motor insurance Archives - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Tips to save big on your motor insurance premium in 2019

21 February 2019 By admin Leave a Comment

Motor insurance is compulsory. The Motor Vehicles Act, 1988 mandates a valid third-party cover on your vehicle if you wish to drive it on Indian roads. You, therefore, cannot escape the policy if you own a car or a two-wheeler. What you can, however, do is reduce the premium of your motor insurance policy if you know how. There are various ways to lower your motor insurance premium if you are aware and careful when buying a policy. In 2019, if you would be buying or renewing your motor insurance plan, here are four tips which would help you save on the premium cost:

Compare, compare, compare

The importance of comparing motor insurance plans cannot be stressed enough (hence the usage thrice!). There are dozens of motor insurance policies available for your vehicle. When you compare, you can select the best policy which not only gives you the widest coverage benefits, but also comes at the lowest cost. The online marketplace has made comparing easy as insurance aggregators list all the available policies at once when you look out to buy or renew your vehicle insurance plan. Scroll down the displayed list to find insurers, their plans, coverage benefits and premium rates and then choose the policy which has the lowest premium with the maximum coverage.

Make safety your priority

You must have heard that you should drive safe to avoid possible accidents but do you know that making your vehicle safe also earn you premium discounts? Yes, motor insurance policies offer premium discounts if you install safety gadgets in your vehicle like ABS, anti-theft device, etc. You can earn a discount of 5 per cent to 10 per cent through these devices. So, make your vehicle safe not only for preventing accidents, but also for lowering motor insurance premium.

See Full Story at www.businesstoday.in

Tips for Reducing Your Business Motor Insurance

18 December 2018 By admin Leave a Comment

Business motor insurance can be a minefield. Here are some things to consider to reduce the cost.

Risk management
Having systems in place to identify the risks that your vehicles are subject to and taking steps to make improvements will assist towards reducing the cost of your insurance.

Combined insurance
Combining your motor insurance with other business insurances could offer savings and reduce admin.

Review your policy annually and renew in good time
This will allow you to shop around and ensure you’re still being offered the best deal without a costly break in cover.

Use forward facing camera technology
Footage can be used as evidence following an incident. Clear evidence from a dash cam can help speed up insurance claims and combat fraud and therefore bring down your premium.

Telematics for vans and large commercial vehicles
Use technology to monitor driving behaviour and assist with lowering the price paid for cover.

Ensure good vehicle security
Good vehicle security should go without saying but check with your insurer as approved alarms, immobilisers and tracking devices could lower your insurance costs.

BY TIM ALDRED

See Full Story at www.lancashirebusinessview.co.uk

Third party motor insurance premium to go up in FY18

20 April 2017 By admin Leave a Comment

The Insurance Regulatory and Development Authority of India (IRDAI) has indicated that motor third party insurance premiums are set to rise in the next financial year. IRDAI had last week come out with the exposure draft which proposed a 16-50 per cent hike in premiums in various motor segments like two-wheelers and private cars from April 1. While consumers are not happy with a hike in premium rates for third party insurance, the insurance regulator believes that a rise in premium is inevitable.

IRDAI chairman T S Vijayan said: “We have started receiving comments from various people, but there are some customers who are not happy with the hike in premiums. However looking at the reality of the business, a hike in rates is inevitable. Insurance is all about pooling and settlement of risks. The problem with motor third party is that claims amounts keep on varying… it’s not fixed. So premium has to undergo a change.”

Third-party motor premium is the only segment in the general insurance sector that’s still regulated. There is no proposal in the IRDAI exposure draft to increase the third party motor insurance premium for small cars (up to 1,000 cc) from Rs 2,055 currently. The hike proposed in mid-segment cars (1,000-1500 cc) as well as bigger cars and SUVs is 50 per cent. The proposal is to increase premium to Rs 3,355 for cars up to 1,000 cc and Rs 9,246 for bigger ones.

It has not proposed any change for two-wheelers having engine capacity up to 75 cc. However, for sports bikes and super bikes (more than 350 cc), it has proposed to increase the premium to Rs 1,194 from the present Rs 796, up 50 per cent.

By: ENS Economic Bureau

See full story at indianexpress.com

The rise and rise of unaffordable motor insurance

23 August 2016 By admin Leave a Comment

motor insurance

You know things are bad when people start moving back in with their parents because car insurance costs too much. For most of us, moving back in with mammy would be a line of last resort but it is increasingly a reality for many who have seen the cost of insuring their car for a year spike dramatically upwards.

On average, the cost of car insurance has risen by 38 per cent in the past year, and that’s on top of significant rises in 2015 and 2014. Some have seen three- or four-fold increases in the numbers at the bottom of their renewal slip. Ireland Underground, a pressure group whose aim is to lobby for reductions in the cost of insurance, has reported that at least one of its members has a position of work under threat because she cannot afford the sudden increase in premium.

According to the insurance industry, there are solid and sadly sensible reasons for all of this. To begin with, Irish drivers are being wayward and racking up more and larger claims. On top of this, the market for insurance is somewhat perilous: it has been dealing with the collapse of Setanta Insurance and must now deal with the collapse of Enterprise Insurance. And as if these factors weren’t enough, the legal system has been driving up the cost of insurance thanks to inflated fees and the new-found freedom of judges at the District Court level to hand out larger awards.

By Neil Briscoe

See full story at www.irishtimes.com

Motor insurance to soar by 15%, brokers warn

26 January 2016 By Digital Curator Leave a Comment

Image via Flickr user Lindsay Shaver

Motor insurance costs are likely to soar by up to 15% in the coming year — on top of the near 27% hikes over the past year, the country’s largest brokers’ group said yesterday.

Brian McNelis, director of general insurances at the Irish Brokers’ Association —which represents 450 big and small brokers selling insurance across the country —also warned about the inevitability of even more car insurance premium hikes until loss-making insurance underwriters start making money again on their Irish business.

Michael McGrath, finance spokesman for Fianna Fáil, last week said that action was needed to rein in motor insurance costs.

The CSO’s latest figures show that while all prices have fallen 0.3% in the past year, motor car insurance costs have soared 26.7% over the same period.

Other types of insurance — such as home insurance have also risen but at the much slower pace of 6.5%, while health insurance —after hefty increases in previous years — has risen by only 0.7% over the past year. Motor bike insurance is unchanged, while travel insurance has dropped by 5.8%.

He said whiplash claims, at an average €15,000 in Ireland, were running three times higher than in the UK, while fraud was also driving up costs.

A Central Bank report last month showed that private motor premiums had fallen sharply until recently, falling by 47% and 48% for comprehensive and third-party fire and theft between 2003-2013.

But Michael Kilcoyne, deputy chairman of the Consumers’ Association of Ireland, said he was baffled by the reasons for the premium hikes.

“There is absolutely no regulation there of any kind. They can charge you what they want for motor insurance and you have no choice to pay for it if you want it.

“They argued that if the jury was abolished that the awards would drop. Juries were abolished but awards didn’t drop because the judges obviously felt that the people were entitled to them.”

by Eamon Quinn

See Full Story at irishexaminer.com

China Taiping Motor Insurance Changes

6 January 2016 By Alex Tan Leave a Comment

Dear valued customer,

With effect from 4^th January 2016, China Taiping Insurance will have some changes to their Motor Insurance Policy for both Private Car and Commercial Vehicle.

PRIVATE CAR	COMMERCIAL VEHICLE
1. Loss of use benefit: You can choose to take up this optional benefit with additional premium of $50+gst ($50 per day is claimable, up to maximum of five days when repair exceeds 3 days and more. Up to $250 per policy period.	1. Removal of Foreign Worker Excess: No more flat excess of $3000 for any authorized driver who is holding a foreign driving licence or holding a Work Permit/Special Pass issued by Ministry of Manpower.
2. Parallel Import (PI) vehicle: Any workshop plan is now available. If customer opts for Autosafe plan, all PI vehicles must be sent to our PI authorized workshops for any Own damage/windscreen repairs and all accident reporting.	2. Additional Excess of $3,000 for Young and Inexperienced Authorized Driver: Implementation of additional excess $3,000, on top of the Excess Applicable (as stated on quotation slip), for any authorized driver(s) who is below the age of 22 or possess a full driving licence for less than one year.
3. Waiver of Elderly Excess: No more Flat Excess of $2,000 for unnamed driver(s) who is 66 years old & above.	3. Option to increase Third-Party Property Damage (TPPD): Allow to increase coverage to $1million with an additional premium of $300+gst
4. Autosafe Discount for BMW 5-series and 7-series: Higher Autosafe discount given.	4. Option to buy NCD Protector: Allow to buy NCD protector with additional premium of $80+gst for commercial vehicle, with maximum NCD of 20% only.
5. Insured age 29-30 years old: Rate reduction for insured within this age group
6. Waxier on claim loading: No loading for one claim which is $10,000 and below, within the past 12 months (For new customer only.)

You may wish to email to sales@credence.agency for more details. Alternatively, you can also call us at 68978226.

Tips for your Car Insurance in Singapore

23 November 2015 By admin Leave a Comment

Driving and owning a car in Singapore can be a costly undertaking. It is not only the car and its license that is expensive, but also the car insurance can weigh heavy on one’s finances. No matter how much money one has, there isn’t any chance that one can lower the government-imposed charges for the usage of the car. Therefore, it is even more important that one finds a beneficial deal for the car insurance.

1. Drive safely

If one met a car accident, the rate one has to pay for its car insurance monthly or yearly is instantly increased. However, If you are driving safely around Singapore over a long period of time, your car insurance will remain the same or even shrink slightly.

2. No Claim Discount (NCD)

Many car insurances offer a NCD which allows a 10% discount for every year in which you haven’t claimed anything. Let’s say you have only a minor dent in the car, you may want to consider not claiming it from your insurance, as you can possibly save more with the discount. The NCD can reach a maximum discount of 50%, with which one can safe potentially thousands of hard-earned dollars. Thus, It is important to think twice before making any claims.

3. Being a Safe Driver

This also means being a law-obeying driver. Fancy and fast cars are extremely attractive in Singapore, but even if you have one of those race cars, you are still subject to the speed limits. If you have a clean license over an extended period of time, you can earn a further discount instead of another ticket. After three years driving without committing a traffic offence, you can even get the Certificate of Merit (COM), which brings you a further 5% discount on top of NCD.

4. Get the right insurance policy

When you are arranging a new car insurance policy. Often, pay attention to what you actually commit. Many policies often include unnecessary points. Go through them and use your common sense. It can be that your car insurance also covers you for something that you are already covered for. Being covered twice for the same cause will not bring you double money and doesn’t mean you can claim it twice.

5. Young drivers and insure driver

Inexperienced drivers has the tendency to crash a car more often than older and more experienced drivers which thus, results in a higher insurance policy for younger drivers in general. Even if you’re driving perfectly, you are paying more by default.

However, one can insure the car on another person or include a driver with more experience into the policy. Mixing a high risk and a low risk profile will in most cases reduce the insurance. Therefore, one should check who is a low risk profile. Statistically older or female drivers will fall in this category. Listing such as the main driver in one’s car insurance policy, can save some money.

6. Car engine

Each car is categorized with a certain amount of insurance money that the owner has to pay. It is generally known that the bigger the engine of the car, the higher is this amount. The reasoning of the car insurance companies is the higher risk. Statistically cars with a higher engine are more likely to crash. For obvious reasons, insurances are all about statistics. So if you can beat the statistic, you will save some money.

7. Modified Car

Most people will not modify their car, however there are car enthusiasts that do. A simple engine tweak or any other car modification can quickly become very expensive. What seems like a body shop bargain, can become a killer within the insurance policy. Therefore, it is worthwhile to check with your car insurance whether an upgrade is necessary.

Of course one could say that the insurance company doesn’t have to know. This is however an extremely risky undertaking. In case you do have an accident with your modified car and you haven’t notified your insurance about it, you can lose your cover immediately. Even if you haven’t caused the accident, the insurance company can refuse to pay anything. Hence, one shouldn’t modify outside the regulations of the Land Transport Authority (LTA) and definitely not keep it a secret. Handling your car insurance correctly doesn’t take too long and can award you with some extra cash.

By Peter Schimke

See Full Story at MoneyDigest

What To Do If Your Car Catches Fire

18 November 2015 By admin Leave a Comment

Image via Flickr user Patrick Strang

Car fires don’t happen frequently but when they do, they’re a potentially deadly emergency. According to Singapore Civil Defence Force (SCDF), the number of vehicle fires inched by 6.9 per cent last year 2014, from 281 to 233 cases. Latest statistics by the Singapore Civil Defence Force (SCDF) showed that of these incidents, 131 cases involved motor cars (including taxis).

The SCDF said that most of the fires occurred while the vehicles were travelling on the road and were caused by potential sources such as electrical faults and overheating within the engine compartment.

Most vehicle fires start small but can develop rapidly due to presence of flammables such as petrol, diesel and lubricants.

Here are the steps if you’re driving and spot any sign of smoke or flames emitting from your vehicle:

1. Signal and immediately pull over safely to the side road.

2. Turn off the engine and evacuate everyone from the vehicle

3. Call 995 for help.

It’s generally not recommended that you try to put out the fire yourself as opening the hood or car doors increases the air supply and may accelerate the fire. Once the fire has been put out, contact your insurance agent. If possible, take photo of the damage, and collect the names and phone numbers of witnesses. Ask the firefighters when and if it is safe to remove personal items from the vehicle. Have it towed to a repair shop for an inspection before attempting to operate it again.

To prevent these incidents, drivers are reminded to service your vehicle regularly at authorised vehicle workshops. Make sure that the electrical, engine and fuel systems are checked for any defect. Beyond this period, owners are encourages to conduct visual checks for any sign of oil leakage.

The SCDF also advises drivers to keep a fire extinguisher so as to promptly put out the fire before it spreads.

See full story on HomeTeam

False Injury Claims Drive Insurers to the wall

13 November 2015 By admin Leave a Comment

Image via Flickr user Jane Paulson

The offer of fast cash by a stranger in Changi General Hospital enticed Liyana Mohamed Noor to lie to the police and insurers twice that she had been injured in road accidents. She claimed to be riding pillion on her boyfriend’s motorbike when it collided with a taxi. The accident was bogus. So was the boyfriend, court documents obtained by The Sunday Times shown. Then, she claimed to be a passenger on an SBS Transit bus that had an accident with a motorcycle. She was not on the bus. Liyana, 22, was eventually found out and sentenced to five months’ jail on April 7 this year. While she was caught, insurers are concerned that many others get away with making false or inflated injury claims.

Left unchecked, these could lead to higher costs for insurers and higher insurance premiums for motorists.

Their average annual motor premium has risen 30 per cent since 2004 to more than $1,000.

Cases like Liyana’s are not an exception. A week ago, 16 people were charged with making false injury insurance claims of $4,000 to $10,400 each time.

One woman allegedly had $29,553 in all disbursed to her by her insurer for four accidents – in which she was allegedly not present at the scene and did not suffer the injuries she reported.

If convicted of cheating, they could be jailed for up to 10 years and fined.

A tip-off from an insurance company last year led to their arrest, the biggest in recent memory. Insurers allegedly deceived include NTUC Income, India International Insurance, American Home Assurance Company and AIG Insurance.

The General Insurance Association told The Sunday Times that the rise in bodily injury claims in recent years is a worrying trend. They increased from 8,704 in 2007 to 16,174 in 2008 and 17,868 last year. It is working with various parties to share information on fraudulent cases and build strong evidence so that fraudsters can be brought to justice.
The parties include the Monetary Authority of Singapore which regulates the insurance industry, Traffic Police, Subordinate Courts and Singapore Medical Association. Doctors write the medical reports necessary for people to make injury claims.

While GIA declined to discuss the modus operandi of claimants, industry players suspect a change in accident reporting procedures in 1999 may have contributed to the problem.

Motorists are no longer required to make a police report if no one is injured or if they received outpatient medical leave of fewer than three days. There are exceptions, such as accidents involving a pedestrian or a cyclist.

The Traffic Police will not investigate these cases, thus speeding up the processing of claims.

But a motor insurance taskforce formed by the Consumers Association of Singapore and Automobile Association of Singapore pointed out in March this year the possibility of people putting up dishonest accident reports to their insurers now that they did not have to lodge a report with the police.

It was also a change for motorists who used to avoid lodging a police report for fear of being fined or earning demerit points on their driving licence. They would settle matters privately without the involvement of lawyers and insurers. Now, they had fewer qualms about making a claim, and possibly inflating them.

See full story at HealthXchange

Five Things You Might Not Know about Car Insurance

14 October 2015 By Alex Tan Leave a Comment

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

Insurance Agency Singapore | Commercial Insurance and Personal Insurance