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Seniors and Travel Insurance: What You Need to Know Before You Buy

14 May 2019 By admin Leave a Comment

With more travellers choosing to spend their golden years abroad, Squaremouth shares 4 travel insurance buying tips for seniors.

Determine Your Coverage Needs
When shopping for a policy, travellers should first decide how much coverage they need for their trip. Medicare does not provide coverage outside the U.S., so for many seniors, the most important travel insurance benefits are Emergency Medical, which can pay travellers back for their medical costs while abroad, and Medical Evacuation and Repatriation, which can transport travellers to the hospital in an emergency or transport remains home.

Travellers can also get their trip costs back if they need to cancel or end a trip early due to sickness, injury, or if a family member passes away unexpectedly.

Pick The Least Expensive Policy
Unlike many other types of insurance, when it comes to travel insurance, a higher price tag doesn’t necessarily mean better service or better benefits. Policy premiums are based on the traveller’s age, trip length, and trip cost, and insurance providers price their products to be appealing to the demographic the particular product is aiming for.

For example, some policies are designed to appeal to seniors and may be less expensive for that age group, while other policies may be marketed toward students and will be lower in the price for younger travellers. The best way for travellers to find the least expensive policy that fits their needs is by shopping around and using a third-party comparison site, such as Squaremouth.com, to compare premiums and coverages.

See Full Story at www.prnewswire.com

Insurance Experts Explain How To Handle A Coverage Lapse

18 April 2019 By admin Leave a Comment

Insurance companies prefer working with clients that maintained continuous coverage. Clients who let their policy expire or forget paying premiums are considered high-risk. Policyholders will pay more expensive future premiums as a result of their negligence.

There are many reasons why a person may cause a coverage lapse. The most common reason is forgetting to pay the premiums on time. This also happens when the driver changes the carrier, but he does not synchronize the expiration date of the older policy with the start date of the new coverage.

When discovering a coverage lapse, it is important to act quickly. The more time passes, the harder and more expensive it becomes to be reinstated. The procedure for reinstating coverage differs for each carrier. Some companies may renew the coverage, while others will ask the client to reapply for auto insurance and basically, start a new coverage. Some companies may require the client to apply for electronic payments, in order to avoid missing payments in the future.

See Full Story at markets.businessinsider.com

When It’s Recommended To Check Car Insurance Quotes Online

11 April 2019 By admin Leave a Comment

When it comes to the premium you pay on your car insurance certain events can affect the amount you pay. Whether if those events affect your car insurance rates in a positive or negative way, you can find out by checking the car insurance average cost at least once every six months.

It is recommended to check the online insurance market when these events take place:

Your credit score changed. In most states, the law allows the insurance companies to take your credit into consideration when they determine the price of your insurance rates. Your credit score is composed of approximately 130 elements, but insurance companies use only the ones they find relevant. If you are in the poor and low credit categories, expect to pay more on insurance, while those drivers that have excellent and good credit scores will pay less.
State’s laws have changed. Every state has different laws and requirements regarding car insurance. These laws and requirements can be changed anytime. For example, the liability limits of insurance can be increased, leading to higher premiums to everyone. In order to find a better deal, you would have to check the insurance market.

See Full Story at compare-autoinsurance.org

Cancelling Insurance to Reduce Expenses?

9 April 2019 By admin Leave a Comment

For many consumers the start of the new year may have been a difficult one. Overspending over the festive period coupled with an intertest rate hike at the end of last year may leave many looking for opportunities to save. Some motorists might turn their thoughts to a grudge spend: insurance.

Cancelling your vehicle insurance, however, can have far-reaching and even more expensive consequences warns the managing director of MasterDrive, Eugene Herbert. “With the high crash statistics in South Africa drivers who take on the roads without insurance are taking a huge risk.

“Even a relatively minor incident that puts your car out of commission can be devastating. You may be left trying to pay a bill that reaches into the thousands and if you do not have the money, what do you do then? For those who rely on their car to generate an income, like a sales person, a crash will cause even greater financial stress,” says Herbert.

If you damage someone else’s car you up the ante even more. “You are obligated to repair their car right away even if you do not have the money. Their insurance will ensure the money is recouped and there is little care about how you do it. If you were to damage a luxury car, you could even lose your home in the process of repairing the car.”

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

How young motorists can wipe hundreds of their car insurance

19 March 2019 By admin 1 Comment

Photo by Rangga Aditya Armien from Pexels

Money Saving Expert Martin Lewis has come to the rescue again – and young people struggling to get going will thank him for it.

It’s well-known how car insurance can be extortionate for younger people.

And the quotes are so high that it sometimes drives wannabe young motorists to hit the road without any cover, putting them at risk of prosecution – and others at risk of losing money.

But there are ways that we can all cut the cost of our premiums – and it’s no surprise that Martin has the answers.

The expert says young drivers can face paying premiums averaging £1,317.

But he said he has “a bag full of tricks” to help us save money.

Telling viewers of his ITV show the Martin Lewis Money Show, he added that “the answers often aren’t common sense.”

Watch Full Interview at www.bristolpost.co.uk

What Does Homeowners Insurance Actually Cover?

7 March 2019 By admin Leave a Comment

This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident.

Question: My mortgage lender told me a homeowner’s policy was the last thing needed to fully approve our home loan. I want to shop around and make sure I get the coverage I need. What should I know before deciding on a home insurance policy?

Answer: It’s important to understand the basics of homeowners insurance so you can purchase a policy that meets your needs. It primarily covers your home and the stuff inside of it in the event of theft or some disasters (fire, windstorm, hail, lightning, smoke, explosion, theft, vandalism, riot and vehicle collision).

If your house is destroyed by a covered peril, a standard homeowner’s policy will go a long way toward repairing or rebuilding your home.

I’m not an insurance expert, so I talked to Matt Deadrick, with DDM Insurance, and he provided great insight that will help you understand basic insurance coverage and choose additional coverage that will fit your needs.

Dwelling Replacement Cost Coverage On Your Homeowners Policy

The value of your home may vary and this may cause concerns when you think about the amount of insurance you carry on your homeowner’s policy and whether it’s enough or too much. But the bottom line is that what your home can be rebuilt for versus what you can sell it for are two completely different things.

With Market Value, location, school district, distance to shopping and public transportation, etc. go into the calculations.

With Dwelling Replacement Cost, a completely different set of parameters is taken into account. The location is much less of a factor than the square footage of the house. The construction of your home and its features are what count.

When a new application is taken, your agent should ask questions about your home and it’s features such as square footage, age, number of rooms, if there is a finished basement, etc. This will be used to calculate an estimate of what your home can be rebuilt for, and determine the “Dwelling Coverage” on your policy.

Because there is no way to know exactly what a house costs to rebuild until it actually has to be rebuilt, it is imperative to include some coverage that takes into account that the “Dwelling Coverage” may need to be increased in the event of a catastrophic loss such as a fire.

See Full Story at www.tysonsreporter.com

Tips to save big on your motor insurance premium in 2019

21 February 2019 By admin Leave a Comment

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

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

Insurance Agency Singapore | Commercial Insurance and Personal Insurance