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Travel insurance: 5 scenarios why you should opt for higher cover

8 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Giorgio Montersino

Travelling is an important and regular event in everyone’s life whether it is for leisure or work. Travelling creates memories which we cherish all through our life.

What You Need? A good travel insurance plan will take care of any unforeseen situation during transit. Situations like loss or theft of baggage, delay of flights leading to financial loss, loss of passport and other important documents and medical emergency are quite common.

Big Mistake: Buy the lowest premium insurance or tick off any box the agent or airline asks you to.

Result: Just not enough when the actual need arises. Either it won’t cover that situation or the reimbursement will be a measly amount.

Solution: Buy the coverage for travel insurance keeping in mind the country you are traveling to and the purpose of your travel.

Not Convinced Yet? Consider these situations and statistics:

High Cost To Meet Medical Emergency: If you are travelling to United States, Singapore, Egypt, Turkey or Greece (the most popular tourist countries) and you fall sick even with a basic problem of gastritis you are up for big trouble.

Student Travelling Abroad for Education: If you are studying abroad in Australia, US, UK or Canada (countries that see highest influx of Indian students) you would definitely need a higher coverage travel plan to cover any unforeseen situation.

Adventure Travel: If your travel plan includes indulgence in adventure or extreme sport activities like mountain climbing, sky diving, paragliding, rafting, etc you may want to go for a higher travel insurance coverage.

Acts of Terrorism: Are you planning to travel to Thailand, Egypt, Turkey or Philippines without a good insurance plan? My advice: Don’t.

Airlines – The Soft Targets: Hijacking, accidents, terrorist attack, and flight delay – we have heard about these situations innumerable times. Airlines are, undoubtedly, the soft targets.

When you are travelling then only good preparation can save you and buying a travel insurance plan that covers you adequately is an important preparatory tool.

Recommended Minimum Travel Insurance Coverage (USD):

US or Canada—$50,000
Europe excluding UK—$30,000
UK—$50,000
Entire Asia Excluding Japan—$15,000
Anywhere Else—$50,000

by Yashish Dahiya

See Full Story on deccanchronicle.com

Things you need to know about travel insurance before you head off

6 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Jurien Minke

It is imperative that business travellers ensure their travel insurance is up to scratch before embarking on a business trip. According to Corporate Traveller South Africa, in 2014, 40% of business trips from South Africa were into the rest of the continent, and of these, 65% of travel insurance claims were medical, compared to only 25% for cancellation and 15% for baggage loss or damage.

According to data from Travel Insurance Consultants (TIC), which works closely with Corporate Traveller, travellers aged 40 years and above tend to be at the greatest risk of cardiac emergencies, and diabetes is the most common pre-existing illness claim. Further to this, 50% of medical claims are accident or injury related, but the most common claim was food poisoning or gastroenteritis, resulting in travellers forking out anywhere between R3 000 – R30 000 for medical bills due to insurance policies that were insufficient.

Typically, travellers do not think it is necessary to take out additional travel insurance as a certain amount of cover is provided by their banks when purchasing an air ticket on a credit card. However, what travellers are not aware of is that this provides only limited medical cover and makes no provision for pre-existing conditions. By opting to top up this cover with an additional policy, a much greater level of cover can be secured at an affordable cost and obviously minimise the risks of incurring unnecessary costs.

When it comes to serious illness, although most people are worried about Ebola, it is malaria that dominates travel risks. Annually, there are about 200 million cases of malaria, of which 600 000 result in death. As a lot of hospitals and clinics in Africa lack basic medication and equipment; it is therefore important to know the risks and ask the right questions before heading overseas.

“Travel insurance is in part about the importance of being able to react quickly and having all the necessary agreements in place to provide a comprehensive insurance plan that can cover unplanned incidents such as these,” explains Michelle Jolley, Marketing Manager, Corporate Traveller.

Most serious medical cases on the continent such as these often require a patient to be moved to an appropriate facility, usually in another country. As such, TIC employs the services of Europ Assistance to manage all medical emergencies.

One of the latest provisions is an unconditional tropical disease cover, which is designed to provide full cover upon contracting malaria – even if the traveller did not take preventative medicines. To highlight the benefit of this insurance, a traveller who recently contracted malaria in Sierra Leone could not be treated there and was transferred to the nearest centre of medical excellence, Accra, Ghana. The total cost of which, including medical care, amounted to more than R950 000.

An alternative solution which provides great peace of mind for business travellers is an annual travel insurance policy, which can be taken out in the company’s name and provides cover for all travellers over an annual period. The policy is purchased in bulk based on the estimated number of travel days employees are likely to undertake over one year, and then adjusted at the end of the period based on actual travel dates. This represents a highly cost-effective and hassle free-solution against any unplanned medical needs while abroad.

“It’s natural to think ‘it will never happen to me’, but the reality of being unprepared is significant, from both a financial and health perspective. The cost of medical aid on the continent can be enormous, especially when the patient may need to be transferred across borders for treatment. ,Therefore it is more important than ever that travellers know what is covered in their travel insurance,” says Jolley.

by GGi Communications

See Full Story on pressoffice.mg.co.za

Travel Insurance is Now a Prerequisite for a Worry Free Vacation

4 May 2015 By Digital Curator Leave a Comment

Image via Flickr user bass_nroll

Every traveler begins her journey with a complex web of connections, coupled with dreams of blue skies, unlimited horizons, fair weather and unlimited upgrades.

But, as in everything in life, risk and reward live together and in this complex fine print driven world, we all live and travel while the “devil truly is in the details.”

Practical Drivers for Taking the Plunge and Buying Travel Insurance

Most travelers have a tendency to buy insurance if they believe their may or could have a problem out there on the road that’s unforeseen and significant.

For many of you it’s the smart thing to do — your dropping some serious money on a trip and spending $100-$200 in travel insurance is really not a significant cost vs. the level of protection you will receive.

Critical Option You Should Weigh Prior to Boarding

As above, dear traveler, the devil is in the details. So, don’t multitask this with a carrier on a land line and your smartphone logged in to Instagram.

Go Deep and Long if You are out there on the Frontier: You can get unlimited medical coverage from some providers and a lower cost policy might just cover up to $1M.

Know if you are Covered with Reciprocal Healthcare: Some countries have agreements with other countries, you may be entitled to free or reciprocal coverage if their is reciprocity between the countries.

Are All or Some of Your Belongings Covered? If your iPad falls into the Thames, are you covered? Is your luggage covered for theft and damage of any kind, are electronic devices covered — get the details from your provider, they are obligated to walk you through the fine print.

What does “Cancellation” Mean? With many providers you can define the amount of coverage based on a specific event that prevents you from traveling — look for a policy that covers the full cost of your trip and any incremental costs. Like all things in business, a higher amount triggers a more costly premium.

Provider Insolvency: If your provider goes out of business while you are traveling make sure you have a minimum of $250K in coverage and this can be an exotic clause for some providers and your airline should be factored into this coverage.

Car Rental Coverage: In most cases mainstream coverage bundled with the car rental may not cover all of your costs if you are involved in an accident.

Personal Liability Coverage: This should be $2-$3 million at a minimum and you want blanket coverage that prevents someone from suing you for any type of exotic or weird happenstance.

Be Prepared for Challenges: Travel with emergency numbers and contacts and keep a copy of these on you physically in case you are injured and unconscious and don’t rely on information backed up on a device, paper is better.

Keep Your Paperwork: If you have a problem be diligent in keeping all receipts, police reports, hotel records, whatever else you need to substantiate a claim.

Be safe, have a great time and shop around for travel insurance and make sure you get localized comprehensive coverage that fits your travel plans.

See Full Story on huffingtonpost.com

6 shadiest auto insurance fraud schemes

1 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Don Hankins

Even if you never find yourself in the middle of one of its sleazy scams, auto insurance fraud hits you. Industry experts say it slows legitimate insurance claims, increases premiums and, in some cases, puts innocent victims in danger.

Law enforcement officials say fraud factors into as many as 1 out of every 3 auto insurance claims in New York City. The problem may be even worse in Los Angeles, the city that generates the most questionable claims potentially linked to organized crime, according to the National Insurance Crime Bureau.

That trade group tracks fraud for insurers and ranks California, Florida, Texas, New York and Maryland as the top five states for fishy auto insurance claims.

The cost to motorists is tough to pin down because fraud often goes unreported, but it’s definitely a “major-league crime involving a wide variety of schemes,” says Jim Quiggle, a spokesman for the Coalition Against Insurance Fraud in Washington, D.C.

In New York City alone, officials estimate that fake auto claims add $241 million to premiums. Nationally, experts believe overall insurance fraud costs tens of billions of dollars every year.

Learn how to protect yourself as we uncover the worst auto insurance frauds.

by Michael Estrin

See Full Story on bankrate.com

5 examples of car insurance fraud

29 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

Everyone knows car insurance fraud is bad news. But would you know how to spot it? We’ll reveal 5 common schemes to give you a better understanding of fraud in action.

Recap: insurance fraud 101

Car insurance fraud is any deception committed against an insurance company for financial gain. Fraud is illegal in all 50 states, and insurance companies (like ours) do all we can to investigate and expose fraudsters.

5 ways car insurance fraud can happen

1. Vehicle dumping, aka “owner give-up”

This type of car insurance fraud occurs when the owner disposes of the vehicle by leaving it somewhere, burning it, dumping it in a lake, or even selling it, and then claiming it was stolen.

2. False registration

Where you live affects what you pay for car insurance, and this car insurance scam is designed to mislead insurers and avoid higher premiums.

3. Exaggerated repair costs after a car accident

This one is committed by less-than-upstanding repair shops. Let’s say you bring your car to the shop after an accident, and the mechanics use shoddy parts to make the necessary repairs.

4. Faulty airbag replacement

This is another type of car repair scam. It happens when mechanics don’t replace the airbag after an accident. Instead, they stuff the compartment with other objects, such as beer cans (yup, you read that right) or packing peanuts to keep the sensors working.

5. Faulty windshield replacement

Windshield fraud can take unsuspecting drivers by surprise. Usually, someone claiming to be a windshield repair specialist will approach you in a parking lot, trying to convince you that your windshield is damaged and you need a new one ASAP.

See Full Story on esurance.com

Why Your Neighbor Might Get a Lower Auto Insurance Quote

15 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Dean Hochman

Politics. Religion. The state of their lawn. Add auto insurance quotes to the list of things you should never discuss with your neighbors if you want to remain, well, neighborly.

You may find out that they’re paying a lot less for auto insurance than you are, even though you live right next door and have the same insurance company. That might not seem fair, but it’s not unusual. So what gives?

Turns out, a lot more than location goes into an auto insurance quote. Here are some reasons your neighbor might be getting a better deal.

Age

The older you get, the less your auto insurance is going to cost. Well, to a point. Statistics from the Insurance Institute for Highway Safety (IIHS) show a drop-off in driver death rates at age 25, so reaching that age should lower your quote.

Gender

Sorry guys, but research shows that men are involved in accidents and engage in risky behaviors, such as speeding or drunken driving, more often than women, according to the IIHS.

Driving record

Maybe you have three speeding tickets on your record. Or you’ve caused two accidents in the past five years.

Shorter commute

If your neighbors commute to work each day on the train, and you drive 200 miles both ways, their insurance is going to be lower because they aren’t using their vehicle as much as you.

Cheaper-to-insure car

If your neighbor’s vehicle has a better-than-average claims history, that likely translates into a better deal on car insurance, all else being equal.

Think you’re getting a raw deal compared with your neighbor? Find out how you cansave on car insurance, then shop around for a few quotes. You may find a better price than you thought possible.

by Sarah Cooke

See Full Story on nerdwallet.com

Is It Time to Give Your Insurance Policies a Checkup?

8 April 2015 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

You could be overpaying or underprotected if you’re not regularly reviewing your policies.

The insurance industry often urges customers to check their policies every once in a while to make sure everything is up to date. While that sounds like self-serving advice – because you know any conversation with your insurance agent will end with a pitch to buy more insurance – that doesn’t mean it’s a bad idea.

You may catch mistakes. You probably have a lot of insurance policies – health insurance, life insurance, auto insurance, homeowners insurance.

You might find a better rate. Ken Davidson, co-founder of Dallas-based Eagle Independent Insurance, points out that you may lower your premium if you regularly compare insurance quotes.

You have more assets. Your life doesn’t just change. What you cover does. Leigh Needelman, CEO of Florida Assurers, an insurance agency in Miami Beach, Florida, has a rather colorful example of how assets can change.

You may decide it’s time to bundle. If you have four different policies with four different carriers, you might want to bundle a few. That is, have your homeowners and car insurance with one company, for example.

You may get some discounts. Yes, your insurance agent may talk you into buying more insurance, but at the same time, you may learn that you’re due for some discounts.

Your life has probably changed. If you bought life insurance when you were married or after your first child was born, and you’re now on baby No. 4, you’re probably long overdue for an upgrade.

by Geoff Williams

See Full Story on money.usnews.com

15 Things You Need To Know About Buying Auto Insurance

3 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Simplificamos Su Trabajo

Whether you just drove off the dealer’s lot in a shiny new vehicle or you’re puttering down the highway in an old clunker, you must protect yourself, others, and your two/three/four/eighteen-wheeled investment with auto insurance.

Here are 15 things you may not know — or that you need to know — about insurance for your wheels.

1. Minimums? What minimums?
Sure, buying the minimum amount of coverage allowed by law (or by your lender) will save you money, but it won’t save you anything in the long run if you ever have a claim.

2. Yes, larger deductibles mean a lower premium, but think about what an accident would cost you.
Let’s say you have $5,000 in repairs. A $1,000 deductible means you’ll have to pay out-of-pocket for 20 percent of the costs.

3. There are discounts for everything out there, and that includes your auto insurance.
Many vehicles come with safety features and alarm systems that will lower your premiums (so don’t buy without talking to your insurance agent, and also read more about which cars are the most and least expensive to insure).

4. In many states, where rates are set by law, cheaper insurance simply means less coverage.
If you live in a state where the rates are pre-set, think twice before taking a less expensive policy because it may not give you what you need.

5. Combining policies can save you money…
It’s not just ad-speak; some insurers will knock off up to 15% from both your auto and home policies if you bundle them together. Just make sure both policies provide the right amount of coverage.

6. But it still pays to shop around.
While you can get healthy discounts for being a long-time customer and for having more than one policy with the same insurance company, it still pays to shop around once a year.

7. Check to see if your insurance will get you a loaner car.
If you have an accident and you need a rental car, you’ll find that having some kind of coverage that gives you an allowance for a rental will long-term be cheaper than paying out the full price for a rental.

8. Don’t lie.
You might save a few bucks by saying you park in a garage instead of on a street, but chances are the savings are very small compared to what could happen in you get caught.

9. File claims judiciously.
Your insurance is there to protect you, but you could be in for higher rates if you file a claim every time a grocery cart rams your side panel.

10. Do the math on installment payments.
Installment payments for insurance policies are a cash cow for the insurer, and it takes as much as $10 a month out of your pocket.

11. Some employers cut deals with insurance companies to give their employees discounts.
Ask your boss if your company has any side deals for car insurance. Also call your college and any industry groups to which you belong to see if they offer group discounts to members.

12. If you use your vehicle for work, you may not have the coverage you expect.
You probably purchased a personal policy, but if you’re constantly driving as a salesperson or a pizza delivery person, make sure your policy covers your work use of your vehicle.

13. Red means nothing.
That’s right — having a red car doesn’t mean you’re a bad driver or that you’ll drive irresponsibly — and, contrary to a popular myth, it therefore has nothing to do with the price of your insurance.

14. Thieves don’t care about the price tag.
You might think your wheels are the hottest, but those stolen most often are nabbed because their parts earn a lot for the thief.

15. Review, review, review.
As your vehicle gets older, you may not have the same needs as you did when it was bright and shiny off the lot.

Identity Theft & Credit Card Fraud – How to Protect Yourself

1 April 2015 By Digital Curator Leave a Comment

Image via Flickr user Steve Wilson

Identity theft occurs when someone obtains your personal information, such as your credit card data or Social Security number, to commit fraud or other crimes. The Federal Trade Commission estimates that 9 million Americans suffer identity theft annually. It sounds like a big number, but it isn’t.

Do You Need Identity Theft Protection? Before examining the services available, try these common-sense, no-cost measures to protect against identity theft and fraud:

Guard your information online. These days, many of us do most of our shopping and banking on the web. With all those account numbers and passwords floating around, it’s easy for someone to nab your information and go on a spree.

• Clear your logins and passwords. This is especially important if you’ve been working on a public computer. Change logins and passwords monthly.

• Pay for online purchases with your credit card, which has better guarantees under federal law than your online payment services or your debit card.

• Be alert for phishing, a trick in which spam or pop-ups mimic legitimate banks or businesses to obtain your personal information, which they use to access your accounts. Always verify that you’re on a familiar Web site with security controls before entering personal data.

Monitor your bank and credit card statements. Check your accounts regularly so you know when something’s awry. Purchases you didn’t make should be obvious—like a gas fill-up halfway across the country.

Verify your mailing address with the post office and financial institutions.Identity bandits may fill out change of address forms so that delinquent credit notices remain off your paper billing radar.

Monitor your credit report. By law, you’re entitled to a free report every year from each of the three bureaus (Equifax, Experian, and TransUnion).

Shred sensitive documents. Buy a shredder and regularly shred outdated bank statements, credit card applications, bills, and anything with your personal information before tossing it into the trash or recycling.

Picking the Right Service Before you spring for identity theft protection, which, at a minimum, is likely to set you back at least $150 a year, consider the no-cost measures you can take to protect yourself.

Fraud alerts. Some identity-theft protectors will immediately place fraud alerts on your files with the three main credit bureaus, whether you’ve been victimized or not.

Credit freezes. Freezes are far more effective than alerts. Icing your files prevents any company from accessing your credit unless you already do business with them, effectively sealing your records against any new creditor.

If you’ve detected fraudulent activity, notify the financial institution where the fraudulent activity occurred first so they can freeze your account. Depending on the situation, you’ll need to file a complaint with the FTC and your local police department, as well as investigate all of your other accounts. And keep a vigilant eye on that credit report.

See Full Story on guides.wsj.com

Identity Theft & Credit Card Fraud – How to Protect Yourself

1 April 2015 By admin Leave a Comment

Image via Flickr user Steve Wilson

Do You Need Identity Theft Protection? Before examining the services available, try these common-sense, no-cost measures to protect against identity theft and fraud:

• Clear your logins and passwords. This is especially important if you’ve been working on a public computer. Change logins and passwords monthly.

• Pay for online purchases with your credit card, which has better guarantees under federal law than your online payment services or your debit card.

Monitor your credit report. By law, you’re entitled to a free report every year from each of the three bureaus (Equifax, Experian, and TransUnion).

Fraud alerts. Some identity-theft protectors will immediately place fraud alerts on your files with the three main credit bureaus, whether you’ve been victimized or not.

See Full Story on guides.wsj.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Travel insurance: 5 scenarios why you should opt for higher cover

Things you need to know about travel insurance before you head off

Travel Insurance is Now a Prerequisite for a Worry Free Vacation

6 shadiest auto insurance fraud schemes

5 examples of car insurance fraud

Recap: insurance fraud 101

5 ways car insurance fraud can happen

1. Vehicle dumping, aka “owner give-up”

2. False registration

3. Exaggerated repair costs after a car accident

4. Faulty airbag replacement

5. Faulty windshield replacement

Why Your Neighbor Might Get a Lower Auto Insurance Quote

Age

Gender

Driving record

Shorter commute

Cheaper-to-insure car

Is It Time to Give Your Insurance Policies a Checkup?

15 Things You Need To Know About Buying Auto Insurance

Identity Theft & Credit Card Fraud – How to Protect Yourself

Identity Theft & Credit Card Fraud – How to Protect Yourself

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