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Archive for the ‘Insurance’ Category

Making a Car Insurance Claim

27 Jan

After an accident, it is always a good idea to get the police involved, even if an exchange of insurance details with the other party has occurred.  Some insurance companies will ask for a police report to back up the policyholder’s version of events.  This will help to determine who is at fault when it comes to paying out for damages incurred to vehicles or property. 

Ensuring each party exchanges insurance details and car registration information is the first step.  If it is possible to take photographs of the cars’ positions, damage to the vehicles and property, that may also be useful for future reference.  Calling the insurance company while the details of what happened are still clear in the mind is also a good idea. 

The insurance company will ask for all the information they need in that first call.  They will take the other party’s details from you so that they can liaise with their insurance company regarding the accident.  They will clarify exactly what has happened and make arrangements for the car to be inspected at an approved garage. 

Depending on the garage report, they will decide if the car can be repaired or not.  If the car is not to be repaired, this is what is known as a “write off”.  The insurance company will then pay out to the policyholder the value of the car, pre accident state.  If the car can be repaired then they will arrange to have the car taken away and will cover the cost of repair.

 
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Posted in Car Insurance, Insurance

 

Different Types of Health Insurance

14 Jan

There are several different types of health insurance, also known as Private Medical Insurance (PMI), and the policy that a person decides to take out depends on what type of cover is required and how much a person is prepared to pay.

Premiums vary enormously and are subject to criteria such as medical history and age of the insured. Generally, the broader the cover of the policy, the dearer the monthly premiums tend to be. It is also worth noting that health insurance premiums usually increase annually.

The price of monthly health insurance premiums can be lowered substantially by several factors. Choosing to exclude specific areas such as expensive private hospitals and specialist services such as physiotherapy or convalescent care that could just as well be met by the NHS, are examples of ways that a health insurance policy can be tailored to lower the cost of premiums. 

People are advised to choose a policy that suits them. If a person is generally in good health, it would be excessive and expensive, to take out a fully comprehensive policy. Individuals in this category would do just as well to get a policy that covered hospitalisation costs only.

Monthly premiums are also affected by who is covered under the policy. An individual’s cover is more expensive than family cover, which covers parents and two or three children for a lower overall price per person. Group medical insurance is a cost effective way of buying health insurance, and many companies offer it as a perk for their employees.

 
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Posted in Healthcare Insurance, Insurance

 

How Insurers Assess Risk

28 Dec

Insurance is based on the assessment of risk and thus, each individual driver is assessed individually. Risk assessment is entirely at the discretion of the insurance company and is evaluated partly on the answers to questions given when applying for insurance, and partly on statistical factors, the types of people involved and the area in which they live.

Age is a key factor in risk assessment for car insurance. Young drivers are generally classed as high risk and consequently, premiums can be extremely high, making it difficult for them to afford insurance cover.

On the other hand, mature drivers aged over 50 may find, especially if they have an unblemished driving record, that premiums are very attractive as they are considered to be less of a risk. However, once motorists reach 70 years of age, insurers may become more wary, as they may factor in reaction time.

Motorists in possession of a poor claims record, significant penalty points on their driving licence, or who have been previously disqualified from driving, are likely to pay a higher premium on their insurance.

 
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Posted in Car Insurance, Insurance

 

What is Included in Travel Insurance?

23 Dec

Travel insurance covers a number of expenses caused by unforeseen events that may befall a tourist when abroad. Medical care can be expensive in other countries, not just in terms of hospitalisation costs, doctor’s fees and drugs, but also extra expenses such as ambulance rides. Some countries have reciprocal healthcare arrangements with the UK, but this does not necessarily guarantee that all the expenses normally covered by the National Health Service in the UK are covered in these countries. 

Travel insurance policies also cover supplementary costs sustained on holiday resulting from the loss of luggage and valuable items, including passports or credit cards; delayed or cancelled flights, which lead to extra outlays for more airline tickets or extra nights in hotels. Many policies also cover any harm caused by the insured to a third party or their property.

The two main types of travel insurance are multi-trip insurance, which covers a traveller for several trips abroad in a single year, and single trip travel insurance which is for people who only travel once or twice a year and is taken out for a specific single journey abroad.

Travel insurance premiums vary according to what countries the cover is effective for. For example, cheaper policies exclude travel to the USA, where medical care is typically very expensive. Premiums will also be higher for travel to countries where there is perceived to be a greater risk of an unforeseen incident befalling a tourist, for instance in less developed countries.

Travel insurance can be purchased from a broker or insurance agent, but increasingly, travel companies and airlines are offering to sell travel insurance to their customers as part of their holiday package.

 
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Posted in Insurance, Travel Insurance

 

Types of Health Insurance Cover

01 Dec

Not all health insurance products are the same. The right health insurance cover for an individual will vary depending on personal financial circumstances, as well as any history of illness, both of the customer and in their family. Based on various risk factors, the exact costs of a health insurance plan will differ, but there are a few basic types of cover that are the same for everyone.

For those with limited budgets, it can be prudent to opt for a co-payment plan. Many people will be familiar with this sort of plan from their car insurance – the insurance company agrees with the customer to pay a certain proportion of the cost of any health care. This is good news for those who are in relatively robust health, but still want to cover for the possibility of illness and injury. The plan is very flexible, as customers can choose what percentage they want the insurance company to pay – the greater the percentage, the higher the insurance premium, and vice versa.

A simple type of plan that is good for individuals that may need to have several small checks or procedures at hospital or at a dentist’s, is the cash cover plan. The insurance company simply agrees to pay a lump sum for each visit or treatment, and this is often one of the cheapest types of insurance plans. Full surgical operations are generally beyond the scope of this cover, however.

Comprehensive health insurance means cover for all medical emergencies, and will vary in cost depending on the value of treatment required. This is by far the best choice for those looking for complete peace of mind when it comes to healthcare insurance.

 
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Posted in Healthcare Insurance, Insurance

 

How to Apply for Car Insurance

05 Nov

When a motorist applies for car insurance, it is important that they are honest when answering the detailed questions that they are asked. Car insurers are linked to a central database to ensure that anyone applying is not doing so fraudulently. Fraud costs insurance companies considerably each year, and thus often results in increased insurance premiums for everyone. This means that honesty is always the best policy.

Drivers will be asked about the type of car to be insured, the estimated mileage the car is likely to accumulate over a year, whether or not the car is to be used for social and leisure purposes only or for business use too, the estimated value of the car, and the driver’s profession. The greater the estimated mileage the car is likely to accumulate, the higher the premium is likely to be, as the risk of an accident will be considered to be higher than for someone who accumulates a lesser mileage.

If a car is kept in a locked garage or on a driveway, the premium may well be lower, and this is the sort of information that an insurer needs to know to balance up the risk of there being a claim.

 
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Posted in Car Insurance, Insurance

 

Valuing Contents

29 Oct

Whether your contents insurance is a separate policy from your home insurance or not, you’ll need to determine how much to cover.  How much do you own?  What is it worth?  Moreover, what kind of records should you have in the event of a loss?

You probably own more than you think.  Over the years we all accumulate ‘stuff’, and it’s very easy to lose track of exactly what we own.  Now is probably a good time to take a walk through your house and write down some of the major items.  Furniture, electronics, computers, kitchen items, bedding, jewellery, musical instruments, books, CDs, DVDs. . . . the list is getting longer, isn’t it? 

The value of these items will probably be their depreciated value over time—however, some policies can be written for replacement cost coverage.  In either case, you’ll want to write down at least an estimate of what the item cost new and when you purchased it.  A photograph is a very good idea, especially for high-value items like a plasma television, jewellery, artwork, or musical instruments.  Many people have begun taking a video record once per year of everything in their home, then keeping the video in a safe place, like a safety deposit box.

Whatever method of record-keeping you choose, though, keep it in a separate location away from your home, or in a fireproof safe in your home.  Should you suffer a loss, the records will be available to help you recover the items that can be replaced, making getting back on your feet much, much easier.

 
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Posted in Contents Insurance, Insurance

 

Pet Insurance – Insuring Your Pet

14 Oct

Firstly, an owner should find out which insurance policy is right for them and their pet. Make a list of what is required from the insurance and find an insurer that meets these requirements.

Next, the owner will need to provide some information to the chosen insurance company in order for them to set up the policy. This will include the owner’s basic details, the pet’s name, date of birth and breed. A history of your pet’s health should also be provided, including vaccinations and any other previous conditions and treatments. This record of health should be maintained once the pet is insured.

To prevent people from taking out insurance when they know their pet is already ill, insurers usually have an exclusion period from the start of the policy during which no claims can be made; this is usually between 10 and 30 days.

When a pet is treated, the owner should pay the vet directly and then fill in a claim form in order to reclaim the costs. If the costs do not exceed the excess, the owner should still complete a claim form in case the pet requires future treatment for the same condition and the total costs exceed the excess, in which case money can be reclaimed.

As with every other type of insurance, it is important to periodically renew pet insurance when required to maintain cover. Late payments or renewals could result in the insurer refusing to pay out; do not take this risk and make sure that you and your pet are covered at all times.

 
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Posted in Insurance, Pet Insurance

 

Legal Fees Insurance

09 Oct

Legal protection can be an important part of your landlord insurance and can protect you financially against a range of situations that you’d rather avoid.  This insurance may be an additional part of your landlord insurance or it may be included in your policy.  It is very important that you check these issues within your policy documents and ensure that you are getting comprehensive cover from your insurance.  Typically, legal and professional fees cover and include protection against the following:

•    The financial costs of legal action against a tenant over a breach of their tenancy agreements.
•    The legal pursuit of rent arrears.
•    The legal process of eviction for people who are in the property without your express permission.
•    The costs associated with civil or criminal proceedings regarding your ownership of the property.
•    Cover for professional fees including but not limited to tax, VAT, PAYE, and NIC investigations.

Often legal advice will be included within the remit of your policy and some insurance providers will provide access to a legal helpline free of charge.  Your policy provider may also provide access to an advice line on the subject of tax, VAT, PAYE, or NIC.  Very often an insurance provider will have a legal team ready to advise you should there be any situation that cannot easily be resolved by queries through a helpline.  This is to ensure that you have important legal assistance when you need it the most.

 
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Posted in Insurance, Landlord Insurance

 

An Introduction to Health Insurance

04 Oct

What is Health Insurance?

Health insurance is designed to cover the cost of personal healthcare.  There are different types of health insurance, but the most common type is private medical insurance, and covers the cost of healthcare expenses when unexpected or expensive illness occurs.  It allows the policyholder to seek private medical care, instead of waiting on NHS waiting lists. 

Where Can I Get Health Insurance?

There are two ways in which it is possible to obtain health insurance.  Firstly, some companies choose to provide cover for their employees.  Sometimes employees are required to make monthly contributions to the cover.  If they are required to do this, their employer may make equal or higher contributions so that the health insurance is provided to the employee at a nominal cost.  Alternatively, it is possible for individuals to approach the insurer directly to arrange health insurance.  There are many different insurance options available, offered by a large number of companies. 

How Much Does it Cost?

The cost of health insurance varies largely, depending on many factors, including the age, gender, health, and circumstances of the policyholder.  The level of the cover and different situations in which the policy will pay out will also affect your premium.  To make sure you get the best deal, it is a good idea to seek advice from a financial adviser, or at the very least use a price comparison website to ensure that you are getting the best deal.

 
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Posted in Healthcare Insurance, Insurance

 
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