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Young drivers: top tips to cut car insurance costs

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The average premium for those aged under 25 stands at £825, according to the Association of British Insurers (ABI).

While those aged 17-24 only make up 7% of all UK licence holders, they’re involved in nearly a quarter of all fatal collisions, which is why premiums skyrocket for this age group.

But the ABI has come up with top tips for young drivers to reduce the cost of car insurance:

1. Pick the right car

As a rule of thumb, the greater your engine size, the more likely it is to be involved in an accident and the higher the insurance cost. The value of your car will also impact on your premium. If it’s more expensive to replace or repair, the premium is likely to increase.

2. Shop around

The UK’s motor insurance market is fiercely competitive, so it always pays to shop around to find the best price. As well as checking price comparison sites, go direct to insurers or get in touch with an insurance broker.

As with any insurance, it’s just as important to choose a policy that fits your needs as well as your price point. Remember, car insurance is here to give you peace of mind, so there’s no point in buying a policy that doesn’t cover everything you need.

3. Drive safely

By driving safely and avoiding accidents, you’ll build up a no claims discount (NCD), which will help keep costs low in the future. Penalty points on your licence can also negatively impact your premium so don’t speed, get behind the steering wheel after having a drink or use your mobile phone.

4. ‘Black Box’

Black Box or telematics devices are installed in cars and track exactly how you drive. By being careful, not exceeding speed limits and with smooth start and stops, you may be able to cut the cost of your car insurance from the typical ‘boy racer’ premium.

5. Be financially savvy

Paying a higher excess is another way that could lower your car insurance costs but make sure you can afford to pay this amount. As a young driver, you may already have a higher compulsory excess than someone who has been driving for a while. In addition to your compulsory excess, you can set a voluntary excess. If you do need to make a claim, you’ll need to pay both the compulsory and voluntary excess.

See Full Story at www.yourmoney.com

7 Important Tips To Renew Car Insurance Policy Online

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Is your car insurance policy about to expire? Make sure to renew it in a timely manner to stay on the right side of the law. Most people consider purchasing and renewing car insurance as a mere compliance-related activity. Essentially, insurance is a way of minimizing financial losses. And car insurance comes in handy in case your vehicle is involved in an unfortunate event such as an accident. Therefore, there’s more to car insurance, especially if you are about to renew it. Read ahead to know 7 important tips that you should know while renewing a car insurance policy online. 

1. Do It Yourself

Car insurance isn’t too complicated. In fact, new-age insurers have simplified their offerings so that it becomes easy for vehicle owners to buy and renew car insurance easily. 

Car buyers usually go for the car insurance policy suggested by the showroom or the dealer from where they purchased the vehicle. However, you do have the option of insuring the car without any intermediary by selecting an insurer and purchasing or renewing it from their website. You are in a better position to analyze your requirements, gauge the extent of your cover and make an informed decision. 

2. Review Your Coverage

You do not need to continue with the same insurance coverage you had opted for a year ago. You can increase or decrease the coverage based on your current needs. 

In case you were not aware of Add-on covers while purchasing your Comprehensive policy, you can enhance your coverage by going for a suitable rider such as Zero Depreciation during car insurance renewal. This will slightly increase your car insurance premium but prove beneficial during claim settlement. 

3. Review Your Insurer

Once you have decided on your coverage, you can review the service provided by your existing insurer and decide if you want to continue with the same insurance company or not. You can also look out for an insurance company that provides the desired coverage but at a lesser cost than your current insurance provider. 

See Full Story at www.carwale.com

5 smart tips to save money while renewing auto insurance

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Most people give a lot of thought while purchasing a vehicle, but not so much while purchasing vehicle insurance. This can be attributed to their perception of insurance industry being complex, lack of information, paucity of time, negligence, and negative experiences associated with claims. The auto insurance industry has taken notice of these challenges and revamped their functioning for a hassle-free insurance experience by going digital. This digitization is good for the policyholders as it empowers them to make an informed choice, choose an apt policy and save money in the process. Here are 5 tips to save money while renewing auto insurance:

1. Choose a Digital-first Insurer

Digital-first insurers have made auto insurance simple and convenient. You can purchase or renew auto insurance from their website just as you purchase any item from your favorite e-commerce website. They offer auto insurance policies at a lower price without compromising on the extent of the insurance coverage. They can afford to do so because they are an Internet-only insurer and sell policies directly to the customer. This way, they save a lot on operational cost and transfer a part of that savings to the customers in the form of affordable policies. They offer a paisa vasool insurance experience by providing low-priced policies in a convenient manner and guaranteeing a stress-free claim settlement process.

2. Review Your Coverage

First-time car and bike owners generally purchase an insurance policy that is suggested by their vehicle dealer. This cover might not be ideal. You should review your auto insurance policy’s coverage while buying and renewing it. There is no need of going for riders that are not going to be beneficial for you. For example, a Passenger Cover rider is inconsequential if you travel alone. Such add-ons increase the cost of your insurance policy. Thus, it is suggested to choose only those add-ons that add value. Reviewing your coverage and choosing only relevant add-ons can save money while renewing auto insurance.

3. Don’t Forget Your Bonus

Vehicle owners are rewarded with a No Claim Bonus (NCB) by their insurance company for not raising a claim during the policy period. NCB is offered as a discount on auto insurance premium while renewing the policy. This NCB is incremental in nature and can go as high as 50%, provided you do not raise a claim for five consecutive years. Make sure your insurer has included this discount (if applicable) on auto insurance renewal.

See Full Story at www.financialexpress.com

How to choose the best Car Insurance

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Here are a few other tips to keep in mind when shopping around for car insurance, based on a report published by Black Enterprise in 2015.

  • Before you begin comparison shopping, find out your state’s minimum insurance requirements and make sure you’re covered for an amount equal to the total value of your assets.
  • Keep premiums low by choosing collision coverage with a high deductible and plan to pay routine repair costs out-of-pocket.
  • Be sure to comparison shop. Visit insurancepanda and Insurance.com to complete an application form for comparison quotes from several insurance companies.
  • There are three kinds of insurers: Direct sellers such as GEICO and Progressive that sell coverage directly to you, large national brands such as Allstate and State Farm, and independent insurance agents that offer various insurance options from many different companies. Direct sellers favor drivers with impeccable driving records so you may have trouble qualifying for coverage if you have a history of accidents or moving violations. National brands are helpful for drivers with spotty records and their rates are usually competitive. Independent agents have great inroads to help get you better coverage at better rates than what you’d find on your own.
  • Ask about all available discounts. There is almost always a way to save money. You may get a discount if your car has antilock brakes, if you don’t drive your car often, or if you take a defensive driving class. Request a list of all possible discounts to see if you qualify.
  • Skip towing insurance. It’s better to take that extra money and join an auto club such as AAA instead. In addition to towing, you’ll have roadside assistance when you need it.
  • Bundle if you can. More insurance companies are offering substantial savings—up to 20%—when you protect all your property with one insurer. Multiple-policy discounts can apply to combinations of home, auto, life, and even motorcycle insurance.

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See Full Story at www.blackenterprise.com

Tips for Reducing Your Business Motor Insurance

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Photo by Oleg Magni from Pexels

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

Tips to save on the auto insurance policy

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How to save money on auto insurance rates?

Everyone wants to save something on whatever auto insurance plan they choose for them. If that is your wish too, then you need to go behind the below mentioned points. The below mentioned points will let you know how to save on your auto insurance plan.

You need to take some time to shop around the auto insurance plans for you. As you all know that, the rate of the auto insurance policy will vary from one company to another company. So, you need to compare the insurance quotes of various auto insurance companies to choose the right auto insurance plan.

Why do not you think about increasing your deductible? Yes, paying higher deductible will lower your insurance rates. You need to determine how much maximum you can pay without pinching your pocket.

If you maintain a good credit score, then you can lower auto insurance rates. If you maintain a good credit report, then your risks will be low and so the auto insurance companies will be willing to offer low auto insurance rates.

If you drive your car in an eco-friendly manner, then you can get a great deal from the American insurance companies and other auto insurance companies. Yes, the auto insurance companies will have special discount schemes to the clients that really care for the environment when driving.

If you buy the auto insurance policy that covers the vehicles of your entire family, then you can get lower auto insurance rates. Yes, a group auto insurance plan will provide low premium rates. If your family contains more than two cars, then you can buy the group auto insurance policy.

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See Full Story at londonlovesbusiness.com

Tips for making a successful home insurance claim

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Claiming on your home insurance policy often comes at an already stressful time, so the last thing you need is a difficult claims process.

You may have been burgled, or been the victim of flooding or subsidence – if there’s damage to your home you’ll want to contact your insurers as soon as possible.

What steps do you need to take next and how do you make sure your claim goes smoothly?

Submitting a home insurance claim

If your home has been burgled, the first thing to do is phone the police, who’ll issue you with a crime reference number which you can give to your insurer.

If your home needs repairs, you need your insurer to agree to the work before proceeding, so unless it’s an emergency, don’t do anything without consulting your insurer first.

If your home has been seriously damaged, insurers are usually understanding and should reimburse you the cost after the event if you have to go ahead and make emergency repairs.

To submit your claim, dig out your policy documents and find your policy reference number – all insurers have a hotline you can ring to register your claim and discuss what to do next.

Providing evidence

After you’ve let the insurance company know you want to make a claim, you’ll have to fill out a claim form which it’ll send you.

Be prepared to provide the insurer with receipts or evidence to prove you really own what you’re claiming for – if you can’t find receipts, then credit card or debit cards statements may be an alternative.

By Emily Bater

See Full Story at www.gocompare.com

5 insurance tips for having a secured retirement life

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Insurance is one of the ways through which you can protect yourself from the ups and downs of your financial life.

Many people view insurance as an expense, something they pay every month as premium, but insurance is beyond just a monthly expense—it is an investment.

If you take a decision, your insurance can pay you off heavily and done wrong, you can pay-off higher premiums while getting less in the return.

Here are some tips for you to make the most of your investment in insurance:

Always make informed decisions

The world of insurance is complex- there are many plans which can only confuse you because most of them do not differ in their core offerings.

They differ on the basis of certain small variations and if you are not savvy consumer, you may be paying more for something which you do not need essentially.

Always, make sure that you know as much as you can. Be an informed consumer and find out as much information as you can by reading insurance providers’ sites, personal finance blogs etc.

There are also many voluntary advocacy organizations which can definitely help you to find out correct insurance plans which suit your needs and pocket size.

Check the performance of the fund

Insurance companies always invest your premiums in funds they manage. If you are directly buying insurance plans from an insurance broker, do ask her about the performance history of the fund and how much it has returned in the past.

You can find many investment options but you should always focus on finding out about the historical performance of the fund and what are the expectations that the fund will provide better returns than others.

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See Full Story at born2invest.com

Essential Travel Insurance Tips

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The end of the year is prime holiday season for many people. While special emphasis is placed on having enough finances and a preferred holiday destination, travel insurance should be a priority for holiday travellers. Travel insurance covers unexpected travel events such as medical emergencies, trip cancellation, personal effects, lost, stolen or damaged luggage, etc. Here are some essential tips which will prove helpful in securing your travel insurance.

Annual or single trip cover

When searching for the best travel insurance policy you should have a basic idea of your travel habits and plans in advance in order to choose the right policy. If you know you are going to travel several times within in a year, an annual travel insurance policy (multi-trip policy) covers all your trips and can be far more cost effective.

Activities

Travel insurance policies may exclude cover for dangerous or extreme activities, such as Quad Biking, Rock Climbing, Skiing, Snowboarding, team sports played in competitive contests, etc. Most extreme activities require an additional premium. It is also important to note that most dangerous activities may be classified as general exclusions in most policies. Take time to check and disclose what holiday activities you plan to do.

Medical conditions and age

Many policies, particularly the cheapest, will not insure anyone aged over 65, however fit and active. Most standard policies will also not cover any pre-existing conditions. So, for example, if you are asthmatic and suffer an attack on holiday that requires medical treatment, your policy will not pay out. Tell your insurer about any ongoing medical conditions and answer questions honestly.

By Caxton Central

See Full Story at albertonrecord.co.za

27 Data-Backed Tips For Saving On Car Insurance

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For many customers, finding the right car insurance policy can be quite frustrating due to the complexities of pricing, which is complicated further by varying state coverage requirements. In the end, coverage gets quite expensive.

Licensed insurance agents know how the average consumer can lower their car insurance premiums. So, in an attempt to bring transparency to the world of car insurance, here are some data-backed savings tips according to experienced insurance agents:

1. Don’t Allow Your Insurance Coverage to Lapse

Rates drop 7.7 percent on average, even after being insured for just a year. The discount that most insurance companies provide for maintaining continuous coverage will depend on the amount of liability coverage on the policy you have. The higher the limit of liability, the better the prior insurance discount is likely to be.

2. Bundling

Bundle your car insurance policy with your homeowner’s insurance to potentially save up to $110 annually or bundle your renter’s insurance with your car insurance to save up to $72 annually.

3. Do Proper Research

Take several minutes to learn about the companies, minimum coverage requirements and other factors that apply to your state.

4. Get Ahead of the Game

You should buy your car insurance policy not less than 10 days before you need it activated if you wish to get a better rate. This is particularly beneficial if you know that the policy is up for renewal and you wish to switch to a different provider.

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See Full Story at www.feedster.com

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