The Truth Behind the Rise and Rise Of Car Insurance Premiums

With the average car insurance quote now hitting a record £971 as of 2012, people have started wondering whether or not premiums are even likely to take a downturn. The figure of £971 comes as a more than double of the sum in 2005, a light £446. With skyrocketing petrol and diesel costs and sky-high cost of living, citizens are now under enormous pressure to keep their households afloat.

Research has unearthed some of the reasons why UK’s £9.4 billion car insurance market is hiking it’s premiums. First off, if research is to be believed, the primary reason behind soaring premiums is fraud and greed.

Most policy holders, who have been involved in accidents where they have been hit from behind, are claiming personal injury as a result of having hurt their neck when the collision occurred. This dodgy practice, known as whiplash, has increased to account for more than half a million claims that take place every year. Despite the falling number of accidents, insurance experts have claimed that this practice has added £90 to the average policy rate.

Also, car insurance comparison websites and companies have found that every year, almost £2 billion is paid off as compensation to such claimants, more than a quarter of whom have been proven to be fraudulent.

However, insurance companies have little choice, since cases such as these are very hard to disprove and it becomes quite a task to discern the difference between a genuine claim and a fake one. This causes a reduced settlement out of court, nevertheless which still sets back the insurance company by a lot. So, in order to compensate for the losses sustained, the insurance companies hike their premiums. That is when people who compare car insurance online cry out in frustration since they are not able to find cheaper car insurance quotes. And the cycle continues.

Is it time for your landlord insurance review?

If you ask when might be the time for a landlord insurance review, the answer is likely to be summed up in just one word – regularly. Not only might your circumstances and those of your buy to let property change, so too might the range of different insurance options available to you in the market.

When you arranged your insurance it was likely to have been to protect your investment in the buy to let property you bought, the contents you installed in it and the obligations and responsibilities you took on as a landlord. So, what might have changed?

Your property

A core component of your cover is typically the buildings insurance to protect the structure and fabric of the property itself against such major perils as fire, flooding, storm damage, impacts and falling objects. It is important that the total sum insured under this heading is sufficient to completely rebuild the premises in the event of a major disaster.

The reason for a regular landlord insurance review, therefore, is to ensure that the valuation of the property, together with its current estimated rebuilding cost, is kept thoroughly up to date. If reconstruction costs have risen and you remain under-insured, of course, you may find it impossible to replace your investment.

Your contents

Similarly, time is unlikely to have stood still when it comes to any equipment, furniture, furnishings or fittings you have installed in your letting. However careful you might have been when first drawing up an inventory of the contents you owned, this may become increasingly obsolete as new items are added or old ones replaced.

A regular landlord insurance review may help you to ensure that all of the contents remain adequately insured and in a position to replace any items lost or damaged under the insured risks.

Your business

There might also have been changes that reflect more subtly on your buy to let landlord insurance.

Perhaps your tenants are now more regularly drawn from a population of students, benefits claimants, or new arrivals to the UK, for example. You may wish to review whether your insurance continues to accept tenancies from these groups of potential customers.

You might have become more worried about the risk of malicious damage caused to your property by your tenants. Did you know that some buy to let landlord insurance policies include cover for such malicious damage as a standard feature? It may be reason enough for you to change insurers.

If you anticipate gaps of over 30 days (or 45 days with some insurance providers) between tenant handovers, when the property is going to be standing empty, you may wish to consider the safeguard of unoccupied insurance.

If your buy to let business is flourishing and you have come to depend on the income it generates, you might want to ensure that your current insurance offers an element of compensation for lost rental income in the event of one of the insured risks making the premises temporarily untenantable. Although there are likely to be limits to the amount of compensation you may be able to claim, a landlord insurance review might reveal that some policies include such protection as standard.

Selecting the Best Car Insurance Broker

If you’re getting a car insurance policy, then you want to be sure that you’re getting the right amount of coverage to suit your needs, while still getting a price that you can realistically afford. Although this may seem impossible to you, it isn’t the case, as there are resources you can tap into in order to find the best car insurance broker for you. It does take a little time and commitment, but you’ll be able to be confident in your decision that you’ve made to hold your policy with a particular company versus all others. Here is what you can do to find out who the best insurance broker is for you.

Is there a local body shop in your area that does great car repairs? Many of these body shops are an excellent resource with employees you can speak to in order to get advice on good car insurance companies in your area. Many of these body shop employees actually have to deal with insurance company agents and insurance claims personally, so they have a significantly accurate insight into the level of difficulty it takes to interact with these companies, and the level of difficulty to file a claim.

Check online with websites and agencies that offer reviews and recommendations, as well as accurate data about current insurance policy offerings, that you can use to help you in making your decision. Many of these websites have a reputable rating process that can help you objectively look at companies that can offer you what you need in terms of insurance coverage, as well as their price points for this coverage. Looking at many of these sites, while making sure that they are reputable, is important to get a larger perspective and more objective opinion about the various companies that will give you a car insurance policy.

All companies that are public trade stocks and have a financial rating that is important to consider, when looking at the financial health of the company, you can see and get a sense of if they have the funds to pay and train staff who can properly handle your claims, and also if they are financially stable enough to make sure to be around by the time your policy is up for renewal. The last thing that you want to do is to sign up for a low premium policy, that may even seem too good to be true, only to find out that they are in trouble financially, and that they can’t pay your claims, should you get into an accident.

If you’re someone who prefers the guidance of an insider expert, then it may be time that you begin to consider working with an agent personally, on getting coverage at a price that is right for you. All major insurance companies have a staff of agents who handle policies and claims, and they are a great resource for questions and concerns that you may have in terms of your insurance policy.

The types of motorcycle insurance

Riding a motorcycle is very convenient because it lets you move across congested areas with ease. Searching for a parking space is also easy because all you need is a small space for it. However, riding a motorcycle is also very risky. In fact, many accidents involve motorcycles. That is why getting motorcycle insurance is a must.

Before acquiring motorcycle insurance, it is important to first identify the different types and its key features and scope of coverage. This way, you would be able to choose one that can best satisfy the coverage that you need. There are many types of motorcycle insurance, each one having unique features. It is possible for one to have different motorcycle insurance.

Uninsured Coverage – this type of motorcycle insurance can serve best in the event that an accident occurs and the involved person does not have any insurance. Without insurance, you would not be able to get any form of assistance in getting your motorcycle repaired. The uninsured coverage can also should medical expenses and therapeutic services provided by a third party.

Under insured Coverage – as the name suggests, this type of motorcycle insurance can cover for expenses resulting from an accident wherein the other person does not have enough insurance to cover all expenses incurred.

Collision Coverage – this is the most commonly acquired motorcycle insurance. When an accident occurs, everything is covered including expenses for repair and rehabilitation of the motorcycle. An important note here is that it does not matter who is at fault in the accident. This will ensure that no matter what, you will receive your money and you will soon enough have the ability to buy a new motorcycle – the point of this type of coverage is that when something happens you can rest assured that it will be fixed without having to figure out whose fault it is and start digging up in your pockets for more money.

Bodily injury coverage – as the name implies, this motorbike insurance only works if you were the one at fault in an accident. It can pay for both property damages and bodily damages. Moreover, it can pay for any form of damages that happened to the other person. This ensures the fact that you will not have to spend one penny out of your pocked in the event of something terrible happening to you or your copilot. The point is when these kinds of things happen, it’s best to be insured all the way since you don’t have time to dig for more papers or more money in such moments. It might be a lifesaver to the both of you if you consider this type of coverage.

Regardless of the type of motorcycle insurance that you plan to take, make sure that you read and understand everything that is in the policy documents before signing or paying. Also, review your policy upon renewal in order to see if there are changes needed to be made with regards to coverage and other guidelines.

Car Insurance and the New 80mph Motorway Speed Limit

The government is expected to announce an increase in the motorway speed limit to 80mph, which could be implemented as soon as 2013.

At the moment, the speed limit on Britain’s roads is 70mph, but it’s estimated that 50% of drivers on motorways regularly drive faster than that.*

Some groups have already said that the number of car insurance claims would increase as a result of the new speed limit, as drivers have less time to react and avoid an accident at faster speeds. Meanwhile, government ministers are arguing that the 80mph speed limit could boost the economy, cutting journey times and making delivery times faster.

If the increase does go ahead, careful drivers will be looking at ways to stay safe and cut the risk of car insurance claims. So here are some tips to drive safely at high speeds:

Don’t tailgate:
It’s tempting to stick close to the car in front in poor driving conditions as visibility is limited, but this is one of the worst things you can do. Drop back, and leave a four-second gap between cars. Even if road conditions are good you should still leave a minimum gap of two seconds but this would be even more if you’re going above 80mph.

Indicate early:
If you’re going to change lanes at high speeds on the motorway, let other road users know in plenty of time. Use your indicators nice and early and they’ll have time to anticipate what you’re doing and make room if necessary.

Overtake safely:
It’s essential that you overtake carefully on a motorway as you might only be driving a few miles an hour faster than the car you’re passing. As well as checking it’s clear from behind, make sure you have somewhere to go once you’ve overtaken so you don’t have to ‘cut in’ or force another driver to slow down to make room for you.

Remember the speed limit is a guide:
Even if the government does go ahead and change the motorway speed limit to 80mph, it doesn’t mean you have to drive at that speed. It’s a maximum speed designed for when the driving conditions are ideal. Judge what’s comfortable for you, and bear in mind factors like the weather and amount of traffic around you. Driving at 80mph rather than 70mph means you’ll use 20% more fuel**, so if money-saving is important to you it’s better to maintain a steady, slower speed and avoid braking hard.

*Latest Department of Transport figures
** According to Greenpeace

Company Profile:
John Lewis Insurance offers a range of insurance services selected by the John Lewis Partnership. These include pet, life, travel, wedding, event, home and car insurance products.
For more information about John Lewis Car Insurance please visit the website here - http://www.johnlewis-insurance.com/homepage/car-insurance.html.

How to Get a Cheap Motorcycle Insurance Quote

All right! You’ve got the ride, the rubber on the road, slow and low, bro, and (reality check) you need to insure it. How do you get the cheapest quote? Well, motorcycle insurance operates the same as any other form of insurance—the company considers risk before anything else. Risk equals all the circumstances, conditions and the elements that make up your lifestyle. Some of it is about your bike, too. Here are some things they look for:

1. What kind of motorcycle did you buy? The newer and pricier the model you’re driving, the more expensive the insurance. Replacement costs figure into this, since you’re insuring both the bike and you, and it’s more expensive to replace (or partially replace) a newer bike than an older “classic” one.
2. What’s your zip code (that’s right, zip code)? A higher-crime neighborhood means higher insurance rates, so you might want to tool over to a safer living space if you can.
3. Where’s your job? A longer commute means higher rates.
4. How old are you? Are you living a second youth, although you’re middle-aged, buying this motorcycle to fulfill a vision from your glory days? Well, good for you, because the older you are, the cheaper the insurance rates (it’s the young bikers that are the bigger risks on the road).
5. What’s your driving record? Accidents and moving violations do count, and can add to the cost of your insurance. You knew that already, didn’t you?

That’s what the insurers will want to know about you. Here’s what YOU should know about THEM:

1. Not all firms are the same, and many policies are competitively priced; you should visit several websites and obtain a dozen or so quotes (they are usually provided quite conveniently on the site) to find the best one.
2. Keep your mileage low. If the bike is recreational, walk or use the car for job or business, and pocket the savings!
3. Keep the bike safe—in garage, storage shed, even in the house if you can get away with it. Sheltered and protected bikes earn discounts.
4. Take a few DMV motorcycle/safety classes. You get a cool certificate you can frame, and a cool discount for being a well-trained driver.

The point is, motorcycle insurance is incredibly important – not only it can be quite a money saver in case something happens but it will protect you from conflicts with the police (as you may or may know, insurance is necessary). However, rather than looking it from a “must do” point of view, look at it as one great advantage, an investment that makes sure everything is taken care of in the unfortunate case when your bike is damaged. After such an accident, you needn’t worry how to persuade people into lending you the money you need or digging deep into your pocket in order to pay for the damage. No, it’s all covered.

Now that you know the score, get insured! And keep the rubber on the road!

Your home insurance quote

If you have searched around for some home insurance quotes, you may find that they are comprised of two different sections:

• buildings cover; and
• contents cover.

Buildings cover

Home buildings insurance is the part of the insurance that covers the bricks and mortar side of your home. So if the property is damaged or destroyed by an insured risk, your insurer should step in and pay for the bulk of the costs of the repairs and rebuilding.

When you are comparing home insurance quotes, you may wish to make sure that you are comparing them on a like for like basis. Are the risks that are covered the same? What about the estimated response times in the details of the claims procedure? Does your chosen insurer give you a dedicated claims handler within a matter of hours?

Contents cover

Your views about the contents side of the cover may depend on what you actually keep in your house. If you have a collection of valuable art of antiques, it may be wise to get them separate cover, as many insurers may have a single item limit which caps the amount they would pay out for individual things.

Before you sign up for a home insurance policy, you may wish to make a list of the items you wish to cover. It may surprise you to discover how much your contents are worth.

What about the basis on which your insurer would pay for replacement contents? Would they pay compensation on the basis of getting you “new” contents, or on the basis of replacing your things as second hand?

Other terms and conditions

Whilst you may not enjoy reading the small print, it may be worth sitting down and looking through the other details of the home insurance quotes, to make sure that you are going to be comparing them on an even footing. Issues you may wish to take into account may include what terms and conditions the insurer has. For example, some insurers may insist on their customers having a particular standard of locks installed, which may be something that you want to find out about before you make a claim, rather than after!

The cost

The cost of cover will depend on the insurer but often buying online, or buying a combined buildings and contents policy, may often attract a discount. However, it is worth knowing what sort of deals are available when you get your home insurance quote, to help you choose what is the most suitable policy for you.

Comparing home insurance deals

Have you got any home insurance in place? Most mortgage providers will insist that a term of your mortgage is to have buildings insurance in place. However, you may want to think about insuring your contents too. If you have ever considered it to be an optional extra, you may wish to think about what you might do if you house and its contents were ever destroyed. Would you be able to replace them from your own funds?

Home insurance may include buildings cover, contents insurance or both. Getting a combined policy may sometimes be more cost efficient than purchasing the two types of cover separately.

What insurers need to know

When you apply for home insurance, insurers may typically want to know:

• your name, address and telephone number;
• the address of the house cover is being sought for;
• the estimated rebuilding cost of your house (which should be on your homebuyer’s survey);
• the estimated value of the contents that you want insured;
• details of the security measures you may have in place.

Checking the quotes

Rather than just reviewing a line of prices for home insurance and picking the least expensive, you may wish to make sure that you are comparing them on a like for like basis.

So ask yourself whether the same risks are covered in the policies, and whether the level of customer service you could hope to receive is the same with each insurer.

The policies themselves

Unless you read it carefully, you may assume that the “small print” is the same for all insurers. However, this may not necessarily be the case. So you may wish to pay attention to:

• the excess. This is the lowest amount for a claim that an insurer will accept. As the insured person, you would have to pay the amount of the excess on any successful claim;
• the limitations and exclusions. This may be particularly relevant with the contents part of the policy, as some insurers may typically have limits on the minimum values on the amounts that they will pay out for individual items. Accordingly, if you have anything of very high value, you may wish to let your insurer now so that they can take special note of it and possibly charge a little extra for the cover;
• the claims procedure. Finally, how easy or difficult is it to claim on your home insurance? The time it takes to replace your contents may not be so urgent when it comes to clothes, books and shoes, but what about white goods and the time it takes to repair damage to the structure of your building? Having home insurance is only useful if the insurer is prepared to help you with a claim as soon as possible.

Is your car insurance sorted?

Car insurance may be something that we think about once a year when the reminder plops onto the doormat. But realistically, in order to the get the most suitable deal for your needs, you may wish to shop around for a competitive set of car insurance quotes.

Getting a quote

Getting a quote for motor insurance need not be a time-consuming exercise. Many of the financial institutions such as offer online car insurance quotes.

How do insurers price car policies?

Car insurance may be priced on the basis of the information that you supply to the insurers. For example, a typical application form for cover may ask for details of your:

• car’s make, model and registration number;
• own name, age and address;
• details of where the car will be kept (e.g. on the road, on a drive or in a garage);
• value of the car;
• what security features (e.g. special alarms, wheel locks etc) are fitted;
• details of who will be driving it;
• how many miles per year you estimate that you cover;
• whether you plan to leave the country with the car; and
• whether you have any no claims bonuses from any previous policies.

If you do have a no claims bonus, you may have to provide evidence of this by sending in your original insurance certificate when you take out a new policy.

While filling in these kinds of forms can seem dull, it is important that you take care to submit accurate information. If the insurer discovers that the insurance was given on the basis of information that was not accurate they may not pay out on any claims that are made on the policy.

What about the service that you receive?

Hopefully, you will not need to make a claim on your insurance policy. But if you do have to make a claim, what service can you expect to receive?

When you have got some quotes together, you may wish to check to see how the insurers compare from the point of view of customer service. Are the claims lines open as often as you would like? Will you be put through to a “real person” or to a glorified answering machine? These are issues that may be very important if you ever had to make a claim on your car insurance policy.

Increase Your Home’s Value with These Home Improvement Tips

One of the first things a new homeowner should learn is that there are many ways in to increase the value of the home, even if they just purchased it. This is especially important for the homeowner who is getting ready to sell, though, as they will want to get the best price possible. The following are some home improvement tips that will show you an immediate increase in value:

The first tip is something that most homeowners forget about. Making sure that you have adequate home insurance is crucial. Any repairs you plan on doing to your home could easily turn into devastation if a fire or flood were to happen. You need to make certain you are covered in a disaster.

Your roof is what is going to protect your home from harm. By updating the roof on your house, you are going to make sure the inside is not damaged by wind or rain. This should be at the top of your list of things to get done.

Windows are another important factor in the value of the home. If your windows are old, the chances are likely that you are losing a lot of money with heating and cooling costs. Anyone interested in buying a home is going to make the quality of the windows a huge part of their decision.

The kitchen and bathroom are both rooms in the house which causes the value of the home to go down. Functional obsolescence is something you do not want to see in an appraisal. It simply means that even though the room is functional, the fixtures and appliances should be updated.

Along with updating the kitchen and bath, you will want to consider what the outside of the home looks like. Curb appeal is something that will decide whether or not someone is going to buy your home or not. The key is to make the outside nice enough that they will want to see the inside.

The above home improvement tips are just a couple of ways that you can start to improve your home’s value. Painting the walls fresh, updating the flooring, and making sure that everything is in good repair is going to go a long way. Improving the value in your home with updates and repairs is easily going to get you more money from a sale or allow you a higher amount to borrow against the value.

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