Insurance Agency Singapore | Commercial Insurance and Personal Insurance

How to buy motorcycle insurance

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Like any purchase, signing up for motorcycle insurance involves a certain amount of personal discretion and understanding of risks and rewards; however, we’ve got a few tips to help make the process easier.

How to buy motorcycle insurance

1) Make sure your application is accurate

Do you have any speeding tickets in the recent past? How many licensed motorcyclists are in your house? Will you be storing the bike inside, or outside? The sales agent will ask you all these questions, and more; if you give an incorrect answer, you could pay the price. The last thing you need is to have insurance on your new sportbike canceled a couple of weeks after buying it, when the insurance company finds out you neglected to mention a few speeding tickets. And you certainly don’t want to have your bike stolen, then have your payout denied because you had the machine under a tarp in the backyard instead of locked away in a garage.

2) Make sure you’re covered by your policy

How much will your policy pay you, if you’re injured in a crash and the other motorist’s insurance is insufficient, or if they don’t even have insurance? Your policy’s Accident Benefits (or some similar name) will cover your lost wages, your medical expenses, and (in a worst-case scenario) death and funeral expenses. Take a look at this number; if it’s not high enough, talk to your insurance agent about upping the coverage.

“An additional ‘excess’ or ‘underinsured’ policy can help protect an injured motorcycle rider from an underinsured or uninsured motorist,” says Brown.

“In Canada, most of us live near the border to the United States. Drivers in the US can operate their vehicles with little or no ‘third party coverage’ … If the driver has little or no insurance, the ‘excess’ or ‘underinsured’ policy will increase the offending motorist’s coverage to a much higher amount. This is very important because if someone doesn’t have enough insurance, they usually don’t have any assets to pay for the rider’s injuries.”

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See Full Story at canadamotoguide.com

Key home insurance tips you need to know

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Purchasing a home and other home valuables takes serious financial investment. It is for this reason that buyers must ensure homes and other contents are sufficiently covered in order to avoid losing them all in the event of loss or damage caused by fire, theft or natural disasters like floods. Here are some key home insurance tips.

Be aware of upselling mortgage broker

Many banks and building societies encourage borrowers to take out home insurance that is tied in with their mortgage but you may find you are paying more than if you researched the market and insured through a broker. It’s always worth looking for a policy that suits you best and provides the best value.

Estimates

Always ensure that you have accurate estimates for both the re-build cost of your home and the replacement cost of all contents you had in mind when taking out the policy in the first place.

Insure for full replacement value

Remember that this is not the same as the market value. The value of the land on which the house stands is excluded from the calculation of the replacement value of the actual building of the house.

Increase your excess

If you increase the amount you pay in excess, your monthly premiums will decrease. This means you’re taking more of the risk on yourself. Make sure you can afford to pay your excess, though, otherwise you negate the insurance.

Compare deductibles

The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim.

By Caxton Central

See Full Story at southcoastsun.co.za

How to assure your spouse gets life-insurance money when you die

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Here are tips to make sure these problems don’t happen to you.

Temporary coverage during underwriting

Ask for temporary coverage during underwriting so you are protected before the policy kicks in. You may be required to begin paying premiums. The payments are refunded if the policy is not finalized.

Keep notes

Keep notes of all conversations with insurance representatives, no matter how minor, including names and dates. Ask your agent for a copy of statements you made during the application interview. These documents can be useful in contesting a denial.

Ask questions

Ask questions any time you don’t understand something and always answer honestly. Life insurance companies can use the inaccurate or incomplete information to refuse a claim. Even failing to disclose a minor medical condition unrelated to the cause of death can jeopardize your benefits.

List a secondary address

List a secondary address on your policy. If you move or change banks and forget to pay your premium, you have a better chance of receiving the reminders to pay. Most insurance companies cancel policies after 30 to 60 days of missed payments.

Look at guides before buying

Before you buy a policy, check out helpful guides from the American Council of Life Insurers and the National Association of Insurance Commissioners.

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See Full Story at www.azcentral.com

4 Tips for Dealing with Insurance Claims After a Car Accident

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Trying to make a claim to your insurance company after a car accident can be an absolute nightmare—especially when you consider all the red tape you have to go through to get the monetary protection you’ve been paying for. We understand the frustration and sleepless nights a situation like this can cause. They say “prevention is better than cure,” this article will discuss what you can do to simplify the process in order to bring a successful claim:

Tip 1: Avoid a recorded statement

Insurance companies like to tell you that this is standard practice and simply part of the routine, but this is exactly what they will use against you to try and minimize your claim. A recorded statement rarely (if ever) helps with your claim, so try to stay clear.

Tip 2: The doctor should bill your insurance company

Although a lot of people have private insurance to pay for medical bills, a lot of doctors and chiropractors won’t bill your coverage. The biggest reason for this is the fact that they can get more money once your settlement has been finalized. But, although it means more money in THEIR pockets, it essentially means less money in yours. The reason being that many doctors and clinics have contracts with the insurance companies to accept lower fees.  By not clearly stating that all bills should go to the insurance company, you are ensuring that you will receive less in the end once a settlement has been reached.

Tip 3: Don’t settle too quickly

To successfully settle a claim in Oregon, you generally have up to two years, which means that you have plenty of time to think about your options. A lot of the times people feel like they will be able to recover from their injuries quickly and they settle for the first amount offered—but people underestimate their injuries, and what you felt was a minor injury can result in chronic medical attention.  Beware, though. Don’t wait too long if you plan to hire an attorney or if you want to negotiate a settlement without filing a lawsuit to protect your claim.

By Clarke Griffin

See Full Story at clarkegriffin.com

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

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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.

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See full story at praguepost.com

In Singapore, rental of private cars through a car rental company is illegal

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Image via Flickr user Robert Scott

According to Land Transport Authority (LTA), “private car owners are not allowed to rent out their cars through rental companies as it is illegal for both the car owner and the company to allow a private car to be used without proper insurance coverage”.

However, non-car owners may choose to hire a private vehicle if they want to through the Private Car Rental Scheme. It is a scheme that allows non-car owners to have access to private transport during public holidays and weekends. For weekends, it will be from Friday 7pm to the following Monday, 7am. As for public holidays, it will be from 7pm on the eve of the public holiday to 7am on the first working day following the public holiday.

Under the Private Car Rental Scheme, the car owners are responsible for providing adequate insurance coverage for the period of the rental. Which means that additional insurance for car rental must be purchase during this period. Besides that, the car must be registered under the name of a private individual. Company cars are not allowed. In addition, the hirer must also meet the age and experience criteria specified in the insurance policy.

As for the penalties of driving or renting out an illegal rental car, there will be a maximum penalty fine of $1,000. Imprisonment of not more than three months. Risk of a driving ban up to 12 months. Unlimited liability claims as you are not covered by any insurance.

How to identify legal rental cars in Singapore?

A road tax disc printed “PASSENGER (PRIVATE)” is only meant for private use only.

A road tax disc printed “MOTORCAR” is a legal rental car registered with LTA.

You can easily identify the difference between legal and illegal rental vehicles by just looking at the road tax disc. A legal rental vehicle will bear a print “MOTORCAR”, where as a private passenger car will show “PASSENGER (PRIVATE)”. Please beware of illegal rental vehicles to avoid any unwanted risks, fines and claims.

By Joanne

See Full Story at ACE Drive

6 WAYS TO LOWER YOUR CAR INSURANCE

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Image via Flickr user Online Banking

1. List an older or female driver

Insurers may have a mind-set that older drivers have more experience and will drive safer when driving on the road. It is better to list your wife or an older family member as the main driver. There is no guarantee but in general, if the main driver is 40-50 years old it is believed that the premium will be lower. Besides this, the premium will also be slightly lower for female drivers as these people are believed to be safer drivers on road.

2. Compare and contrast

While different insurance company have their own quotations of premiums for car insurance, it is also known that in general, the premiums depend on your age, claims history, model of vehicle etc. Thus, it is important to do a comparison and get the best premium for your car.

For example, say you’re 30 years old, and you wrapped a Honda around a lamp post 10 years ago.

Company X might decide that older is wiser, and what happened 10 years ago is trivial. They’ll raise your premiums for the accident, but not by much. But company Y might decide “Once a speed freak, always a speed freak”, and file your premiums under the Beyond Insane price band.

On top of that, insurers have sales quotas. Premiums go down when they’re trying to recruit more customers, so those are the best times to buy.

3. Be choosy about the coverage

It is important to be choosy when getting the right coverage for your car. There will be extras that your insurers may ask if you are interested in taking and these extras are windscreen damage, damage arising from riot or strike and floor or windstorm etc.

You will have to pay for these extra coverage every month. However, your windscreen will only crack once like after 5 years or more of driving. And the replacement cost compared to the extra you pay every month, is it worth it? Thus, please remember the premium costs over a few years might greatly exceed one-off repair cost.

4. Always check with your insurer before modifying your car

Always remember to consult your insurer before modifying your car. It is unpredictable when it comes to driving and met an accident on the road. Because if you ever get into an accident, and they found out about it, they will have the rights to scratch off your policy immediately. And all that money you spent on premiums will all be gone in vain.

As known, Insurers in Singapore are always strict: Even minor cosmetic tweaks, like switching to sports rims or using a body kit, might count as “modification”. Most insurers insist anything outside a manufacturer’s “defined specifications” is a mod. Note that the LTA (Land Transport Authority) tolerates changes that’s within manufacturer recommendations, not just “defined specifications”. As such, changes to your car can be LTA compliant, but still result in policy termination.

5. Decline preferred workshop options

All insurers have a list of authorized and agent workshops. When you want to make a claim, these are the only ones you can go to. If you want other options, you need the insurer to include preferred workshops. That’ll let you use a workshop “off the list”, and still get your claim. But this option means higher premiums, and higher excess (the amount you’re liable to pay in an accident).

If you insist on a particular workshop, ask the mechanics for the insurers they work with. Pick the lowest premiums amongst that list of insurers. It’s usually cheaper than paying for preferred workshop options.

6. Bargain the excess

The excess is the amount you’re liable to pay in an accident. Depending on your driving record, it’s open to negotiation. Most insurers will lower your premiums if you accept higher excess. In other words, you’ll pay less per month, but more during an accident. Overall, this favours the motorist: Most people pay much more for premiums (every month) than for accident repairs (once every few years). Most insurance agents will don’t raise the option, so ask for it. Assuming you’re a decent driver, this could save you big sums in the long run.

By Ryan Ong

See Full Story at MoneySmart

Types of Car Insurance in Singapore

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Image via Flickr user Cecilia Frankland

1. Third Party Only

In an accident, Third Party Only (TPO) insurance covers the other guy. In other words, the insurance will only cover your legal liability coverage for any third party injury or property damage. If you have TPO insurance, it’s only paid out once they prove it’s your fault. TPO is also the cheapest type of insurance plan.

2. Third Party, Fire, and Theft

This insurance plan works both ways. It doesn’t just cover the third party, it also covers your own damages or loss to your vehicle caused directly by fire or theft including your legal liability for any third party’s injury or property damage.

3. Comprehensive Coverage

Comprehensive coverage has the widest coverage. This insurance plan is the most common one in Singapore, not least because many car loans require it. This plan covers you for death or injury to other parties, damage to other parties’ property, fire, theft, accidents, and medical costs arising from the accident. This also means that it will cover your loss or damage to your vehicle and your legal liability to third party’s injury and property damage.

The three kinds of coverage also come with extras, which will add up to your premiums but with even more coverage for your insurance.

Below are the extras that you could add to your coverage:

· Windscreen damage

· Damage arising from riot, strike, or civil commotion

· Damage from flood or windstorm

· Liability of passengers for acts of negligence

· Personal accident benefits for passengers

By Shubhreet Kaur

See Full Story at MoneySmart

Five Things You Might Not Know about Car Insurance

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Image via Flickr user Rahul Ramakrishnan

1. Your credit impacts your insurance rates

Insurance providers have found that certain credit characteristics for an individual are useful to predict of how likely it is that the individual will have insurance claim. It is not the same ones that a bank uses to measure lending risk but rather, insurers may use credit-based insurance scores to assess the likelihood of claims submitted. These variables may include the age, driving record, claims history, place of residence, type of car and the average miles driven.

2. Brand loyalty can cost you

If your mind-set about automobile insurance is “set it and forget it,” you might want to reconsider. Today, that list of factors when calculating the premiums has grown to a confusing criteria causing insurance rates to differ dramatically from provider to provider. Instead of allowing your policy to automatically renew, you may want to compare with other insurance agencies once a year to ensure you’re getting the best auto insurance rates.

Some companies provide policies direct to consumers, while others sell policies through agents or brokers. An easy place to start is by getting auto insurance quotes online, which could save you money. If you’re worried that lower rates mean less coverage or poor service, don’t be. Today, there are plenty of insurance companies that offer affordable premiums, well-rounded coverage and excellent customer service.

3. Stopping payment? You will pay in the long run

If you are thinking that switching car insurance companies is as easy as just stopping payment, please think again. Your policy will be cancel, but your existing insurance company could report you to the credit bureaus for non-payment, which will cause damage to your credit score in the process. Furthermore, your insurance history will reflect a cancellation, which may cause a new provider to decline your application or charge you higher premiums in the future. Thus, it is important to complete the necessary paperwork with your existing provider, such as a policy cancellation form, and start your new policy at the right time on the date your old policy ends.

4. Your car insurance company can cancel or non-renew at any time

Your insurance company have the rights to cancel your policy at any time if you violate one or more of its guidelines during your policy period, same goes for non-renewal. Things such as failing to pay your premium on time, losing your driving license due to suspension or revocation, submitting too many at faults claims or misrepresenting your driving history or past insurance claims could all be the reasons for cancellation or non-renewal.

However, when it comes to cancellation, your insurance company is requires by law to state the reason, not so with non-renewal. If you want a reason, but aren’t provided with one, you must send your insurer a written request. In any ways if you believe you have been unfairly treated, you may have legal recourse through your state’s department of insurance.

The binding period, the time when your insurance company is especially conscious of your risk level, usually occurs within 60 days following your auto insurance application. If your insurer finds a discrepancy on your application, driving record or with your credit, it can cancel your policy.

5. You could save money by paying your car insurance premium in full

You might be surprised to learn most car insurance companies charge an administrative fee to break up your premium payments into instalments, such as paying every six months, every three months or every month.

The more you divvy up your payments in instalments, the more these convenience fees add up, and your once-cheap car insurance can now cost substantially more. There may also be charges for the method of instalment payment you choose, such as automatic bill pay or pay-by-phone.

Be sure to ask your provider what its administrative fees are. If it makes financial sense and you can swing it, pay your premium up front and in full. Not only will you avoid the added expense, you won’t have to worry about missing a payment, or being late on payments, both of which could be grounds for cancellation. Other factors, such as the type of car you drive, can cost or save you money on car insurance as well.

See Full Story at Kelley Blue Book

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