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Why opting for the cheapest car insurance policy could end up costing you a lot more

5 April 2018 By admin Leave a Comment

Average premiums are expected to hit £900 over the course of 2018, leaving many drivers struggling to afford their vehicle.

New research has revealed that one seemingly cost saving ethos adopted by UK drivers, could actually end up costing them.

Over 16 million British motorists are making an error while choosing their premium relating to the optional excess.

Brits are taking on up to £750 of additional financial liability for an average saving of just £1 per month.

According to new data from uSwitch, 39 percent of motorists are opting for an excess of up to £1,000.
This is presumably because the average car insurance premium is cheaper with a higher excess.

However, the research reveals that opting for a £1,000 excess instead of a lower £250 amount will save drivers just £12 over the course of a year.

Therefore if a driver had to make a claim, they would be losing a large proportion of money than if they paid a little bit extra for the annual premiums itself.

Each year it is estimated that one in 10 UK drivers make a claim on their car insurance policy.

Interestingly, drivers who choose the highest voluntary excess option, usually £1,000, might think they will benefit from a significant saving on the annual policy cost.

However, in most cases, they are likely to pay the same premium as those who opt for a lower £500 excess but would be left shelling out £500 more if it came to making a claim.

Rod Jones, an insurance expert at uSwitch.com, says: “Worryingly a large number of drivers are taking on huge financial liabilities in exchange for tiny annual savings on their motor insurance.

“While many think that opting for a policy with a higher level of excess will save them money, drivers should ask themselves if an additional risk of £750 is really worth an average saving of just £1 a month and would they be put off making a claim knowing they’d have to pay a significant sum for doing so?

“With more than one in ten of those with a motor insurance policy likely to make a claim each year, we urge those looking to renew or switch their insurance to think seriously about the level of risk they want to take financially before they commit to a new annual policy.”

By LUKE JOHN SMITH

See Full Story at www.express.co.uk

Tips for Getting Cheap Car Insurance

3 April 2018 By admin Leave a Comment

What may seem like a great deal in the garage could be far more expensive than expected once insurance is taken into account. Before buying, make sure you check the insurance group of the car. Groups range from one (the cheapest) to 50 (the most expensive) and they are measured against research by the Motor Insurance Repair Research Centre. Information such as damage, the cost of parts, repair times, and the value and the availability of body shells can influence the cost as well as more obvious criteria such as performance and security.

Therefore, even if the vehicle you are looking at is very popular, insurance can be more expensive than anticipated if there is low availability for particular parts it uses. Cheap cars to buy and insure include the Vauxhall Corsa and the Ford Fiesta, though costs will vary depending on model and trim.

How to Get cheap car insurance

Although buying a car that is cheap to run can make a big difference to insurance costs, there are other ways that drivers can reduce their insurance expenses.

Make sure you compare car insurance, which will give you policy options based on your vehicle and individual circumstances.

While it is difficult to work out the best way to get cheap car insurance, here are some great tips to reduce the cost of your cover:

Build up no claims

Drivers who are on the road for several years without making any insurance claims can benefit from a no claims bonus (NCB). An NCB of five years or more in particular is likely to result in a big discount on your premium.

Pay up front

Car insurance can be significantly cheaper if a yearly payment is made up front. This is a particularly good option for experienced drivers, who may be able to cover the cost in one payment. This will be cheaper than the overall cost of monthly repayments.

By Adam Smith

See Full Story at www.giffgaff.com

Top Ten Tips for Getting The Best Car Insurance Quotes

29 March 2018 By admin Leave a Comment

Car insurance. It’s one of those things you know you need but probably dislike buying. After all, you pay for it, all the while hoping you never need to use it. Understandably, there are probably many other ways you’d prefer to spend your money.

Fortunately, there are also plenty of ways to save on car insurance. From using a comparison shopping site and maintaining a clean driving record, to raising your deductible and reevaluating your coverage needs, there are multiple strategies for lowering your premium.

If you’re looking for car insurance quotes, you probably want to get the best rate possible for the coverage you need. Here are 10 of our best tips for getting affordable quotes on your next policy.

Shop Around

As with any purchase, it’s a good idea to shop around for the best coverage and price. You probably comparison shop when it comes to buying clothes, furniture or other items — why not do the same for your car insurance?

This is how a comparison site like My Insurance Broker can help (plus, it helps that we’re also an insurance broker — meaning that we can find and set you up with the best car insurance for you). Many drivers wonder how they can calculate insurance costs. We make it easy to compare insurers by offering you a way to get quick quotes on coverage from the top 15 car insurance companies in Canada. Use our online insurance quote tool to get results in just two minutes.

While you may be familiar with insurance agents or brokers, these options generally limit your choices. Insurance agents offer coverage from one insurer, and a broker may only work with a handful of insurance companies. By contrast, My Insurance Broker gives you access to car insurance quotes from 15 companies — just enter your vehicle info, licence details and information about the driver you wish to insure.

In Ontario alone, there are over 30 companies selling car insurance. By getting a broad range of quotes, you can rest easy knowing you have the information you need to make an informed choice.

Get quotes from the top 15 car insurance companies in Canada in just two minutes with our car insurance calculator tool.
Don’t Overlook Smaller or Regional Insurance Companies

If you watch enough television, you will inevitably see commercials from the big names in the insurance industry. These companies spend millions on ads, but do they really offer the best coverage? In some cases, they might. However, insuring your vehicle with a local or regional insurance company may save you money. Some drivers also feel like they receive more personalized service from a smaller carrier.

In short, don’t assume that bigger always means better coverage — or a better price. Depending on where you live, a regional insurance company may offer the most affordable coverage at a price the bigger guys can’t beat.
Ask for Discounts

Always check for ways to save on your car insurance policy — you never know unless you ask! There are a variety of ways to lower your premiums. For example, many insurance companies offer price breaks if you bundle your car insurance with other policies, such as business coverage or homeowner’s insurance.

Additionally, some insurers discount policies when customers insure more than one vehicle, or when members of the same family take out policies with the same company. If you belong to a particular professional group, alumni organization or business association, you may also qualify for group discounts.

You may also be eligible for discounts if you drive a vehicle that incorporates anti-theft technology or special safety features. You can also ask for a discount if you agree to pay your policy in full rather than spread it out over payments.

Ontario drivers can also ask about special discounts for winter tires, which make your car safer to drive in snowy and icy weather.

Most insurance companies offer a long list of discounts, so make sure to inquire if you think you might qualify for money off your policy.

See Full Story at www.myinsurancebroker.com

7 Tips for Choosing the Right Homeowner’s Insurance Company for You

27 March 2018 By admin Leave a Comment

Have you bought your first house or are you looking for a new homeowner’s insurance company? There are a lot of things that you want to consider. Below are seven tips that you can use to help you find the right insurance company for your home.

1. LOOK AT WHAT’S AVAILABLE

Before you choose an insurer, get a quote from a minimum of four carriers. You can find databases online that are free like InsWeb, which will offer you a quote from as many as eight carriers.

2. BUY DIRECT

The companies that are dealing directly with the consumers and don’t use any independent agents are known as direct writers. Theoretically they’re able to pass their savings on because they eliminate middlemen.

3. READ JUNK MAIL

It’s a great idea to read the Internet, your email or answer your phone. Overhead is saved by direct marketers by using these things to market, and they can give you the savings.

4. CHECK YOUR HOME STATE

Most of the insurance departments in the state offer shopping guides online for those looking to buy homeowner’s insurance. The guide from the state may be able to give you companies that aren’t as well know that have competitive rates. You can get linked to the guide for your state on insure.com.

The bad thing is if you’re living in one of the hurricane zones, it’s possible you will be stuck with a single expensive option. That is your state-sponsored pool of high risk people. But it’s possible to try again in a year. The private insurers always look for different ways to cut the market up and a black mark for company will be a business opportunity for another.

Some of the states provide those who in a vulnerable coastal or urban area.

5. LOOK AT THE SERVICE HISTORY

Even though a company may offer a big discount, that is not going to help you if they are slow at processing claims, so you want to discover everything you can about the service about a company before signing on. It’s a good idea to ask the representative about the turn-around time for their claim. If they have a shorter time for claims it indicates that they have good service.

6. FOCUS ON THE FINANCIALS

You want to examine the insurer’s financial ratings. Ask the rep about the information or you can use one of the services online to find out their financial ratings.

Standard & Poor’s great rating is A or higher, and Moody’s Investor Service’s AA rating will say that the company is strong. You can also check out Weiss Ratings, which has very stringent guidelines and it’s also the one that’s most independent, to see the homeowner’s insurance companies that are the weakest.

See Full Story at whitcoinsurancepg.com

Top 10 Tips For Buying Teen Car Insurance

22 March 2018 By admin Leave a Comment

Buying car insurance can feel like a chore for anyone, but it can seem like an especially intimidating task when it comes to acquiring insurance for a teenager.

According to Forbes, adding a 16-year-old son to a family car insurance plan will raise the monthly bill by an average of 92% while adding a 16-year-old daughter will raise the cost by a lessened, yet still staggering, average of 62%. And while these numbers are a bit alarming, there are tips and tricks for parents to take use when buying insurance for their newly-licensed teen.

The key to saving money? It turns out—it’s all about safety and your car insurance company being able to trust your family to drive safely.

#1. Take advantage of good grades

A high grade point average, strong attendance record, and all-around good track record at school can help score a lower insurance rate for a teen driver in high school or college. On average, these discounts range from five to 10 percent, depending on the insurance provider. For instance, Liberty Mutual offers this perk to drivers aged 25 and under that maintain a B average (equating to a 3.0 grade point average) or better.

#2. Pick the right vehicle

Picking the right vehicle for a teen can also attribute to a lower insurance rate. Although many believe it to be true, the color of a car doesn’t impact the insurance cost, but other factors such as the make, model, and year of the car does carry some weight in this matter. This is because new cars are more expensive to insure, and the same goes for cars with a high level of horsepower.

Instead of picking something brand new and flashy for a teen driver, opt for perhaps a lightly used car that has all the right safety features. This includes anti-lock brakes, updated airbags, and stability control. Cars that are no more than three or four years old and that receive a clean bill of health will be the cheapest to insure for a new driver.

#3. Consider a raised deductible

A raised insurance deductible can assist in scoring a lesser monthly bill for car insurance when a teen is added onto a family plan. A deductible dictates the amount that is paid out-of-pocket in the event of a claim. After that deductible is paid, the chosen insurance company will pay for the balance of any damages incurred.

While it may seem counterintuitive to actually sign up for a higher deductible, making this choice does decrease monthly premiums significantly. In fact, MetLife cites this as a way to reduce insurance costs across the board. This is a bit of a risk, but cranking up a deductible as much as possible will allow for some serious savings. Keep in mind, that deductible only needs to be paid should a claim for an accident or damage be submitted.

See Full Story at www.teensafe.com

It’s Time to Travel! Insurance Tips for a Safe Vacation

20 March 2018 By admin Leave a Comment

Travel is a special gift to give to yourself and your family, and can do wonders for mental and physical health. But lack of proper preparation can totally derail a perfectly planned vacation. Once you’ve made it away, definitely spend time decompressing, but do remember to be aware of the usual ways to become ill or injured on vacation so you can do your best to avoid them.

Things to Do Ahead of Time to Stay Healthy

Check in with your doctor to find out if your vacation destination requires you to be vaccinated ahead of time. Common vaccinations include those against typhoid, hepatitis A, hepatitis B, cholera, yellow fever, rabies, and influenza. Your doctor can also help with advice on avoiding infections such as Japanese encephalitis, cholera and traveller’s diarrhea.
Pack a travel health kit. Hopefully all it does is take up space in your suitcase, but if you end up needing it, you’ll be grateful you have it. This Government of Canada page has a comprehensive list of items to bring, which includes first aid supplies, medications and additional items such as water purification tablets or a filter, sunscreen and ear plugs. It is also recommended you carry a card with the contact information of a friend or family member at home, the name of your health care provider, your travel insurance information and where you are staying.

Things To Do While at Your Vacation Destination to Avoid Illness

Keep your hands clean. This is by far the best way to avoid illness. Wash thoroughly with soap and water as much as possible for at least 20 seconds, and don’t forget between your fingers and under your nails. Keep a healthy supply of hand sanitizer and hand wipes with you at all times, too, for when there isn’t a sink available.
Stay away from tap water and stick with bottled water when traveling in areas such as Mexico, South America, Asia (although Brunei, Israel, Hong Kong, Japan, South Korea and Singapore all have safe water) and Africa. Illnesses that can be found in bad water include typhoid, hepatitis A, cholera, and traveler’s diarrhea. To be very safe, even use bottled water when brushing your teeth and ask for drinks with no ice in them. If bottled water is unavailable, boil tap water for at least 60 seconds before drinking.
Watch what you eat. Be wary of uncooked foods such as salads, and although it’s very tempting, it’s best to avoid food from street vendors as well.
Be very careful in the sun. A sunburn can really derail a vacation, plus make you sick with headaches, the chills, fatigue, and, yes, pain. Use a waterproof sunscreen with an SPF of at least 30, and apply often.
Also take care to regulate your body heat. Those of us from Canada can forget just how hot others countries can become. It’s imperative to protect your head from the sun with a hat at all times, wear loose, light-colored clothing and stay hydrated by drinking lots of (bottled) water.
Insect repellant is also a must. Mosquitoes pass along illnesses such as dengue fever, malaria, and the Zika virus, and ticks, fleas or flies can also pass along diseases.

See Full Story at www.lanesinsurance.com

Top car insurance tips for new drivers

15 March 2018 By admin Leave a Comment

To help you figure out your best options and ways to reduce the cost, we’ve assembled these top tips for car insurance if you’re a new driver or under 25:

1. What type of insurance should I get?

Mandatory – to start with, you’re required by law to get Compulsory Third Party (CTP) Insurance. This insurance helps you, and anyone you injure on the road, to get better sooner, through quick access to treatment and care and if needed, payments for income loss.

You cannot register your vehicle without it. Check your state’s or territories’ regulations for more information.

Voluntary – Comprehensive car insurance is usually the most expensive but it’s also the most popular because it covers you for damage to your car and to the other driver’s car or property. It often has additional benefits like use of a hire car while repairs are being made to your vehicle if you were the not at fault driver. Always remember to read the detail of the policy, so you know what you are covered for.

2. Is there a cheaper option?

There are other forms of voluntary car insurance that are cheaper as long as you are willing to shoulder more of the cost if something goes wrong. Third Party Property Damage will cover you for damages to the other driver’s car or property – but not yours. Third Party Fire and Theft also covers damages you cause to another driver’s car or property, plus you’re covered if your car is damaged by fire (but not in an accident) or stolen.

3. Should I stay on my parents’ car insurance plan?

If your parents own the car you’re driving, this could be an option, but make sure you talk to their insurer so you know exactly what you’re covered for. There may be an additional cost for adding you to the policy. NRMA Insurance covers anyone who drives your car, but it can also be worth calling them and adding a named driver.

4. How do I reduce my premium?

The rewards that come from having a safe and demerit free driving record, like lower premiums (the price of insurance) and no claim bonuses, take time to accumulate, but they are your best ways to reduce your car insurance costs.

In the meantime, there are other things you can do to reduce your premium. For instance, choosing an inexpensive car, installing a car alarm, immobilizer or tracking device, avoiding performance enhancing modifications, or taking a safe driver course. Follow this link for more info on the NRMA’s premiums, excesses, and discounts.

See Full Story at www.mynrma.com.au

Insurance Tips for Millennials

13 March 2018 By admin Leave a Comment

If you’re a millennial, you’re likely working at your first real job, dealing with student loans, and facing the realities of adult life. One adult reality is the need for different types of insurance. Two that you should particularly focus on a car and life insurance. Here are a few insurance tips for millennials to keep in mind to save money and obtain proper protection.

Be Sure to Price Shop

Massachusetts is a competitive insurance state. This means that insurance companies set their own prices and discounts. To get the best prices and options, you’ll want to shop around. Be sure to ask about different discounts available through each insurance company as it may save you a lot of money.

Use Independent Insurance Agents

To save you time when shopping for prices, consider using an independent insurance agent. They work with many different insurance providers and can do the price comparisons for you. They may also offer some great ways for you to save additional money, such as combining your policy with renter’s or homeowner’s insurance.

Buy Life Insurance

We all tend to think about life insurance as something that only old people need. In reality, everyone needs it. Plus, if you purchase a policy at a young age, it will cost very little compared to purchasing it later in life. Life insurance can help cover debts such as your student loans and credit cards. Millennials tend to have quite a bit of each of those! Should something happen to you, life insurance can lessen the burden on your family when it comes to an end of life expenses and debts.

See Full Story at eagletrustinsurance.com

Tips on how to get cheaper car insurance as drivers face increased bills

8 March 2018 By admin Leave a Comment

So if it’s nearly time to renew your insurance, we’ve come up with some easy – and perfectly legal – ways to try and cut the amount of money you’ll be shelling out.

It’s also a good idea to ring your existing insurance company when your renewal quote comes through, to see if they can give you a better deal. A quick phone call could save you some cash, with numerous places offering ‘loyalty discounts’.

Choose your occupation carefully

Of course you should always be as honest as possible when describing your job title – but be aware that some will carry higher premiums.

For example ‘chef’ will return a premium that is £98 higher than ‘kitchen staff’, according to Gocompare.

Classing yourself as a music teacher means you will pay £86 more than teachers, while copywriters will offer a different quote than writer.

However, any job title must accurately describe your role. Putting down teacher when you are actually a doctor is fraud and could lead to prosecution.

Adding a driver

If you add a secondary driver to your policy – such as a parent or partner – it could save money.

The secondary driver has to give permission and as long as they have a clean license and a good no-claims history it could push down the price of a premium.

However, be warned that fronting – the practise of younger drivers putting parents as the main driver of their car – is illegal in the UK

Pay in one lump sum

Not everybody can pay for their insurance premium in one go, but those that can could save up to £62, according to MoneySupermarket.

The savings are because the up front payment removes the need to pay interest on the premium.

Boost your excess

The level of your insurance premium excess can impact on the final quote. A higher insurance excess – the amount you’re willing to pay towards the damage – means less risk for the insurer and lower premiums.

By David Pittam

See Full Story at www.nottinghampost.com

5 Insurance Tips to Help You Protect Your Small Business

6 March 2018 By admin Leave a Comment

Starting a business is itself a risk, so all business owners must take the time to insure themselves, their investment, employees, and property the right way. There are lots of things to put into consideration, such as commercial auto, property, and workers’ compensation. As complicated as it seems, it is straightforward if you know where to start. Here are some tips below:

Risk abounds… understand possible threats

It is essential to understand threats that may work against your business before deciding on how to protect it. Since there are several commercial insurance options, you must first understand your needs and your level of exposure before opting for a coverage. Loss of income, slip and falls, fire, defective products, equipment breakdown, injured employees or customers are some of the threats that can affect a business. Do not just wish them away, assess every step of your business, contemplate the worst that could happen and get insurance for it.

Employment Practices Liability Insurance

Sometimes, the employer-employee relationship can go south. Although most business owners try to maintain a good, healthy relationship with their employees, disputes are inevitable. Every business owner must protect themse just in case any minor conflict translates to litigation. With Employment Practice Liability Insurance, employers are protected against wrongful acts that may occur out of their employment practices, which may include age, race, sex discrimination, failure to promote, and wrongful termination. In today’s insurance market, this coverage is quickly becoming indispensable.

Find security in a digital world

In 2017, CNBC reported that hackers had hacked 14 million businesses in less than 12 months; that is nearly half of all small businesses in the United States. So, endeavor to get insurance for any online threat your business may face. If your business requires you to conduct transactions or collect customer’s personal information online, then the Cyber Risk Coverage or Data Compromise coverage will be ideal for you. If hackers ever were to successfully steal a customer’s information or if the information leaks, such customer may want to take legal action against you. Usually, Data Compromise Coverage provides Response Expense Coverage that helps cover the cost of informing and assisting your customers after a data hack. Selecting this option also provides Defense and Liability Coverage, which takes care of third-party action brought against you by those affected by the data hack. Comprehensive Cyber Risk coverage provides coverage against electronic data damage and computer systems from a virus or computer attack. It also protects your business’s liability to third parties if there is any damage to them as a result of your business’s computer system vulnerability.

by rcurrie

See Full Story at bbinslv.com