Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Apart from this, a single car accident will result in hiked insurance premiums since the insurance company will view you as a risky driver. To avoid all these, take a look at some of the tips to help you become a better road user.

1. Always Maintain Your Car

Car maintenance is key in avoiding accidents at least from your part. This is why it’s important to schedule regular servicing. Some of the basics you should have checked include your tires, brakes and vital fluids such as brake fluid and power steering fluid for efficient navigation.

2. The Driver’s Condition

Now, the car may be in the best condition possible, but if the driver isn’t, then an accident is inevitable. Human error is the leading cause of accidents around the world. This may range from health conditions, especially those touching on the driver’s vision to intoxication.

3. Get Defensive Driving Training

There’s a common statement, which always goes to remind us of the unpredictability of the roads. You may be all focused on the road with your serviced car but the driver on the other side may be careless or not as careful as you and may cause an accident.

by Steve Biddle

See Full Story at www.praguepost.com

Consider the following points if you decide to shop for cyber insurance.

KNOW THE DIFFERENCE BETWEEN FIRST-PARTY
AND THIRD-PARTY COVERAGE
Data breach policies generally provide two broad categories of coverage: first-party coverage and third-party coverage.

First-party coverage is for losses the policyholder incurs directly, such as the costs entailed by investigating the cause of a breach, restoring the company’s reputation and notifying affected customers as well as follow-up costs, such as credit monitoring services.

Third-party coverage kicks in when a policyholder (the company) is sued by someone (a customer) claiming to have suffered a loss resulting from the data breach and alleging the policyholder was at fault for allowing the breach to occur. This coverage encompasses the costs of defending against litigation and of any judgments or settlements up to policy limits.

Startups can buy data breach insurance policies that offer both types of coverage or policies that cover only one or the other. Omitting third-party coverage can be risky. In Innovak Int’l Inc. v. Hanover Ins. Co., a software developer had purchased a data breach insurance supplemental policy to its commercial general liability insurance policy.

The supplemental policy stated that the insurance company would provide certain coverage for losses related to data breaches but that it would not cover expenses arising from lawsuits against the developer. In other words, the policy provided first-party, but not third-party, coverage. While the policy was in effect, hackers accessed the developer’s database and stole users’ personal information, including Social Security numbers, addresses and employment information.

For many consumers the start of the new year may have been a difficult one. Overspending over the festive period coupled with an intertest rate hike at the end of last year may leave many looking for opportunities to save.  Some motorists might turn their thoughts to a grudge spend: insurance.

Cancelling your vehicle insurance, however, can have far-reaching and even more expensive consequences warns the managing director of MasterDrive, Eugene Herbert. “With the high crash statistics in South Africa drivers who take on the roads without insurance are taking a huge risk.

“Even a relatively minor incident that puts your car out of commission can be devastating. You may be left trying to pay a bill that reaches into the thousands and if you do not have the money, what do you do then? For those who rely on their car to generate an income, like a sales person, a crash will cause even greater financial stress,” says Herbert.

If you damage someone else’s car you up the ante even more. “You are obligated to repair their car right away even if you do not have the money. Their insurance will ensure the money is recouped and there is little care about how you do it. If you were to damage a luxury car, you could even lose your home in the process of repairing the car.”

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

It is said that one shouldn’t believe everything one hears – unless you hear it from a thoroughly reputable source, of course! Well, there are a few myths about insurance that many people think are true. We’re here to debunk them today!

Myth: Your insurance premium is determined by the colour of your car

Have you ever heard that if you buy a red car, your insurance premium will be higher? Your car insurance is not only determined by the colour of your car, but also the type of car, where you park it during the day and at night, your driving history and a few other risk factors.

Myth: Personal car insurance will cover your business too

If you are self-employed and you use your vehicle for your business, be sure to declare this to your insurance company when applying for an insurance quote. Personal vehicle insurance may not protect you in the event of a claim arising from business use, so rather enquire about business insurance if you’re unsure.

Myth: You don’t really need comprehensive cover

It is estimated that more than 50% of South African car owners do not have any car insurance. On top of that, many motorists think that having the bare minimum cover is sufficient. This is especially so if a person hasn’t been in an accident before or regards themselves as “safe” drivers. Accidents do happen, so make sure you have comprehensive insurance – otherwise you may end up spending much more money in the unfortunate event of an unpredictable accident.

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Here are Aviva’s top tips for consumers, to help ensure there are no nasty surprises and avoid misunderstandings which can crop up when a claim is made…

Home insurance

If you have a standard policy, consider whether you need additional cover for accidental damage to contents, or home emergency and boiler breakdown cover.

Most home policies don’t cover gradual wear and tear, the effects of damp and dry rot, or damage to fences, gates and hedges – so make sure your home is well maintained and in good repair. Keep your insurer informed if you make any changes to your home, such as a change in occupancy or building works.

Travel insurance

Make sure you tell your insurer what they need to know about your health, such as any pre-existing medical conditions or tests and investigations.

Try to arrange your travel insurance from the day a holiday is booked – not the day the holiday starts. This will help to make sure you’re covered if the trip is cancelled. It’s also important to make sure you understand the specific cancellation reasons you’re covered for if you need to cancel your holiday.

Motor insurance

Know your policy excess – the amount you need to pay in the event of a claim before the insurance company pays the remainder. When claims are turned down, this can sometimes be because the value of the claim being made falls within the excess stated.

Also, many of us keep possessions lying around in the car. Consider personal belongings cover on your home contents policy to cover your possessions in case they are lost, damaged or stolen while in your car. You may also want to consider installing a dashcam, which can help prove who’s at fault if you have an accident. This could help you to protect your ‘no claims’ discount and excess on your policy.

See Full Story at www.irishexaminer.com

Individual states regulate insurance companies and even then, policies differ from insurance company to insurance company. When it comes to hurricane season, these are some of the policies and terms insurance agents suggest people look for to make sure they are prepared.

Types of Hurricane Damages

Hurricanes leave destruction and ruin in their wake. Families’ lives are upended, people lose loved ones and personal belongings. But when it comes time to rebuild, insurance companies will look at two specific types of damages caused by hurricanes: Windstorm and flood.

Flood insurance ends up being of the upmost importance for people come hurricane season, and it’s coverage that people need to make sure they have, said Jim Whittle, associate general counsel for the American Insurance Association.

Most windstorm and flood deductibles, or the portion of an insurance claim that people have to pay themselves, will be based on a percentage of the insured value of the home and not a flat rate like most deductibles.

This means that more times than not, it’s a higher out-of-pocket cost for people, said Lynne McChristian, consultant for Insurance Information Institute.

Another important aspect to know is that the value the percentage is taken from is based off the cost to rebuild a home, according to McChristian, and not the real estate value. The costs to rebuild a home will be higher than the real estate value.

By  Alexander Nicoll

See Full Story at www.thestreet.com