Insurance Agency Singapore | Commercial Insurance and Personal Insurance

If you’re already insured, check your policy to see what you’re now paying, then follow these steps

1. Shop often. Check out several different insurance companies every two to three years. Maybe your situation has changed—say you’re driving fewer miles, which can lower your premium a little. Or maybe the carrier has adjusted its underwriting or rating in ways that help, or hurt, your bottom line. You get little benefit from sticking with the same insurer year in and year out; our research in the past has found that the “long-term customer discount” is mostly a myth.

2. Cast a wide net. Try shopping on TheZebra.com, which uses data from Quadrant, a private company that collects and analyzes rate filings supplied directly by insurers. (Quadrant is also the company we engaged for our price analyses.) The Zebra offers estimates from 18 to 35 insurers, depending on the state. That compares with just 3 to 10 quotes provided by other sites, including Insurance.com, NetQuote, and NerdWallet.

3. Consider raising collision and comprehensive deductibles. Collision insurance covers damage to your vehicle caused by impact with another car or object, regardless of who’s at fault. Comprehensive covers theft of your vehicle and damage from fire, flood, a falling branch, and the like. The average driver files a comprehensive or collision claim only once every 5 to 10 years, according to the Insurance Information Institute. The higher your deductible—the amount you pay before insurance kicks in—the lower your premium, especially for collision, as shown at right.

4. Protect yourself. Make sure you get enough liability coverage. We recommend 100/300/100 coverage, which pays for bodily injury up to $100,000 per person and $300,000 per accident, and property damage up to $100,000. And buy uninsured/underinsured coverage at the same limits, in case you’re hit by a hit-and-run driver or someone without enough insurance. Finally, for added liability protection, consider an umbrella policy. A $1 million policy typically costs about $200 to $400 per year.

By Tobie Stanger

See full story at www.consumerreports.org

Because car insurance is mandatory in Singapore, a large numbers of car owners consider it a necessary expense and do not give much thought to how much they are paying for it. This is especially the case because you cannot do much to reduce the annual car insurance premium that charged by insurance companies. Insurers use an extensive set of data about the claims and accidents to calculate how much they will have to pay for claims and what insurance premium they can charge. For example, people over the age of 30 have fewer accidents than younger individuals. Similarly, they are aware that women tend to be safer drivers than men. Therefore, men below the age of 30 fall into the highest risk category and are required to pay greater premiums.

Despite these classifications, there are still a number of ways to reduce your car insurance costs. Here are some of the ways in which you can save thousand dollars or more every year on your car insurance.

1. Shop around for the best rates

Most car buyers in Singapore choose to purchase a car insurance policy through their dealer. Since not doing so comes with a penalty fee, it may make some economic sense to do so for the first year. However, these policies sold by car dealers typically cost S$3,000 or more, compared to the average cost of around S$2,000 for most car insurance products in Singapore. Given this, you should always try to shop around for a cheaper car insurance policy online when it’s time to renew your car insurance. According to ValuePenguin’s calculations, you could save S$1,000 or more by switching to a cheaper option.

2. A private settlement could be preferable for a minor accident

If you get into an accident that does not result in much damage to your car, it may be better to opt for a “private settlement.” Let’s assume you just got in a collision with another car and both vehicles suffer damage that would cost just a few hundred dollars to repair. If you decide to mutually settle the matter, it could save both of you the trouble of approaching your insurance companies for compensation.

By ValuePenguin

See full story at www.theonlinecitizen.com

You’ve probably figured out that the world of car insurance is — well, let’s just say it’s complex. When you apply for insurance, a company is going to look at many factors.

As it is now officially 2017, many drivers are going to have to renew their auto insurance policies sometime in the near future, and if you are like most drivers, you may not do much about it. Many simply press renew, without changing much of anything on the policy. People think there isn’t much they can do to reduce their car insurance bill when in actuality there are numerous things that can save hundreds every year. Here are the three main ones:

Don’t Always Assume Your Company Has the Best Price: Comparison Shop

Before we even discuss your policy, you should see if your company is even the best car insurance for you in the first place. In any town in America, there are no less than six companies, but likely several more, that want your business, and they may differ by thousands of dollars. The competitiveness of the auto insurance market makes it so no one company is the best priced in every town and city. GEICO is a top three cheapest insurer in nearly 60% of all cities we surveyed, and while that is more than most, there are still thousands of cities where it can be a more expensive option. The only way to know if you live in one of those towns in the 40% is by comparison shopping.

Even if you are content with what your current company is offering you, there is a good chance another company can offer you an even better rate. ItThe internet makes it very easy to do it. You don’t even have to go through the quote filing process if you are short on time. You can read articles like this one, where we discuss where people can find the best cheap car insurance in Los Angeles.

By : ValuePenguin

See full story at www.nasdaq.com

The cost of motor insurance is continuing to rise. Over the last 12 months, prices have increased by 14% – equivalent to £95 – on average.

This means a driver can now expect to pay £767 for a typical comprehensive car insurance policy – the costliest amount since mid-2012 when the average premium stood at £797.

According to the latest Confused.com car insurance price index, powered by Willis Towers Watson, some motorists have been hit harder than others.

In particular, older drivers continue to see the greatest increases. Comprehensive premiums have never been higher for many drivers in their sixties and seventies – those aged 62 (£481), 63 (£494), 64 (£450), 68 (£515), and 71+ (£495), for example, are all experiencing their highest premiums ever. And at 10%, drivers aged 71+ have seen their biggest ever quarterly increase.

Meanwhile, despite teenage drivers only paying between 56% and 75% of their maximum ever premiums, the cost of car insurance for younger drivers remains, by comparison, eye-wateringly high.

Average premiums for people aged 26 and under are all over £1,000. And, after 18 months of 18-year-old drivers typically paying the highest premiums, it’s the nation’s youngest drivers, those aged 17, who now pay the most (£2,112).

Motorists aged 60 and over, by contrast, can still typically expect to pay less than £500 (the exception being those aged 68 who pay £515 on average).

Both male and female drivers have seen their premiums rise substantially over the last 12 months. However, males have seen prices accelerate more than their female counterparts, climbing by 15% (+£104 year-on-year) and 13% (+£84 year-on-year) respectively.

by Gareth Herincx

See full story at www.automotiveblog.co.uk

When faced with tough financial decisions cancelling insurance policies may seem the logical thing to do, however, the risks of not having comprehensive cover far outweigh the immediate saving, the financial services firm advised.

Here are 7 tips for getting the best possible value on an insurance policy for your vehicle:

1. Possible saving – should a client wish to save on premiums they can choose to insure for retail or market value. In addition, although comprehensive cover is the most sought after, if you have an older car that is not financed, you can insure for Third Party, Fire and Theft or alternatively Third Party only.
2. Up your security – install a tracking device in your car this helps to lower your insurance policy premiums because you have additional security for your vehicle. Keep your car in a locked garage, secure basement, or in a parking area with security. Remember to inform your insurer and request a revised quote.
3. Combine insurance products – combine your car and household insurance; a combined policy covering both household goods and car can result in a more affordable monthly premium for your comprehensive insurance policy.
4. Insurance history – maintain an uninterrupted insurance history,  cancelling your insurance introduces gaps into your coverage history while a more complete picture of your insured history and claims can assist in qualifying for lower premiums.
5. Monthly premiums – are one of the most important motoring costs for any car buyer. Any consumer who has vehicle finance has a contractual obligation to be comprehensively insured for the full duration of their finance agreement.
6. Accurate information – ensure that the insurer has the correct details of the regular driver of the vehicle, as this could affect the premium.
7. Relationship building – although you can shop around for premiums, it is better to build up a reputation with one insurer as the longer you stay with an insurer, the better your premiums tend to be.

By Staff Writer

See full story at businesstech.co.za

The Insurance Information Institute (I.I.I.) has six tips for finding a great auto insurance policy. According to the nonprofit organization, auto insurance costs are on the rise. So these tips for shopping for car insurance could save you some money.

I.I.I. data from July shows that auto insurance costs have risen about 10% over the past two years. They cite three reasons why: a better job market has lead to more drivers on the roads, higher speed limits, and more expensive claims and insurance-related costs.

Also of note, your specific insurance premium will vary based on a variety of factors. These range from your driving record to where you live to the type of car you drive. With all of the factors involved, it never hurts to shop for insurance the smart way. The I.I.I. believes their six tips will allow you to do just that.

1. Shop Around

This should go without saying, but different insurance providers offer different prices and coverage levels. Plus, there are a lot of different providers out there. You’ll want to shop around to find the coverage and company that’s right for you.

Most experts recommend that you get quotes from at least three different providers before choosing a company. Also, you may not want to shop on price alone. You should also look into their reputation for customer service and claims handling.

By: David T.

See full story at www.autocreditexpress.com