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How (and Why) to Buy Travel Insurance

30 June 2016 By admin Leave a Comment

travel insurance

Picking the best travel insurance to buy for your coming vacation can be a daunting task, said Stan Sandberg, the co-founder of the trip insurance comparison site TravelInsurance.com. “There are literally hundreds of plans out there, and they are all steeped in complex legal language that can be hard for even the savviest consumers to decipher,” he said.

A good travel insurance plan, he said, gives you peace of mind that the money you’re spending on your trip isn’t lost if you end up not going and costs, on average, from 4 to 10 percent per person of the total cost of the trip per person.

Here, he shares his top tips on buying a travel insurance plan.

Figure Out What You Want to Insure.

Are you looking to protect an investment in nonrefundable airfare, hotel or cruise costs? Or do you need travel medical protection? Mr. Sandberg said that many travel insurance plans bundle both types into a single plan, which may be unnecessary but definitely costs more.

Check Your Health Insurance Before Hitting the Road.

Many travelers assume that their health insurance will cover them for any medical services, Mr. Sandberg said, but that is not always the case. “Most health plans today are based around in-network-only coverage, which means that you’re not covered if you see a doctor out of network, unless it’s for emergency or urgent care,” he said.

By SHIVANI VORA

See full story at www.nytimes.com

Understand These 7 Terms Before You Shop For Car Insurance

23 June 2016 By admin Leave a Comment

car insurance

Next to your home and your office, your car is probably where you spend the greatest amount of time—and it’s likely one of the things you pour the most money into.

Between the costs of routine maintenance, repairs and trips to the pump (is it time to buy an electric car yet?), being a car owner requires an investment—not the least of which is the auto insurance you’re required to buy.

But not all policies are created equal—and, put simply, “Consumers need to understand the terminology of car insurance to shop for and compare policies and coverage,” says Jeff Blyskal, auto insurance expert and senior editor at Consumer Reports.

Although we can’t choose your auto insurance for you, we can help you learn some of the lingo you’ll come across during your search, in hopes that you’ll be able to understand what types of coverage exist and make the most-informed decision.

See full story at www.forbes.com

Importance of Having a Life Insurance

2 June 2016 By Digital Curator Leave a Comment

life insurance

Having insurance can be a little confusing since it actually has a lot of different types of it. There’s the property insurance, educational insurance, business insurance, life insurance, etc. With all these things, people may experience having difficulty of deciding what they want or need. Well I say, you need insurance to everything you have. As people get older, more and more responsibilities can come across.

Ideally, when a person graduated from college, they will pursue with their dream job or just grabbing any opportunity for them to gain an income. After which, you need to look out for your health so it’s time to get yourself a life insurance. Having insurance will not be hard for you since you are now earning your own money. Then in between of you minding your own business and having a job, you will eventually find the person you want to marry, have kids, build a house, and buy your own car. You can even have a pet dog or cat if you wanted to. The important thing here is that you need to get insurance in every little thing that you manage to own because you work hard for that.

So what really is Insurance? Insurance actually is an arrangement by a private company or government agency that provides you a guarantee of having compensation after a particular incident; it may be a loss, damage, illness, or even death, in return for a payment of a premium which you have given to the company or agency when you started a contract with them. Basically, insurance gives you the security that despite unfortunate incident, you can get something based from your contribution to them, which will be beneficial to you and your family.

Still not convinced? Here are 5 reasons why you need to have a life insurance:

1. To protect your family and loved ones

If your family members or any loved ones depend on you for financial support, having a life insurance really is a must, because it allows them to receive an amount depending on your contribution and replacing your income once you die. Having insurance is important especially for parents of young children or adults who would find it difficult to
sustain their cost of living if they will eventually no longer have access to their partner who provides for the family.

2. To leave inheritance

Even if you don’t have several properties or assets to pass on to your heir, you can make an inheritance by buying life insurance policies naming them as your beneficiaries. This is a great way to give your children a solid financial future and provide monetary need that arises as you give your contribution.

3. Pay off debts and other expenses

Ideally, when you cannot provide cash on the counter pay for your car or house, it would be easier for you to pay for it monthly or quarterly. It would be important for your family to have the insurance to cover any outstanding debts, like your car loan, credit cards and most importantly, your mortgage. Other expenses include burial or funeral payments that can easily run up to thousands of dollars. You don’t want to leave it all behind to your grieving family, children, spouse, and friends with the entire extra financial burden.

4. More financial security

Like any other parents, you would really want to assure your children that they can be taken care of, physically or financially, once you are gone. It is important to ensure your children that they can go to a good quality college education, or even to provide financial support when they get married or tried to start a business even if you’re not
walking in this world anymore. Because of this, additional coverage is essential while your kids are still at home.

5. Bring peace of mind

We live in this world unaware when we’ll pass away. It may not be today, but it can be tomorrow, next week, next year, or even 20 years from now; there’s one thing we are really sure about, it will eventually happen. It may be true that no amount can replace a life of a person, but let’s be practical. Having insurance gives you a peace of mind that no matter what happens; you can actually leave your loved ones something that can
help them move on with their lives.

Those are the 5 reasons why you need to get insurance. So what are you waiting for? Buy your Life Insurance now, before it’s too late.

Be more cautious with discounted offers on car insurance

22 October 2015 By Digital Curator Leave a Comment

Image via Flickr user Bob Barely Time

Our instinct to get the maximum bang from the buck is particularly visible when it comes to buying car insurance, because if one does not make a claim, one does not get any value for the premium paid.

Naturally, we negotiate hard. However, motor insurance buyers need to be cautious, particularly when the insurer agrees to the discount you are seeking.

Has your car’s value been lowered?Misselling happens when you buy a policy via an insurance agent. “If you negotiate hard with an agent, he may lower the value of your car, hence lower your insured declared value (IDV),” says Deepak Yohannan of MyInsuranceclub.com. Say your car is valued at Rs 7 lakh and you are asked to pay a premium of Rs 22,000.

Has voluntary deductible been increased?

When monetary loss is borne by the insured, it is called deductible. It can be compulsory or voluntary. For a policy where a car’s IDV is around Rs 6.50 lakh and an insurer offers a lower premium of Rs 18,930, you are also offered a voluntary deductible component of around Rs 5,000.

Incorrect claim history?

If you want to shift to another insurer, and you do not disclose that you had made a claim with your previous insurer, you may get a discounted premium from your new insurer. The problem arises when you make a claim with your new insurer.

Have add-on covers been removed?

“At times, premiums are lowered after removing add-on covers from the base policy,” says Divya Gandhi, Head, General Insurance and Principal Officer, Emkay Insurance Brokers. So, first the agent will show a quote with the cost of add-on covers factored in.

Standard cover pitched as special offer?

Often agents sell a policy by bloating its price and then offering you a 20-30% discount on the premium and project it as a special deal for you. Or, they include an add-on cover and say that despite an additional benefit they have been able to keep the premium unchanged.

by Neha Pandey Deoras

See Full Story at economictimes.indiatimes.com

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

All you need to know about No Claim Discount (NCD)

23 September 2015 By Alex Tan Leave a Comment

Image via Flickr user Rahul Ramakrishnan

No Claim Discount

No claims discount is basically a discount that you receive on your car insurance premium as a reward for not having made a claim against your policy. If no claim has been made under your policy for a year or more, you are entitled to a No-Claim Discount (NCD). This NCD reduces the premium for the following year and it is your insurer’s way of recognising you for having been a careful driver.

The following table shows how the NCD is set for both private car and commercial vehicle and motorcycle policies:

PRIVATE CAR POLICIES	COMMERCIAL VEHICLE AND MOTORCYCLE POLICIES
PERIOD OF INSURANCE WITH NO CLAIM	DISCOUNT ON RENEWAL	PERIOD OF INSURANCE WITH NO CLAIM	DISCOUNT ON RENEWAL
1 YEAR	10%	1 YEAR	10%
2 YEARS	20%	2 YEARS	15%
3 YEARS	30%	3 YEARS OR LONGER	20%
4 YEARS	40%
5 YEARS OR LONGER	50%

Will I receive NCD if I have been driving as a Named driver on somebody else policy

No. You will not be able to receive NCD if you have been driving as a Named driver on someone else policy.

Will I receive NCD if I am driving a company car

If you have been driving a company car and then buy a personal car afterwards, you may be allowed to transfer the NCD. However, it is provided you can prove it with a letter from the HR department of your employer.

If I make a claim, will I automatically lose my NCD?

Not really. There is a guide called the Barometer of Liability Agreement (BOLA), which all the insurers in Singapore will use to determine how much each party is liable in an accident. It is designed to speed up claims processing. It does not diminish your right to contest liability under the law. Under the BOLA, your NCD will not be affected if your liability is 20% or less in an accident involving an identified vehicle. However, in all other cases, your NCD may be affected.

Will NCD be reduced in the event of an accident? How much will it be?

Yes. When an accident is partly or entirely your fault, a reduction in your No Claim Discount will apply if you have not selected “No Claim Discount Protector” cover.

If there is a claim made under the policy, your NCD will be reduced as follows:

PRIVATE CAR POLICIES	COMMERCIAL VEHICLE AND MOTORCYCLE POLICIES
Current NCD	NCD after 1 claim	Current NCD	NCD after 1 claim
50%	20%	20%	0%
40%	10%	15%	0%
30% and below	0%	10%	0%

Does my NCD apply to me, or to my vehicle?

In principle, your NCD applies to you and not to your vehicle. For example, if you sell your vehicle and buy another one, you will retain your NCD. However, if you own more than one vehicle, you might have a different NCD for each vehicle.

You should check the details with your insurer, but generally:

Your NCD can be transferred to another vehicle owned by you however it cannot be applied to more than one vehicle at any point in time.

For example, if you have accumulated a 30% NCD while using one vehicle, it does not follow that the same NCD applies to any other vehicle that you own or decide to buy. In other words, you will have to earn the NCD for each vehicle separately.

Your NCD CANNOT be transferred to another person, but occasionally, the insurer may allow you to transfer between spouses for once only.

Can I insure against the loss of my NCD?

If you have accumulated a 50% NCD (five years without a claim), some insurers may allow you to buy protection against the loss of the discount. Certain insurer allows NCD protector with 30% NCD.

By paying a small amount of extra premium, you can make one claim during the year, and still have the discount fully protected. Please check with your insurer whether NCD protection cover is available.

The 50% NCD is protected as follows:

CLAIMS DURING THE PERIOD OF INSURANCE	PRIVATE CAR POLICIES
1	50%
2	20%
3 or more	Nil

Will I lose my NCD if there is a break in ownership of my vehicle?

Most insurers in Singapore will allow you to keep your NCD should there be a break in ownership for up to 24 months. Some insurers set the timeframe at 12 months. You will need to contact your insurer for details.

What to consider before making any claims?

Before making any claims, If the total repair costs incurred is likely to be lower than the current discounts/rebates on your premium (also known as No Claim Discount), it is advisable not to claim the repair cost from your insurance. You are better off paying for the repairs yourself in the long run.

If I settle the claim privately, do I have to report the accident to my insurance company?

Under the new Motor Claims Framework effective from 1st June 2008, If you do not report an accident to your insurer within 24 hours or by the next working day and/or do not provide your car for inspection in accordance with the terms, the insurer may reduce your No Claim Discount upon renewal of your policy.

By Ivan Guan

See Full Story at SGMONEYMATTERS

Preventing rejection of motor insurance claims

22 September 2015 By Digital Curator Leave a Comment

Image via Flickr user akem2013

You invest a lot into buying that new set of 4 wheels which literally becomes your second home. You take care of all the documentation and related processes while insuring your vehicle against any perceived damage.

When can insurer reject your motor claim?

The value of motor insurance is realised when one meets an accident. Of course, there are some unforeseen incidents which we cannot anticipate. Insurance is the key to managing such uncertainties in life.

You buy a vehicle with such a pleasure and for most of us it gives a sense of achievement. When the vehicle is new, you tend to keep it covered under insurance. But at times, there are gaps when it comes to renewal of insurance.

This also happens when you are among the lucky ones who never meet any unpleasant incident and never get to raise any claim. It feels a waste of money sometimes. Isn’t it?

Driving license: You are vigilant about expiration of your car policy. Good. But what about your driving license? Driving licences are valid for a considerably long period. After this period, you need to renew it.

God forbids, if your vehicle meets an accident during the time your driving licence is not valid, then a car insurance policy will be rendered useless. So, just take care of this aspect.

Drunk driving: If the driver is found drunk at the time of an accident, then an insurance company has all the right to straightaway reject the claim. There is no possibility of any negotiation in this regard. Your claim can be duly rejected on this ground and no court will hear you too.

Usage: A personal vehicle cannot be used for commercial purposes. If in case you do it, and your vehicle meets an accident, then you are in trouble. Insurance company won’t hear your claims in any case.

The vehicle should never be used for any unlawful act. Do not ever lend your car or bike or any other vehicle to any person without knowing the purpose.

Therefore, it is better to pay attention to these aspects with seriousness and steer clear of worries.

by Naval Goel

See Full Story at economictimes.indiatimes.com

Why over-declaring penalty points lets car insurers overcharge 2.8 million drivers

17 September 2015 By Digital Curator Leave a Comment

Image via Flickr user Stig Nygaard

Needlessly telling insurance firms about expired penalty points for speeding and other offences adds £57 to premiums, yet insurers continue to ask about old convictions

Millions of motorists are needlessly paying £57 extra for car insurance because they are “over-declaring” old convictions and penalty points, Telegraph Money has learnt.

Speeding penalties, car parking fines and convictions for careless driving typically stay on motorists’ driving records for four years even though there is no obligation to inform insurance firms.

But 2.8 million drivers with clean driving slates, or 7pc of motorists, continue to “over-declare” past offences, according to the Driver & Vehicle Licensing Agency (DVLA).

This is partly due to mixing up the dates of convictions or providing more detail than asked for on application forms.

But major insurance firms also play a part.

Some will demand customers disclose convictions – even if they are spent – before providing a quote. Others leave questions about convictions “open-ended” to encourage a customer to “over-declare”.

by Kate Palmer

See Full Story at telegraph.co.uk

Does it make sense to file small claims on car insurance?

15 September 2015 By Digital Curator Leave a Comment

Image via Flickr user Pictures of Money

When Amit Sharma’s new car met with an accident recently, he was unhappy but comforted by the fact that he had taken comprehensive car insurance and could get the insurer to pay for the repairs. However, a discussion with his friend put him in a dilemma. His friend advised him to skip filing a claim and instead pay for the repairs out of his own pocket because the car was not damaged badly and getting it repaired was unlikely to cost him much.

Not fully convinced, Sharma felt that as his car was insured it was surely his right to make a claim. However, he was also worried about the side effects of making a claim e.g. how would it impact his claim history and renewal premiums? Therefore, he was finding it difficult to decide.

Many of us sometimes find ourselves in a similar situation when our vehicle is damaged. So when should you claim insurance and when should you skip it?

Industry experts say there is no hard and fast rule for filing a claim. However, it is in one’s own interest to do some calculations and keep some basic facts in mind while deciding whether or not to claim insurance.

“Insurance is based upon the concept of risk and simply put higher risk is bound to increase the premium. Adverse claim history is one of the factors that impact premium rates. In case of motor insurance, for instance, it directly impacts the no claim bonus, which becomes zero and thus results in a person having to pay higher premium amounts in the future,” informs Sanjiv Bajaj, managing director, Bajaj Capital.

“Before filing a claim, one should assess the quantum of loss, applicable deductibles, any impact on the NCB and future premiums if any and should proceed only then,” says Dr Sandeep Dadia, CEO & Principal Officer, Aditya Birla Insurance Brokers Ltd.

by Sanjeev Sinha

See Full Story at economictimes.indiatimes.com

No mobile device while driving

10 September 2015 By Alex Tan Leave a Comment

Image via Flickr user JustaMonster

In February 2015, there are important changes made to the law governing usage of mobile devices while driving a vehicle in motion. It is an offence to hold and use your mobile devices while you are driving. First offenders will be fined up to $1,000 and/or jailed for up to six months. Repeat offenders face up to $2000 in fines and/or jailed up to 12 months.

Using of mobile device includes making voice or video calls, reading, sending, composing and retrieving text messages regardless of any platform on social media. The offence is committed when you hold the device in one or more hands while the vehicle is moving. Anyone caught holding any mobile device while driving can be found guilty of committing an offence. To be specific, mobile devices are any hand-held equipment which are designed or capable of being used for telecommunications. This means mobiles phones as well as tablets.

Even though the amended law does not specially mention wearable technology such as Samsung Gear and Apple iWatch etc, the use of such devices could be classified as inconsiderate driving, which is an offence that carries up to $1000 fine and a six month jail term.

Besides, please be prepared to have your mobile devices taken away by the police for investigation. It was mentioned that all road traffic cases involving injury or otherwise serious collisions such as multi-vehicle chain collisions or where public property such as traffic lights, lamps or road dividers are damaged, in order to ascertain whether there was a mobile device usage at the point of time of accident, the Traffic Police might have to confiscate for purpose of investigations the mobiles devices of every driver involved in the accident for forensic analysis by the Technological Forensics Investigation Branch of the CID.

This means that following a serious accident, regardless of whether you are the cause of the victim, your mobile device and the SIM card might be taken away from you for possibly months. If criminal proceedings that arise from the accident, the mobile device and SIM card would be retained as evidence until the eventual resolution of the case in court.

Tips which you may wish to take note: to avoid hassle in case your phone is being confiscated by the police for investigation. You may back up all your essential data and contacts on cloud services and for people who use mobile phones as a business tool, you may also consider multi-SIM plans offered by your service provider.

By Foo Cheow Ming

See Full Story at International Investigators Pte Ltd

Image via Flickr user Rahul Ramakrishnan

No Claim Discount

PRIVATE CAR POLICIES

COMMERCIAL VEHICLE AND MOTORCYCLE POLICIES

PERIOD OF INSURANCE WITH NO CLAIM

DISCOUNT ON RENEWAL

PERIOD OF INSURANCE WITH NO CLAIM

DISCOUNT ON RENEWAL

1 YEAR

10%

1 YEAR

10%

2 YEARS

20%

2 YEARS

15%

3 YEARS

30%

3 YEARS OR LONGER

20%

4 YEARS

40%

5 YEARS OR LONGER

50%

Will I receive NCD if I have been driving as a Named driver on somebody else policy

Will I receive NCD if I am driving a company car

If I make a claim, will I automatically lose my NCD?

Will NCD be reduced in the event of an accident? How much will it be?

Does my NCD apply to me, or to my vehicle?

Can I insure against the loss of my NCD?

Will I lose my NCD if there is a break in ownership of my vehicle?

What to consider before making any claims?

If I settle the claim privately, do I have to report the accident to my insurance company?

Image via Flickr user JustaMonster

Even though the amended law does not specially mention wearable technology such as Samsung Gear and Apple iWatch etc, the use of such devices could be classified as inconsiderate driving, which is an offence that carries up to $1000 fine and a six month jail term.

By Foo Cheow Ming

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