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A list of right add-on covers for motor insurance

24 September 2015 By Digital Curator Leave a Comment

Image via Flickr user Diamondback Truck Covers

Buying the right add-ons could help you get the maximum benefit from motor insurance policy

A personal accident add-on cover in a vehicle insurance includes the owner or the driver if he is employed. In case of a owner driver, a policyholder’s nominee is entitled to a 100% claim in case of death.

Here’s a list of some popular add-on covers which general insurers provide for motor insurance:

Zero depreciation

Zero depreciation is one of the most popular add-on covers sold by general insurance companies. It ensures that the policyholder can receive a full claim on the value of parts that are replaced after an accident.

Personal accident

Break-down assistance

This is a popular add-on cover at a very nominal cost, which takes care of the car in case of breakdown or accident on the road. The policyholder will have to call up the designated helpline number of the insurer and help will reach him.

Engine cover

This add-on cover provides protection to the engine in case of flooding during monsoon. Since waterlogging is common in most Metros, hydro-static lock is a major cause of engine failure. Any damage due to hydro-static lock, which happens if one repeatedly tries to run a moist engine, is not covered under a regular motor insurance policy.

In driver’s seat
* Any vehicle that plies on the road needs a third-party cover under the Motor Vehicles Act
* Insurers have to ensure that the cover is available at their underwriting offices
* As per the Motor Vehicles Act, the third-party cover is unlimited in the case of an accident and the entire compensation has to be paid by the insurer
* While third-party insurance cover is mandatory, a policyholder can opt of add-on covers to the basic vehicle insurance
* The add-on covers come in handy, especially for roadside assistance in case of a breakdown of the vehicle

by Saikat Neogi

See Full Story at financialexpress.com

Why Use An Insurance Agent?

27 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

Generally speaking, when you buy direct you cut out “the middleman” – a retailer who buys wholesale from amanufacturer. They mark up the product’s price and sell it to you.

By dealing direct with an insurance company, a consumer takes on a level of risk that they may not realize even exists.

That Was Then…

Traditionally, insurance companies did not sell to the public. Instead their products were offered to consumers by “agents” who had to be professionally licensed to deal directly with the public. Consumers actually paid the agent nothing because it was the insurance company who paid the agent a commission, and this commission was not added to the retail price.

This Is Now…

The agency system is still in place throughout the U.S. You can find dozens if not hundreds of local independent agents in your telephone book or internet guide. However, thanks to the internet you can also go directly to many insurance companies and get a quote. If you like the quote you can often buy a policy by filling out a few more forms, right on the spot.

An independent agent can do important things for you:

Agents have at their disposal the ability to quickly check prices and coverages with dozens – if not hundreds – of different insurance companies.

Independent agents are a one-stop-shop for all of your insurance needs. An agent typically doesn’t sell just auto insurance.

Insurance is a complicated subject. Its an agent’s business to understand it, and communicate it to you so you understand it as well.

Coverages don’t just vary from state to state … they vary from company to company within the same state.

The above is the good news with regard to what an agent can do for you. What about the bad news?

Which brings us to another problem that you create when you go direct. You have no licensed, regulated insuredagent acting on your behalf.

Don’t get us wrong… There is nothing wrong with direct-writer insurance companies. However, if you deal with an agent, there are certain services and protections you are going to get that a direct-writer insurance company simply cannot provide.

by Matt Robertson

See Full Story on lelandwest.com

Top 5 Reasons Why Consumers Should Use an Insurance Broker

22 April 2015 By Digital Curator 1 Comment

Image via Flickr user Hernan Seoane

Consumers generally think they benefit when they buy insurance direct but is it true?

To find out, we’ve asked people what matters to them when buying insurance, and in turn our panel used those criteria to evaluate the differences between buying insurance via a broker and buying direct online.

What is important to consumers?

In order of importance, these are the things people said matter to them:

Cost.
Ease.
Speed.
Peace of mind that everything is covered.
Security of personal data.

So let’s now analyze these items and let our panel judge how each performs when insurance is bought directly or when via a broker.

1. Cost

Contrary to popular consumer belief we found that broker pricing was actually better than direct insurance pricing.

2. Ease

Many of the consumers in our test case were surprised here. At least half began our test with the impression that buying policies directly would be the easiest option for them. After trying both, almost all had changed their mind.

3. Speed

The results here were quite evenly balanced. In the case of the time taken to generate initial quotation figures, direct services (online) were consistently very quick, while some brokers answered quote requests by personal follow up.

4. Peace of mind that everything is covered

We saw few surprises here. Brokers were largely far more efficient at cross checking policies than consumers, and also very good at educating their customers, explaining what types of cover were available and answering queries.

5. Security of personal data

This was a difficult one to test, and fell largely to our technical team. We did however take into account how consumers felt about their data security after using the various services.

by Adam Bishop

See Full Story on riskheads.org

Primary 5 Math Exam Question

13 April 2015 By Alex Tan Leave a Comment

I received this question from a friend yesterday and was really amazed at the type of question that primary 5 students nowadays have to answer. After a long time, I managed to figure out the answer, that is of course after going through a few tries. But somehow the explanation doesn’t sound logical to me. Or am I just too slow to understand? So here is the question:

I have come across a similar question somewhere two years back on Facebook, but till today, I have difficulty understand it. Maybe any kind souls out there would like to share your answer and explanation?

Updated Post

So after a day of researching, talking to people and taking some time to understand, I finally manage to get the answer to this question, July 16. However, knowing the answer won’t be enough without understanding it right? There are many ways to explain and the first that came out to me was this:

Reading through the solution, you find that the second statement and third statement make a lot of sense. But somehow I was stuck with understanding the first statement. I know that Bernard will remove 18 and 19, but I do not understand why all dates in May and June have to be remove as well. After more consultation from a friend, who once work as a teacher, this was his explanation in his own words:

So after the first statement, we actually have to look from both Albert’s and Bernard’s POV: Bernard knows the number, so 18 and 19 is definitely out if not he would have guessed the correct date. Then we have to look at Albert’s POV, he knows the month and he is 100% sure Bernard will not be able to guess it, precisely because the month he knows is not May and June, where there is still a probability that Bernard might have guessed the dates could be in May or June as 19 and 18 are appeared in these months respectively. I think this is the hardest part to understand and if I were to understand it easily, the key is “for 100% certainty Albert is sure Bernard doesn’t know”, so yeah 18, 19, May June all are out.

But don’t worry, finally someone posted on the internet the model answer to this question, said to be taken from Singapore and Asian Schools Math Olympiad:

Pic taken from Mothership.sg

So finally, do you understand now?

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