Record rises in car insurance costs
Record rises in car insurance costs
Take cover: no need to panic--we've got tips to help you cut your car insurance costs.(Wheels): An article from: Entrepreneur
Car insurance premiums are now rising at the fastest rate in 15 years, according to The AA, so what's behind the rising cost?
If you're looking for cheap car insurance just now, you may want to move fast.
According to The AA's British Insurance Premium Index, we're in the middle of one of the steepest rises in car insurance since records began.
In fact, car insurance premiums are rising faster than at any other time in the last 15 years, increasing by 5.6% over the last three months and 14% over the year.
The AA suggests is down to fraud, personal injury claims, uninsured drivers and rising car thefts. Providers are actually paying out more in claims than they are earning in premiums.
Simon Douglas, director of AA Insurance, explains: "Most drivers will be seeing sharp increases when they renew their annual insurance premiums. The index suggests that 89% of insurers have increased their premiums by more than £5 over the past quarter. Only 2.5% cent reduced them."
Cutting car insurance costs
This means there's never been a better time to compare car insurance providers and make sure you're finding the best quotes.
People who use the moneysupemarket.com car insurance comparison page save an average of £157 a year. So, if your premiums are rising, comparing the market is a great way to find the right cover at the lowest price possible.
There are other ways to reduce your premiums. Read our article 'Beat rising fuel prices' for our top tips on driving down the cost of cover.
Cover for younger drivers
The AA's findings are pretty bleak for younger drivers. Third party, fire and theft (TPFT) cover - the kind typically bought by new motorists - rocketed by 9.3% over the last quarter.
Newbies looking for cheap car insurance quotes may be less than impressed to discover the average quoted premium even for such basic protection is now £1,059.
Douglas is concerned premiums may be unaffordable or even encourage younger motorists to risk driving without insurance.
Take cover: no need to panic--we've got tips to help you cut your car insurance costs.(Wheels): An article from: Entrepreneur
Car insurance premiums are now rising at the fastest rate in 15 years, according to The AA, so what's behind the rising cost?
If you're looking for cheap car insurance just now, you may want to move fast.
According to The AA's British Insurance Premium Index, we're in the middle of one of the steepest rises in car insurance since records began.
In fact, car insurance premiums are rising faster than at any other time in the last 15 years, increasing by 5.6% over the last three months and 14% over the year.
The AA suggests is down to fraud, personal injury claims, uninsured drivers and rising car thefts. Providers are actually paying out more in claims than they are earning in premiums.
Simon Douglas, director of AA Insurance, explains: "Most drivers will be seeing sharp increases when they renew their annual insurance premiums. The index suggests that 89% of insurers have increased their premiums by more than £5 over the past quarter. Only 2.5% cent reduced them."
Cutting car insurance costs
This means there's never been a better time to compare car insurance providers and make sure you're finding the best quotes.
People who use the moneysupemarket.com car insurance comparison page save an average of £157 a year. So, if your premiums are rising, comparing the market is a great way to find the right cover at the lowest price possible.
There are other ways to reduce your premiums. Read our article 'Beat rising fuel prices' for our top tips on driving down the cost of cover.
Cover for younger drivers
The AA's findings are pretty bleak for younger drivers. Third party, fire and theft (TPFT) cover - the kind typically bought by new motorists - rocketed by 9.3% over the last quarter.
Newbies looking for cheap car insurance quotes may be less than impressed to discover the average quoted premium even for such basic protection is now £1,059.
Douglas is concerned premiums may be unaffordable or even encourage younger motorists to risk driving without insurance.
How to cut the costs
How to cut the costs
Whether you live in a low or high risk area there are always steps you can take to drive down the cost of your car insurance. Here are our top tips on how to ensure you get the most competitive deal possible:
*
Shopping around is the easiest and quickest way to save money. Many people assume loyalty pays but when it comes to insurance that is almost certainly not the case. Insurers know that many customers won't bother to move their cover elsewhere when their policy is up for renewal, so they reserve their best prices for new customers.
You should therefore shop around every year to compare prices from as many providers as possible to ensure you find the best deal. Moneysupermarket.com's car insurance tool makes this job easy as we compare prices from more than 100 insurers, cutting out all the leg work for you.
*
Look at ways to reduce your mileage. When you carry out a quote you will be required to enter the estimated miles you drive per year: the more you drive the higher your premium is likely to be. So car sharing with a work colleague or taking another form of transport to work a couple of times a week will cut your mileage and bring down the cost of your insurance.
*
Where you park your car overnight. This is a major factor when it comes to assessing the likelihood of you having to make a claim. If you can keep your car off the road overnight in a garage or on a driveway you are reducing the chances of it being vandalised, stolen or damaged by another vehicle. As a result, your premium will be lower.
*
It's not just where you live and where you park your car that affects the amount you pay. The car you drive is the main starting point for how the insurer will calculate your premium. For example, driving a sporty little number may look and feel good, but the bigger and faster the engine, the more you will fork out. Changing to a smaller engine may not do much for your street cred but it will do wonders for your wallet.
*
Increasing the excess you pay can cut your premiums considerably. Agreeing to pay a higher excess than you do currently is a good idea. However, you must remember in the event of a claim, you will have to stump up the excess amount - so make sure you amend this to an amount you can afford.
*
Add an older driver. Adding an older, more experienced driver to your policy could again reduce the cost of your premium, particularly if you are young and have only been driving for a year or two. However, this person should only be added as a named driver - don't be tempted to insure the car in their name if you are the main driver. This is known as fronting. It's illegal and could invalidate your insurance.
Whether you live in a low or high risk area there are always steps you can take to drive down the cost of your car insurance. Here are our top tips on how to ensure you get the most competitive deal possible:
*
Shopping around is the easiest and quickest way to save money. Many people assume loyalty pays but when it comes to insurance that is almost certainly not the case. Insurers know that many customers won't bother to move their cover elsewhere when their policy is up for renewal, so they reserve their best prices for new customers.
You should therefore shop around every year to compare prices from as many providers as possible to ensure you find the best deal. Moneysupermarket.com's car insurance tool makes this job easy as we compare prices from more than 100 insurers, cutting out all the leg work for you.
*
Look at ways to reduce your mileage. When you carry out a quote you will be required to enter the estimated miles you drive per year: the more you drive the higher your premium is likely to be. So car sharing with a work colleague or taking another form of transport to work a couple of times a week will cut your mileage and bring down the cost of your insurance.
*
Where you park your car overnight. This is a major factor when it comes to assessing the likelihood of you having to make a claim. If you can keep your car off the road overnight in a garage or on a driveway you are reducing the chances of it being vandalised, stolen or damaged by another vehicle. As a result, your premium will be lower.
*
It's not just where you live and where you park your car that affects the amount you pay. The car you drive is the main starting point for how the insurer will calculate your premium. For example, driving a sporty little number may look and feel good, but the bigger and faster the engine, the more you will fork out. Changing to a smaller engine may not do much for your street cred but it will do wonders for your wallet.
*
Increasing the excess you pay can cut your premiums considerably. Agreeing to pay a higher excess than you do currently is a good idea. However, you must remember in the event of a claim, you will have to stump up the excess amount - so make sure you amend this to an amount you can afford.
*
Add an older driver. Adding an older, more experienced driver to your policy could again reduce the cost of your premium, particularly if you are young and have only been driving for a year or two. However, this person should only be added as a named driver - don't be tempted to insure the car in their name if you are the main driver. This is known as fronting. It's illegal and could invalidate your insurance.
Top 10 most expensive areas in UK for car insurance
Top 10 most expensive areas in UK for car insurance
Average
lowest
quote Postcode Postal area
£873.45 M13 Ardwick / Longsight / Chortlon-on-Medlock, Manchester
£839.87 B10 Small Heath, Birmingham
£821.12 M8 Crumpsall / Cheetham Hill, Manchester
£819.93 L7 Edge Hill / Fairfield / Kensington, Liverpool
£818.79 BD8 Girlington / Manningham / Lower Grange, Bradford
£818.59 B11 Sparkhill / Tyseley, Birmingham
£814.04 B12 Balsall Heath, Birmingham
£809.72 B8 Washwood Heath / Ward End / Saltley, Birmingham
£808.58 E12 Manor Park, London
£805.20 BT12 Falls, Belfast, Northern Ireland
Average
lowest
quote Postcode Postal area
£873.45 M13 Ardwick / Longsight / Chortlon-on-Medlock, Manchester
£839.87 B10 Small Heath, Birmingham
£821.12 M8 Crumpsall / Cheetham Hill, Manchester
£819.93 L7 Edge Hill / Fairfield / Kensington, Liverpool
£818.79 BD8 Girlington / Manningham / Lower Grange, Bradford
£818.59 B11 Sparkhill / Tyseley, Birmingham
£814.04 B12 Balsall Heath, Birmingham
£809.72 B8 Washwood Heath / Ward End / Saltley, Birmingham
£808.58 E12 Manor Park, London
£805.20 BT12 Falls, Belfast, Northern Ireland
The 10 cheapest areas in UK for car insurance
Is yours one of the most expensive car insurance postcodes?
When it comes to car insurance, motorists in Scotland are having the last laugh as they pay the lowest premiums, according to new research from moneysupermarket.com.
Analysis carried out on one million car insurance quotes over the last 12 months has revealed that out of the top ten areas, seven of the cheapest postcodes are in Scotland. The hardest hit areas are postcodes in Birmingham and Manchester which feature six times in the top 10 most expensive areas - with motorists in Manchester standing to pay £500 a year more on average than those living in Scotland.
However, while Scotland may generally be the cheapest part of the country for car insurance, Truro in Cornwall actually bags the top spot among individual postcode areas. Penzance in Cornwall is also in the top 10 as is Bury St Edmonds in Suffolk.
Here's the list of the top 10 areas and bottom 10 areas for car insurance:
The 10 cheapest areas in UK for car insurance
Average lowest quote Postcode Postal area
£355.72 TR1 Truro, Cornwall
£374.99 KY12 Dunfermline, Scotland
£379.26 KY6 Glenrothes, Scotland
£379.69 DD5 Dundee, Scotland
£381.50 AB15 Aberdeen, Scotland
£382.76 IP33 Bury St Edmunds, Suffolk
£383.33 FK3 Grangemouth, Scotland
£384.75 IV30 Elgin, Scotland
£385.68 TR18 Penzance, Cornwall
£386.13 DD2 Dundee, Scotland
When it comes to car insurance, motorists in Scotland are having the last laugh as they pay the lowest premiums, according to new research from moneysupermarket.com.
Analysis carried out on one million car insurance quotes over the last 12 months has revealed that out of the top ten areas, seven of the cheapest postcodes are in Scotland. The hardest hit areas are postcodes in Birmingham and Manchester which feature six times in the top 10 most expensive areas - with motorists in Manchester standing to pay £500 a year more on average than those living in Scotland.
However, while Scotland may generally be the cheapest part of the country for car insurance, Truro in Cornwall actually bags the top spot among individual postcode areas. Penzance in Cornwall is also in the top 10 as is Bury St Edmonds in Suffolk.
Here's the list of the top 10 areas and bottom 10 areas for car insurance:
The 10 cheapest areas in UK for car insurance
Average lowest quote Postcode Postal area
£355.72 TR1 Truro, Cornwall
£374.99 KY12 Dunfermline, Scotland
£379.26 KY6 Glenrothes, Scotland
£379.69 DD5 Dundee, Scotland
£381.50 AB15 Aberdeen, Scotland
£382.76 IP33 Bury St Edmunds, Suffolk
£383.33 FK3 Grangemouth, Scotland
£384.75 IV30 Elgin, Scotland
£385.68 TR18 Penzance, Cornwall
£386.13 DD2 Dundee, Scotland
In your car
In your car
Of course, your house isn't the only expensive asset at risk if flooding does strike, your car is also at risk and many people have been caught out by rapidly rising water and ended up trapped in their vehicles.
The weather makes it very likely that some people will have to make a claim on their car insurance, but what can you do to limit the risk? Here are some key tips:
* If you're at risk of flooding, try to move your car to high ground where it will be safe.
* Check your route before you leave your home - phone work and check the Environment Agency's website to be sure you can reach your destination.
* Carry a fully-charged mobile phone with you so you can request help if you break down.
* Do not drive into water - even if it looks shallow, it could be deeper than you think.
* Avoid leaving your car if you do become trapped, unless you are in direct danger. There will be less damage to the vehicle if you are towed out of the water.
* Do not try to restart a stalled car if you're in the water - this will suck water into your engine and cause far more damage.
It really is preferable to avoid driving in water as you risk becoming stuck. However, if you have to then avoid driving at speed and avoid other traffic, so you do not swamp other motorists.
The Institute of Advanced Motorists recommends staying in first gear, keeping the revs high and never taking your foot off the accelerator, even slightly. That could allow water to travel up the exhaust pipe.
Once you are clear of the flooding, it suggests drying the brakes by lightly applying them as you drive.
At your business
Flooding can devastate businesses, particulary smaller companies that do not have a disaster management strategy.
* If you're at risk of flooding, make sure your data is backed up.
* Put arrangements in place to inform staff if the workplace is inaccessible - you could organise a phone chain so that each member of the team phones one other.
* Follow the advice for protecting your home and move any valuable documents or company possessions as high up as possible.
The Federation of Small Businesses has opened its £500,000 disaster recovery fund for member companies in Scotland, Lancashire, Cumbria and the north-east of England.
Small firms can apply for interest-free loans of up to £5,000 to help them overcome flood-related crises.
Where to check the weather
It's all very well urging you to check the weather situation before travelling if you're in an at-risk area, but where can you find this information?
The Environment Agency is responsible for issuing flood warnings in England and Wales.
In Scotland, you can check the Scottish Environment Protection Agency website.
The Met Office carries localised information on weather and flood risks.
Your local radio station is also likely to carry regular updates on the developing situation.
Local authorities will be offering relevant advice for your area and setting up centres for evacuees. It may well also be able to offer you emergency supplies, including sandbags.
Essential numbers
Floodline: An advice and support number run by the Environment Agency for England, Wales and Scotland.
0845 988 1188
The National Flood Forum: This charity, which exists to support people and communities being affected by flooding, has a wealth of information and supportive advice.
01299 403055
The Rivers Agency provides advice on flooding for those in Northern Ireland.
0300 2000 100
Keep your insurer's details and your policy number in a safe place.
In an emergency, do not hesitate to contact the emergency services.
Of course, your house isn't the only expensive asset at risk if flooding does strike, your car is also at risk and many people have been caught out by rapidly rising water and ended up trapped in their vehicles.
The weather makes it very likely that some people will have to make a claim on their car insurance, but what can you do to limit the risk? Here are some key tips:
* If you're at risk of flooding, try to move your car to high ground where it will be safe.
* Check your route before you leave your home - phone work and check the Environment Agency's website to be sure you can reach your destination.
* Carry a fully-charged mobile phone with you so you can request help if you break down.
* Do not drive into water - even if it looks shallow, it could be deeper than you think.
* Avoid leaving your car if you do become trapped, unless you are in direct danger. There will be less damage to the vehicle if you are towed out of the water.
* Do not try to restart a stalled car if you're in the water - this will suck water into your engine and cause far more damage.
It really is preferable to avoid driving in water as you risk becoming stuck. However, if you have to then avoid driving at speed and avoid other traffic, so you do not swamp other motorists.
The Institute of Advanced Motorists recommends staying in first gear, keeping the revs high and never taking your foot off the accelerator, even slightly. That could allow water to travel up the exhaust pipe.
Once you are clear of the flooding, it suggests drying the brakes by lightly applying them as you drive.
At your business
Flooding can devastate businesses, particulary smaller companies that do not have a disaster management strategy.
* If you're at risk of flooding, make sure your data is backed up.
* Put arrangements in place to inform staff if the workplace is inaccessible - you could organise a phone chain so that each member of the team phones one other.
* Follow the advice for protecting your home and move any valuable documents or company possessions as high up as possible.
The Federation of Small Businesses has opened its £500,000 disaster recovery fund for member companies in Scotland, Lancashire, Cumbria and the north-east of England.
Small firms can apply for interest-free loans of up to £5,000 to help them overcome flood-related crises.
Where to check the weather
It's all very well urging you to check the weather situation before travelling if you're in an at-risk area, but where can you find this information?
The Environment Agency is responsible for issuing flood warnings in England and Wales.
In Scotland, you can check the Scottish Environment Protection Agency website.
The Met Office carries localised information on weather and flood risks.
Your local radio station is also likely to carry regular updates on the developing situation.
Local authorities will be offering relevant advice for your area and setting up centres for evacuees. It may well also be able to offer you emergency supplies, including sandbags.
Essential numbers
Floodline: An advice and support number run by the Environment Agency for England, Wales and Scotland.
0845 988 1188
The National Flood Forum: This charity, which exists to support people and communities being affected by flooding, has a wealth of information and supportive advice.
01299 403055
The Rivers Agency provides advice on flooding for those in Northern Ireland.
0300 2000 100
Keep your insurer's details and your policy number in a safe place.
In an emergency, do not hesitate to contact the emergency services.
Why women win with car insurance
Well, moneysupermarket.com knows better than to wade into that particular debate but we can bring you some statistics that show what the car insurance companies believe.
Analysis of more than six million motor insurance quotes made through our website during the 12 months to June 2009 shows that men are paying an average of 71% more than women for their cover.
Why is this the case?
Insurance companies price for risk, and claims data shows that male drivers make more car insurance claims than their female counterparts.
Steve Sweeney, moneysupermarket.com's head of motor insurance, said: "Many insurance companies view women as being safer and more mature in the way they drive. This why their premiums are not only cheaper but also decrease with age at a much faster rate than those of men."
Isn't this just for teenagers?
Admittedly the price gap is at its widest for teenagers. An 18-year-old man will fork out an average of £2,318.83 a year for cover - that's 87% more than the average a female driver of that age will pay.
The good news for young drivers is that prices do start to fall once they reach their twenties; the average man then pays £1,004.25 a year - although the girls are still winning in the cost-stakes at an average of just £598.02.
Age Male Female Difference % difference
18 £2,318.83 £1,237.33 £1,081.50 87.41%
19 £1,873.31 £1,006.78 £866.53 86.07%
20s £1,004.25 £598.02 £406.24 67.93%
30s £473.13 £348.60 £124.53 35.72%
40s £331.08 £260.99 £70.08 26.85%
50s £249.16 £204.33 £44.83 21.94%
60s £200.41 £170.59 £29.82 17.48%
70s £217.90 £199.69 £18.21 9.12%
80s £308.82 £236.83 £71.99 30.40%
Average £885.86 £517.37 £368.49 71.22%
Analysis of more than six million motor insurance quotes made through our website during the 12 months to June 2009 shows that men are paying an average of 71% more than women for their cover.
Why is this the case?
Insurance companies price for risk, and claims data shows that male drivers make more car insurance claims than their female counterparts.
Steve Sweeney, moneysupermarket.com's head of motor insurance, said: "Many insurance companies view women as being safer and more mature in the way they drive. This why their premiums are not only cheaper but also decrease with age at a much faster rate than those of men."
Isn't this just for teenagers?
Admittedly the price gap is at its widest for teenagers. An 18-year-old man will fork out an average of £2,318.83 a year for cover - that's 87% more than the average a female driver of that age will pay.
The good news for young drivers is that prices do start to fall once they reach their twenties; the average man then pays £1,004.25 a year - although the girls are still winning in the cost-stakes at an average of just £598.02.
Age Male Female Difference % difference
18 £2,318.83 £1,237.33 £1,081.50 87.41%
19 £1,873.31 £1,006.78 £866.53 86.07%
20s £1,004.25 £598.02 £406.24 67.93%
30s £473.13 £348.60 £124.53 35.72%
40s £331.08 £260.99 £70.08 26.85%
50s £249.16 £204.33 £44.83 21.94%
60s £200.41 £170.59 £29.82 17.48%
70s £217.90 £199.69 £18.21 9.12%
80s £308.82 £236.83 £71.99 30.40%
Average £885.86 £517.37 £368.49 71.22%
Performance Car Insurance
Performance Car Insurance
Insurance tips for owners of high performance cars
If you are planning to buy a high performance car you'll be aware that insuring your dream car could be expensive. Here we look at steps you could take which may help to reduce the cost of insuring the sports car or hot hatch you've always wanted.
The specification of your performance car
A vehicle that's built for speed is likely to be in a high car insurance group. This is because acceleration and top speed are both considered when the Motor Insurance Repair Research Centre (Thatcham) carries out tests which are used in the recommendation of car insurance groups. Acceleration and top speed are taken seriously by insurers because claims statistics show that high performance cars often result in more frequent insurance claims.
If you are buying a high performance car you can search the Association of British Insurer's database to find the recommended group rating for the car you're interested in. By comparing similar models of a car you may find one which is in a lower group, this could attract a lower premium when you get quotes from insurers.
The cost of repairing a car is also taken into account when insurance groups are recommended, so it's worth doing some research into the car you're interested in. If parts are hard to come by or repairs are likely to be complicated and time-consuming it may be worth considering a different car.
Performance car mileage
If you can resist the temptation to drive your performance car all the time you may be able to find a lower insurance premium by reducing the number of miles you put on the clock each year. The fewer miles you do the lower the risk may be for your insurer.
Car security
High performance cars and their components tend to attract thieves, so you'll need to take security seriously. If you're looking to save money when you insure your dream car make sure you keep it in a locked garage at night.
Improving the security of your motor vehicle can also help towards reducing the cost of high performance car insurance. Your insurance company will be able to advise you on which approved devices to fit. Tracking devices and immobilisers are likely to attract the best discounts. A tracking device could be a sound investment if you consider your high performance car to be irreplaceable.
Driving safely
While performance cars are built for speed it's important to remember to drive carefully and stay within the speed limit. If you are caught speeding, a motoring conviction is likely to make insuring your high performance car much more expensive.
Insurance tips for owners of high performance cars
If you are planning to buy a high performance car you'll be aware that insuring your dream car could be expensive. Here we look at steps you could take which may help to reduce the cost of insuring the sports car or hot hatch you've always wanted.
The specification of your performance car
A vehicle that's built for speed is likely to be in a high car insurance group. This is because acceleration and top speed are both considered when the Motor Insurance Repair Research Centre (Thatcham) carries out tests which are used in the recommendation of car insurance groups. Acceleration and top speed are taken seriously by insurers because claims statistics show that high performance cars often result in more frequent insurance claims.
If you are buying a high performance car you can search the Association of British Insurer's database to find the recommended group rating for the car you're interested in. By comparing similar models of a car you may find one which is in a lower group, this could attract a lower premium when you get quotes from insurers.
The cost of repairing a car is also taken into account when insurance groups are recommended, so it's worth doing some research into the car you're interested in. If parts are hard to come by or repairs are likely to be complicated and time-consuming it may be worth considering a different car.
Performance car mileage
If you can resist the temptation to drive your performance car all the time you may be able to find a lower insurance premium by reducing the number of miles you put on the clock each year. The fewer miles you do the lower the risk may be for your insurer.
Car security
High performance cars and their components tend to attract thieves, so you'll need to take security seriously. If you're looking to save money when you insure your dream car make sure you keep it in a locked garage at night.
Improving the security of your motor vehicle can also help towards reducing the cost of high performance car insurance. Your insurance company will be able to advise you on which approved devices to fit. Tracking devices and immobilisers are likely to attract the best discounts. A tracking device could be a sound investment if you consider your high performance car to be irreplaceable.
Driving safely
While performance cars are built for speed it's important to remember to drive carefully and stay within the speed limit. If you are caught speeding, a motoring conviction is likely to make insuring your high performance car much more expensive.
Compare Car Insurance
Compare Car Insurance
How to compare car insurance quotes
Advisors struggle to compare PPOs.(Group Health Insurance): An article from: National Underwriter Life & Health
With so many car insurance companies to choose from in the UK, it can be difficult to know where to go for the best deal. Comparing car insurance quotes from the many different direct insurance providers, brokers and price comparison websites can be time-consuming and frustrating. To help you find car insurance that's right for you, here are some tips on comparing policies and information on what we can offer you as an insurance broker.
How do I find the best deal for my motor vehicle?
To find the right car insurance policy, you need to compare insurance quotes from several different providers, making sure you look at policy features as well as price. One way to do this is to make a chart, recording policy benefits, exclusions and costs. Things you might want to include are:
* the levels of compulsory excess you'll pay for things like accidental or windscreen damage
* the level of cover you'll receive against theft of your personal belongings
* whether or not a policy covers you to drive other cars
* whether a policy covers you for driving in Europe, and if it does, for how long
What about insurance price comparison websites?
Ill. exchange pres. looks to restore confidence. (Illinois Insurance Exchange President James E. Tait compares troubles to Lloyd's of London): An article ... & Casualty-Risk & Benefits Management
Using price comparison websites to compare car insurance quotes can save you time because they allow you to view prices for several quotes at once. Although the cheapest quote (in a list of quotes provided for comparison) may look attractive, it's important to look closely at the policy benefits as well as the price, particularly with cheaper quotes, where you may well receive fewer benefits if you decide to pay a lower premium.
How to compare car insurance quotes
Advisors struggle to compare PPOs.(Group Health Insurance): An article from: National Underwriter Life & Health
With so many car insurance companies to choose from in the UK, it can be difficult to know where to go for the best deal. Comparing car insurance quotes from the many different direct insurance providers, brokers and price comparison websites can be time-consuming and frustrating. To help you find car insurance that's right for you, here are some tips on comparing policies and information on what we can offer you as an insurance broker.
How do I find the best deal for my motor vehicle?
To find the right car insurance policy, you need to compare insurance quotes from several different providers, making sure you look at policy features as well as price. One way to do this is to make a chart, recording policy benefits, exclusions and costs. Things you might want to include are:
* the levels of compulsory excess you'll pay for things like accidental or windscreen damage
* the level of cover you'll receive against theft of your personal belongings
* whether or not a policy covers you to drive other cars
* whether a policy covers you for driving in Europe, and if it does, for how long
What about insurance price comparison websites?
Ill. exchange pres. looks to restore confidence. (Illinois Insurance Exchange President James E. Tait compares troubles to Lloyd's of London): An article ... & Casualty-Risk & Benefits Management
Using price comparison websites to compare car insurance quotes can save you time because they allow you to view prices for several quotes at once. Although the cheapest quote (in a list of quotes provided for comparison) may look attractive, it's important to look closely at the policy benefits as well as the price, particularly with cheaper quotes, where you may well receive fewer benefits if you decide to pay a lower premium.
Car Insurance Groups
Car Insurance Groups
How car insurance groups affect car insurance premiums
Group Insurance
If you're looking to save money and get a cheaper car insurance premium, it's worth thinking about how the insurance group your car is in affects your car insurance premium. Cars in lower insurance groups attract a lower premium, so it's worth understanding how insurance groups work.
Car insurance groups are set by the Group Rating Panel, which includes members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA). The panel meets each month to recommend an insurance group for each new passenger car built to a UK specification. 70% of the information used by the panel in its assessment is based on research conducted by the Motor Insurance Repair Research Centre (Thatcham).
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The car insurance market 1992: In revolution, evolution or cyclical change? (Mintel special report)
The panel assign cars to one of twenty groups. Cars in the highest groups, typically high performance models, are those which are likely to cost insurers the most in insurance claims.
Insurers may use the panel recommendations in their calculation of car insurance premiums but, as these groupings are provided as a recommendation only, they may choose to use their own groupings. Thatcham have recently introduced a new set of fifty groups, which they are using alongside the existing twenty groups in testing new cars. The move to fifty groups means that each model of car can be more accurately banded with similar cars. Some insurers are now using fifty groups in their premium calculations.
According to the ABI, the cost of motor vehicle repairs accounts for over half of all the money paid out in motor insurance claims, so it's no surprise that repair costs feature strongly in how the groups are defined.
Based on their research, Thatcham define the factors used to assess new cars as follows:
Damage and parts costs
This covers the likely extent of damage to each car model and the cost of the parts involved in its repair. The lower these costs, the more likelihood there is of a lower group rating.
Repair costs and times
Longer repair times mean higher costs and the greater likelihood of a higher group rating. Different paint finishes on modern cars are an important factor, so these are also taken into account.
New car values
The prices of new cars are taken into account, as they are often a good guide to the cost of replacement and repair.
Parts prices
A standard list of 23 common parts is used to compare the cost of parts from one manufacturer with those from another. The lower these costs, the more likelihood there is of a lower group rating.
Car performance
Acceleration and top speed are important factors. Insurers know very well, from their claims statistics, that high performance cars often result in more frequent insurance claims.
Car security
Security features fitted as standard equipment by motor manufacturers can help to reduce insurance claims costs. Such features include high security door locks, alarm / immobilisation systems, glass etching, coded audio equipment, locking devices for alloy wheels and visible Vehicle Identification Number (VIN) numbers.
How car insurance groups affect car insurance premiums
Group Insurance
If you're looking to save money and get a cheaper car insurance premium, it's worth thinking about how the insurance group your car is in affects your car insurance premium. Cars in lower insurance groups attract a lower premium, so it's worth understanding how insurance groups work.
Car insurance groups are set by the Group Rating Panel, which includes members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA). The panel meets each month to recommend an insurance group for each new passenger car built to a UK specification. 70% of the information used by the panel in its assessment is based on research conducted by the Motor Insurance Repair Research Centre (Thatcham).
Aviva goes solar; Aviva, the global savings, investment and insurance group, has announced its sponsorship of the Aviva Southern Aurora solar car, an entrant ... article from: Australian Banking & Finance
The car insurance market 1992: In revolution, evolution or cyclical change? (Mintel special report)
The panel assign cars to one of twenty groups. Cars in the highest groups, typically high performance models, are those which are likely to cost insurers the most in insurance claims.
Insurers may use the panel recommendations in their calculation of car insurance premiums but, as these groupings are provided as a recommendation only, they may choose to use their own groupings. Thatcham have recently introduced a new set of fifty groups, which they are using alongside the existing twenty groups in testing new cars. The move to fifty groups means that each model of car can be more accurately banded with similar cars. Some insurers are now using fifty groups in their premium calculations.
According to the ABI, the cost of motor vehicle repairs accounts for over half of all the money paid out in motor insurance claims, so it's no surprise that repair costs feature strongly in how the groups are defined.
Based on their research, Thatcham define the factors used to assess new cars as follows:
Damage and parts costs
This covers the likely extent of damage to each car model and the cost of the parts involved in its repair. The lower these costs, the more likelihood there is of a lower group rating.
Repair costs and times
Longer repair times mean higher costs and the greater likelihood of a higher group rating. Different paint finishes on modern cars are an important factor, so these are also taken into account.
New car values
The prices of new cars are taken into account, as they are often a good guide to the cost of replacement and repair.
Parts prices
A standard list of 23 common parts is used to compare the cost of parts from one manufacturer with those from another. The lower these costs, the more likelihood there is of a lower group rating.
Car performance
Acceleration and top speed are important factors. Insurers know very well, from their claims statistics, that high performance cars often result in more frequent insurance claims.
Car security
Security features fitted as standard equipment by motor manufacturers can help to reduce insurance claims costs. Such features include high security door locks, alarm / immobilisation systems, glass etching, coded audio equipment, locking devices for alloy wheels and visible Vehicle Identification Number (VIN) numbers.
Car insurance
To get a secure online car insurance quote, we need to have these detail before you start:
1. an estimate of your annual mileage
2. your car registration number or car make and model details
3. details of any car insurance claims you've made or points on your driving licence
Car insurance tips
Here are some car insurance that are useful.
Renting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business Journal
Renting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business JournalRenting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business Journal
* Young drivers' car insurance
* Car insurance for women
* Cheaper vehicle cover
* Cover for learner drivers
* Student motor insurance
Here are the some of best car insurance provider.
Why it pays to switch to the AA for car insurance
* Save time with quick and secure online motor insurance quotes
* We'll get you the best quote we can from our panel of leading insurers
* We show you our policy features and benefits before you get a quote, so you know what cover you'll get
* Get fully comprehensive cover with a truly comprehensive range of policy features and benefits
* 90% of our customers would recommend us to a friend**
1. an estimate of your annual mileage
2. your car registration number or car make and model details
3. details of any car insurance claims you've made or points on your driving licence
Car insurance tips
Here are some car insurance that are useful.
Renting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business Journal
Renting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business Journal
Renting a car this summer? Insurance tips for vacationers.(Focus: PERSONAL FINANCE and INSURANCE SERVICES): An article from: Westchester County Business Journal* Young drivers' car insurance
* Car insurance for women
* Cheaper vehicle cover
* Cover for learner drivers
* Student motor insurance
Here are the some of best car insurance provider.
Why it pays to switch to the AA for car insurance
* Save time with quick and secure online motor insurance quotes
* We'll get you the best quote we can from our panel of leading insurers
* We show you our policy features and benefits before you get a quote, so you know what cover you'll get
* Get fully comprehensive cover with a truly comprehensive range of policy features and benefits
* 90% of our customers would recommend us to a friend**
What is Insurance Fraud?
What is Insurance Fraud?
Insurance fraud is not a highly visible crime, but an extremely costly one. In fact, insurance fraud is the second most costly white-collar crime in America (tax evasion being the first).
Insurance Thrillers; Sinister Mysteries Centering About Insurance Frauds
Insurance fraud is any activity in which people use fraudulent means to obtain payouts from insurance companies. Industry organizations suspect that as many as 10% of insurance claims may actually be fraudulent in nature, demonstrating how common insurance fraud can be, and many fraudulent claims are never firmly identified, causing large losses for the insurance industry as it pays out on such claims. Consumers are impacted directly by insurance fraud even when they don't commit it, because insurance companies are forced to charge higher premiums to compensate for funds they lose due to fraudulent activity.
Insurance fraud costs consumers approximately $150 billion a year in damages, leaving the average family paying a minimum of $1,000 a year in higher insurance premiums and costs of goods and medical services.
What could be a reson for insurace fraud?
Car, life, health, and property insurance can all be subject to insurance fraud. In soft fraud, people simply exaggerate an existing, legitimate claim. For example, a driver involved in a car accident might claim that damage to the windshield was caused in the accident, even though it wasn't, forcing the insurance company to replace the windshield. In hard fraud, people actually make up a situation which would result in an insurance payout, either entirely on paper, as in the case of a medical provider who submits claims for services which were never provided, or in reality, as in the instance of someone who burns down a home to get an insurance payout.
Insurers have been struggling with fraud since they opened for business. A number of nations have laws in place which provide specific penalties for insurance fraud, making it a potentially dangerous activity to engage in, and many nations also support insurance company investigations with law enforcement investigations which are designed to identify and put a stop to fraud.
how to tackle insurance fraud?
Tackling Insurance Fraud: Law And Practice (Practical insurance guides)
how to claim on insurance fraud??
Putting a claim on insurance fraud. (Investigations): An article from: Security Management
Insurance fraud is not a highly visible crime, but an extremely costly one. In fact, insurance fraud is the second most costly white-collar crime in America (tax evasion being the first).
Insurance Thrillers; Sinister Mysteries Centering About Insurance Frauds
Insurance fraud is any activity in which people use fraudulent means to obtain payouts from insurance companies. Industry organizations suspect that as many as 10% of insurance claims may actually be fraudulent in nature, demonstrating how common insurance fraud can be, and many fraudulent claims are never firmly identified, causing large losses for the insurance industry as it pays out on such claims. Consumers are impacted directly by insurance fraud even when they don't commit it, because insurance companies are forced to charge higher premiums to compensate for funds they lose due to fraudulent activity.
Insurance fraud costs consumers approximately $150 billion a year in damages, leaving the average family paying a minimum of $1,000 a year in higher insurance premiums and costs of goods and medical services.
What could be a reson for insurace fraud?
Car, life, health, and property insurance can all be subject to insurance fraud. In soft fraud, people simply exaggerate an existing, legitimate claim. For example, a driver involved in a car accident might claim that damage to the windshield was caused in the accident, even though it wasn't, forcing the insurance company to replace the windshield. In hard fraud, people actually make up a situation which would result in an insurance payout, either entirely on paper, as in the case of a medical provider who submits claims for services which were never provided, or in reality, as in the instance of someone who burns down a home to get an insurance payout.
Insurers have been struggling with fraud since they opened for business. A number of nations have laws in place which provide specific penalties for insurance fraud, making it a potentially dangerous activity to engage in, and many nations also support insurance company investigations with law enforcement investigations which are designed to identify and put a stop to fraud.
how to tackle insurance fraud?
Tackling Insurance Fraud: Law And Practice (Practical insurance guides)
how to claim on insurance fraud??
Putting a claim on insurance fraud. (Investigations): An article from: Security Management
How do I make an insurance claim?
How do I make an insurance claim?
* Keep any evidence: Depending on the situation either get the names and addresses of any witnesses, keep any relevant receipts, or take photographs.
* Contact the broker/ insurer: Give them a ring then follow up with a letter, keeping a copy for yourself. They should send you a claim form, which you should fill out and send back ASAP. Send 2-3 professional estimates for the repairs with the form.
* Help with your claim.
listen to insurance claim in mp3.
* Keep any evidence: Depending on the situation either get the names and addresses of any witnesses, keep any relevant receipts, or take photographs.
* Contact the broker/ insurer: Give them a ring then follow up with a letter, keeping a copy for yourself. They should send you a claim form, which you should fill out and send back ASAP. Send 2-3 professional estimates for the repairs with the form.
* Help with your claim.
listen to insurance claim in mp3.
Types of insurance
types of insurance:
Types of insurance to consider for business.: An article from: San Fernando Valley Business Journal
Cafeteria plans offer flexible insurance options: This type of insurance coverage may benefit small-business owners and their employees.(Brief Article): An article from: Alaska Business Monthly
Melanoma care varies by region, insurance type.(Skin Disoders): An article from: Family Practice News
Two kinds of Insurance
There are two different kinds of insurance - life insurance and general insurance.
With life insurance you don't renew your policy each year. Instead, you agree to pay a fixed premium for a set number of years. In other words you enter a long-term commitment when you buy a life insurance policy.
What is the Difference?
General insurance pays out:
* if a car has an accident or is stolen;
* if a house catches fire or is burgled;
* if a holiday has to be cancelled;
* if someone is careless and damages other people's property.
Most life policies, on the other hand, pay out when an event happens;
* when someone dies;
* when someone survives beyond a specific date.
Anyone can buy life insurance but, of course, the premium will depend on your age, your health, and your occupation.
Husbands and wives can insure each other's lives. However, you cannot insure the lives of other people unless you have a financial involvement in their life. This principle of insurance is called "insurable interest".
There are many different types of insurance:
You are unlikely to need every single one of these, so read around, choose carefully and remember to read the small print.
* Travel: Holidays can be dangerous occasions - especially abroad. If someone falls ill it is much more difficult than it would be at home to cope with the situation. Medical treatment is expensive. More here.
* Household contents and building insurance: Contents insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewellery and so on. In other words, what you would take with you if you moved. Buildings insurance protects against damage to the actual structure of the home and to its fixtures and fittings. Contents and buildings policies can be bought separately or together in one package. More here.
* Car insurance: Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance. The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident. More here.
Life insurance: A means of providing for your dependents should you die early, but also a way to save cash through endowment policies or similar.
* Private medical insurance: This covers the costs of private medical treatment for curable short-term illness or injury. It means that should you become ill you could be treated immediately privately rather than being put on an NHS waiting list. More here.
* Critical illness insurance
: This allows you to insure your income/ health were you to become too ill to work later on in life, and protects any dependents/ loved ones from the financial consequences of such unexpected events. More here.
* Accident, sickness and unemployment cover: According to Moneyextra: "In 1999, 30,000 properties were re-possessed by mortgage lenders... Many lost their homes because they could no longer afford to pay their mortgage payments through an accident, sickness or unemployment." If you are planning on buying a house it may be sensible to think about getting some mortgage payment protection insurance.
* Pet insurance
: This basically helps you foot the vet's bills if your pet gets poorly. By paying regularly into an insurance policy it means you have paid for the bill gradually rather than having to find the money for a steep bill when you can least afford it. More here.
Types of insurance to consider for business.: An article from: San Fernando Valley Business Journal
Cafeteria plans offer flexible insurance options: This type of insurance coverage may benefit small-business owners and their employees.(Brief Article): An article from: Alaska Business Monthly
Melanoma care varies by region, insurance type.(Skin Disoders): An article from: Family Practice News
Two kinds of Insurance
There are two different kinds of insurance - life insurance and general insurance.
With life insurance you don't renew your policy each year. Instead, you agree to pay a fixed premium for a set number of years. In other words you enter a long-term commitment when you buy a life insurance policy.
What is the Difference?
General insurance pays out:
* if a car has an accident or is stolen;
* if a house catches fire or is burgled;
* if a holiday has to be cancelled;
* if someone is careless and damages other people's property.
Most life policies, on the other hand, pay out when an event happens;
* when someone dies;
* when someone survives beyond a specific date.
Anyone can buy life insurance but, of course, the premium will depend on your age, your health, and your occupation.
Husbands and wives can insure each other's lives. However, you cannot insure the lives of other people unless you have a financial involvement in their life. This principle of insurance is called "insurable interest".
There are many different types of insurance:
You are unlikely to need every single one of these, so read around, choose carefully and remember to read the small print.
* Travel: Holidays can be dangerous occasions - especially abroad. If someone falls ill it is much more difficult than it would be at home to cope with the situation. Medical treatment is expensive. More here.
* Household contents and building insurance: Contents insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewellery and so on. In other words, what you would take with you if you moved. Buildings insurance protects against damage to the actual structure of the home and to its fixtures and fittings. Contents and buildings policies can be bought separately or together in one package. More here.
* Car insurance: Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance. The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident. More here.
Life insurance: A means of providing for your dependents should you die early, but also a way to save cash through endowment policies or similar.
* Private medical insurance: This covers the costs of private medical treatment for curable short-term illness or injury. It means that should you become ill you could be treated immediately privately rather than being put on an NHS waiting list. More here.
* Critical illness insurance
: This allows you to insure your income/ health were you to become too ill to work later on in life, and protects any dependents/ loved ones from the financial consequences of such unexpected events. More here.* Accident, sickness and unemployment cover: According to Moneyextra: "In 1999, 30,000 properties were re-possessed by mortgage lenders... Many lost their homes because they could no longer afford to pay their mortgage payments through an accident, sickness or unemployment." If you are planning on buying a house it may be sensible to think about getting some mortgage payment protection insurance.
* Pet insurance
: This basically helps you foot the vet's bills if your pet gets poorly. By paying regularly into an insurance policy it means you have paid for the bill gradually rather than having to find the money for a steep bill when you can least afford it. More here.
Principles of insurance
auto insurance quote
Principles of insurance
| |
 |
- Large number of homogeneous exposure units...
- Definite Loss.
- Accidental Loss.
- Large Loss.
- Affordable Premium.
- Calculable Loss.
- Limited risk of catastrophically large losses.
what is insurance??
auto insurance quote
what is insurance??
Insurance is a precaution against a possible unwanted outcome: in life and in business, it's a way of managing risk and keeping things on the move.
Insurance is the promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss.
An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
We use insurance to protect against the possibility of loss, usually financial. When we buy insurance, we transfer our risk to someone else in exchange for a payment or premium. Then, if we suffer a loss, insurance puts us back into a position pre-claim (reinstatement).
It works because insurance companies group together a large number of people who all feel exposed to the same possible circumstances. The company knows that, in any one year, the total premium collected from the group of people should cover the cost of the claims made by the unfortunate few who actually suffer a loss.
In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation.
Basically, insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.
what is insurance??
Insurance is a precaution against a possible unwanted outcome: in life and in business, it's a way of managing risk and keeping things on the move.
Insurance is the promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss.
An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
We use insurance to protect against the possibility of loss, usually financial. When we buy insurance, we transfer our risk to someone else in exchange for a payment or premium. Then, if we suffer a loss, insurance puts us back into a position pre-claim (reinstatement).
It works because insurance companies group together a large number of people who all feel exposed to the same possible circumstances. The company knows that, in any one year, the total premium collected from the group of people should cover the cost of the claims made by the unfortunate few who actually suffer a loss.
In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation.
Basically, insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.
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