Tips Archives - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

When It’s Recommended To Check Car Insurance Quotes Online

21 March 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.
You have maintained coverage. If you are a new driver or a more experienced driver that has a coverage lapse, the insurance companies will consider you as a high-risk driver. In order to pay less on your premium, you will have to maintain coverage for at least six months.

See Full Story at compare-autoinsurance.org

5 Tips for Choosing the Best Travel Insurance for Your Cruise

14 March 2019 By admin Leave a Comment

Many travelers are taking advantage of cruise sales to book their next vacation and relying on travel insurance to protect their investment. With wave season kicking off this week, Squaremouth shares 5 key tips for buying cruise insurance in 2019.

Be Wary of Coverage Through Your Cruise Line
Travelers with specific concerns, such as a sick family member at home or a pre-existing medical condition, should compare the insurance offered through their cruise line to that of a third-party to ensure they are getting the coverage they need for the lowest price.

Third-party policies typically have more extensive Trip Cancellation and Trip Delay benefits, and can include Pre-Existing Condition coverage, which is typically not covered by cruise line insurance. Third-party policies can also provide coverage for travel before and after your cruise, while cruise line insurance typically only covers portions of your trip purchased directly through the cruise line.

Emergency Evacuation Can Get Pricey
Medical evacuation on cruise ships is often more expensive than typical medical transport costs, especially for cruises to more remote locations. To prepare for these potential expenses, Squaremouth recommends cruisers look for at least $250,000 in Medical Evacuation coverage when purchasing a policy for their cruise. This benefit can cover the cost of an evacuation off a cruise boat, or from port, and even back home if deemed necessary.

Don’t Overlook Missed Connection Coverage
If a traveler misses their cruise departure due to bad weather or other airline delays, the Missed Connection benefit can cover their expenses to catch up to their cruise at the next port. This benefit can kick in as soon as three hours into a delay, and coverage can range from a few hundred dollars to more than $2,000.

See Full Story at www.prnewswire.com

Six tips to reduce your two-wheeler insurance premium

12 March 2019 By admin Leave a Comment

Bike insurance will be included in the maintenance cost of your two-wheeler or car. Hence, you should take precautions to choose the right vehicle to minimize your insurance cost. There are other important facts which will have a great impact on bike insurance cost . You should be aware of these six tips to cut down your insurance cost drastically.

Tips to reduce your insurance premium

• Choose the right bike – You are advised to choose the right bike to reduce the insurance premium. The insurance premium will be high when you buy an expensive bike. Instead of choosing a luxurious and newly introduced bike, you can buy a standard bike. Insurers are aware of the normal maintenance cost of standard bikes and they will offer a policy at a lower premium. On the other hand, the availability of spare parts and servicing cost will be very high for luxurious and sports bikes. Hence, the insurance companies will charge a higher premium for such kinds of vehicles.

• Comparison of policies – You should not forget in comparing the two wheeler insurance companies.The insurance aggregator’s website is ideal to figure out various plans to fulfill your needs. As you fill-up the online form, you will be able to choose the most appropriate insurance plan as per your needs.

• Policy tenure – Bike insurance can be purchased for more than one year. You can go for either 3-year or 5-year bike insurance policy so that the premium will be low. There will not be any stress in renewing the premium every year when you go for a multi-year insurance policy.

• Discounts – Insurance companies offer various kinds of discounts. The discounts are based on age, gender, location, employment, etc. You can ask the insurance agent or the customer support representative of an insurance company to get more information in this direction. Some discounts are applied by the insurance company automatically as per the information provided in the proposal form. Learning special driving skills, installation of special accessories and membership in an automobile association are some of the reasons which will give you a discount on the premium.

• Avoid small claims – Insurance companies will reward you for safe driving and accident-free history. If you claim your insurance policy, the no-claim bonus will become zero. Hence, the no-claim bonus should be used judiciously as per your needs. As far as possible, avoid small claims.

• Enhance bike security – To improve the security of your vehicle, you can install special locks and safety-enhancing accessories on the bike. The insurance company will reward by taking steps to protect your vehicle.

See Full Story at www.5dariyanews.com

Five tips of finding cheap auto insurance

5 March 2019 By admin Leave a Comment

There are many ways that can assist you to reduce the costs of your auto insurance. Whether you’re young or old, female or male, follow our 5 tips in order to lower your auto insurance premiums;

1.Cost comparison

This is certainly one way that you can use in order to save money on your auto insurance. Shopping around and comparing different costs when you intend to renew your insurance cover will help you save a lot of money. However, you should be very careful. When you are shopping around, it is very crucial to ensure that you’re also comparing the qualities of the insurance policies. This is due to the fact that some of these may look cheaper, although you may realize that you lack similar coverage level when making a claim. Luckily, with the advanced technology, you may utilize various online cost comparison sites to make the task even easier. The only thing you are required to do is to enter your details in these sites and compare the prices and quotes that show up. Additionally, you may change the excess amount you’re willing to cover and mileage you intend to drive in order to obtain new quotes. The best thing with these sites is that they enable you to make quote comparison of various large insurance firms. Some of the common auto insurance comparison sites include ComparetheMarket, GoCompare and Confused.com. In order to compare various costs of auto insurance, gathering this information is very essential.

2. Consider higher deductibles

Deductible refers to the amount of money that the insured is supposed to pay in order to cover the loss incurred in a car accident which he/she is deemed responsible. The insurer pays the remaining amount so as to cover the total loss. You can be able to substantially lower the cost of your insurance premiums by including high deductibles in your insurance policy. For instance, raising your deductible to $500 from $200 may cause the cost of your comprehensive and collision coverage to decrease by approximately 15-30 percent. Similarly, opting to choose an even higher deductible for instance $1000, you can save from 40 percent and above. However, before selecting higher deductibles, ensure that you have set aside enough money to pay in case you have any claim.

3. Low mileage rates

Reducing your mileage rate will help you to save a lot of money. However, you must ensure that you are completely honest about the annual mileage rate since inaccuracy may compromise any insurance claim.

by Thomas Anderson

See Full Story at www.conservativedailynews.com

5 Tips for Cruisers purchasing Travel Insurance in 2019

28 February 2019 By admin Leave a Comment

Here are five tips for cruisers to keep in mind when purchasing travel insurance for their next cruise:

1. Find the best options through an aggregator site. By taking advantage of captive customers in the booking process, cruise lines may only offer limited insurance options at the time of purchase. The options may include only “one-size-fits-all” plans that offer few benefits or key exclusions. These plans may also only offer travel vouchers for future cruises in the event of certain types of cancellations. And most importantly, many standard travel insurance plans offered by the cruise lines will not cover any travel costs to and from the ship’s departure ports and may not provide coverage for any travel booked outside of the cruise company’s in-house reservations.

2. Consider cruise-specific coverage. Cruise ships run on tight schedules, and they will not cover any missed departures, despite the fact that the leading causes of missing a cruise ship include delayed flights or adverse weather conditions. Missed Connection coverage can reimburse the traveler for a set dollar amount to re-book travel to catch up with their cruise at the next port. Missed Port of Call coverage pays a benefit if the cruise ship misses a scheduled port of call on the itinerary due to adverse weather, natural disaster or mechanical breakdown. Or look for a plan with Cruise Disablement coverage, which pays a benefit if you are confined on board the ship for more than five hours without power, food, water or restroom facilities.

3. Read the fine print on medical and evacuation coverage.Although cruise ships provide medical facilities, some ships may not be equipped to treat serious injuries or illnesses. For extreme medical emergencies, travel insurance plans with emergency evacuation coverage can cover the costs of transportation to evacuate a passenger to the closest adequate medical facility. Also, if during a cruise a passenger has to seek medical attention off the ship, travel medical coverage can reimburse the costs of those medical expenses.

4. Save money with group travel insurance. When ten or more people are traveling on the same itinerary or together as a group, group travel insurance can be an affordable and easy way to purchase coverage for each group member. Group leaders can offer the same coverage to each individual traveling, regardless of the traveler’s age. This can be cost effective for “silver” cruise groups, since the cost of the insurance varies only by the costs of the trip insured and not the traveler’s age. Group leaders can also purchase and manage the individual policies on behalf of the travelers, making for a more efficient, hassle-free process.

See Full Story at www.capitalfm.co.ke

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

Tips on how to reduce your car insurance premium

19 February 2019 By admin Leave a Comment

You have finally bought your dream vehicle, and now you need to take certain measures to protect it. The first step is purchasing a car insurance policy. As per Motor Vehicles Act, 1988, it is mandatory for car owners to have a third-party motor insurance policy. A comprehensive car insurance policy offers car owners much-needed financial protection against untoward incidents. It provides coverage against natural and manmade calamities such as riots, strikes, floods, earthquakes, theft, and vandalism. The owner may also gain protection against bodily injuries, death, as well as damage to property.

With a plethora of car insurance policies with as many motor insurance providers in the market, choosing the one that fits your needs at the most competitive price may be a daunting task. Keep the following five tips in mind to buy a car insurance cover for your vehicle at competitive prices.

1) Choose Your Car Insurance Carefully

Before you buy car insurance online, it is imperative to do your due diligence. Do a thorough research of the various car insurance policies by checking the features and benefits against the price charged by the car insurance provider. Once this box is ticked, you can check other aspects such as premium payment methods, claims settlement ratio of the car insurance company, the procedure for making motor insurance claims, and reputation of the car insurance provider.

Online car insurance distribution channels might be cheaper than traditional offline methods due to elimination or reduction of paperwork. This means that motor insurance companies might pass down cost benefits to you, allowing you to enjoy lower car insurance premium rates.

2) Avail Of No Claim Bonus (NCB)

An NCB is awarded to car insurance policyholders who did not make any motor insurance claims in the previous policy year. Simply put, this is a way for car insurance companies to reward car owners for good driving. This reward enables you to become

eligible for discounts at the time of subsequent car insurance renewal. For example, if you did not make any car insurance claim in the first year of the policy, at the time of renewing your motor insurance policy in the following year, you may have to pay a lower premium towards your motor insurance policy as a result of the NCB benefit.

See Full Story at www.asianage.com

5 Tips For Buying Insurance For Your Startup

14 February 2019 By admin Leave a Comment

Most startups are often laser-focused on proving their business model, raising capital and most importantly growing their business. Consequently, they forgo safeguarding their startups from the long list of business killers. In fact, a survey conducted by Next Insurance found that 44 percent of 30,000 respondents have never taken an insurance policy for their businesses.

While buying insurance isn’t a priority for most startups, it can save businesses against legal fallouts and unexpected costs down the line. This document provides tips for buying insurance for your startup.

1.Weigh the Types of Insurance You Need

Some kinds of insurance are required by law while others are required by investors or business associates. However, the type of business insurance you buy should protect your employees and your investment in the startup. Financial planners and insurers agree on one blanket statement – the most important type of insurance any business should have is general liability insurance. It can protect you from a wide swath of ills from property damage and bodily injury to libel.

Make sure to buy insurance that covers the risks for your business activities. For example, if your startup is a professional service firm, look into professional liability insurance, which protects against claims made for inadequate work or negligent actions. If the startup relies on its wheel, commercial auto coverage is a must.

2. Pick the Right Insurance Broker

Since insurance needs vary greatly, it is important that you find an insurance broker or agent who is familiar with your type of business. Research online and ask other business owners of the insurance companies they have found to be reputable.

By Anna Papadopoulos

See Full Story at ceoworld.biz

4 Tips for Dealing with Your Insurance Company After an Accident

31 January 2019 By admin Leave a Comment

Although it can be difficult and stressful when you’re involved in a motor vehicle accident, it can be even more challenging to deal with your insurance claim after the collision occurs. Many insurance companies are hesitant to pay for damages, or they make it a complicated process once contacted. If you want to make it an easier process and receive the funds that you deserve, there are a few tips to follow for achieving an optimal outcome with your insurance company.

Get Proper Documentation

Proper documentation is vital to supporting your insurance claim. When speaking with your insurance agent, it is beneficial if you have photos or a police report on hand for reference. Make it a point to collect as much proof as possible before leaving the scene after the accident occurs.

Write a Letter

Attorneys say that it shouldn’t surprise you if your initial claim is denied. Yes, the claim may be denied at first, but is also may be approved. However, if it is denied, your next step is to write a letter, making a formal appeal that requests that the insurance company reconsider your claim. Present the facts and be specific to inform the adjuster of the various reasons that the insurance coverage is necessary. You can even provide receipts for medical appointments or expedite your appeal if your physician thinks that your claim may be life-threatening.

Get Legal Help

Sometimes, your claim may have to escalate if the process takes longer than expected. This isn’t always the case, but you may need to hire legal representation to help move the process along. A lawyer can help you negotiate with the insurance company and can advise you on the next steps to take to increase your chances of seeing a payout. If the idea of paying legal fees makes you balk, look for lawyers who don’t require payment up front and will only take their fees as part of the payout you get if you win your case.

by Lanister Jenkins

See Full Story at www.lazorinsurance.com

3 Important Tips to Prevent your Car Insurance Claim from being rejected

29 January 2019 By admin Leave a Comment

Hay provides the following advice to prevent your claims from being rejected:

Maintain your vehicle: one of the biggest reasons for vehicle insurance claims being rejected is that people don’t adhere to the proper maintenance of their vehicle by keeping it roadworthy. Tyres need to be kept in good working order and replaced when the minimum tread depth specified by your policy has been reached.
Obey the law: if you’re involved in an accident whilst breaking the law you may not be covered. The prime cause of this is driving under the influence of alcohol or driving at excessive speeds, both of which may invalidate your claim.
Make sure the regular driver is specified on the policy: Another problem that frequently results in rejected claims is where the regular driver is not the person specified on the policy. Hay points out that if a 45 year-old parent insures a car in his or her name, but the regular driver is that parent’s 18-year old son, an insurance claim would likely be rejected. This is because the risk profile of the parent is completely different to that of an 18-year old with far less driving experience, meaning the premium would have to be adjusted higher to reflect the higher risk associated with the younger driver.

“You can’t try and get away with a low premium designed for a low-risk driver when the regular driver is actually a higher risk individual,” says Hay. “Provided they have a licence, it isn’t an issue if your 18-year old uses your car to go to the shops but if they’re the regular driver of the vehicle then that needs to be specified. The main lesson is to be open and honest with your insurer.”

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Insurance Agency Singapore | Commercial Insurance and Personal Insurance