Your Risk Appetite Score

Private Insurance in Sri Lanka


How to reduce motor Insurance cost

Buying a family life Insurance


The rising cost of settling personal injury claims, insurance fraud and uninsured driving is pushing up the cost of motor insurance.

Follow the following steps to cut the cost of your motor insurance.

Shopping around.
Motor insurance deals in Sri Lanka remains very competitive, with premium rates varying between companies. So it is often worthwhile to get quotes from different insurers, using an insurance broker, or a comparison website. But make sure that you don’t just buy on price, but on the policy that meets your needs.

Use an insurance broker.
Keep in mind that there are insurance brokers, who offer a less premium than the original company price. This is truly legitimate as they are prepared to pass their commission onto their customers.

Make your vehicle secure.
Premium discounts are often available if you have an approved alarm fitted – an insurer can advise on suitable security devices. And having your car garaged overnight may also reduce the cost as well.

Pay a higher voluntary excess.
Increasing you excess (the first part of any claim that you pay yourself) can mean you pay a lower premium.

Limit the vehicle’s use.
Using your vehicle for business purposes puts up the cost so, if you can, limit its use to social, domestic and pleasure purposes.

If you are a young driver,
consider taking precautionary measures as some insurers may offer lower premiums if they are satisfied of your patience, experience and competence.

Pay the premium in one go.
If you can afford to, pay the premium upfront in one go as you may be charged more if you pay by installments.

Choose a lower powered car.
If you change your vehicle, think about the insurance. Insurers take into account a vehicle’s engine size, so a lower engine size will mean a lower premium.
Click here to find motor insurance according to their engine size.




If you think of buying a life assurance (Also knows as life insurance nowadays), remember it’s not all about cost.

Insurance premiums are set to rise each year, as the market tries to boost profitability.

So now is the better time to make sure you’re covered while hunting down a competitive deal is a must, it shouldn’t be your sole consideration. However, don’t be fooled into thinking that it’s all about cost. There are other valuable features to consider as well.

Here, we look at everything you need to know when buying a life insurance for your family:

YOUR EMPLOYMENT CLAUSES
Many employers provide life cover as part of their total remuneration package, so check your employment contract first. This is often between three to four times your annual salary.

KNOW WHAT YOU NEED
Life cover is often taken out by those with dependent children, but there are various types depending on what the policy proceeds are designed to do. Would your beneficiaries need cash to repay a lump sum debt or replace lost income? Accordingly, the most appropriate life insurance for most families is family income protection. If you were to die, this would pay a regular income up until a specified date, usually when dependent children reach age 18 or 21.
This is the cheapest form of life policies in Sri Lanka, so can be afforded by families even if they’re on a fairly tight financials.

As it pays a regular income, you don’t have to calculate a lump sum amount to provide the required level of income for dependents and the beneficiaries don’t have to worry about where best to invest the proceeds to generate income. This is usually known as “decreasing term assurance” because the total amount paid out decreases the longer the assured person survives for. In contrast, “level term assurance” might be appropriate if the payout required doesn’t reduce over time.

ACT SOONER NOT LATER
The cost of insurance rises the older you get, given the greater likelihood of your death (see our comparison tables).

BE FLEXIBLE
The cheapest deal isn’t necessarily the best. Some policies offer the flexibility to amend the term or cover part-way through the policy. For example, if you were a smoker and became a non-smoker, you could slash some money off your policy.
Some 13 per cent of insured smokers have not smoked or used nicotine patches for at least a year, yet 51 per cent of them still haven’t informed their life insurer of their new “non-smoker” status in Sri Lanka, according to our research. Smokers pay on average almost double the amount paid by non-smokers.

LOOK FOR VALUE ADDED EXTRAS
Some policies come with extras, such as access to the best doctors and counselling support services for your beneficiaries in the event of your death. Consider what added extras it might be worth paying a small premium for.




Car Insurance

Income Protection

Critical Illness

Health Insurance


Life assurance will pay out a sum of money if the policy holder dies. Compare



Get the best possible car insurance deal and don’t follow the existing provider’s trend.



Protect your income from unexpected events and happenings that occur beyond your control. Read more.



Compare critical illness covers available with leading hospitals in Sri Lanka.



There are great benefits available with certain health insurance policies. Compare now.



Compare Leasing Kia Leasing

Compare mobile phone deals in Sri Lanka. Find deals on PAYG, Contracts, Same Net Work deals and many more on rightBETA.com
Housing Savings Shares Pawning Car Loans

Compare Van lnsurance deals with rightBETA before your decision. Use our search tool with ease

Now is the better time to make sure you’re covered while hunting down a competitive deal is a must, it shouldn’t be your sole consideration.
© rightBETA.comTM2011
All Rights Reserved