Insurance Agency Singapore | Commercial Insurance and Personal Insurance

  • Products
    • Commercial Insurance
      • Work Injury Compensation
      • Public Liability
      • Foreign Worker Medical
      • Foreign Worker Bond
      • Fire/Burglary Insurance
    • Personal Insurance
      • Motor Insurance
      • Travel Insurance
      • Home Insurance
      • Personal Accident
      • Domestic Maid Insurance
  • Support
  • Contact Us
  • Blog
  • About Us

7 Important Tips To Renew Car Insurance Policy Online

3 January 2019 By admin Leave a Comment

Is your car insurance policy about to expire? Make sure to renew it in a timely manner to stay on the right side of the law. Most people consider purchasing and renewing car insurance as a mere compliance-related activity. Essentially, insurance is a way of minimizing financial losses. And car insurance comes in handy in case your vehicle is involved in an unfortunate event such as an accident. Therefore, there’s more to car insurance, especially if you are about to renew it. Read ahead to know 7 important tips that you should know while renewing a car insurance policy online. 

1. Do It Yourself

Car insurance isn’t too complicated. In fact, new-age insurers have simplified their offerings so that it becomes easy for vehicle owners to buy and renew car insurance easily. 

Car buyers usually go for the car insurance policy suggested by the showroom or the dealer from where they purchased the vehicle. However, you do have the option of insuring the car without any intermediary by selecting an insurer and purchasing or renewing it from their website. You are in a better position to analyze your requirements, gauge the extent of your cover and make an informed decision. 

2. Review Your Coverage

You do not need to continue with the same insurance coverage you had opted for a year ago. You can increase or decrease the coverage based on your current needs. 

In case you were not aware of Add-on covers while purchasing your Comprehensive policy, you can enhance your coverage by going for a suitable rider such as Zero Depreciation during car insurance renewal. This will slightly increase your car insurance premium but prove beneficial during claim settlement. 

3. Review Your Insurer

Once you have decided on your coverage, you can review the service provided by your existing insurer and decide if you want to continue with the same insurance company or not. You can also look out for an insurance company that provides the desired coverage but at a lesser cost than your current insurance provider. 

See Full Story at www.carwale.com

Filed Under: Uncategorized Tagged With: car insurance, car insurance policy

Cyber Insurance: Now a Necessity?

30 October 2018 By admin Leave a Comment

In 2018, incidences of ransomware use – cyber pirates stealing or making unavailable proprietary information from a computer and demanding money to return it – will double from 2017.

Data breaches are on the rise, too, according to the Insurance Information Institute (III), a nonprofit dedicated to improving public understanding of insurance. III’s Identity Theft Resource Center reports that breaches hit a new record in 2017 – again – with 1,579 breaches tracked, up 44.7 percent from 1,091 in 2016. The number of records exposed rose to about 179 million, compared with 37 million in 2016.

In 2017, the largest U.S. credit bureau, Equifax, suffered a headline-making breach that exposed the personal data of 145 million people, including Social Security numbers.

Two major United States health insurers were breached in 2015, exposing the data of 90 million customers. The U.S. government also has been the target of hackers, including the Federal Deposit Insurance Corp., the Internal Revenue Service, the Office of Personnel Management and the Department of the Interior.

The average data breach cost globally is $3.86 million in 2018, up 6.4 percent from $3.62 million in 2017, according to a study from IBM and the Ponemon Institute. And these figures do not include the many attacks that go unreported and undetected.

By Debra Gibson Isaacs

See Full Story at www.lanereport.com

Filed Under: Uncategorized Tagged With: cyber insurance

Could using a dash cam cut the cost of car insurance?

11 October 2018 By admin Leave a Comment

Can a dash cam reduce your car insurance?

Dash cams can be a reassuring presence for some drivers and can also provide valuable evidence if you get into an accident.

Exclusive Which? research has identified that, despite their growing popularity, dash cams only get you a discount with four car insurers – and only two mainstream providers.

Axa and Swiftcover offer discounts of 10% and 12.5%, respectively, for drivers with a dash cam. Lesser-known Sure Thing offers a 20% discount, while specialist and classic car insurer Adrian Flux provides up to 15%.

However, Sure Thing and Swiftcover will only apply a discount if you use a Nextbase dash cam – any other model won’t qualify for the reduction in price.

Could a dash cam increase my premiums?

There could be unintended consequences on your car insurance premium for installing a dash cam.

The Which? Money Helpline recently fielded a call from a member who had wired a dash cam into his car. His insurer classed it as a ‘modification’ and that it would, therefore, increase his premiums.

If this is something you are considering, it’s vital to check with your insurer to see what they consider to be a ‘permanent modification’ – and what impact this could have on your premiums – before going ahead.

By Brean Horne

See Full Story at www.which.co.uk

Filed Under: Uncategorized Tagged With: car insurance

How to buy motorcycle insurance

11 September 2018 By admin Leave a Comment

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.”

By ZAC KURYLYK

See Full Story at canadamotoguide.com

Filed Under: Uncategorized Tagged With: motorcycle insurance

Key home insurance tips you need to know

12 July 2018 By admin Leave a Comment

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

Filed Under: Uncategorized Tagged With: home insurance

How to Decide if you need a travel insurance

5 July 2018 By admin Leave a Comment

Before you purchase travel insurance, do a little research. Each travel insurance plan will be different but most cover a few basic things — medical emergencies, emergency evacuation, and lost luggage.
By: Joyce Ogirri
See more at www.wtnh.com

Filed Under: Uncategorized

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

12 April 2018 By admin Leave a Comment

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.

By Rebekah L. Sanders

See Full Story at www.azcentral.com

Filed Under: Uncategorized Tagged With: life insurance

4 Tips for Dealing with Insurance Claims After a Car Accident

13 February 2018 By admin Leave a Comment

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

Filed Under: Uncategorized Tagged With: car accident

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

28 October 2015 By Alex Tan Leave a Comment

image

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

Filed Under: Uncategorized Tagged With: Car Rental

6 WAYS TO LOWER YOUR CAR INSURANCE

27 October 2015 By Alex Tan Leave a Comment

image

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

Filed Under: Uncategorized Tagged With: car insurance

  • 1
  • 2
  • Next Page »

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Categories

  • Domestic Maids
  • Golf
  • Happenings
  • Health
  • Homepage
  • Industry
  • Interesting Stuff
  • Products
  • Tips
  • Uncategorized

Contact Us

  • 1 Soon Lee Street #02-43, Pioneer Center, Singapore 627605
  • Tel: 68978226
  • Fax 68978086
  • Business Hours:
  • Mon – Fri: 8am – 6pm

Our Location

At the west side of Singapore, our office sits on the second floor of the building.

1 Soon Lee Street
#02-43, Pioneer Center
Singapore 627605

Our Products

  • Fire/Burglary Insurance
  • Foreign Worker Bond
  • Foreign Worker Medical
  • Public Liability
  • Work Injury Compensation
  • Domestic Maid Insurance
  • Home Insurance
  • Motor Insurance
  • Personal Accident
  • Travel Insurance

Find Out More

We would love to hear your insurance needs. Tell us all about it by filling up our contact form.

If not, give us a call at +65 6897 8226
or email us at enquiry@credence.agency

Copyright © 2023 | Credence Agency