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4 INTERESTING MYTHS ABOUT INSURANCE

15 January 2019 By admin Leave a Comment

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

Young drivers: top tips to cut car insurance costs

8 January 2019 By admin Leave a Comment

The average premium for those aged under 25 stands at £825, according to the Association of British Insurers (ABI).

While those aged 17-24 only make up 7% of all UK licence holders, they’re involved in nearly a quarter of all fatal collisions, which is why premiums skyrocket for this age group.

But the ABI has come up with top tips for young drivers to reduce the cost of car insurance:

1. Pick the right car

As a rule of thumb, the greater your engine size, the more likely it is to be involved in an accident and the higher the insurance cost. The value of your car will also impact on your premium. If it’s more expensive to replace or repair, the premium is likely to increase.

2. Shop around

The UK’s motor insurance market is fiercely competitive, so it always pays to shop around to find the best price. As well as checking price comparison sites, go direct to insurers or get in touch with an insurance broker.

As with any insurance, it’s just as important to choose a policy that fits your needs as well as your price point. Remember, car insurance is here to give you peace of mind, so there’s no point in buying a policy that doesn’t cover everything you need.

3. Drive safely

By driving safely and avoiding accidents, you’ll build up a no claims discount (NCD), which will help keep costs low in the future. Penalty points on your licence can also negatively impact your premium so don’t speed, get behind the steering wheel after having a drink or use your mobile phone.

4. ‘Black Box’

Black Box or telematics devices are installed in cars and track exactly how you drive. By being careful, not exceeding speed limits and with smooth start and stops, you may be able to cut the cost of your car insurance from the typical ‘boy racer’ premium.

5. Be financially savvy

Paying a higher excess is another way that could lower your car insurance costs but make sure you can afford to pay this amount. As a young driver, you may already have a higher compulsory excess than someone who has been driving for a while. In addition to your compulsory excess, you can set a voluntary excess. If you do need to make a claim, you’ll need to pay both the compulsory and voluntary excess.

See Full Story at www.yourmoney.com

27 Data-Backed Tips For Saving On Car Insurance

15 November 2018 By admin Leave a Comment

For many customers, finding the right car insurance policy can be quite frustrating due to the complexities of pricing, which is complicated further by varying state coverage requirements. In the end, coverage gets quite expensive.

Licensed insurance agents know how the average consumer can lower their car insurance premiums. So, in an attempt to bring transparency to the world of car insurance, here are some data-backed savings tips according to experienced insurance agents:

1. Don’t Allow Your Insurance Coverage to Lapse

Rates drop 7.7 percent on average, even after being insured for just a year. The discount that most insurance companies provide for maintaining continuous coverage will depend on the amount of liability coverage on the policy you have. The higher the limit of liability, the better the prior insurance discount is likely to be.

2. Bundling

Bundle your car insurance policy with your homeowner’s insurance to potentially save up to $110 annually or bundle your renter’s insurance with your car insurance to save up to $72 annually.

3. Do Proper Research

Take several minutes to learn about the companies, minimum coverage requirements and other factors that apply to your state.

4. Get Ahead of the Game

You should buy your car insurance policy not less than 10 days before you need it activated if you wish to get a better rate. This is particularly beneficial if you know that the policy is up for renewal and you wish to switch to a different provider.

By Will Robins

See Full Story at www.feedster.com

Should You Buy Travel Insurance Or Not?

13 November 2018 By admin Leave a Comment

Photo by Porapak Apichodilok from Pexels

What Is Travel Insurance?

The term travel insurance is commonly used to describe a few different types of insurance. It can sometimes be pretty confusing for new travellers.

You should know what kinds of coverage a travel insurance policy includes, because it may not include everything you think it does.

Travel Health Insurance is coverage for accidents, injuries, and hospital visits while you are away from home.

Medical Evacuation Insurance is coverage for transporting you to a major hospital for treatment.

Trip Cancelation Insurance is coverage for unexpected interruptions in your travel plans.

Baggage/Property Insurance is coverage for theft or damage to your gear while traveling.

Do You Need Travel Insurance?

This is the million-dollar question — and ultimately a personal decision. I’ve met plenty of people who travel without travel insurance and I’ve contemplated doing the same.

But after over 6 years of constant travel, hearing horror stories from other travelers, and getting into a few dangerous predicaments myself — if someone asks for my opinion on the subject I answer with:

YES. Everyone should carry some kind of health/property insurance when traveling.

Why? Because shit happens. Whether you think it will or not. Despite your best-laid plans and preventative measures. Sure, if you sprain your ankle, it might not be a big deal.

By Matthew Karsten

See Full Story at expertvagabond.com

Here’s how your credit score affects your auto insurance rates

1 November 2018 By admin Leave a Comment

Auto insurers include your credit score as a factor when determining your premiums, but many motorists have yet to fully appreciate the effect their credit-worthiness has on their car insurance rates.

Here’s how your auto insurance and credit score are linked

On the flip side of this equation is the fact that three in 10 people mistakenly think that their driving record has a bearing on their credit score, according to a recent survey from Wallet Hub. Nonetheless, insurers say credit-based insurance scores actually reward the fiscally responsible among us.

You may be wondering where this idea that how you handle your wallet is related to how you handle your wheels comes from. The most comprehensive public research was done about a decade ago by the Federal Trade Commission in a report on the issue.

The agency found that several states bar insurance companies from basing their underwriting decisions solely on people’s credit scores and credit histories. It has a lot to do with the period of time — the “exposure period” — insurance companies can incur losses.

“[Credit] score developers start with the credit information available about customers at the beginning of the exposure period and the known losses for them during the period,” the FTC report says. “Score developers then use various statistical and other techniques to develop a model that predicts losses based on the credit information that was available at the start of the exposure period. If the relationship between the credit information and loss is sufficiently stable over time, the model can be applied to the credit histories of other consumers to predict the risk of loss they pose. ”

A report by the Insurance Information Institute (III) said that aside from credit scores, other factors, such as where a person lives, previous crashes, age and gender, help insurers determine who is more and less likely to file a claim.

How insurance companies handle those with no credit history

Of course, every person is different: An 18-year-old who may not have much of a credit history can’t possibly be judged the same standards as, say, a 40-year-old with a job and family, right?

When it comes to teenagers and other people without credit histories, many states mandate that insurers adhere to the National Conference of Insurance Legislators’ (NCOIL) “Model Act Regarding Use of Credit Information in Personal Insurance,” which was released in 2002.

The NCOIL rules, which many states have adopted verbatim, say that “no-hits” and “thin files” (people with no or scarce credit histories) should be considered to have “neutral,” or average, credit. The insurer also has the option of using another scoring model, which must be disclosed.

As a conclusion to its report, the FTC says, “A consistent finding of prior research and the FTC’s analysis is that credit information, specifically credit-based insurance scores, is predictive of the claims made under automobile policies. However, it is not clear what causes scores to be effective predictors of risk.”

By Craig Johnson

See Full Story at www.kiro7.com

You’ve Been Buying Travel Insurance All Wrong

25 October 2018 By admin Leave a Comment

The best way for frequent travelers to cover their getaways is an annual plan, something that is becoming more widely available from a number of providers. “Currently, we have a total of four annual plans and five single-trip plans,” says Richard Aquino, VP of Sales at Allianz Global Assistance. At the plan comparison site InsureMyTrip, sales of annual coverage have risen by 40 percent in the past year, the company says. And travel insurers Arch RoamRight and Seven Corners also report double-digit increases.

Travel agents are helping drive the shift. “I have recommended the annual policy for a few of my clients that travel very frequently throughout the year,” says Margie Hand, a travel agent at Andavo Travel. “One couple in particular usually took at least two luxury cruises per year, and together with their smaller trips, the annual policy was a great option for them.”

While annual and multi-trip plans are not new, traditionally they were marketed strictly to hard-core international travelers. “Most annual travel plans are focused on medical coverage for medical expenses and emergency medical evacuations,” says Justin Tysdal, CEO of Seven Corners.

Meanwhile, “for domestic trips, the number one reason somebody buys travel insurance is for trip-cancellation protection,” says Cory Sobczyk, VP of business development at Arch RoamRight. Historically, he says, “there have not been a ton of annual plans out there that include a trip-cancellation component.” But this paradigm is shifting, and today some insurance companies, including Arch RoamRight, now offer annual plans with trip cancellation that cover both domestic and international travel.

by SUZANNE ROWAN KELLEHER

See Full Story at www.cntraveler.com

One in four car insurance policies don’t cover child car seats

23 October 2018 By admin Leave a Comment

One in four car insurance policies offer no protection for child car seats, which could leave parents out of pocket if something were to go wrong.

The figures also revealed that less than half of UK car insurance policies will pay out the full cost of replacing a damaged car seat. In the UK, any child under the age of 12 or 135 cm in height can only travel in a car if they are in a recognised child car seat of booster seat.

Find out how to ensure you get the right level of cover from your car insurance at a competitive price.

Does car insurance cover car seats?

A quarter of car insurance policies (67 out of 267) don’t cover car seats, according to new data from Defaqto. Less than half of car insurance providers will pay the full cost of replacing child car seats damaged in an accident and only 44% of policies (117 out of 267) were found to do so.

Nearly 31% of car insurance policies (83 out of 267) offered limited cover for car seats, choosing only to pay out a certain amount per seat.

Average cost of a child car seat

The child car seats that are currently on the Which? Best Buy list range from £80-£409, but prices will vary among retailers. Some manufacturers offer a child car seat replacement service if it’s been damaged in an accident. Maxi-Cosi, for example, will swap your damaged car seat for a brand new replacement if you can’t get cover from your car insurance provider.

This service applies to all Maxi-Cosi car seats of any age. Manufacturer, Kiddy, also offer a child car seat replacement service. Any Kiddy car seat involved in an accident can be returned for a free replacement up to six years after the purchase date, even if your child car seat is already covered by your car insurance policy. You must also claim within three months after the car accident takes place.

See Full Story at www.which.co.uk

Influential Factors For Comprehensive Car Insurance

18 October 2018 By admin Leave a Comment

Comprehensive insurance covers events different than collisions. For this policy, these are the most important factors:

The area where the policyholder lives. Insurance companies are interested to know where exactly the driver lives. The company will check the frequency of extreme weather phenomena. Other factors like the number of riots, vandalized cars or stolen vehicles are also analyzed.
The value of the car. Naturally, the car’s worth will influence the insurance costs. This policy is recommended for new, valuable cars. Dropping coverage or older cars is something usual and quite recommended, considering the costs to keep this policy active.
Tracking devices. Since this policy also covers theft, adding tracking devices will lower the costs. It may be a long-term investment, but the premiums will be lowered after installing the devices.
Deductibles. Just like collision car insurance, comprehensive coverage is also subject to deductibles. The insurance company will not intervene unless the driver pays the deductible mentioned in the contract. A high deductible will make the insurance cheaper.

See Full Story at markets.businessinsider.com

Here’s how to avoid common Travel Insurance Traps

16 October 2018 By admin Leave a Comment

We had a chat with Finder.com.au’s insurance expert Richard Laycock to bring you some fabulous tips and tricks to make travel insurance less painful.

Travel Weekly: What should you look for when you’re buying a policy? Does the destination affect the price / what you need?

Richard Laycock: When you’re taking out a travel insurance policy, overseas medical cover is by far the most important item to make sure you’ve checked off. This will ensure you’re covered for treatments overseas.

You should also look to make sure you’re covered for accidents and medical evacuation, as these are big-ticket items.

TW: Does the destination affect the price / what you need?

RL: YES, WHERE YOU’RE GOING WILL HAVE A GREAT IMPACT ON HOW MUCH YOU PAY FOR COVER. IF YOU’RE HEADING TO THE USA, YOU’LL PAY A LOT MORE FOR COVER THAN IF YOU WERE TRAVELLING TO SOMEWHERE LIKE NEW ZEALAND.

This is calculated based on various costs including the cost of treatment in those countries and also the cost of flying you home.

If travel delay is something that you would hate to go through then it’s also important to make sure your policy includes cover for cancellation and delay. Typically delays of 6+ hours will be covered.

TW: We see a lot of jargon in travel insurance fine print. What are 3 of the most confusing things mentioned?

RL: “Pre-existing conditions” is a big one. If you have any ailment that you know about, this counts as a pre-existing condition and if you don’t let your insurer know, you won’t be covered for it while you’re overseas.

That is not to say that you will have voided your entire policy, you just won’t be able to make a claim for anything related to that specific condition.

Another issue is leaving your luggage unattended. This caveat means that if you leave your luggage by itself and it’s stolen, your insurer will not pay you a benefit.

Finally, cancellation cover. Some people assume that cancellation cover means that you can cancel your trip and receive a benefit.

Unfortunately, cancellation cover means you’re covered if you have to cancel your trip for reasons that are outside of your control.

TW: Are there any traps travellers often fall into when purchasing travel insurance? What are your tips for cutting costs?

RL: Again, I think that not mentioning pre-existing conditions is a big thing. If you are going to go overseas, it’s important to declare those conditions.

Sure, not doing so may save you in the short term but it could cost you big in the long run.

See Full Story at www.travelweekly.com.au

How to avoid a nasty insurance surprise

9 October 2018 By admin Leave a Comment

Here are Aviva’s top tips for consumers, to help ensure there are no nasty surprises and avoid misunderstandings which can crop up when a claim is made…

Home insurance

If you have a standard policy, consider whether you need additional cover for accidental damage to contents, or home emergency and boiler breakdown cover.

Most home policies don’t cover gradual wear and tear, the effects of damp and dry rot, or damage to fences, gates and hedges – so make sure your home is well maintained and in good repair. Keep your insurer informed if you make any changes to your home, such as a change in occupancy or building works.

Travel insurance

Make sure you tell your insurer what they need to know about your health, such as any pre-existing medical conditions or tests and investigations.

Try to arrange your travel insurance from the day a holiday is booked – not the day the holiday starts. This will help to make sure you’re covered if the trip is cancelled. It’s also important to make sure you understand the specific cancellation reasons you’re covered for if you need to cancel your holiday.

Motor insurance

Know your policy excess – the amount you need to pay in the event of a claim before the insurance company pays the remainder. When claims are turned down, this can sometimes be because the value of the claim being made falls within the excess stated.

Also, many of us keep possessions lying around in the car. Consider personal belongings cover on your home contents policy to cover your possessions in case they are lost, damaged or stolen while in your car. You may also want to consider installing a dashcam, which can help prove who’s at fault if you have an accident. This could help you to protect your ‘no claims’ discount and excess on your policy.

See Full Story at www.irishexaminer.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance