Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Bike insurance will be included in the maintenance cost of your two-wheeler or car. Hence, you should take precautions to choose the right vehicle to minimize your insurance cost. There are other important facts which will have a great impact on bike insurance cost . You should be aware of these six tips to cut down your insurance cost drastically. 

Tips to reduce your insurance premium 

• Choose the right bike – You are advised to choose the right bike to reduce the insurance premium. The insurance premium will be high when you buy an expensive bike. Instead of choosing a luxurious and newly introduced bike, you can buy a standard bike. Insurers are aware of the normal maintenance cost of standard bikes and they will offer a policy at a lower premium. On the other hand, the availability of spare parts and servicing cost will be very high for luxurious and sports bikes. Hence, the insurance companies will charge a higher premium for such kinds of vehicles. 

• Comparison of policies – You should not forget in comparing the two wheeler insurance companies.The insurance aggregator’s website is ideal to figure out various plans to fulfill your needs. As you fill-up the online form, you will be able to choose the most appropriate insurance plan as per your needs. 

• Policy tenure – Bike insurance can be purchased for more than one year. You can go for either 3-year or 5-year bike insurance policy so that the premium will be low. There will not be any stress in renewing the premium every year when you go for a multi-year insurance policy.

• Discounts – Insurance companies offer various kinds of discounts. The discounts are based on age, gender, location, employment, etc. You can ask the insurance agent or the customer support representative of an insurance company to get more information in this direction. Some discounts are applied by the insurance company automatically as per the information provided in the proposal form. Learning special driving skills, installation of special accessories and membership in an automobile association are some of the reasons which will give you a discount on the premium. 

• Avoid small claims – Insurance companies will reward you for safe driving and accident-free history. If you claim your insurance policy, the no-claim bonus will become zero. Hence, the no-claim bonus should be used judiciously as per your needs. As far as possible, avoid small claims. 

• Enhance bike security – To improve the security of your vehicle, you can install special locks and safety-enhancing accessories on the bike. The insurance company will reward by taking steps to protect your vehicle. 

See Full Story at www.5dariyanews.com

Here are eight money-pinching tips to save your life insurance premiums.

1. Shop around

You do not buy your Christmas gift at the first store that you see.
So, why are you buying your insurance with the first sales person you meet?
500k term coverage is the same, regardless of which insurer you purchase from.
However, that 500k cover does not cost the same from different insurers.

2. Buy Direct

Do you really need to pay more for financial advice ?
Some of the consumers out there are more financially literate than the advisors themselves!
For this group, buying direct may be the way to go.

3. Taking care of your health

When you are in good health, the insurer will charge you the standard pricing.
On the other hand, insurers may levy additional premiums if you are overweight or have a health condition.
Therefore, taking care of yourself is also easing the burden on your bank account.

4. Quit smoking

When you are a smoker, it will cost you more in insurance premium.
The cheapest 500k term insurance for a 30 years old male smoker is priced at $55,836 and only at $42,548 for a non-smoker. WHAT ?!!

5. Buy when young

When buying at an older age, the insurance premiums are higher.
I am a mathematics nerd so I shall draw data from the comparison tool to make this point.

A 20 years old female non-smoker will pay a total of $67,904 for a 100k Whole Life policy whereas a 30 years old counterpart shall pay $81,432.
That’s a good 20% difference in saving !

6. Buy in bulk

No, you cannot buy multiple policies and expect a discount.
However, instead of buying three 100k policies, you can avoid paying policy fee by having only one 300k policy.

By Surely

See full story at www.clearlysurely.com