Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Here’s how to avoid common Travel Insurance Traps

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We had a chat with Finder.com.au’s insurance expert Richard Laycock to bring you some fabulous tips and tricks to make travel insurance less painful.

Travel Weekly: What should you look for when you’re buying a policy? Does the destination affect the price / what you need?

Richard Laycock: When you’re taking out a travel insurance policy, overseas medical cover is by far the most important item to make sure you’ve checked off. This will ensure you’re covered for treatments overseas.

You should also look to make sure you’re covered for accidents and medical evacuation, as these are big-ticket items.

TW: Does the destination affect the price / what you need?

RL: YES, WHERE YOU’RE GOING WILL HAVE A GREAT IMPACT ON HOW MUCH YOU PAY FOR COVER. IF YOU’RE HEADING TO THE USA, YOU’LL PAY A LOT MORE FOR COVER THAN IF YOU WERE TRAVELLING TO SOMEWHERE LIKE NEW ZEALAND.

This is calculated based on various costs including the cost of treatment in those countries and also the cost of flying you home.

If travel delay is something that you would hate to go through then it’s also important to make sure your policy includes cover for cancellation and delay. Typically delays of 6+ hours will be covered.

TW: We see a lot of jargon in travel insurance fine print. What are 3 of the most confusing things mentioned?

RL: “Pre-existing conditions” is a big one. If you have any ailment that you know about, this counts as a pre-existing condition and if you don’t let your insurer know, you won’t be covered for it while you’re overseas.

That is not to say that you will have voided your entire policy, you just won’t be able to make a claim for anything related to that specific condition.

Another issue is leaving your luggage unattended. This caveat means that if you leave your luggage by itself and it’s stolen, your insurer will not pay you a benefit.

Finally, cancellation cover. Some people assume that cancellation cover means that you can cancel your trip and receive a benefit.

Unfortunately, cancellation cover means you’re covered if you have to cancel your trip for reasons that are outside of your control.

TW: Are there any traps travellers often fall into when purchasing travel insurance? What are your tips for cutting costs?

RL: Again, I think that not mentioning pre-existing conditions is a big thing. If you are going to go overseas, it’s important to declare those conditions.

Sure, not doing so may save you in the short term but it could cost you big in the long run.

See Full Story at www.travelweekly.com.au

Filing an insurance claim? Keep these tips in mind

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While we eagerly wait for the monsoon every year, excessive rains can cause severe damage to life and property. Insurance is the only scientific method of ensuring recovery from such disasters, at least in terms of the economic value of the assets lost.
Any person holding policies such as the householder’s policy, house policy, motor policy, etc., may hope to get
adequate compensation by way of claims settlement. However, the process is not as simple as one expects it to be on the basis of the face value of the policy. The policyholder has to be very cautious and careful while lodging the claim with the insurer.

Submit details for claims
As soon as the flood recedes, the policyholder has to get hold of his policy document. If the document is not retrievable, then trace the policy number from a soft copy. He should then read the terms and conditions and prepare a list of damages and submit it to the insurer. Care should be taken not to displace or remove such items from the place of occurrence. The normal response of the insurer would be to depute a loss assessor to inspect the affected site or the damaged property. Hence the items should be allowed to be inspected in the as is where is condition.

Insurers have their own yardstick to evaluate the loss caused in such situations. The fine print is the description of exclusions from the cover. The insurers print certain conditions under which the expected claims are excluded. In normal course of transactions while buying a policy, the customer may not be made aware of such exclusions. Policyholders should be very careful while buying a policy and while filing claims. If they are not satisfied with the assessment of loss made by the insurer they need to insist on a review of the assessment before signing the discharge voucher for settlement of claims. One of the major losses suffered by people in urban areas is in respect of motor vehicle.

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See Full Story at www.financialexpress.com

Save a pretty penny on travel insurance this summer with these top tips

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Yet it is cheap and easy to get cover, which could save you thousands of pounds in medical bills should anything go wrong while away.

It also helps protect you against lost luggage and cancelled flights.

Sun Savers brings you top tips for travel insurance.

  • Buy as soon as you book. Travel insurance doesn’t just cover you while you are away, it protects you in case you can’t go on holiday. If you have to cancel, you should be covered for the cost of your trip.
  • Shop around. It’s not just about price but the level of cover. Insurance can cost as little as £5 for a single person or £10 if you are travelling as a family. Use comparison sites such as Compare The Market, which is currently offering two-for-one meals for a year at thousands of restaurants if you take out travel insurance with it.
  • Cheaper with more holidays. If you are going away twice this year and pay for two single-trip policies, it would cost £51.88 with Aviva. But getting annual cover would cost £42.18 from the same provider. Save even more money by using cashback sites. At TopCashback.co.uk you can get £15.75 back on annual travel policies with Aviva, and as much as £20.45 on policies with Virgin Money Travel.

by Sophia Moir

See Full Story at www.thesun.co.uk

Tips on Choosing the Best Insurance to Protect Your Small Business

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Insurance is important for almost every business, but the sheer number of insurance types available—and the costs associated with them—can be intimidating, especially for new entrepreneurs. All types of insurance are meant to mitigate risks associated with your business, protecting it from legal action and, in some cases, physically destructive events. Accordingly, the best way to choose and modify your insurance policies is to acquire a better understanding of the specific risks your business faces.

So how can you evaluate your business’s risks?

How to evaluate your risk

Now let’s turn our attention to evaluating risk:

  • Consider your organizational structure. Depending on your organizational structure, you and your company may face different types of risks. For example, LLCs and corporations tend to be considered stand-alone entities, while partnerships and sole proprietorships might make you, as an individual, liable for certain types of damage.
  • Talk to insurance agents. Take the time to talk to different business insurance agents about the unique risks your business faces. They might be extra motivated to sell you on insurance, regardless of how much you need it, but they’ll help you analyze risks you may not have otherwise known you had. Talk to multiple agents to get the clearest picture on your overall risk.
  • Talk to lawyers. You may also want to talk to your lawyer about what types of liability insurance your business needs. They have far more experience with real cases than you do, and may be able to make better recommendations than an insurance agent.
  • Look at case studies. Take a look at businesses similar to yours, both in the present and in the past. What types of insurance have they carried? When have those insurance policies come in handy? Talking to other business owners is a good step to take, but make sure your sample size is big enough to draw a solid conclusion.
  • Consider your scale. You might be fine without insurance now, but what happens when you scale your business to the next level? In general, it’s best to choose insurance policies that have the power to grow with your business.
  • Consider your risk tolerance. Sometimes, your insurance decision will come down to a matter of personal perspective. How much risk are you willing to take?

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See Full Story at www.allbusiness.com

Understanding Car Insurance Excess

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What is an insurance excess?

The excess is an amount of money that will come out of your pocket when you claim against your car insurance. For example, if you have an approved claim of R100,000 and your excess is R5,000, you will pay R5,000 and the insurer will pay R95,000. If your excess is R5,000 and the cost to repair to damage to your car is less than R5,000, you will need to pay the full amount.

Why do insurers charge an excess?

The excess is a way for insurers to ensure that the cost of premiums remains affordable. Without an excess, insurers would need to process high volumes of small claims, which in turn would mean it would be necessary for them to charge higher premiums.

  • Excesses lower the insurer’s administrative costs since customers won’t claim for every small scratch or ding to their car. This is important for traditional insurers, who need to run large back-office teams and infrastructure to handle claims.
  • They give customers a financial incentive to take care of their vehicle, since they will also need to pay towards repairs if they’re involved in an accident.
  • They discourage people from making multiple claims that could reflect badly on their claims history.

Why should you look out for in the fine print about excess payments?

Often, signing up for lower monthly premiums for car insurance will mean that you will need to pay a higher excess in the event you need to claim.

Most insurers are transparent about the basic excess, which may be up to 10% of the value of the damage to your car in an accident or of the total value of the car if it is stolen or written off. However, many insurers also impose extra excesses if any of the following are true:

By CAIRA-LEE
See Full Story at www.womenonwheels.co.za

4 Excellent Tips To Find The Right Auto Insurance Plan For New Drivers

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It only takes a few minutes when you request free quotes online, and because you can be completely anonymous, there won’t be any annoying sales people calling you later on, trying to get you to buy insurance from them (often at higher rates than the original quotes you received).

4 Tips To Find the Right Insurance Plan

1. 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.

Usually, you will get the very basic insurance with these types of policies, but this is better than nothing, and it may be all that you can currently afford. After you have been driving and insured for a while, you can always see what the other bigger insurance companies offer, and make the switch when you are eligible for lower rates with those companies.

2. 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.

There are all kinds of things you can learn with these classes, which are aimed at making people better drivers. You don’t even have to be a new driver to take these classes and get discounts on your insurance rates. This is going to show insurance companies that you do know what you are doing, and that you are not as much of a risk as other new drivers. It is also going to show that you are really serious about being a safe driver.

3. 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.

If you are using their vehicle, they probably have already made arrangements for you to be covered when you are driving, and if you have your own vehicle, it is easy to have it added to their policy. The vehicle may have to be registered in one of your parent’s names, but as long as you have your own vehicle to drive whenever you want to, does this really matter all that much?

See Full Story at driving-tests.org

How to save hundreds on your car insurance with these seven simple tricks

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Some of these tips are as easy as making sure your job title is correct when you apply for insurance.

But, the largest savings are reserved for younger drivers as they have larger premiums to begin with and so have more to save.

There are still plenty of tips for older drivers who want to drive down the cost of their car insurance.

Here are Go Compare’s seven easy ways for you to potentially shave hundreds off your car insurance premiums.

1. Save £88 by using the right job title

Insurers look at your job title when you apply for a job to determine how much of a risk you might be.

Some job titles are viewed as more risky than others and can drive up your premiums so it is important to use the right job title.

Go Compare found that there was an £88 difference in your premiums if you described yourself as a chef rather than a kitchen worker.

It is still important that you are as honest as possible with your job title as if you give false information your insurance could be invalidated.

MoneySuperMarket found that students could be paying as much as £677 for their insurance because they listed themselves as unemployed rather than studying full-time.

2. Save £520 by adding a more experienced driver to your policy

Young and inexperienced drivers often have to pay the highest insurance premiums.

But Go Compare found that you could save up to £520 by adding a more experienced driver like a parent to your policy.

This is because an experienced driver will lower the risk on your policy as it won’t be just the inexperienced driver driving the car.

BY William Calvert

See Full Story at www.thesun.co.uk

After The Storm: Ways To Streamline Your Insurance Claim

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Insurance claims for hail damage are already through the roof, as residents of southeast Saskatchewan begin to sort through the aftermath of Thursday’s storm that left large hail behind, and strong winds caused havoc with the property.

With that said, Tyler McMurchy of Saskatchewan Government Insurance had a few tips for folks to keep in mind as they work to bring things back to normal.

“We do suggest that you clean up as soon as possible, being mindful of your personal safety. You can seek professional advice on how to clean up and take whatever reasonable steps you can to minimize the extent of the damage.”

“(We) recommend not throwing anything out. You want to store those damaged items in a reasonably safe place so the adjuster can see them when they arrive. If you’re disposing of items, take photos and a detailed list of what is being thrown away. You’ll want to have any appliances, including furnaces that have come in contact with water, checked by a qualified electrician or plumber, or an expert in that field before you use them,” he said.

“You want to move damaged or wet belongings to a dry area with good ventilation. One thing people should know is to keep track of their cleaning time and expenses, as some of that may be covered through their insurance claim. We recommend taking photographs and video of damaged property to give to their adjuster.”

by Matt Cinnamon

See Full Story at www.discoverestevan.com

How to slash to the cost of your car insurance policy with these simple tips

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Motorists could make some savings on their car insurance premium by just following a few simple tips and by being savvy when purchasing their policy.

1. Use the right job title

Your occupation is one of the major pieces of information that insurers use to work out your insurance premium.

Ultimately, some occupations are viewed more ‘risky’ than others which means, unfortunately, if you are  a professional footballer, you’ll likely be shelling out more for your cover than a priest.

That said, in some cases there may be more than one job title on a pre-defined list, that accurately describes what you do, and in this case you could make some significant savings.

For example, if you describe yourself as a ‘chef”‘ your average quote could be higher than if you selected ‘kitchen staff’.

Other jobs that tend to have a lot of similar options include office work, building and construction, teaching and journalism.

However, it’s important to  always make sure you’re honest when giving your details to an insurer if you knowingly misrepresent yourself that could invalidate your cover.

It’s not just those in full-time work that this applies to , for instance,  if you’re a full-time parent, retired or a full-time student make absolutely sure you’re selecting those titles and not ‘unemployed’.

2. Add a more experienced driver to your policy

Inexperienced and young drivers typically face the highest premiums– but could save significant money  by adding  more experienced drivers to their policy.

GoCompare found that new drivers could save money adding a parent on to their policy, but this also applies to other age groups, even if you’re deemed a low risk driver yourself.

This is simply due to the second driver, in most circumstances, making the overall risk slightly lower, as you won’t be the only one driving the car.

What people must still be aware of though is the issue of ‘fronting’, where younger or less experienced drivers claim to be the ‘named’ – additional driver, when they’re actually the sole or main user of the vehicle. In this instance, using a more experienced driver to bring the cost down is illegal, so it’s worth people bearing this in mind when taking out a policy.

By LUKE JOHN SMITH

See Full Story at www.express.co.uk

Tips For Getting The Best Car Insurance Rates!

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Car insurance rates are determined based on client’s risk profile. That tells the company how likely they are to handle a claim coming from that particular client.

There are several ways to get a low-cost car insurance premium:

  • Drive a safe car. Companies have their own definition of what it means a safe car. But generally this mean a vehicle fitted with functional, hi-tech sensors and warning. Airbags, seatbelts and other similar protection devices are also on the list. Safety rating is very important for insurance companies and they analyze it before issuing a policy. Safe cars pay less on auto insurance.
  • Remove old traffic violation points. Cleaning up the MVR will help getting better rates. It is wise to contact a lawyer who will guide the client during the whole process.
  • Graduate defensive driving. This type of courses educates the driver about the traffic hazards and how to handle them. Besides improving skills, graduating an approved course will make the driver eligible for a discount.
  • Bundle plans. This is a quick way to save a money. Bundling policies under the same company is usually cheaper than insuring each item individually.

“Car insurance does not have to be a financial burden. There are several smart ways to get cheaper insurance” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See Full Story at www.benzinga.com

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