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Do you have adequate home insurance cover

May 4, 2012 By admin Leave a Comment

If you are unfortunate enough to suffer loss or damage to your home or personal belongings, the last thing that you will want to discover is that you are not insured or that the building and contents insurance that you thought you had in place will not cover you.

For many people, the first time that they really think about their home insurance is when they need to make a claim. It is vitally important, however, to make sure that you have adequate cover in place before a loss arises to ensure that the appropriate protection is there when you need it.

Building and Contents Insurance

You can protect yourself from loss or damage to your home or belongings by buying building and contents insurance. It is possible to buy cover for building and contents separately or as a combined policy.

If you are a tenant then you will probably not need to take out buildings insurance as this will be the responsibility of your landlord. If you are a homeowner, however, you will need to have it in place as a condition of your mortgage.

A buildings insurance policy will provide you with cover if your house or its permanent fixtures and fittings are damaged as a result of a peril that is listed in the policy. Perils covered usually include fire, flood, storm, theft, subsidence, falling trees and burst pipes as standard, although it is possible to purchase additional cover for accidental damage, for example.

It is a good idea to insure your contents whether you are a tenant or a homeowner. While you may not think that your belongings are valuable, if you were to lose them all in one go in a fire then it is likely that you would find it difficult to replace them.

Contents insurance is usually on a ‘new for old’ basis, which means that you will be provided with an equivalent replacement for any item that is irreparable. There are some policies, however, that operate on an indemnity basis, which means that deductions are made for wear and tear. It is important to check the policy’s terms and conditions.

The perils covered by a contents policy are often the same as those covered by a buildings insurance policy. Again, it is possible to buy additional cover. Accidental damage cover is popular, as is cover for personal possessions such as laptops when they are taken out of the home.

Landlord and Tenant Insurance

If you are a landlord then you should ensure that you take out an insurance policy that is specifically designed for landlords. Landlord insurance policies usually provide cover for the building, fixtures and fittings and the landlord’s legal liabilities.

Additional cover is available that can prove useful. Legal-expenses cover can help in the event that you need to take action against a tenant for non-payment of rent, while rent-guarantee cover can help if your property is empty between tenancies.

If you are a tenant then you should arrange your own contents cover – this will not be provided under the landlord’s insurance. There are a number of insurers who offer specific tenants’ policies, including some for those who live in shared accommodation such as students.

Whatever type of building and contents insurance policy you opt for, it is important to ensure that you have the right level of cover in place. If you do not have an adequate sum insured under your policy then you will not have enough cover in the event of claim. Similarly, if you over-insure then you are paying a premium for a level of cover that you will never be able to claim for.

When looking to insure a building you should get cover for the full rebuilding cost. This is different to the market value of your home and, depending on the area that you live in, could be more or could be less. Many insurers have calculators that can help you with assessing this. The Royal Institute of Building Surveyor’s Building Cost Information Service can also be helpful.

To work out the amount that you should insure your contents for, it is a good idea to run through all the items that you have in each room of your home and work out how much it would cost you to replace them all. Remember to include items such as clothes and crockery, as well as any items that you have stored in sheds and outbuildings.

If you have any high-value items then you should tell the insurer. Most policies have a maximum amount that will be paid out per item, so anything over this amount needs to be notified to the insurer so that it can be fully covered.

When arranging your insurance cover, it is essential that you familiarise yourself with the terms and conditions of the policy that you choose. It is pointless arranging and paying for adequate insurance cover for your home if you then invalidate it by accidentally failing to do something that the policy requires.

The conditions will depend upon the specific policy that you have. Common ones are that your home must not be unoccupied for more than 30 consecutive days and that you should notify the insurer of any change in your circumstances that affects the risk – for example, if you were at home all day but will now be out at work.

It is important to arrange adequate home-insurance cover so that you have appropriate protection if an unforeseeable event happens. By taking the time to make sure that the policy you have is suitable for your needs and that you understand the terms and conditions, you can ensure that the cover is there when you most need it.

Filed Under: Home Insurance

How to find the best car insurance deals for students

May 4, 2012 By admin Leave a Comment

Sometimes a car is the only option for getting around. With a great many university campuses situated out of town, even the best bus routes and public transport options can eat up a considerable chunk of your day. With inflation, student fees and scarcity of part time jobs squeezing the student wallet, finding the best deal is crucial.

The AA has some startling statistics that show why car insurance is so expensive for young drivers.

1. 1 in 5 drivers are involved in a crash during their first year on the road

2. Male drivers aged under 21 are 10 times more likely to have a car accident than male drivers aged 35 or over

3. Young drivers have a higher proportion of crashes at night than older drivers

4. 1 in 8 British drivers are under 25, but a quarter of drivers who die in traffic collisions are in this age group

5. In 2007, 40% of passengers killed or seriously injured – meaning lost limbs, paralysis, brain injury and other life-changing injuries – were in a car driven by a young driver*

It’s no surprise that the young pay a high premium for insurance, but with a few canny tricks and tweaks you can start to cut your bill down to size.

Types of insurance.

Insurance is a legal requirement for all UK drivers but not all insurance is created equal. Third party only is the most basic form of cover, and insures against claims made against you following an accident in the event of injury or damage to property. Third party fire and theft will additionally protect your vehicle against fire damage or theft. Traditionally this was the cheaper option but fully comprehensive insurance can sometimes be cheaper. In addition this cover protects your vehicle for accidental damage and may include other perks such as cover for personal possessions or medical costs.

No claims bonuses.

By not making claims you can reduce premiums with a no claims discount. Leaving home for University is the perfect time to start your own insurance policy and by driving carefully start to build up discounts.

Choosing the right vehicle.

The make, model engine size and age of your car will have a large impact on the size of your insurance premium. Opting for a smaller less powerful car will bring in the cheapest deal and additional savings come from a lower road tax charge.

Your neighbourhood.

The location where you intend to leave your vehicle will also affect your premiums. Parking is off street is goof, or in the best possible scenario you have access to a garage. Insurance companies also look kindly on vehicles with extra security features such as immobilisers.

Add a named driver.

By adding a named driver to your schedule you can cut the cost of your insurance, even if they drive the car infrequently. It’s worth pointing out that their age and driving experience are the criteria your insurers will consider.

Shop around.

It pays to spend some time contacting insurance providers in search of the best possible deal. The Internet has many price comparison website that will allow you to compare car insurance quotes from hundreds of providers. By tweaking your cover details you can assess what steps to take to best reduce your premium.

Young driver accident statistics 1. Road Casualties Great Britain 2006, Department for Transport 2. DSA, The Schools Programme, Driving Standards Agency, 2000 3. Association of British Insurers, 2007 4. Night-time Accidents, H. Ward, Centre for Transport Studies, University College London, 2005 5. Road Casualties Great Britain 2007, Department for Transport.

Filed Under: Uncategorized

6 Ways to Keep Premiums Low for Teen Drivers

March 28, 2012 By admin Leave a Comment

Handing the keys to the family car over to a teenage driver with a brand new license is stressful enough. You don’t need the added worry of incredibly high insurance premiums on top of that. But insurers are aware that young drivers are risky drivers – and even normally level-headed, responsible teens are prone to making ‘new driver’ mistakes. Fortunately, there are some things you can do to keep premiums manageable, even when you have a teenage driver in the house.

1. Use Existing Policies

It is nearly always more efficient to add a young driver to a parent’s plan, rather than get a young driver underwritten from scratch. Insurance companies tend to offer discounts for having multiple drivers on one policy, as opposed to underwriting several different separate policies. Between the underwriting and your various statement fees, you are nearly always better off just adding junior

to your plan.

2. Multi-Line Discounts

Insurers often give discounts for holding multiple lines of insurance policies with the same company or agency. Chances are you also have a renters insurance or homeowners policy, a fire insurance and/or flood insurance policy, liability policies, and maybe more. Consider consolidating multiple kinds of insurance with one company to maximize the available discounts. But try to compare apples to apples – you can’t compare insurance policies on premiums alone. Also look at deductibles, extra coverages, exclusions and restrictions.

3. Get Junior to Make the Honor Role

Underwriters have noticed that kids who are responsible enough to do well in school tend to be responsible drivers as well. Kids with good grades are statistically less likely to cause big claims than kids with poor grades. Some companies will grant discounted coverage to young drivers who are getting good grades – say, a 3.0 GPA or better. You could show your child what happens to car insurance premiums when their grades slip – let him know that if his grades don’t make the cut, he’ll be paying the difference!

4. Skip Collision Coverage

The reason the law usually requires you to carry car insurance (some areas allow you to post a bond, instead) isn’t to protect you – it’s to protect everyone around you and your teenage driver from damage you or your teenage driver may cause. There’s no legal requirement to carry collision insurance on your own vehicle, though you may have to show coverage to your dealer if you financed the vehicle.

You can recover from crashing a clunker, as long as no one is seriously hurt. You can’t recover from a $100,000 judgment against you because you injured someone else. Should your young driver get into an accident, not having collision coverage provides an important lesson in responsibility and the value of a car. Can he or she work to replace it or learn to take the bus?

5. Shop Around

It comes as quite a surprise to many consumers that auto insurance isn’t always the cheapest among the big national brands. Or if it is, you can’t always find the best deal by buying direct. If you’re not sure that you’re getting the best deals from your current insurance provider, go online to compare rates, or investigate local options. Local insurance companies can often point you to insurers and policies that you didn’t know about. They might even be able to get you rates you couldn’t get on your own.

6. Raise a Safe Driver

Safe, responsible teenage drivers do not spring unbidden and fully-formed from their mothers’ wombs. Kids who are safe drivers are safe because their parents are safe drivers, and model that behavior all of their lives.

Beyond modeling responsible driving, impress upon your children the fact that moving violations are reported to the insurance industry. A few tickets will cause your premiums to rise. So will a history of claims. And after a DUI conviction, it becomes nearly impossible to find affordable coverage for years. Have your agent tell your youngster what the typical premium will be with a single DUI on his record. Translate that into the number of extra hours she will have to spend flipping burgers every month, just to pay her car insurance bill.

You may also look into using a GPS tracker to keep tabs on your teen’s driving habits. Not only can it be used to ensure he or she is living up to your agreed upon standard for safe driving, but some insurance providers offer discounts when you opt to utilize a tracking device.

Alex Johnson writes for auto insurance websites that specialize in LA auto insurance. These sites help people save money on their auto insurance.

photo credit: MaplessInSeattle

Filed Under: Car Insurance

Deciding Between Business Insurance Policies

March 8, 2012 By admin Leave a Comment

Once you have made the decision to protect your business with a business insurance policy, you may wonder which type of policy is best for your needs. There are actually many different types of insurance policies specifically designed for business interests. These types of insurance policies will cover damages related to different circumstances. Two of the most common forms of business insurance are public liability insurance and professional indemnity insurance.

Public liability insurance is an excellent option for anyone who interacts with the public during the regular course of business activities. For instance, if you own a retail establishment or office in which clients, customers or even members of the public might visit, liability insurance is crucial in order to make certain your business is fully protected. This form of insurance is primarily used in the event a third-party, someone other than an employee, should sustain some type of injury or damage while present on your premises. In many cases this might be a client or customer, but it could also be a vendor or even a colleague who might visit you at your place of business. If that person should become injured in any way while on your premises it is important to know your business will be protected from resulting damages. Such damages might include associated medical expenses, but could also include your legal expenses if necessary. Liability insurance will also provide your business with protection from damage to property belonging to a third-party if harm is sustained while present on your premises.

Professional indemnity insurance is not the same as liability insurance. While at one time indemnity insurance was typically only purchased by individuals engaged in certain types of businesses, such as the medical field, legal field or any other type of professional field that provide consultancy services, any increasing number of other businesses and industries are now recognising the value of professional indemnity insurance. This form of insurance will provide protection to your business in the event a client or customer should make a compensation claim resulting from an error or mistake made on behalf of your business. Such claims might include negligence, breach of contract, breach of care of duty, loss of data or documents, dishonesty and infringements of intellectual data.

Making certain your business is adequately protected is crucial in the prevalent compensation culture in which we now find ourselves. Insurance for your business can provide you with crucial peace of mind.

Filed Under: Business Insurance

Cheaper Van Insurance

March 6, 2012 By admin Leave a Comment

Are you wondering how you can get cheap van insurance? Most people think that the amount you pay for the insurance is only dependent on the particular type of van you insure. However, the amount you pay for your insurance is dependent on many factors that are analysed by the agents. Knowing these factors is important because you will fix them in such a way that you largely reduce the amount you are meant to pay.

The first and the most important aspect to insurance companies is the type of van you drive. The costlier the van, the higher the limit you are meant to pay. Having a costly van however, should not necessarily subject you to paying a costly insurance amount. Apart from the van model, insurance agents will also analyse its safety in regards to driving and theft. The safer the van, the cheaper you will pay for the insurance.

To take advantage of the minimal insurance payments, park your van in safe neighbourhoods. Parking around areas that are prone to theft will only increase the insurance amount. If you live in such a neighbourhood then you ought to park your van someplace else every night.

Insurance companies also largely consider your driving. The cleaner your driving records, the cheaper the amount you will pay. In addition to that, they also monitor the mileage you travel on a daily basis. The higher the annual mileage the higher your chances of ending up in an accident and therefore the higher the amount you will pay. Therefore, it is advisable that you find ways that you can minimise your average annual mileage if you want to insure your van or get cheap car insurance.

Finally, avoid looking for new insurance companies for your vans. The more different insurance companies you use for your belongings, the more the you end up paying. It is advisable to use the same company to insure your van along with any other belongings that you may want to insure. The more the items you insure under one company the more the discount you could be given.

Filed Under: Van Insurance

Cheap Classic Car Insurance Online

February 24, 2012 By admin Leave a Comment

Whether you have a Morris Minor or a Mercedes, a Cortina or a Cadillac; getting your hands on cheap classic car insurance online has never been easier. There are numerous car insurance comparison websites to choose from so finding the best deal shouldn’t be too arduous, even if you are technologically challenged like myself. A few clicks of the mouse and you can obtain a number of competitive quotes and immediate cover. With very little effort you will be able to find the right package for you, whether you want basic cover or you want to go the full mile and protect yourself from everything, including costly court fees.

Also bear in mind specialist companies that will know that classic car owners are fanatical about keeping their vehicles in mint condition and that classic vehicles tend to increase in value as they age. They will appreciate, as you and I do, that classic cars are not the same as other cars â€“ you don’t tend to do the school run in them or load them up with boxes of self-assembly furniture from a well-known store. It’s far more likely that you’ll take your cherished possession out for the occasional country run, for a special celebration or to show it off at a car show. These are all points that a classic car insurance provider will take into account when providing a quote.

If you want to ensure that you save money at the same time as getting the best deal for your particular needs, keep the following points in mind:

Some companies offer a limited mileage discount. Make sure you let them have your monthly mileage calculation and this will be factored into your policy.
Become a member of a recognised association. Proof that you are a true classic car enthusiast will lower the premiums.
Make sure you can agree upon a value for your vehicle. If the worst happens and it is written off, you’ll know exactly how much you can expect.
Lower the risk to your vehicle and keep it locked in a garage. Any safety devices such as immobilisers or alarms will result in further discounts.
Check for free extras such as roadside assistance or rental car reimbursement.

So, what are you waiting for? Go online and check out the deals waiting for you!

This guide was written by the editorial team at Classic Car Insurance. For more information – please visit our website at http://www.classic-car-insurance.co.uk

Filed Under: Classic Car

The Importance of Tenants Insurance

January 17, 2012 By admin Leave a Comment

We often hear about how important home insurance is for property owners and how crucial landlord insurance is for commercial property owners, but the one area that often gets ignored is tenants.

Although tenants do not own the property they live in it is of course filled with all of their belongings and is essentially their home, meaning tenants insurance is very important. You may think that as it is not your house you don’t need it but there are some very good reasons for investing in tenants insurance:

Landlords Won’t Cover You

The majority of landlords will have comprehensive landlords insurance that covers them against damage to the property, but this does not cover tenants. In the event of a fire, for example, the landlord’s property would be insured and he would get money for the loss of the building, but the tenant’s contents would not be covered, meaning you could lose all of your belongings and get nothing back.

Property Damage

When you move into a rented property you will have to pay a deposit and in the event of any damage caused, your landlord may take this deposit as compensation for repairs. However, there are circumstances when it is not the tenants fault and you could end up losing a deposit you should have gotten back.

Tenants insurance would cover against such circumstances and could stop you from losing a deposit you need for the next property you move into. If the damage is not your fault you will be covered and reimbursed with the correct insurance.

Flat Mates

Anyone who has rented a property during Uni knows that you don’t always end up with the best flat mates in the world. You may go away for a weekend and come back to find some of your stuff damaged or even missing, through no fault of your own, and this is where tenants cover would protect you and help you claim back on damaged or missing goods.

It’s not something a lot of tenants take into account, but you have to remember that you won’t be covered by your landlord’s insurance and so if you want protection you need to invest in a comprehensive tenants insurance policy.

Filed Under: Home Insurance

The issues surrounding budget caravan insurance

January 13, 2012 By admin Leave a Comment

The subject of budget caravan insurance tends to generate questions.

Here are some of the more commonly heard ones, together with some sample responses.

What is the difference between budget caravan insurance and cheap caravan insurance?

That may depend on the speaker. There is, however, a potentially significant difference between the two things.

Cheap caravan insurance implies that the cost is the only thing of importance.

Although it may seem to be playing with words, discussing budget caravan insurance suggests that the insurance is being selected in terms of cost-effectiveness and fit to your requirements.

If you are selecting caravan insurance cover, looking for cost-effective solutions rather than cheap ones, may be an approach that reduces your risks in the longer term.

How can there be risks with cheap caravan insurance?

There may not be. It is perfectly possible, that a policy selected simply because it is one of the cheapest around, might prove to be fully adequate for your needs.

The risks may arise in situations where a potential policyholder focuses almost exclusively on the hunt for cheap cover at the expense of looking carefully at the detail of the protection being provided and the suitability for their needs.

A cheap policy that does not provide you with cover suitable to your circumstances may not prove to be cheap if you discover that you are unable to make a claim against it when you need to. It might pay to remember the old wisdom that what proves to be cheap caravan cover for one person might not prove to be cheap for you.

Is it possible to safely save money on a caravan policy?

It may be.

Some policies may contain opportunities for you to reduce your premium through the adoption of what some may see as largely commonsense steps.

This may include things such as:

• fitting additional security devices to your caravan;

• using only approved and secure caravan sites;

• securely storing your caravan when it is not in use over the winter;

• etc.

The savings cumulatively may prove to be significant.

Can I stop insuring my caravan to save money?

If you have a motorhome, the law may require that you maintain a minimum of third party liability insurance on it at all times even if it is not currently being driven on the public road network (unless you have completed the Statutory Off Road Notification procedure through the DVLA).

In the case of other types of caravan, theoretically you may be under no obvious legal obligation to insure them, however, some caravan sites may require that you have certain forms of minimum insurance (typically third party liability) before they may accept your caravan on-site.

However, before deciding that the ultimate in budget caravan insurance is simply to do without cover, it may be advisable to seriously reflect upon just how you would cope if your caravan was seriously damaged or even destroyed without insurance to help.

Filed Under: Uncategorized

Things to consider when getting car insurance for a city car

November 30, 2011 By admin Leave a Comment

City dwellers often find themselves struggling to find car insurance quotes that work out reasonably priced. The convenience of living in the heart of a vibrant city is offset by the fact that drivers tend to have to pay considerably more to get covered.

Does this sound familiar? Here are a few hints and tips to ensure that you receive the cheapest car insurance available when renewal time comes around.

Downsize

The cost of being a vehicle owner is increasing all the time and that leaves many motorists – particularly those living in cities – struggling to be able to afford to stay on the road. One way of rapidly reducing all the costs associated with driving – petrol, tax and insurance – is to downsize to a smaller make and model. Residents of a city like London would also benefit from paying less in terms of congestion charges by trading down.

Parking

Where you park your car at night or during the day while at work has an impact on the price of car insurance, but obviously that can prove problematic as space is at a premium in most cities. It’s important to leave your car in a secure place, possibly in a locked garage or somewhere with CCTV in operation.

Quotes

As with most things we as consumers buy these days, shopping online tends to work out both cheaper and more convenient than more traditional methods. Within a matter of seconds, you can get access to a whole raft of quotes from countless different insurers and get a clear breakdown of the various deals available. Never renew automatically with your current insurer because your loyalty is not always rewarded in the way you may imagine when it comes to getting cheaper cover.

Security

One thing that insurers consider when working out insurance quotes is the security aspect of the vehicle in question. Higher crime rates in cities means that residents face price hikes in insurance, so it’s important to do what you can to make your car more secure. Talk to insurers to find out what difference installing an alarm or an immobilizer could make to the price of car insurance and then act accordingly.

Filed Under: Articles

In tough financial times its hard to justify investing in non-essential insurance but it’s still worth it!

November 11, 2011 By admin Leave a Comment

As the new decade has dawned, global economic unrest has left the UK, as well as much of the rest of the world, in dire straits. Rising unemployment and inflation, together with a faltering economy, mean that everyone, from the high street to the big banks, is starting to feel the pinch. It’s times like these when it can be tempting to cut corners, and try to save pennies by avoiding those investments that we might deem non-essential. But in some cases, whatever your financial situation, it can still pay to invest a little now, to avoid catastrophic troubles further down the line. This is especially true when it comes to non-essential insurances.

It’s easy to put such things to the back of your mind, especially when you’re young and healthy, and tell yourself ‘it won’t happen to me’ but it’s a sad truth that we never know what’s around the corner. With much of us saddled with significant debts, it’s important to make sure you and your family are provided for should the worst happen, and a little investment now could save you a lot of money in the long run.

The fact is, it’s those young, healthy individuals, just starting out in life, who could often benefit most from investing in non-essential insurances. Put together combined potential debts from university fees, mortgages and young families, and many people will never be less financially secure than in their early 20s. While this might tempt you to cut costs on non-essential insurances, it actually makes more sense to protect yourself, your family and your investments.

Ask yourself what would happen should you fall ill? As the primary worker in your family, the financial effect could lead to you defaulting on your mortgage, and worse still, should you die, you family losing their home. These future costs – both financial and emotional – are far greater than the premiums you’ll pay now, especially with some very reasonable life insurance quotes available. Young people especially can benefit from term life insurance packages which, with their specified cover periods, can enable you to cover yourself and your family until your kids leave the nest for example.

With the amazing free healthcare service provided by the NHS, health insurance might seem like and unnecessary luxury, and for the majority of us, it probably is, but it’s worth making sure you’re provided for should you fall seriously ill. Those of us who have hereditary illnesses in our families particularly can benefit from a little foresight in protecting ourselves and our families from their effects. Critical illness cover enables you to provide financial support to pay for long-term treatment and keep your family fed, clothed and under your roof during what could be a long recovery. Once again, neglecting to protect against something that you know could be around the corner could lead to huge costs in the long run when faced with the emotional and financial turmoil that long-term illness brings.

Likewise, home insurance too is an important way of protecting the investments that you’ve worked so hard to gain. Skimping on home insurance is all too easy, but say you’re boiler is to break in the middle of winter, leaving your family in the freezing cold? No insurance policy can mean immediate bills running into the thousands to replace boilers and cracked pipes. But investing in home insurance will protect your property against such unexpected events.

Furthermore, you might wish to ensure your property is protected for your loved ones after you die. While standard life insurance plans don’t necessarily ring-fence money for specific things, it is possible to take out mortgage life insurance for this very eventuality. Paid out directly to your mortgage lender on your death, the premiums for mortgage life insurance decrease as the mortgage is paid off during your life, and can be cheaper way of insuring your family still has a roof of their head when you’re no longer with them.

As you can see, the risk taken by avoiding these ‘non-essential’ insurances could be too big to comprehend, protect your family by making a little money today go a long way tomorrow.

Filed Under: Life Insurance

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