How to Reduce Your Insurance Costs

With rising costs and a scarcity of jobs, it’s no wonder that people are looking for more and more ways to lower their bills or eliminate various expenses altogether. When money is tight, insurance might seem like something you can live without–but that couldn’t be any further from the truth. An insurance policy is not a mere luxury that you can cut to save some money, it is a necessity. If you own a home, automobile, or business–it’s often mandatory that you carry insurance coverage. Insurance protects what you’ve worked hard for, and in the event of an accident or disaster, you could find yourself in a financial mess if you choose to forgo coverage. Fortunately, there are many ways that you can lower your insurance premiums without sacrificing the coverage you need to safeguard yourself, family, and your assets. Highlighted for you here are some tips and suggestions to consider that may make your policies more affordable.

Review and Update Current Policies

If you haven’t examined your current insurance policies in a while, now is a good time to get them out and take a closer look at what they cover and how much you’re paying for them. Automobiles, for example, depreciate in value each year. The older a car gets, the less valuable it becomes–yet you may still be paying for new car coverage that you no longer need. Examination of your insurance policies shouldn’t end there, though–you need to examine the other types of policies you pay on as well. If you’re a homeowner, ask yourself if you’ve made any changes or improvements to your home since purchasing your policy. If you’ve done some major repairs or updates that make your home a safer place, you may qualify for a lower premium. Updated made to your home make you less of a risk to your insurance company, and there are rewards for that in the form of reduced rates. Routinely reviewing your insurance policies and adjusting them to your present-day needs may lower your premiums substantially.

Minimize Your Risks

The more risk you pose to an insurance company, the higher your premiums will be. If you want to lower the cost of your policies, look for ways to reduce risk factors. Do you own an older home? If so, you may be paying higher premiums simply because systems like electrical, heating, or plumbing are outdated and potentially hazardous. Do you live in an area that is considered unsafe due to high crime or frequent storms and other natural disasters? If the answer is yes, your premiums undoubtedly will reflect that. Consider how much money you might save by making necessary updates to your home, weather-proofing it, or installing an alarm system. Some of these updates may be expensive, but in the long run they may be worth it if you’re premium costs go way down.

In addition, there are other risks that insurance companies look for, and eliminating them might save you money on multiple policies. If you’re a smoker, not only will you pay more for health insurance, you may be paying more on your homeowner’s or renter’s policy as well. Kicking the habit will allow you to pay lower premiums on both of these important policies. Another risk that insured people often forget about is the one caused by aggressive pets in the home. There are specific types and breeds of animals that insurance companies aren’t fond of. The next time you decide to adopt a pet, you may want to consider choosing an animal that won’t frighten visitors, not to mention your insurance company!

Increase Your Deductibles

Increasing the deductibles on your current policies is a sure-fire way to instantly lower premiums. Insurance companies usually offer several different deductible options to choose from–the higher the deductible, the lower the monthly premium and overall cost of the policy. Making the decision to raise a policy deductible should be made with care–if you don’t have money in the bank to pay a deductible should you need to, it may not be the best option for you. If you’re current deductible is low, a reasonable decision might be to increase it slightly. Finding a happy medium will allow you to reduce the cost of your policy without an enormous deductible looming overhead.

Bundling Policies

When it comes to insurance, the term “bundling” refers to buying more than one policy from the same company. If you currently purchase policies from more than one insurance company, you should consider the notion of getting them all from the same place. Most insurance companies will allow you to customize a bundle that will meet your insurance needs and may include any or all of the following: homeowners or renters, automobile, business, health, and life. Shop around and compare quotes from different companies so that you can find the best bundling option for you.

Find a Top-Notch Agent

Insurance policies often include a lot of fine print, and navigating your way through your policies and options can be as challenging as attempting to learn a foreign language. Don’t be afraid to contact an insurance agent to help you sort out what you’ve got, find out what you really need, and figure out some different ways of lowering your insurance bills. It doesn’t hurt to get second opinions, either–consult with reputable agents from multiple companies and you’ll find out in a hurry if you’re paying too much for your insurance policies. In order to reduce costs, you may want to switch to a different company altogether.

Although insurance policies offer valuable protection that most people can’t afford to go without, the cost to maintain them can be overwhelming–especially if you’re on a limited budget. If you would like to reduce the amount of money you’re spending on insurance, take the time to explore some of these money-saving suggestions. You might be surprised at how much you’ll save just by making a few simple changes.

Guest post from Jessie Mars. Jessie writes for the Insurance Quote Guide.

Let’s talk about lifestyle insurance

If lifestyle insurance sounds to you to be something like a disposable fad, you would be mistaken:

• lifestyle is something that applies to many people and not simply just to high income professionals;
• if you look around you, the chances are that you will see a number of elements of your life that are only made possible because you have some form of regular income;
• perhaps that might include things such as your car, your property (mortgage or rent) or the fact that you feed and clothe your children;
• some or all of these things may be put at risk if you are unable to work due to sickness, accident or redundancy;
• of course, in such circumstances you may get some state aid but that might be unlikely to go far in terms of you maintaining those aspects of your lifestyle that are precious to you;
• fortunately, you may have options to help protect yourself through what is sometimes called lifestyle insurance;
• this type of cover may kick in and help you should misfortune strike - and it comes in a number of different flavours;
• for example, you may be unable to work for an extended period of time if you are waiting for non-urgent treatment on the NHS, if so, you may value having private medical insurance (PMI) that would enable you to have fast treatment at a hospital of your choice;
• another form of cover possibly worth considering is payment protection income (PPI). That operates on the basis of undertaking to pay certain of your regular monthly outgoings for you (e.g. your mortgage) in circumstances where you had lost your income for a reason covered by the policy;
• those payments might continue for up to a maximum of 24 months or until such time as you successfully find alternative forms of income (whichever is the sooner);
• unfortunately, not all illnesses that might rob you of your ability to earn money, may prove to be easily treated or cured. If you are unable to work on a long-term basis due to a serious illness or accident, income protection insurance may generate an ongoing monthly income for you. Potentially, that may last until your date of normal retirement;
• not all circumstances where you lose income may be covered by lifestyle insurance. If you have created the situation personally through things such as resignation, dismissal or taking a career break, these types of policies typically will not be able to help you;
• you may be able to find examples of these types of cover online, as well as significant amounts of further information, through organisations such as Drewberry health insurance and others.

What are the costs of being a landlord?

Despite the ups and downs of the property market in recent years, buy to let investments are still popular. British investors are still fond of property as an investment class, perhaps because it is more tangible than complicated financial products.

But whilst it may be easy to research what properties may fetch in terms of rent in your area, the costs that may be deducted from that income may be less easy to determine.

Financing costs
If you need a mortgage to purchase your buy to let property, there may be a number of products available. As part of the process of getting a quote, you may be given an illustration telling you how much your monthly payments would be for each particular amount.

Managing agent?
Do you intend to be a “hands on” landlord, managing the property yourself, or do you intend to use a managing agent? There are a number of pros and cons to be weighed up when you make this decision. An argument against using a managing agent may be their costs. Make sure that you get a quote from them that is transparent – do they do everything for you?

Managing agents can take the stress out of being a landlord. For example, you may prefer that someone else is rung up in the middle of the night by a tenant who has a leaky pipe!

On the other hand, if you have the time and the inclination, you may find that you enjoy managing your property yourself. You may, for example, enjoy the contact with tenants, and get some satisfaction from providing a good service to them. You might also believe that your buy to let property is so important an investment that you only trust yourself to look after it yourself.

Maintenance costs
Even an immaculate property may need maintenance from time to time. Between tenants, for example, you may have to carry out repairs to the property and redecorate to freshen the place up.

Even if no maintenance work has to be done, you may need to carry out health and safety checks on the boiler and electrics to comply with legislation.

Insurance costs
If you have your personal and property details to hand, it may be straightforward to get a landlords insurance quote. You may find that there are a number of similarities to owner occupier cover (e.g. costs based on location). But you may wish to bear in mind empty property cover too. Whilst every landlord hopes for a full property at all times, in real life this is unlikely to happen.

1 in 4 homeowners relying on trustworthy neighbour for home security

For one in four people, having trustworthy neighbours is the key to feeling most secure at home, according to the latest Association of British Insurers (ABI) consumer survey*. But the findings highlight that many homeowners are needlessly putting themselves at risk of financial disaster by overlooking basic security precautions. To help homeowners protect themselves, the ABI has produced a guide on home insurance and some answers to common home insurance questions.

Nearly three in ten people admit to leaving doors unlocked and windows open when going out briefly, despite the fact that the survey showed 42% of people recognise the importance of good locks. With 36%** of all burglaries being opportunistic, failing to secure doors and windows is an open invitation to thieves, particularly as we approach summer. And with an estimated quarter*** of households admitting to having no contents insurance at all, mistakes like these could leave people footing a hefty bill.

The two new ABI guides offer advice on how to ensure you buy the right amount of cover and clearly set out what is covered by standard buildings and contents insurance and options people can pay extra for, such as accidental damage cover. The ABI has also produced a home security guide providing advice such as what to do if you are leaving your home unoccupied for a long period and how this might affect your insurance.

Nick Starling, Director of General Insurance at the ABI said:

“While it can be reassuring for householders to have neighbours they can trust, this alone cannot substitute the value of sensible home security measures. Common mistakes, such as leaving doors unlocked and windows open, could invite thieves, putting your possessions at risk. And with one in four households without contents insurance, homeowners could be left footing a big bill to replace valuables.

“Following sensible security measures and ensuring your property and its contents are adequately covered are the wise steps people should follow to protect their homes.”

Why Some Insurance is Necessary

Insurance is something that is offered in abundance. We can insure just about anything at any time. Although not everyone needs medical insurance for their family pet, food insurance, or even legal insurance, there are areas that need to be insured.

Life Insurance
If you have a family, you should have life insurance. The reason for this is because in the event of passing, there are financial obligations. Life insurance should not be used to supplement income while living, but used for the expenses that are incurred after life. Policies come in an array of coverage amounts, it is up to you to discuss with your insurance provider what the expected needs may be in order to determine the type and amount of coverage that is necessary for your current situation.

Auto Insurance
In most cases, car insurance is mandatory to maintain if you drive a car. The important part to consider when maintaining your car insurance is that you are getting the best coverage for the lowest price possible for you and your family. Be aware that you can have too much insurance on your car, so only get the coverage that you need or foresee needing and don’t fall into the folly of over insuring yourself.
Any other vehicle that you may have should be covered as well. Basically, if it has a motor, it should be insured. Remember that insurance is not just to cover you and the vehicle itself, but to cover anything else that may be harmed due to the use of the vehicle.

Property Insurance
Whether you rent or own, you will need insurance coverage. This insurance will cover your property in case of a loss. You have spent years gathering your property, there is no reason to have to lose it forever. Make sure that when you cover your home that you are getting the coverage you need in order to start over so that you can continue on with your life with less stress.

Health Insurance
Medical and dental insurance is something anyone should consider if they have a family. Unless you are able to pay for any health issues that maybe could arise in cash, then insurance coverage is something that you need. If you are not one of the lucky ones who has health insurance provided to you through your employer, you will need to search for private insurance. If you are not able to afford health insurance, check to see if you qualify for government assisted insurance coverage.

Now What?
Knowing that you can obtain insurance for just about anything under the sun, you now need to determine what it is that you need to insure. Life, auto, property, and health insurance are a must for just about everyone. Now it is time to analyze your lifestyle and the needs associated. The best thing to do is to find the right insurance companies to cover all of your needs. Research different companies as well as what they cover. Determine your needs and know exactly what needs coverage. Be wary of not over insuring yourself and in order to do this, educate yourself before deciding what you need and who will cover it.

Navigating through the insurance industry does not have to be a daunting process. Arming yourself with knowledge and building the right business relationships is key. Don’t leave your insurance needs to chance.
Chris Baker is a freelance writer and blogs for cheapestcarinsurance.org.uk - if you’d like to get a better deal by comparing car insurance rates check out their website. They even offer cheap car insurance for young drivers!

How to compare static caravan insurance

You may use it as a second or holiday home or might have bought it as an investment, but in order to safeguard your financial interests you might regularly review and compare static caravan insurance provisions.

The static caravan

A static caravan is one that is typically more or less permanently berthed at a particular site and occupied only part of the year as a holiday or second home, potentially available for letting.

It is not uncommon for such static caravans to have a site within a purpose designed park, which may close to visitors during the winter season

Although park management companies typically offer an insurance package as part and parcel of their administrative services, if you compare static caravan insurance from independent providers you may find that you are able to get even more suitable cover for your specific needs, at a potentially more competitive price.

Elements of cover to compare

In order to compare the extent and scope of your static caravan insurance options, you might want to consider some of the following:

• probably the most important aspect is cover for the structural integrity of the caravan itself against such major risks as fire, storm damage, impacts, falling objects and vandalism;
• a regularly reviewed and up to date replacement valuation might therefore be prudent;
• in the event of a total loss, such a valuation typically determines the amount of any settlement made by the insurer;
• some providers, however, offer new for old caravan insurance, provided the caravan is below a certain age (typically three or five years), replacing one that has been written off with a new model;
• although some static home insurance providers limit such new for old policies to those who have been the sole owner of it, others might offer the same compensation irrespective of the number of owners;
• by their very nature, static caravans may be left unoccupied during certain times of the year, particularly if the park or resort closes for the winter. This is a time when the caravan might be at its most vulnerable. When you compare static caravan insurance, therefore, you might want to check what, if any, special provisions might apply when it is unoccupied;
• typically, these special conditions might include draining down any heating or water supply systems and the possible exclusion of certain of the contents from the cover.

To help you compare static caravan insurance packages currently available on the market, you may wish to consult a specialist static caravan insurance provider.

Finding your landlords insurance quote

Finding the most appropriate buy to let cover for your property may be a bit easier if you know what to look for in a landlords insurance quote. Price may understandably be an important element but there are some other features that it may be worth your while looking out for:

• public liability cover may typically be included as standard in a landlords buildings policy. What may not be standard across all providers though, is the level of cover provided and in some policies this may be as much as £5M though others may not be so generous;
• if tenants have to move out of a property to allow repair work to be carried out following damage from an insured event, some buy to let policies may provide cover for loss of rental income up to certain limits;
• if you have more than one letting property, keeping track of all of your buy to let insurance issues may at times be a bit of a headache for you, so a multi-property insurance policy may be something that you may wish to look into with a view to simplifying your administration. Depending on the provider, you may be eligible for this type of policy with just three or perhaps even two properties;
• financial protection for damage to your property caused by subsidence may not be covered as standard by some landlords insurance policies – there are some though where this may be a standard feature;
• similarly, not all policies may provide cover for malicious damage by tenants;
• when comparing a landlords insurance quote you may wish to remember that cover may cease if your property is empty for extended time periods, which may mean you might also wish to consider unoccupied property insurance;
• unoccupied property cover, designed to cover those risks that may be more prevalent for empty properties, may be required after your property has been empty typically for between 30 or 45 days. If your property has been empty since the inception of your landlords insurance policy, this time period may be extended to 90 days;
• if you and your property fall into the category of needing this type of insurance cover, you may wish to bear in mind that the terms and conditions for unoccupied property cover may vary from those applicable to a standard landlord insurance policy. You may be required to carry out regular visits for example, so reading these through may typically be a sensible step;
• some policies may be fairly restrictive on the types of tenant you may be able to let your property to. If you prefer to let to all categories, including those of students and DSS recipients, then you may need to look out for a landlords insurance quote which offers you this degree of freedom.

Multi bike insurance cost and other options

As in many areas of life, sometimes misunderstandings may arise in the area of multi bike insurance cost options.

Here are a few clarifications.

Multi bike insurance cost reductions only apply to large numbers of machines

In practice, this may not be correct.

The exact minimum number of machines required to qualify for multi bike cover may be smaller than you think though the precise number may vary from one insurance provider to another.

You cannot get reasonably priced motorcycle insurance once you have convictions

This is too sweeping a generalisation and may also depend a lot on what you consider to be reasonable.

There are insurance providers out there who offer specialist policies for convicted riders and using this type of cover may help keep your costs relatively under control.

The cost of your insurance largely depends on the size of your bike

Typically, the size and value of your bike will have a potentially significant impact on the price you pay for your insurance.

However, it is far from being the only such factor.

For example, having a clean licence may also make a large difference, as might your age and experience levels etc.

It may be advisable to always consider a number of motorcycle insurance quotations before making your final decision.

You cannot find motorbike insurance for classic machines

Typically, yes you can.

It may depend a little on your definition of classic when compared to the insurance provider’s definition of the same thing but typically you may be able to find specialist policies for such machines.

They may prove to be cost-effective.

At my age, nobody provides motorcycle insurance

Both very young and more mature motorcyclists may sometimes express that sentiment!

The good news is that some providers offer special young or older rider policies that may provide cover at a realistic price. That may encompass sixteen-year-olds (with a CBT pass) and riders at seventy plus.

All motorbike insurance costs pretty much about the same

Even in situations where many of the variables (e.g. age or motorbike type) are identical there may still be significant variations in the prices proposed by different insurance providers.

This is something that cannot be proved in isolation and the only way to see how significant these variations may be, is to look at a number of quotations before deciding that one is suitable for you.

You cannot really save money on motorcycle insurance

To the contrary, policies may offer opportunities for discounts in a number of areas, potentially including things such as making sure that your bike is parked somewhere secure overnight and not just left on the public street.

So shopping around may help you in a number of ways - and not just with your multi bike insurance cost.

Typical questions on the cheapest motorcycle insurance

The subject of the cheapest motorcycle insurance is one that is always likely to generate both debate and questions.

Here are some classic examples.

What is the cheapest motorcycle insurance around?

In reality, there may be no such thing.

What might prove to be cheap cover for one biker might prove to be unsuitable for another.

It may be a question of looking at a large combination of factors, including your own requirements, then trying to find a bike insurance policy that is a good fit and which offers a cost-effective solution, as opposed to merely the cheapest.

Are there big differences in the price of motorcycle insurance?

Yes, there may well be.

If you look for motorcycle insurance quotations based upon a standard set of requirements and attributes, you may find that the prices offered by insurance providers may vary significantly.

Of course, that is not the full story because that in itself may not tell you just how comprehensive their cover is nor how suitable or otherwise their terms and conditions may be.

It is always advisable to avoid considering the price of a policy to be the only factor worthy of study because in the event of a claim, it will be the policy’s cover that is important to you and not how much you have been paying for it.

Do these principles also apply to the best classic bike insurance?

Classic bike insurance covers motorcycles that are above a certain minimum age, as defined by an insurance provider.

They may offer particularly cost-attractive solutions for classic bikes but the same principle applies. What might be the best cover for someone else might not prove to be so for you, so the only option is to look carefully at a number of quotations and to read them in detail.

Surely cost must be important though?

Yes, it typically is for most bikers.

The point is that it needs to be kept in perspective and not to become the exclusive focus of your search for motorcycle insurance.

For example, you may be able to have a significant influence on the price you are paying for your insurance simply by taking a few sensible steps that may be rewarded by a reduction in your premium.

These opportunities may include things such as making additional security arrangements for your bike or accepting a higher excess on the policy etc.

Using these techniques and combining them with an emphasis on the quality of cover provided by a candidate policy, may be a more comfortable route towards what may turn out to be to truly the cheapest motorcycle insurance for you.

Compare car insurance

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The Mega Store Advantage

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