification can quickly become very expensive. What seems like a body shop bargain, can become a killer within the insurance policy. Therefore, it is worthwhile to check with your car insurance whether an upgrade is necessary.

Of course one could say that the insurance company doesn’t have to know. This is however an extremely risky undertaking. In case you do have an accident with your modified car and you haven’t notified your insurance about it, you can lose your cover immediately. Even if you haven’t caused the accident, the insurance company can refuse to pay anything. Hence, one shouldn’t modify outside the regulations of the Land Transport Authority (LTA) and definitely not keep it a secret. Handling your car insurance correctly doesn’t take too long and can award you with some extra cash.

By Peter Schimke

See Full Story at MoneyDigest

What To Do If Your Car Catches Fire

18 November 2015 By admin Leave a Comment

Image via Flickr user Patrick Strang

Car fires don’t happen frequently but when they do, they’re a potentially deadly emergency. According to Singapore Civil Defence Force (SCDF), the number of vehicle fires inched by 6.9 per cent last year 2014, from 281 to 233 cases. Latest statistics by the Singapore Civil Defence Force (SCDF) showed that of these incidents, 131 cases involved motor cars (including taxis).

The SCDF said that most of the fires occurred while the vehicles were travelling on the road and were caused by potential sources such as electrical faults and overheating within the engine compartment.

Most vehicle fires start small but can develop rapidly due to presence of flammables such as petrol, diesel and lubricants.

Here are the steps if you’re driving and spot any sign of smoke or flames emitting from your vehicle:

1. Signal and immediately pull over safely to the side road.

2. Turn off the engine and evacuate everyone from the vehicle

3. Call 995 for help.

It’s generally not recommended that you try to put out the fire yourself as opening the hood or car doors increases the air supply and may accelerate the fire. Once the fire has been put out, contact your insurance agent. If possible, take photo of the damage, and collect the names and phone numbers of witnesses. Ask the firefighters when and if it is safe to remove personal items from the vehicle. Have it towed to a repair shop for an inspection before attempting to operate it again.

To prevent these incidents, drivers are reminded to service your vehicle regularly at authorised vehicle workshops. Make sure that the electrical, engine and fuel systems are checked for any defect. Beyond this period, owners are encourages to conduct visual checks for any sign of oil leakage.

The SCDF also advises drivers to keep a fire extinguisher so as to promptly put out the fire before it spreads.

See full story on HomeTeam

Illegal Parking

16 November 2015 By admin Leave a Comment

Parking Rules & Regulations

Under the Road Traffic Act, “Park” means to bring a motor vehicle or a trailer to a stationary position and cause it to wait for any purpose other than that of immediately taking up or setting down persons, goods or luggage. Some of the common parking restrictions are:

1. Unbroken double yellow lines are laid down on the road – No parking at all times

2. Unbroken single yellow line is laid down on the side of the road – No parking between 7 a.m. to 7 p.m. on this side of the road, except on Sundays and Public Holidays.

3. Unbroken single white line is laid down on the road – No parking at all times on either side of the line

4. Unbroken double white lines is laid down on the road – No parking at all times on either side of the line

5. Within 3 metres of a fire hydrant – No parking at all times within 3 metres on either side of a fire hydrant.

6. within 6 metres of an intersection or junction – No parking at all times within 6 metres of an intersection or junction of any road or street.

7. Within 9 metres of a bus stop – No parking at all times within 9 metres of a bus stop (From the tip of the bus bay (back and front) and this includes the bus bay itself).

8. No waiting sign – No waiting at all times on the side of the road

9. No stopping sign – No stopping at all times on the side of the road

10. Pick-up/Drop-off bay:

Pick-up and drop-off points provided near public transport nodes are meant to facilitate immediate pick up and drop off. Hence, motorists should not wait at these bays, as this will cause unnecessary obstruction to other motorists picking up or alighting their passengers.

11. Single yellow zig-zag line along the side of the road (offence attracts demerit points) – No parking at all times on this side of the road and on the public footpath adjacent to the road.

12. Double yellow zig-zag lines along the side of the road (offence attracts demerit points) – No stopping at all times on this side of the road and on the public footpath adjacent to the road.

13. Single white zig-zag line (offence attracts demerit points) – No stopping at all times on this road

14. Abreast of another vehicle (offence attracts demerit points) – No stopping or parking abreast to another vehicle at all times.

15. Within a pedestrian crossing (offence attracts demerit points) – No parking at all times within a pedestrian crossing.

Composition Amount for Illegal Parking Offences

With effect from 1 January 2015, under the tiered fines for illegal parking regime, an individual who receives a Notice of Traffic Offence (“NTO”) for an illegal parking offence will be considered a repeat offender if he had received an NTO within the last 12 months from the date of his latest offence. The dates of the offence stated in the NTOs will be used to calculate the 12-month period to determine if an individual is a repeat offender.
A repeat offender may be offered composition at a higher amount as compared to another offender in similar circumstances but who is not a repeat offender. The composition amount offered may be more than 50% higher.
Apart from the composition amount, demerit points are awarded for certain offences. For offences that carry demerit points, it is mandatory for the vehicle owner to furnish the particulars of the driver.

See Full Story at LTA

It is better to be safe than to be sorry. Prevent accidents by taking all the precautions you can.

14 November 2015 By admin Leave a Comment

Image via Flickr user Bill Dickinson

1. As they say speed thrills and also kills. It is important to keep track on your speed while driving, so that one is in better control of the vehicle. Find out what are the causes that you will speed up? Is there an urge to speed when you have a driver close behind? Or, is it an effort to keep up with the traffic flow. Or, do you just simply enjoy over-taking when you are feeling upset or other emotions? It is especially important to lower speed while nearing schools, on narrow roads, hilly areas, rural areas and when visibility is poor. Wet roads and speed will led to higher chances of getting into an accident.
2. Obey traffic rules. Traffic rules have been designed with safety precaution comes first. It takes into account safety for all, including pedestrians. Follow the lane, and keep the required distance between vehicles. It is important to display appropriate indications/signals especially while changing lanes or before a turn. Follow the traffic rules to lower the risk of getting into accident.
3. Wear seat belts. Seat belts are lifesaving. A statistic has revealed that 63% of those who died in accidents had not strapped on their seat belts. According to the National Highway Transportation Safety Administration (NHTSA), lap-shoulder belt systems cut the risk of serious injury and fatality by 50 percent. Seat belts help in protecting the internal organs in a crash as it restrains the forward movement of the body to a great extent. It protects against head and neck injuries by minimizing head contacts and keeps the passenger in place.
4. Pedestrians and children come first. Preference is be given to pedestrians and children crossing the road. Besides that, it is also important to keep a look out for elderly when they cross the road as they tend to walk slower.
5. Read caution signs: Caution signs are very important as they warn about accident prone spots that is ahead so that the driver can reduce the speed of the vehicle. Signboards on the road are vital clues about road design so that the person behind the wheel can exercise caution.
6. Adopt antiskid break systems in the cars. It is to reduce the risk of cars skidding.
7. Air bags in vehicles are a must to cushion the impact in case of accidents.
8. Reflectors to be used on the rear of the vehicle. Ensure all lamps are in working condition. Hazard lamp should be switched on when the vehicle is parked on a highway.
9. Vehicle must be in good working condition. There should be no compromise on the quality of brakes and tyres. Further, it is imperative to inflate tyres with the right air pressure to avoid tyre bursts on road.
10. Roads should be in good condition with proper sign boards. It is vital to install reflectors on roads so that deviations and medians are clearly visible to drivers.
11. Avoid drugs and alcohol while driving. Drugs and alcohol can slow down reflexes, disrupt accurate judgments, and cause mental alertness to dip. They have been the reason behind many fatal road accidents.
12. Falling asleep behind the wheel has led to many grave mishaps on the road. Drivers must rest well as the lack of it can have an adverse effect on mental alertness, slow down reflexes, and even cause momentary sleepiness behind the wheel. What follows is a disaster.

See full story at MEDINDIA

Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Insurance holders (third party) pay more money for less cover

Motor insurance to soar by 15%, brokers warn

The importance of Singapore as risk hub grows

Renegotiating insurance and benefits in Singapore

China Taiping Motor Insurance Changes

THINK AGAIN BEFORE ILLEGALLY MODIFYING YOUR VEHICLE

Tips for your Car Insurance in Singapore

What To Do If Your Car Catches Fire

The SCDF said that most of the fires occurred while the vehicles were travelling on the road and were caused by potential sources such as electrical faults and overheating within the engine compartment.

Most vehicle fires start small but can develop rapidly due to presence of flammables such as petrol, diesel and lubricants.

Here are the steps if you’re driving and spot any sign of smoke or flames emitting from your vehicle:

1. Signal and immediately pull over safely to the side road.

2. Turn off the engine and evacuate everyone from the vehicle

3. Call 995 for help.

To prevent these incidents, drivers are reminded to service your vehicle regularly at authorised vehicle workshops. Make sure that the electrical, engine and fuel systems are checked for any defect. Beyond this period, owners are encourages to conduct visual checks for any sign of oil leakage.

The SCDF also advises drivers to keep a fire extinguisher so as to promptly put out the fire before it spreads.

See full story on HomeTeam

Illegal Parking

Composition Amount for Illegal Parking Offences

It is better to be safe than to be sorry. Prevent accidents by taking all the precautions you can.

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