Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Tips to save big on your motor insurance premium in 2019

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Motor insurance is compulsory. The Motor Vehicles Act, 1988 mandates a valid third-party cover on your vehicle if you wish to drive it on Indian roads. You, therefore, cannot escape the policy if you own a car or a two-wheeler. What you can, however, do is reduce the premium of your motor insurance policy if you know how. There are various ways to lower your motor insurance premium if you are aware and careful when buying a policy. In 2019, if you would be buying or renewing your motor insurance plan, here are four tips which would help you save on the premium cost:

Compare, compare, compare

The importance of comparing motor insurance plans cannot be stressed enough (hence the usage thrice!). There are dozens of motor insurance policies available for your vehicle. When you compare, you can select the best policy which not only gives you the widest coverage benefits, but also comes at the lowest cost. The online marketplace has made comparing easy as insurance aggregators list all the available policies at once when you look out to buy or renew your vehicle insurance plan. Scroll down the displayed list to find insurers, their plans, coverage benefits and premium rates and then choose the policy which has the lowest premium with the maximum coverage.

Make safety your priority

You must have heard that you should drive safe to avoid possible accidents but do you know that making your vehicle safe also earn you premium discounts? Yes, motor insurance policies offer premium discounts if you install safety gadgets in your vehicle like ABS, anti-theft device, etc. You can earn a discount of 5 per cent to 10 per cent through these devices. So, make your vehicle safe not only for preventing accidents, but also for lowering motor insurance premium.

See Full Story at www.businesstoday.in

Tips on how to reduce your car insurance premium

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You have finally bought your dream vehicle, and now you need to take certain measures to protect it. The first step is purchasing a car insurance policy. As per Motor Vehicles Act, 1988, it is mandatory for car owners to have a third-party motor insurance policy. A comprehensive car insurance policy offers car owners much-needed financial protection against untoward incidents. It provides coverage against natural and manmade calamities such as riots, strikes, floods, earthquakes, theft, and vandalism. The owner may also gain protection against bodily injuries, death, as well as damage to property.

With a plethora of car insurance policies with as many motor insurance providers in the market, choosing the one that fits your needs at the most competitive price may be a daunting task. Keep the following five tips in mind to buy a car insurance cover for your vehicle at competitive prices.

1) Choose Your Car Insurance Carefully

Before you buy car insurance online, it is imperative to do your due diligence. Do a thorough research of the various car insurance policies by checking the features and benefits against the price charged by the car insurance provider. Once this box is ticked, you can check other aspects such as premium payment methods, claims settlement ratio of the car insurance company, the procedure for making motor insurance claims, and reputation of the car insurance provider.

Online car insurance distribution channels might be cheaper than traditional offline methods due to elimination or reduction of paperwork. This means that motor insurance companies might pass down cost benefits to you, allowing you to enjoy lower car insurance premium rates.

2) Avail Of No Claim Bonus (NCB)

An NCB is awarded to car insurance policyholders who did not make any motor insurance claims in the previous policy year. Simply put, this is a way for car insurance companies to reward car owners for good driving. This reward enables you to become

eligible for discounts at the time of subsequent car insurance renewal. For example, if you did not make any car insurance claim in the first year of the policy, at the time of renewing your motor insurance policy in the following year, you may have to pay a lower premium towards your motor insurance policy as a result of the NCB benefit.

See Full Story at www.asianage.com

5 Tips For Buying Insurance For Your Startup

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Most startups are often laser-focused on proving their business model, raising capital and most importantly growing their business. Consequently, they forgo safeguarding their startups from the long list of business killers. In fact, a survey conducted by Next Insurance found that 44 percent of 30,000 respondents have never taken an insurance policy for their businesses.

While buying insurance isn’t a priority for most startups, it can save businesses against legal fallouts and unexpected costs down the line. This document provides tips for buying insurance for your startup.

1.Weigh the Types of Insurance You Need

Some kinds of insurance are required by law while others are required by investors or business associates. However, the type of business insurance you buy should protect your employees and your investment in the startup. Financial planners and insurers agree on one blanket statement – the most important type of insurance any business should have is general liability insurance. It can protect you from a wide swath of ills from property damage and bodily injury to libel.

Make sure to buy insurance that covers the risks for your business activities. For example, if your startup is a professional service firm, look into professional liability insurance, which protects against claims made for inadequate work or negligent actions. If the startup relies on its wheel, commercial auto coverage is a must.

2. Pick the Right Insurance Broker

Since insurance needs vary greatly, it is important that you find an insurance broker or agent who is familiar with your type of business. Research online and ask other business owners of the insurance companies they have found to be reputable.

By Anna Papadopoulos

See Full Story at ceoworld.biz

4 Tips for Dealing with Your Insurance Company After an Accident

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Although it can be difficult and stressful when you’re involved in a motor vehicle accident, it can be even more challenging to deal with your insurance claim after the collision occurs. Many insurance companies are hesitant to pay for damages, or they make it a complicated process once contacted. If you want to make it an easier process and receive the funds that you deserve, there are a few tips to follow for achieving an optimal outcome with your insurance company.

Get Proper Documentation

Proper documentation is vital to supporting your insurance claim. When speaking with your insurance agent, it is beneficial if you have photos or a police report on hand for reference. Make it a point to collect as much proof as possible before leaving the scene after the accident occurs.

Write a Letter

Attorneys say that it shouldn’t surprise you if your initial claim is denied. Yes, the claim may be denied at first, but is also may be approved. However, if it is denied, your next step is to write a letter, making a formal appeal that requests that the insurance company reconsider your claim. Present the facts and be specific to inform the adjuster of the various reasons that the insurance coverage is necessary. You can even provide receipts for medical appointments or expedite your appeal if your physician thinks that your claim may be life-threatening.

Get Legal Help

Sometimes, your claim may have to escalate if the process takes longer than expected. This isn’t always the case, but you may need to hire legal representation to help move the process along. A lawyer can help you negotiate with the insurance company and can advise you on the next steps to take to increase your chances of seeing a payout. If the idea of paying legal fees makes you balk, look for lawyers who don’t require payment up front and will only take their fees as part of the payout you get if you win your case.

by Lanister Jenkins

See Full Story at www.lazorinsurance.com

3 Important Tips to Prevent your Car Insurance Claim from being rejected

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Hay provides the following advice to prevent your claims from being rejected:

  1. Maintain your vehicle: one of the biggest reasons for vehicle insurance claims being rejected is that people don’t adhere to the proper maintenance of their vehicle by keeping it roadworthy. Tyres need to be kept in good working order and replaced when the minimum tread depth specified by your policy has been reached.
  2. Obey the law: if you’re involved in an accident whilst breaking the law you may not be covered. The prime cause of this is driving under the influence of alcohol or driving at excessive speeds, both of which may invalidate your claim.
  3. Make sure the regular driver is specified on the policy: Another problem that frequently results in rejected claims is where the regular driver is not the person specified on the policy. Hay points out that if a 45 year-old parent insures a car in his or her name, but the regular driver is that parent’s 18-year old son, an insurance claim would likely be rejected. This is because the risk profile of the parent is completely different to that of an 18-year old with far less driving experience, meaning the premium would have to be adjusted higher to reflect the higher risk associated with the younger driver.

“You can’t try and get away with a low premium designed for a low-risk driver when the regular driver is actually a higher risk individual,” says Hay. “Provided they have a licence, it isn’t an issue if your 18-year old uses your car to go to the shops but if they’re the regular driver of the vehicle then that needs to be specified. The main lesson is to be open and honest with your insurer.”

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Trouble renewing your car insurance? You can save money by going digital

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Most people give a lot of thought to purchasing a vehicle but not so much to buying auto insurance.This lack of interest could be due to the perception that insurance is complex, lack of information, paucity of time, or a negative experience associated with claims.

The auto insurance industry has taken cognizance of these challenges and has revamped its offerings by going digital for a hassle-free experience. Digitisation empowers policyholders to make an informed choice, choose the best-suited policy, and also save money in the process.

Digital is convenient, cheaper: With insurers going digital, auto insurance has become simple and convenient. You can purchase or renew auto insurance from either an insurer’s website or from a web aggregator. The process is similar to shopping for an item on your favourite e-commerce platform. Online policies are priced lower without compromising on the scope of the cover. Some insurers also offer exclusive offers. Companies are able to sell their policies cheaper online as these are direct sales that do not involve a middleman, and they also save on operational costs. Insurers transfer a part of their savings to customers, making the online product cheaper for them.

By Animesh Das 

See Full Story at www.business-standard.com

5 Tips To Consider While Comparing Car Insurance Online

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If you wish to buy car insurance online, there are a few factors that you need to be aware of. Following tips will help you not only choose a better policy but also help you choose the best insurance company:

#1 Quality of customer service

After the purchase of a policy, your first point of contact with the insurer would be the customer service desk. When you opt to buy car insurance online, you can compare or at least get a first-hand view of the customer service desk before investing your money. The lack of a good team or unresponsive team can cause a lot of problems down the road. Thus, one can spend some time in verifying them.

#2 Claims

Let’s be honest, the whole point of buying a car insurance online is to avail financial security in the time of need. Thus, it is of prime importance that you buy a policy in which the claims process is relatively easier and quicker. Reaching out to the customer service desk for queries or going through reviews of existing customers can be a good way to verify the same. Though you might end up spending a few moments researching a company and its services, it is worth spending that time.

#3 Do not opt for the cheapest policy

There is nothing wrong in trying to save as much of your hard-earned money as possible. However, in the attempt, one must not buy the cheapest policy available. For starters, the cheapest policy might not offer enough coverage. Then the post-sales services also come into the picture. You can compare car insurance online and find a policy that fits into your budget without trading off on the features on offer.

by Sahil Saini

See Full Story at www.dekhnews.com

Tips for Avoiding Auto Insurance Scams

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Securing a quality auto insurance policy is one of the obligations associated with car ownership. Though there are many reputable auto insurance companies, there are also some fraudulent ones. In the age of online advertising, fake car insurance ads are quite common.

Young owners of new cars are a common target. According to a survey from the Insurance Fraud Bureau (IFB), one out of three individuals in the 18-24-year-old age bracket claim they’ve seen a suspicious-looking social media ad for car insurance. Two-thirds of these participants also admitted that they wouldn’t verify if the seller had a website before signing up for the advertised policy.

Here are some common types of scams as well as some tips for recognizing fake car insurance scams so you can steer clear of them.

Fake agents

If you’re browsing online, you might see an ad for super cheap car insurance rates. Clicking on the ad takes you right to the insurance agent’s website, where you’ll receive prompts for applying for the coverage and paying for the insurance.

Robocalls

According to the Pawson Insurance team, U.S. consumers receive approximately 2.4 billion robocalls per month. These calls usually involve a caller who claims that you’ll receive cheap car insurance due to your stellar driving record. The caller will usually ply you for personal information to initiate the new monthly premiums.

Dishonest insurance agents

If a car insurance ad displays rates that are surprisingly low, it’s likely that the ad is a fraudulent one. In other words, if it seems to good to be true, it probably is.

See Full Story at thenewswheel.com

4 INTERESTING MYTHS ABOUT INSURANCE

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It is said that one shouldn’t believe everything one hears – unless you hear it from a thoroughly reputable source, of course! Well, there are a few myths about insurance that many people think are true. We’re here to debunk them today!

Myth: Your insurance premium is determined by the colour of your car

Have you ever heard that if you buy a red car, your insurance premium will be higher? Your car insurance is not only determined by the colour of your car, but also the type of car, where you park it during the day and at night, your driving history and a few other risk factors.

Myth: Personal car insurance will cover your business too

If you are self-employed and you use your vehicle for your business, be sure to declare this to your insurance company when applying for an insurance quote. Personal vehicle insurance may not protect you in the event of a claim arising from business use, so rather enquire about business insurance if you’re unsure.

Myth: You don’t really need comprehensive cover

It is estimated that more than 50% of South African car owners do not have any car insurance. On top of that, many motorists think that having the bare minimum cover is sufficient. This is especially so if a person hasn’t been in an accident before or regards themselves as “safe” drivers. Accidents do happen, so make sure you have comprehensive insurance – otherwise you may end up spending much more money in the unfortunate event of an unpredictable accident.

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Tips to save on the auto insurance policy

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As you all know that, how much important an automobile is now. Yes, people do not want to feel the stress in moving from place to another place and so they want to have a car with them. Having a car is useful and beneficial and at the same time, you cannot deny a factor that, you may happen to receive accidents, collisions and other damage. You want to protect your car in these situations – right? If yes, then you need to buy the auto insurance coverage for your car. There are various companies providing auto insurance plans for the customers. It is your responsibility to choose the right company.

Why auto insurance is significant?

If you did not know anything about the auto insurance plan, then you need to read the article further and to the fullest, so that you would come to know why buying auto insurance is important.

  • If you buy the auto insurance policy, then it means that you are protecting your automobile. This is the biggest investment that you can make in your life.
  • If an accident happens, you can able to pay for your medical bills with the assistance of the auto insurance.
  • You will be protected from those motorists that do not have their own auto insurance plans.
  • With the auto insurance policy, you will get compensation amount for accidents, weather damages, vandalism, theft and more.
  • You know that will be protected every single time when you hit the road.
  • The auto insurance plan will protect your assets too.

BY SARAH DUNSBY

See Full Story at londonlovesbusiness.com

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