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

Few tricks to cut the price of your car insurance

12 December 2019 By admin Leave a Comment

But rather than simply clicking auto renew when the time comes, follow these insurance tricks and cut the price of your premium.

Shop around

Most insurers don’t reward loyalty. The first thing you should do when your insurance renewal comes up is to shop around for the best quote possible.

Limit your mileage

The fewer miles you cover, the less time you’ll be on the road and the less likelihood there is of having an accident. It’s easy to check your approximate annual mileage by looking at your car’s MOT certificate.

You can either compare the most recent one with the previous year’s, or see how many miles you’ve done since it was issued and then work out your annual mileage from that.

Consider a higher excess

The excess is the amount that you contribute towards a claim before the insurer pays out. The insurer’s logic is as follows: the more excess you pay, the more care you’re likely to take, so the less risk you represent and hence the cheaper the premium. If this leaves you feeling exposed, you can even take out a separate policy to cover your excesses on multiple insurance policies these days.

Avoid adding multiple drivers

One valuable piece of car insurance advice is not to add too many drivers to the policy. The more drivers, the greater the risk. However, if you add your other half, you may save money. If your partner is on the policy, you’ll probably be driving with them in the car. That, insurers think, makes you a lower risk.

By James Foxall

See Full Story at www.telegraph.co.uk

Tips that can help reduce the cost of your motorbike insurance

5 December 2019 By admin Leave a Comment

Don’t panic, there are a number of simple, yet effective tips and tricks that can help reduce the cost of your motorbike insurance. And we’ve put some together for you, here:

DO SOME ADDITIONAL TRAINING

If you’ve just passed your test, you could be considered a higher risk to insure compared to those that have had their licence for a long time. To help reduce this risk, there are some advanced rider training courses you can take to improve your biking knowledge & hopefully, your insurance premium.

Courses available include the police-run BikeSafe and the government’s Enhanced Rider Scheme.

ADDED SECURITY

Most motorbike insurance companies will give you an increased discount based on the security measures in place to keep your bike safe.

Obviously, the best place for your bike is a secure garage. But if you don’t have access to one of these, anything like an alarm, lock or chain does have the potential to reduce the cost of your premium.

GET AN OLDER BIKE

Nine times out of ten, brand new motorbikes are going to cost more to insure than older bikes – most of the time they’re faster, have better technology and are more likely to get stolen.

Riding a bike that’s 2 or 3 years old can help reduce the cost of your insurance and might be easier to handle if you’re new to riding.

By CAROLE NASH

See Full Story at www.carolenash.com

Top five tips to help save you hundreds on your car insurance

28 November 2019 By admin 2 Comments

If you cannot get a better price when shopping around and you are struggling to afford your renewal premium with your current insurer, here are some steps you could take.

1. Get all the discounts you are entitled to

Some insurers offer multi-car discounts of as much as 25pc if a family has insured two or more cars with it. This discount does not usually kick in automatically – you need to ask your insurer if you’re eligible. You may also be entitled to a further discount if you have another insurance policy (such as home insurance) with the same insurer. Check too that you’re getting the full no-claims bonus discount that you qualify for.

2: Downgrade to third party, fire and theft cover

Many people choose comprehensive cover when buying car insurance. Opting for third party, fire and theft cover instead could save you several hundred euro a year – depending on your insurer and age.

A 20-year-old driver of a Chevrolet Kalos could save almost €800 – or about a quarter of their premium – by opting for third party, fire and theft cover instead of comprehensive, according to the Competition and Consumer Protection Commission’s most recent car insurance survey. A 38-year-old dentist, however, could save as little as €32 – or 9pc – by downgrading, the same survey found.

You will lose valuable benefits if downgrading from comprehensive insurance, so only consider doing so if the savings will be substantial and you are happy with the drop in cover. Third party is the minimum cover you are required to have by law.

3: Give up the add-ons

You could knock €100 or more off the price of your car insurance by giving up a few of the typical add-ons in policies, such as windscreen cover, breakdown assistance or no-claims bonus protection (an insurance policy that ensures your premium won’t go up the following year should you make a claim). Be careful about giving benefits up, however, because add-ons could save you a few hundred euro if you ever need them. Windscreen cover might add as little as €17 to the cost of your policy – but it could cost a few hundred euro to get a new windscreen. Breakdown assistance cover might add about €40 to the cost of your policy but it could cost more than €100 to get a call-out and repair job should your car break down.

4: Pay a higher excess

Opting for a higher excess (the first part of a claim you pay yourself) could save you some money – but only consider a higher excess if the savings will be substantial. Doubling your excess from €250 to €500 might only save you €10 on your car insurance – and the higher excess would leave you substantially out of pocket should you then make a claim.

5: Pay up front

You could pay as much as 30pc more by paying your premium in monthly instalments instead of up front. Had I paid my premium in instalments instead of up front, my bill would have been €150 higher this year. Some insurers have a lighter loading of around 8pc for those who pay in instalments but you will still save money if you pay up front.

By Louise McBride

See full story at www.independent.ie

Don’t know what kind of insurance to get? Here are the most common types

26 November 2019 By admin Leave a Comment

Taking a closer look at insurance, you can count on the fact that without it you would lose a lot more money in particular circumstances. Yes, paying insurance might seem like a step back from profit, not a step forward, but considering the aftermath of an accident or a natural calamity, it’s quite safe to say that you are making a beneficial investment. There are lots of different insurance types, and people insure what they think they need to protect the most. Here are some of the insurance types you might run into most often and should consider getting for yourself.

Health insurance

This one is mandatory in quite a few places, but many people don’t have it because they think it’s too expensive. However, in the eventuality of you ending up in the hospital or being in need of medication or otherwise health care, having insurance is extremely important and not having it limits the medical staff in what they can and cannot help you with.

Property insurance

Property insurance protects your property from all sorts of harm and makes sure you are reimbursed in a situation where you lose your property, or it gets damaged. For example, if your house burns down, having insurance is extremely important, and while you might think that you are saving up a lot of money by avoiding insurance, you are gambling under extremely dire odds because your assets and belongings would also be gone and they may exceed the amount you save tenfold.

Vehicle insurance

Just like health insurance, this is something many countries deem a mandatory necessity. You can’t drive on the main roads in many countries without having insurance, and it is for a good reason. Getting into a vehicle accident can be extremely costly, not to mention there is the risk of personal injury as well. Having insurance makes sure that you can sustain the costs of car repairs, not to mention any other costs that might appear in the aftermath of an accident.

Life insurance

While this is a rather somber thing to think about, many people get life insurance as a form of protection for their loved ones. In the case in which the person with life insurance dies, his survivors are reimbursed and receive payment as per the agreed policy. Of course, it’s the kind of payment no one really wants to receive, but it’s better than not having anything in that kind of sad scenario.

By Steve Biddle

See full story at praguepost.com

Tips To Find The Right Auto Insurance Plan For New Drivers

21 November 2019 By admin Leave a Comment

Here’s the Tips To Find the Right Insurance Plan

Check Out Cheap Insurance Companies

Sometimes it is best not to go with the big name insurance companies, especially if you are a new driver. There are many cheap insurance companies out there these days, and they often offer special rates for new drivers. Sure, your rates are still going to be higher than the rates of more experienced drivers, but they will still be less than what other larger insurance companies will charge.
Take Driver’s Education and Driver’s Training Classes

You can save a lot of money on auto insurance by taking driver’s education classes. New drivers are hard to insure because they are not always aware of the rules of the road, and they are inexperienced. By taking driver’s training, you can show that you have some driving experience, and that you are fully aware of the rules of the road.
Get on Your Parents’ Insurance

You can save yourself a lot of money on auto insurance if you ask your parents to include you on their policy. As long as you are still living at home and are under a certain age, or you are at college or an accredited center for higher learning, you will be able to be covered by their policy, even if you are driving your own vehicle.

See Full Story at driving-tests.org

9 effective tips that will help you reduce your car insurance bill

12 November 2019 By admin Leave a Comment

If you’ve been wondering how to save money on car insurance, look no further. Listed below are nine effective tips that will help you reduce your car insurance bill in a significant way.

Know Your Options

When you’re getting ready to purchase car insurance, you might be tempted to stick with the same insurance provider you’ve always used.

Don’t assume that they have the best rates or are the best option just because they’re familiar. Instead, shop around and consider all your insurance options before you make a decision.

This will help you ensure you’re getting the lowest rates possible. You might also find out about insurance providers with great rates that weren’t even on your radar before.

Shop for Insurance First

If possible, shop for insurance before you purchase a car. In many cases, insurance premiums will vary (in part) based on the price of the car.

Insurance companies also take into account the cost of repairs to the car, the likelihood that someone will steal it, and its safety record. If you choose a car that insurance providers consider a safe, reliable, and affordable model, you’ll likely be able to get better insurance rates.

When you’re comparing insurance policies, use the type of car you’re considering and try out a few different options to see how the price changes.

Choose a High-Deductible Plan

One easy way to lower your insurance costs is to choose a plan with a high deductible. High-deductible plans come with lower premiums. The catch, though, is that you have to pay more out of pocket before your insurance will kick in.

If you’re a relatively safe driver driving a reliable car, you can likely get away with a high-deductible plan. Make sure you have the money set aside to cover repairs and other issues, though, before you make this decision.

See Full Story at thyblackman.com

Top Car insurance Tips that First-time Buyers can use to save money

7 November 2019 By admin Leave a Comment

Here are the top car insurance tips that first-time buyers can use to save money and gain peace of mind.

Know your state’s minimum car insurance requirements.

Most states mandate that drivers carry bodily injury and property damage liability insurance at a bare minimum. Every state has different required liability limits, so make sure you read up on them.

The minimum coverage required by your state, however, may not be enough to provide you adequate financial protection. For instance, you could still be on the hook for large sums of money if you cause an accident and you don’t have collision insurance to cover the repairs. A bare-bones policy might also not provide enough coverage to replace a new car that’s been totaled or pay for severe injuries suffered by other drivers and passengers injured in a crash.

Decide how much coverage you need

The amount of coverage you’ll need will vary based on your age, where you live, vehicle type, miles driven and credit score.

In addition to liability coverage, auto insurance policies also offer a variety of different coverage options as add-ons to the base coverage.

Personal injury protection (PIP) covers you (and you passengers) if you sustain injuries in an auto accident. This can potentially cover funeral expenses and lost wages.
Uninsured motorist coverage covers you for damages caused by an uninsured or underinsured This also covers you in the case of hit-and-run accidents. Some states require uninsured motorist coverage.
Collision insurance covers you for damages to your car, truck or SUV sustained in a collision with another vehicle.
Comprehensive insurance covers your car for all damages that are not related to a collision with another vehicle, such as hitting an animal, fire, theft, vandalism and falling objects.

Keep in mind that if you have a sizeable auto loan, you’ll likely be required to purchase enough collision and comprehensive insurance to cover the amount of the loan should you get into an accident.

By DREW HOUSMAN

See Full Story at www.bankrate.com

How can you reduce the cost of your car insurance?

5 November 2019 By admin Leave a Comment

We’ve rounded up some tips to help you take the first steps to reduce your premium.

Shop around and compare

You may feel tempted to accept the renewal quote that pops through the door but don’t fall into that trap! Once you have received your renewal quote, always go to the website of your current insurance provider and get a quote as a new customer and not an existing one. Insurance companies do not reward loyalty so you will always get a better quote as a new customer.

Don’t over insure

Always put a realistic value on your car – When asked to value our cars most of us have a pretty inflated price in our mind so it is worth checking similar makes and models online to get an idea of the replacement cost.

Look carefully at the excess

Increasing the amount of the excess on your policy will bring down the cost of your premium, but remember it will mean paying more when you claim.

Consider telematics

The use of a telematics system or black box provided by an insurance company to track your driving is becoming more popular particularly among new drivers as a way to reduce insurance costs. However, all drivers can benefit as the regular feedback you get on your driving can make you an overall safer and better driver.

BY GERALDINE HERBERT

See Full Story at www.goodhousekeeping.com

Insurance tips to help you save money in the long run

31 October 2019 By admin Leave a Comment

Three not so boring insurance tips that can help you save in the long run.

Start as soon as you can

This is probably one of the tips that people drone on about, but there is a reason why. Insurers look at the level of risk you pose when giving you a premium. This is known as the underwriting process. The older you are the more likely it is for you to get sick or sustain a life-altering injury.

It’s all about the features

One of the common mistake people make when buying important things in life such as a house, car, or life insurance is to check the price only. However, it is the features of such items that matter the most. When it comes to life insurance, it is vital that you choose something that is not only suitable for your pockets but is sufficient to cover your loved ones.

Avoid the ‘set and forget’ method

A lot of things can change over the course of your life. Simply taking out a policy and paying it without constantly reviewing if it is still suitable for you can be a dangerous game to play. Not only will you find that you might be paying more than you should, but you will also realise that it may come with features that are no longer suitable for your lifestyle. For example, you may have insured yourself when you had no children or a spouse. It is important to read the fine print of your policy carefully along with the exclusions that come with it.

See Full Story at reviewonline.co.za

Homeowner insurance review your policy before a disaster

29 October 2019 By admin Leave a Comment

Homeowners typically don’t know what’s covered until disaster strikes, White says. But it’s important to make sure you have adequate insurance before that happens because insurers won’t retroactively add coverage.

“Most homeowners don’t think about their policy until they actually need it,” White says. “So when you buy coverage, you should make sure that there’s adequate limits for what if the whole place burned to the ground, or what if all your stuff was destroyed?”

Insurance typically covers both the structure and a homeowner’s belongings, but White says common pitfalls include failing to insure a house for its actual replacement cost and ignoring the impact of inflation. For instance, a couch bought years ago for $5,000 could now cost $7,500 to replace.

By Aimee Picchi

See Full Story at www.usatoday.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance