Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Travel insurance – don’t leave home without it

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While there are millions of people travelling abroad yearly, many of them are not properly secured should something happen on their travels. Vera Nagtegaal, Executive Head of Hippo.co.za provides some tips on travel insurance:

Do your research for cost-effective cover

A basic form of travel insurance is often provided by your bank when purchasing an air ticket using your credit card. But, be warned that this cover may not be sufficient as it often places caps on age, costs, services and certain destinations. For this reason, Nagtegaal recommends going through your policy with a fine-tooth comb to determine exactly what is included and what is excluded.

Most travel insurance offerings cover includes emergency medical expenses, hospital cash benefit per day, personal accident cover in the event of death or permanent disability, emergency travel and accommodation, legal assistance and personal liability cover, among others. However not all policies are the same and adds that various types of travel insurance are available depending on your needs. These include:

Business Insurance: If you’re travelling for business you would fall into one of two categories. Business administrative insurance for people who are typically travelling to a meeting, or business industrial insurance if you are travelling to perform a service or some sort of manual labour.  This type of insurance generally provides cover for aspects like delayed or cancelled flights, lost passports and medical cover.

Senior citizen travel insurance: For those over 70, for example, this insurance covers things like medical expenses, a visit from a family member if necessary, missed flights or cancellations and lost or delayed luggage.

Student travel insurance: This type of insurance is for younger people travelling for work or leisure and includes cover for emergency medical costs, injury or damage to a third person or their property, cancellation of an entire trip and missed flights.

See Full Story at www.iol.co.za

How to Find the Best Car Insurance Policy

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Finding the right site to offer updated and accurate information about various car insurance policies and premium plans can sometimes be a bit of a challenge, especially because of a large number of options available. In addition to populating a list of various plans that are available, a reputed insurance finder site will offer additional information and tips.

Find a reliable and reputed site

You’ll want to find a website that is associated with all of the major insurance companies and includes information that is accurate. Sites like Money Expert can provide quotes from almost 100 different providers in just minutes and could save you a ton of money.

Provide accurate information

What you’ll need in order to see the various plans and premium amounts is personal details, information about the make and the model of your car, and your claims history. Based on this input, the amount is calculated by actuaries in insurance companies, which is why it’s necessary to provide correct information.

Be prepared with additional details

In addition to your personal details, you should have information about who else will be using the car, their driving history, and any safety devices installed in the car. This supplementary information will help to considerably bring down the cost of insurance premiums.

See Full Story at thenewswheel.com

How to Save Money on Automobile Insurance

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In order to legally drive a vehicle in the United States, you need a valid driver’s license and an active insurance policy. If you drive without either of those things, you’re bound to get yourself into trouble. You could be fined and you might even be forced to spend time behind bars. With that being said, you should never drive an automobile that does not have the necessary insurance coverage. Unfortunately, insurances are often expensive. This is exactly why we plan to spill the beans on how to save money on automobile insurance.

Pass a Defensive Driving Course

It’s your responsibility to learn how to drive safely. Driving courses are designed to educate the participant and ensure that they know the rules of the road. A driving course drastically decreases the chances of you getting involved in an accident. Insurance companies understand the perks of a good driving course and how it reduces the risk of accidents. That’s why they offer a discount on the premium to people who successfully pass a driving course. Once you complete the course, all you need to do is notify the insurance company and they will most likely offer a discount for your efforts.

Shop Around

It is also important to remember that there are different automobile insurance companies that offer vastly different prices for the same coverage. Take advantage of the competition by comparing the prices of the auto insurance policies available to you. Make a list of available choices and select the coverage that has the lowest premium. There are more than few insurance comparison websites online that can help you compare different automobile insurance offers.

Invest in Safety and Security

It’s important to take steps to make sure your vehicle is as safe and secure as possible. For instance, you can install a security alarm on your car. This will protect your precious vehicle from being stolen. You should also consider installing rearview mirrors and other safety products. By adding more safety and security components to your automobile, you’ll be able to lower insurance premiums.

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See Full Story at goodmenproject.com

How to Get Rid of Private Mortgage Insurance

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PMI is the only type of lender protection that you can escape. Department of Veterans Affairs mortgage funding fees can’t be canceled. Neither can Federal Housing Administration mortgage insurance premiums, which are paid to the government. Lender-paid mortgage insurance is paid in full when the loan is issued, and the borrower repays it through a higher interest rate. With all of those, you must sell or refinance to get clear.

Homeowners with PMI have six options for getting rid of it.

1. Wait for automatic cancellation

You don’t have to do a thing. Eventually, your mortgage insurance will fall away. Your lender is required to cancel your PMI when either of these things happens:

  • Your mortgage reaches 78% loan to value. The federal Homeowners Protection Act of 1998 requires lenders to terminate PMI, free of charge, at that loan to value ratio. To find your LTV, divide the loan balance by the original purchase price or calculate it here. For example, with a balance of $250,000 and a purchase price of $320,000, the LTV is 0.78, or 78%.)
  • The mortgage hits the halfway point. Regardless of your LTV, your lender terminates your PMI automatically when the mortgage is halfway finished — in year 15 of a 30-year mortgage, for instance. That could happen before the lender’s equity reaches 78% if your mortgage has a balloon payment, an interest-only period or principal forbearance.

Lindsey Johnson, executive director of U.S. Mortgage Insurers, an industry group representing large insurers, tells borrowers to request a written copy of their PMI cancellation schedule and their lender’s requirements. Call the number on your monthly mortgage statement and do it now, she says, long before you need it. That way you’ll know when your payments are supposed to stop and can watch your progress.

By MARILYN LEWIS

See Full Story at www.nerdwallet.com

Looking for Auto Insurance? Here Are 6 Things You Need to Know

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Let us break down the basics so you’re better able to find the right coverage for you. Here are six things you need to know.

1. What Car Insurance Is 

As a licensed insurance agent, I find that many people I talk to don’t quite understand what insurance is or why they need it. I get it. After all, insurance is rather abstract—it’s not a physical object you buy at a store. Further, if all goes well for you, you won’t ever have to use the coverage you paid for. So it’s often hard for people to see the value.

In the simplest terms, insurance is a promise from an insurance company to support you financially in the event that something unfortunate occurs and causes you financial loss or other damage. You pay an insurance company money (your premium) for a policy that details your coverage (who/what is protected and to what dollar amount), and the insurance company is responsible for paying if something happens and you incur a loss (damage to your car, a broken leg, etc.). Insurance companies do this by pooling risk among all the people they insure, collecting premiums from everyone and using those funds to pay claims for those who need it.

Of course, there are many other details that go into the whole system, but we’re keeping it simple.

2. What Different Insurance Types Cover

The type and amount of coverage each person needs vary, but these are the coverage basics you should know.

Liability coverage is legally required for drivers in almost every state. It covers the other driver in a crash you cause, and it includes injury and property damage. If you see numbers like 25/50/10 or 30/60/25, that shows the liability coverage limits for (1) bodily injury per person, (2) bodily injury per accident, and (3) property damage—each in thousands of dollars. For example, 25/50/10 means your coverage will extend up to $25,000 per individual injured in an accident, $50,000 for all persons injured in an accident, and $10,000 for property damage.

In no-fault states, you are required to carry coverage (normally personal injury protection or PIP) for your injuries regardless of who caused the accident.

Collision coverage, which covers damage caused in a crash, and comprehensive coverage, which covers damage from other events including weather (fire, flooding, etc.) as well as theft, are often collectively called full coverage.

Other coverages include uninsured motorist coverage, which protects you and your vehicle from damage caused by people who don’t have insurance, and medical payments coverage, which covers select costs for injuries you and your passengers sustain in a collision.

3. How to Get Car Insurance

You can easily go online, call a company or two, or even walk into a local insurance agent’s office to talk to them about getting coverage. But how do you know which company to contact?

Insurance companies spend billions of dollars every year on advertising, so you could probably rattle off a few big car insurance brands you’re familiar with. But it’s important for consumers to know that not all insurance companies are the same—in fact, they all have different ways of pricing policies, and many look for certain types of customers with certain risk profiles to do business with.

This is why it’s more important than ever to compare car insurance quotes from as many companies as possible. Getting multiple opinions and understanding the market will help you find the best rate around.

by Neil Richardson

See Full Story at blog.credit.com

27 Data-Based Tips for Saving on Car Insurance

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So, in an attempt to help bring transparency to the world of car insurance, here are some data-verified savings tips culled from The Zebra’s State of Auto Insurance Report.

1. Avoid Letting Your Insurance Coverage Lapse

Even after being insured for just one year, rates drop 7.7%. The discount for maintaining continuous insurance offered by most companies is also affected by the amount of liability coverage on your policy. The higher your limit of liability, the better your prior insurance discount will be.

2. Consider Bundling

Bundle your auto policy with homeowner’s insurance and you could save an average of $110 per year or bundle renter’s with auto to possibly save $72 per year.

Here’s how to get the Best Deal out of Your Car Insurance Policy

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Car insurance is now mandatory for every vehicle on the road in pretty much every country. The benefit of having a car insurance is in case of an accident, you do not have to worry about the payment for damages done to properties or people as the insurance will cover them.

Obviously like every insurance, car insurance also comes with different terms and conditions. There are many factors that affect the cost of your insurance coverage. So, it’s better to disclose all the facts to the insurer.

As you know car insurance policies are not cheap. So to help you out in saving some cash while getting a car insurance, today we are here with a few tips to help you save while picking a car insurance.

But Why Is Car Insurance Expensive?

Before we get you through the tips that can save you some extra money while choosing a car insurance, you most probably would be asking yourself why is car insurance expensive after all?

Well, there are a variety of factors affecting the premium of car insurance.

For starters, there is the need to pay for either your own car or other’s car or property in case of an accident. Depending upon the intensity of the accident, insurance companies will have to shed quite a large amount of money to compensate for your accident.

Then there is the case wherein insurance companies have to pay for any repairs that are required for your car. This is the most frequent insurance claim scenario and most of the car owners claim insurance for any repair work needed for their car. And depending on the car model and value, spare parts and repair work will also cost quite a large sum.

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See Full Story at goodmenproject.com

A Beginners Guide to Rental Car Insurance

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Renting a vehicle can be one of the most confusing, frustrating and potentially risky parts of travel, especially when it comes to understanding the insurance cover you may (or may not) be getting. Get things wrong and you could suddenly find your holiday becomes a very expensive one!

If you rent a vehicle in most countries in the world excluding Canada and the United States, you’ll typically find yourself with several options for the excess or excess reduction when you make your booking. In the example below from Apex Car Rental here in New Zealand you’ll see a $2,000 excess is standard – this is known as a collision loss waiver (CDW) or loss damage waiver (LDW). You’ll also see additional CDW/LDW excess reduction options to reduce this to $500, or to zero.

If you hire a car with a CDW or LDW offering a $2,000 excess it means you’ll be liable for a maximum of $2,000 for any damage to the vehicle while rented to you. Take the zero excess option and you will not be liable for any damage to the vehicle.

It’s worth remembering here that “damage” may not just involve a crash – if you lose a key with a transponder for a modern vehicle you could easily face a $300+ bill for replacement. Stone chip damage to a windscreen can easily result in a $500+ bill if a full windscreen replacement is required. Most rental policies will also hold you liable for the excess regardless who is at fault – something that is the exact opposite of personal vehicle insurance which will typically only charge you an excess if you are at fault in an accident.

Another example is listed below from Thrifty Car Rental – in this case the standard excess is $3000 which can be reduced to $500 (confusingly it mentions 300 NZD liability which is obviously an error) for an extra $26 per day, or reduced to $0 for $31 per day.

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See Full Story at traveltalk.nz

Tips on how to get cheaper car insurance as drivers face increased bills

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So if it’s nearly time to renew your insurance, we’ve come up with some easy – and perfectly legal – ways to try and cut the amount of money you’ll be shelling out.

It’s also a good idea to ring your existing insurance company when your renewal quote comes through, to see if they can give you a better deal. A quick phone call could save you some cash, with numerous places offering ‘loyalty discounts’.

Choose your occupation carefully

Of course you should always be as honest as possible when describing your job title – but be aware that some will carry higher premiums.

For example ‘chef’ will return a premium that is £98 higher than ‘kitchen staff’, according to Gocompare.

Classing yourself as a music teacher means you will pay £86 more than teachers, while copywriters will offer a different quote than writer.

However, any job title must accurately describe your role. Putting down teacher when you are actually a doctor is fraud and could lead to prosecution.

Adding a driver

If you add a secondary driver to your policy – such as a parent or partner – it could save money.

The secondary driver has to give permission and as long as they have a clean license and a good no-claims history it could push down the price of a premium.

However, be warned that fronting – the practise of younger drivers putting parents as the main driver of their car – is illegal in the UK

Pay in one lump sum

Not everybody can pay for their insurance premium in one go, but those that can could save up to £62, according to MoneySupermarket.

The savings are because the up front payment removes the need to pay interest on the premium.

Boost your excess

The level of your insurance premium excess can impact on the final quote. A higher insurance excess – the amount you’re willing to pay towards the damage – means less risk for the insurer and lower premiums.

By David Pittam

See Full Story at www.nottinghampost.com

Tips for buying travel insurance

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Imagine you’re on vacation in the Caribbean. The sun is warm, the water that surrounds you is a vibrant blue and the landscape is lush: You’re in a picture-perfect paradise. But suddenly, you begin to feel ill. When you can’t shake it off, you decide to go to the local doctor, who treats you and assures you that you’ll feel better soon. But then you feel worse, because as you leave the office, you get a hefty medical bill.

Nobody wants to pay for added expenses after splurging on a vacation, but a trip to the hospital overseas could leave you on the hook for a medical bill in the thousands or even tens of thousands of dollars. Each year, there are countless headlines about Canadians who’ve run up exorbitant medical bills while on vacation without travel insurance. Even a quick jaunt across the border to shop or catch a ballgame carries the risk of a crippling expense – and while your provincial health insurance may reimburse you for a small portion of the cost, your coverage is capped at the provincial fee limits for the treatment you received, if that treatment is covered at all.

So why are so few of us insuring ourselves when we travel? Insurance terms can seem complicated, but a good insurance provider will clarify what the jargon means and make getting insured a smooth process.

How to pick a good travel insurance provider

Will McAleer, president of the Travel Health Insurance Association, says there are 4 “golden rules” to follow to ensure you’re getting proper coverage from your travel insurance provider:

  1. Know your health. While some policies include coverage for lost luggage and trip cancellation for various reasons, at its heart, travel insurance is health insurance. Make a note of any conditions you have and medications you are on before applying for travel insurance. That way, you can make sure the policy you buy covers your particular situation.
  2. Know your policy. Ask the travel insurance company or the insurance broker all the questions you can think of before purchasing your policy. For example, ask which services or medical devices are covered by the policy, and how claims are paid.
  3. Know your trip. Think about what you’re going to be doing on your trip. If you are planning any high-risk activities such as bungee jumping, ziplining or extreme snowboarding, make sure your travel insurance policy covers them. “Policies differ in terms of the activities they will cover,” says McAleer. “So don’t just assume you’re covered.”
  4. Know your rights. In June 2017, Canada’s Travel Health Insurance Association launched a bill of rights and responsibilities for consumers. This is a great resource that lets you know what you have a right to, such as access to toll-free support, a free minimum 10-day review of your policy and prompt and fair claims handling.

By Joy Blenman

See full story at www.sunlife.ca

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