Insurance Agency Singapore | Commercial Insurance and Personal Insurance

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

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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.

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