Which of the following driver information is not included on insurance claims?
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A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the deductible is subtracted, or "deducted," from what your insurance pays toward a claim. Deductibles are how risk is shared between you, the policyholder, and your insurer. Show Generally speaking, the larger the deductible, the less you pay in premiums for an insurance policy. A deductible can be either a specific dollar amount or a percentage of the total amount of insurance on a policy. The amount is established by the terms of your coverage and can be found on the declarations (or front) page of standard homeowners, condo owners, renters, and auto insurance policies. State insurance regulations strictly dictate the way deductibles are incorporated into the policy's language and how deductibles are implemented. These laws can vary from state to state. How deductibles workA specific amount would be subtracted from your claim payment if you have a dollar amount deductible. For example, if your policy states a $500 deductible, and your insurer has determined that you have an insured loss worth $10,000, you would receive a claims check for $9,500. Percentage deductibles generally only apply to homeowners policies and are calculated based on a percentage of the home’s insured value. Therefore, if your house is insured for $100,000 and your insurance policy has a 2 percent deductible, $2,000 would be deducted from any claim payment. In the event of the $10,000 insurance loss, you would be paid $8,000. For a $25,000 loss, your claim check would be $23,000. Note that with auto insurance or a homeowners policy, the deductible applies each time you file a claim. There are exceptions to this practice in Florida and Louisiana, where hurricane deductibles are applied once per season rather than for each storm. Deductibles generally apply to property damage, not to the liability portion of homeowners or auto insurance policies. For example, with a homeowners policy, a deductible would apply to property damaged in a rogue outdoor grill fire; however, there would be no deductible against the policy's liability portion if a burned guest made a medical claim or sued. Raising your deductible can save moneyOne way to save money on a homeowners or auto insurance policy is to raise the deductible. Therefore, if you're shopping for insurance, ask about the options for deductibles when comparing policies. Increasing your auto insurance's dollar deductible from $200 to $500 can reduce optional collision and comprehensive coverage premium costs. Going to a $1,000 deductible may save you even more. Most homeowners and renters insurers offer a minimum $500 or $1,000 deductible, and raising the deductible to more than $1,000 can save on the cost of the policy. Of course, remember that you'll be responsible for the deductible in the event of loss, so make sure that you're comfortable with the amount. Homeowners disaster deductiblesStandard homeowners insurance covers wind and hail damage from storms and hurricanes. Flood and earthquake policies are purchased separately. But each of these disasters has its own deductible rules. If you live in an area with a high risk for one of these natural disasters, understand how much deductible you will need to pay if a catastrophe strikes. Start here, check your policies and speak to your insurance professional to learn exactly how your deductibles work. NCD is a way of rewarding you for being a careful driver. The following table shows how the NCD is determined by most insurers across the industry. Number of accident-free yearsPercentage of NCD awarded to Private CarOne year10%Two consecutive years20%Three consecutive years30%Four consecutive years40%Five or more consecutive years50%NCD helps to reduce the premium for the following year. Q:How is my No Claim Discount (NCD) applied? A: Your NCD is tied to you (the policyholder) and can only be applied to one vehicle at one time. For example:
Q:How will my NCD be affected if I make a claim? A: Please refer to the table below. Q:How do I reinstate my NCD when my claim against the other party is successful and finalised by my previous insurer? A: You will need to liaise with your previous insurer, and get them to update the GIA records. Please inform us once this is done. Q:What if I declare a higher / lower NCD wrongly? A: We will verify with your previous insurer and adjust the NCD accordingly. If you declare a higher NCD, you will need to pay us the difference in premium. If you declare a lower NCD, we will refund you the difference in premium. Q:What is the penalty if I fail to make a report of an accident to my insurance company? A: We may repudiate the liability for the accident in view of a breach in policy conditions. Your NCD will be further reduced by one level on top of any NCD reduction resulting from the claim made under your car insurance policy. See table below. Q:What can I do to retain my NCD for my next policy renewal if I have a minor accident? A: You can choose to have a private settlement with the other party if it is a minor accident and there is no injury to any party. When opting for private settlement, please ensure both parties duly complete and sign the private settlement form. Alternatively, you can opt to reimburse the claim amount that we have settled. Either options will allow you to retain your NCD for the next policy renewal. Q:How long will my NCD remain valid after I stop owning a car? A: Your NCD will remain valid for 24 months from the end date of your last policy. Q:I am the policyholder and Primary driver for my car insurance policy. Can I transfer my NCD to one of my Named drivers under my policy so that he / she can enjoy a lower premium? A: No, NCD is not transferrable to another person except to your spouse, provided your spouse is taking a new car insurance policy with Income. This is a one-time transfer and is non reversible. After the transfer, the NCD for your existing car insurance policy will become 0%. Click here to download the Transfer No Claim Discount form. Income reserves the rights to review this exception from time to time. Q:I am the registered owner of the car but do not have a driving license. My Primary Driver wishes to buy a car under his/ her name. Can I transfer the NCD to him / her? A: Yes, NCD is transferrable to your Primary driver provided he / she is taking the new car insurance policy with Income. This is a one-time transfer and is non reversible. After the transfer, the NCD for your existing car insurance policy will become 0%. Q:I am a foreigner working in Singapore. How can I transfer my NCD from the vehicle in my home country to the new vehicle I bought in Singapore? A: You need to provide the original letter from your motor insurer in your home country to us. The letter should state the number of accident-free years whilst you were insured with them. We will review and decide to accept / reject / grant the appropriate percentage of NCD. The maximum NCD we will grant is 50% for private car. Q:I own multiple companies. The car registered under Company A is entitled to 20% NCD. Can I transfer the 20% NCD to the new car registered under Company B? A: No, NCD is not transferable between different entities. Q:Can I transfer my commercial vehicle NCD to my private car? A: No, NCD is only transferrable within the same vehicle type. Q:If my car insurance policy is in force, can I still withdraw my NCD? A: Yes. You can withdraw the NCD while your policy is still in force, subject to no claims made under your car insurance policy. You need to top up the difference in premium due to the NCD withdrawal.
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