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Young drivers: top tips to cut car insurance costs

8 January 2019 By admin Leave a Comment

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

5 smart tips to save money while renewing auto insurance

27 December 2018 By admin Leave a Comment

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

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

Tips to save on the auto insurance policy

13 December 2018 By admin Leave a Comment

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.

BY SARAH DUNSBY

See Full Story at londonlovesbusiness.com

Tips for making a successful home insurance claim

11 December 2018 By admin Leave a Comment

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

6 December 2018 By admin Leave a Comment

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.

By Adnan Manzoor

See Full Story at born2invest.com

Essential Travel Insurance Tips

4 December 2018 By admin Leave a Comment

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

15 tips for cutting the cost of car insurance

8 November 2018 By admin Leave a Comment

The cost of car insurance can take a big chunk out of your driving budget, but it doesn’t have to be that way. Here are 15 tips to help you get your annual premium down.

1. Shop around

The Association of British Insurers (ABI) reckons you can save as much as a third on your annual premium, simply by shopping around. So don’t just automatically accept your renewal quote each year.

2. Limit the number of people allowed to drive the car

The more people who are covered by a policy, the more it’s likely to cost. Young drivers are particularly expensive to insure, so make sure you remember to take your kids off your policy when they get their own.

3. Request a higher excess

Most insurance policies include an excess charge (the amount you have to pay towards any repairs that are claimed for). If you’re prepared to increase this, you can get a reduced premium.

4. Don’t use your car for work

Insurance policies that cover only “social, domestic and pleasure” are generally cheapest.

5. Agree to a mileage cap

This can earn you a discount simply because cars that are on the road less often are less likely to be involved in an accident. AA Insurance reckons that accepting a 12,000-mile annual cap would earn a 5 to 10 per cent discount. A 5,000-mile cap can earn even more. This is particularly useful for households with more than one car.

See Full Story at www.telegraph.co.uk

3 Tips to Buy the Right Type of Travel Insurance

6 November 2018 By admin Leave a Comment

Some travellers don’t need the level of coverage in a package plan – they need a travel medical plan instead – and they can avoid the extra expense that comes with a package plan. The following explains how to determine what type of travel insurance plan you need.

1. You need a travel medical plan when …

… your travel is domestic, relatively cheap, or outside your health insurance network.

Travel medical insurance plans cover your emergency medical care when you’re traveling outside your health insurance network. Many U.S. based health insurance plans do not cover their members when they leave the U.S. and they apply out-of-network charges for travel outside the health insurance network area, which means the traveler pays a higher portion of the bill.

Essentially, you need a travel medical plan when you’re not worried about recovering your non-refundable trip costs, your trip is relatively inexpensive, and you know you will be outside your health insurance network area (and therefore won’t have coverage for medical care).

2. You need a package plan when …

… your travel is expensive, once-in-a-lifetime, or you’re on a budget.

Travel insurance package plans cover a wide range of travel risks, including trip cancellation, travel interruption, emergency medical care, baggage loss, and evacuations as well as features like travel delays, car rental, and more. Cancellations can occur for a number of reasons, and when you want coverage for trip cancellation, you’ll need to buy a package plan.

See Full Story at www.travelinsurancereview.net

One in four car insurance policies don’t cover child car seats

23 October 2018 By admin Leave a Comment

One in four car insurance policies offer no protection for child car seats, which could leave parents out of pocket if something were to go wrong.

The figures also revealed that less than half of UK car insurance policies will pay out the full cost of replacing a damaged car seat. In the UK, any child under the age of 12 or 135 cm in height can only travel in a car if they are in a recognised child car seat of booster seat.

Find out how to ensure you get the right level of cover from your car insurance at a competitive price.

Does car insurance cover car seats?

A quarter of car insurance policies (67 out of 267) don’t cover car seats, according to new data from Defaqto. Less than half of car insurance providers will pay the full cost of replacing child car seats damaged in an accident and only 44% of policies (117 out of 267) were found to do so.

Nearly 31% of car insurance policies (83 out of 267) offered limited cover for car seats, choosing only to pay out a certain amount per seat.

Average cost of a child car seat

The child car seats that are currently on the Which? Best Buy list range from £80-£409, but prices will vary among retailers. Some manufacturers offer a child car seat replacement service if it’s been damaged in an accident. Maxi-Cosi, for example, will swap your damaged car seat for a brand new replacement if you can’t get cover from your car insurance provider.

This service applies to all Maxi-Cosi car seats of any age. Manufacturer, Kiddy, also offer a child car seat replacement service. Any Kiddy car seat involved in an accident can be returned for a free replacement up to six years after the purchase date, even if your child car seat is already covered by your car insurance policy. You must also claim within three months after the car accident takes place.

See Full Story at www.which.co.uk

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Insurance Agency Singapore | Commercial Insurance and Personal Insurance