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Archive for the ‘Insurance’ Category

Car Insurance – Types of Cover

27 Sep

Third Party Only

Third party insurance is the basic requirement to satisfy the law.  It means that if the driver is responsible for an accident there is a level of cover available that ensures people who are injured in the accident are compensated.  This level of insurance also covers compensation to any passengers in the driver’s vehicle, but it does not cover any of the costs incurred by the driver as a result of the accident.

As third party only insurance is the basic legal requirement, most insurance companies will offer more levels of cover over and above that requirement.  Exactly what is covered by different policies will vary, and depend on what an insurance company offers.  Motorists should check carefully that the policy they take out is appropriate for their needs.

Third Party Fire and Theft

This policy gives the same protection as third party only, but also provides insurance should a motorist’s vehicle be stolen or suffer fire damage.  Older vehicles with less sophisticated electronic security systems tend to be at a higher risk of theft.

Comprehensive

In addition to providing cover for third party fire and theft, this insurance also gives cover for costs relating to accidental damage to the driver’s vehicle.  In addition to this, there are a number of other optional additions to a comprehensive policy that insurance companies may offer.

These include provision of a courtesy car while the motorist’s vehicle is under repair, insurance for legal costs and schemes for roadside recovery.

 
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Posted in Car Insurance, Insurance

 

Understanding Liability Insurance

23 Sep

Liability insurance acts to protect either an individual or an entire company from being held liable for any costs resulting from certain occurrences.  Common issues covered by liability insurance include accidents in the workplace, legal challenges, and damage to property.  There are several different types of liability insurance that can be taken out and it is advised to fully research your options before deciding which type to purchase.

Legal Expenses Insurance

This kind of policy insures the policyholder for the cost of legal fees should they require to enter a dispute of any kind.  Often, employers take this type of policy to cover their legal fees for employment tribunals or any dispute involving their business.  The insurance company will cover these costs.

Public Liability Insurance

This kind of policy covers you or your business from any costs incurred as a result of members of the public coming into your business on a regular basis. It covers the business for any injuries sustained as a result of members of the public entering your premises.  In addition, it covers any legal costs and medical costs.

Product Liability Insurance

This covers the costs that may incur as a result of damage to an individual or property as a result of the product you are selling (or giving away).  This also covers any legal fees and any medical charges.

Property Owner’s Liability Insurance

This covers the costs that may occur due to any injury sustained by a member of the public as a result of being on your premises, or any injury that may have been linked to your property.  Again, any compensation awarded to the claimant and any legal fees are covered.

 
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Who Needs Life Insurance?

19 Sep

Accidents can happen at any time, and to anyone.  By their nature, accidents cannot always be predicted and stopped, and sadly, the results are sometimes fatal.  By taking out life insurance, the policyholder can guarantee that in the case of their death, a sum of money will be paid out to their beneficiaries.  Life insurance is therefore very important to those people who have others depending upon them for support, especially children and families.  Life insurance may also be a good idea for people who are in good health, but work in jobs or participate in activities that can be dangerous.

The most common buyers of life insurance policies are older people.  Because of the greater chance of death with increasing age, life insurance tends to increase in cost along with the age of the buyer.  These people generally have a number of offspring and grandchildren, so it makes good sense to insure against death, since the investment will prove beneficial for the family of the insured.

Like any kind of insurance, the cost of life insurance scales with the risk factors involved.  For example, a house in a high crime area will be more expensive to insure than one in a relatively safe area.  It works similarly for life insurance; those who are at a higher risk of dying, either through age, illness, or occupational hazard, pay a higher rate for insurance.  The justification to pay more is that the risk of the family or dependents losing their support is proportionally higher in these cases.

 
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What does Pet Insurance Cover?

18 Sep

Pet insurance does not cover every cost of owning a pet. It is important to be aware of exactly what your policy does and does not cover.

Routine or preventative veterinary treatments are typically not covered, such as routine check-ups, vaccinations, castration or spaying, dental procedures, or flea, worm and tick treatments. Pregnancy and birth-related treatments are not covered, nor are any pre-existing medical conditions. Sometimes the purchase price of an animal can be claimed if the animal dies unexpectedly, but this cannot be claimed once the pet has reached a certain age (usually around 10 years). There is also usually an exclusion period of between 10 and 30 days from the start of the policy when claims cannot be made.

There are a number of other things that or may not be covered, depending on what is specified in your policy provisions. These include the cost of advertising and the reward for a missing pet, holiday cancellation if the pet becomes ill, third party liability cover, cattery or kennel costs if the owner is hospitalised, emergency veterinary treatment, X-rays and blood tests, and quarantine cover. Unexpected illnesses, accidents and long-term conditions (that the owner was not aware of when taking out the policy) will be covered.

Make sure the policy suits your pet and your lifestyle. For example, if you travel a lot with your pet, you may choose to be covered for holiday cancellations. Bear in mind that policies that cover for every possibility will have higher premiums, so balance the cost of the insurance with the level of cover you think you will require.

 
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Home Insurance For Landlords

15 Sep

Investing in buy-to-let property has really boomed over the last decade.  Whether you have a portfolio including several rental properties or just a single property that you rent out, you will need to arrange specific insurance cover.  Standard house insurance doesn’t apply in this situation.  You will need to purchase landlord insurance.  This is a targeted insurance product designed for rental properties.

It might not be a comfortable truth, but some tenants will not treat your property with the same care and respect that you do.  Therefore, insurance to protect your home against potential damage makes sense. 

As with most house insurance, landlord cover breaks down into buildings insurance and contents insurance.

Basic landlord insurance for buildings will include cover for damage to the structure of the building, for example as a result of fire or flood.  You can also arrange accidental damage cover for drains, cabling and fixed landlord fittings, such as sanitary ware and glazing.

If it is a furnished tenancy, landlord contents cover for furnishings and domestic appliances is available.  Sometimes you will get options for common accidental damage cover, such as carpet stains or minor breakages.

You will be able to tailor the policy exactly to your requirements.  For example, you can arrange cover against loss of rental income if your property is damaged.  Equally, if a tenant is injured on your property, you can protect yourself with public liability cover.  Whatever your situation, there is a landlord insurance policy to give you peace of mind and protect your investment.

 
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Posted in Buildings Insurance, Contents Insurance, House Insurance, Insurance

 

Health Insurance Tailored to You

13 Sep

As with any type of insurance, the levels of cover and the prices of premiums depend on the person being insured, his age, gender, lifestyle and career. There are many different options available to ensure that the policy is right for you.

First, it is important to bear in mind that age has a big impact on the cost of health insurance. As we get older, we become more prone to illness, so the likelihood of the insurer having to pay out is greater, hence higher premiums. However, there are companies that specialise in insurance for older people and tailor their policies to provide adequate cover.

Some people may not want fully comprehensive cover, because they feel as though they do not need private healthcare for all of their medical treatments. In this case, limited cover is ideal and the insured chooses only a few medical conditions to be covered. For example, someone who has a family history of heart disease may wish to be insured for only that.

If there are hereditary illnesses known about when the insurance policy begins, the premiums will undoubtedly be higher. This may be worthwhile, if it means fast private treatment. Similarly, the past health of a person will affect the price of premiums, and some pre-existing conditions may not be covered. However, some insurers may be flexible and allow the condition to be covered again, if the insured party has not suffered with it for two years or more.

By researching, shopping around and speaking to professionals, anyone will be able to tailor his health insurance to get the cover he needs for the right price.

 
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Posted in Healthcare Insurance, Insurance

 

Different Types of Travel Insurance

08 Sep

Travel insurance covers a variety of different risks. It can provide cover for a traveller’s medical expenses, loss of luggage or valuables while on holiday, or cover the holidaymaker if she or he faces being sued for some reason. In short, this kind of insurance gives the traveller peace of mind should disaster strike while he/she is away from these shores.

The more risks that travel insurance covers, the higher the premium is likely to be.  However, it always makes sense to buy insurance that gives the most comprehensive cover. Also, there are various ways to save on the cost of premiums. If a group is travelling abroad together, they can purchase group travel insurance. This will be cheaper overall than each member of the party purchasing their travel insurance individually.

The same will also apply to a couple travelling together. They will be able to purchase a joint travel insurance policy. And if they are taking children on their travels it may prove more economical to take out family travel insurance. However, some insurers place a limit on the number of children they cover, so it is important to shop around when seeking this type of insurance.

Some insurance providers provide travel insurance specifically for senior citizens. This enables senior citizens to purchase their cover at a preferential rate if they are between the ages of 65 and 75.

Those who travel abroad or take more than one foreign holiday year they may find it cheaper to take our multi-trip travel insurance.

 
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Posted in Insurance, Travel Insurance

 

Simple Ways to Save Cash on Your car Insurance

06 Sep

Running a car can be an expensive business, with the price of fuel rising steadily higher and endless charges for parking, vehicle tax and repairs.  This means that getting a good deal on car insurance is vital for a lot of people, and luckily there are some simple steps that anyone can take to increase their chances of a bargain.

One good way of improving your position is to study for a Pass Plus test or enrol on an advanced driving course.  Many insurance companies will offer significant discounts to applicants with these credentials, as they can prove that they have good driving skills and are therefore less likely to be involved in an accident.

Another easy measure that can be taken is to improve the security features of your vehicle.  Anything that will deter thieves or vandals is likely to make your car less of a risk for insurers, so they may well give you a more generous quote.  Some ideas include adding a car alarm or a steering wheel lock, but always check that you install a system that is approved by your insurance company.

Lastly, a very simple way of saving money is to shop around each time your policy runs out, rather than automatically renewing with the same company.  New deals are always being offered, and you may very well find that you would be better off purchasing your cover from a different insurer. 

 
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Posted in Car Insurance, Insurance

 

A Guide to Buildings Insurance

01 Sep

Buildings insurance provides cover for the ‘bricks and mortar’ of your home as well as the other materials that put a roof over your head and protect you from the elements.  It is vital for the modern homeowner; protecting you, your family, and the largest investment you are likely to make.  Your home can suffer damage from a number of sources, so it is no wonder mortgage lenders usually require a policy to cover the cost of a total rebuild. 

The average buildings insurance policy will cover damage resulting from fire, flooding, storms, burst water pipes, and even fallen trees, provided the damage caused was no fault of your own.  It will pay for damage to the walls, roof, and structure of your home and in many cases permanent fixtures such as kitchens and bathroom fittings.

Your standard cover will usually depend on the location of your home.  Postcodes can indicate to insurance companies the risk posed by theft or flooding, so it is worth doing your research and finding out about your area and any possible risks involved. 

It is possible to buy extra cover as part of your buildings insurance, for example covering the cost of your greenhouse or the replacement of windows and glass.  When buying your buildings insurance, it is always best to know exactly what you need to cover.  In this way, you can always be sure you are protected should the worst happen.

 
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Posted in Buildings Insurance, House Insurance, Insurance

 

Public Liability Insurance – what is it?

29 Aug

Public liability insurance provides cover against costs arising due to injury or damage to the general public that is caused by a business or its staff. The size of the business and the specific business segment it operates in are the major factors in the premium due. There are different circumstances relating to when or if a business should get this type of insurance.

Public liability should be considered if a business comes into any kind of contact with customers or members of the general public, either if they come to the premises of the business, or members of staff go to their premises. If any accident occurs a business could be liable for damages awarded by a court, the legal expenses which may arise and even medical bills from the NHS.

The premium a business will have to pay will vary depending on a number of factors. The size of the business is a major factor, which is usually measured by turnover. Some businesses are different though and the number of employees may measure the size, or for a hotel the number of bedrooms is considered a good measure. If a business has made claims in the past this could increase the premium as it may be seen as more of a risk.

Public liability insurance is not compulsory but some suppliers and customers may decline to do business if the insurance is not available. If a company runs specific events such as entertainment or sporting occasions, the venue will usually expect that company to have insurance in place.  For some businesses this insurance is mandatory, such as for extreme sports or horse riding.

 
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Posted in Insurance, Liability Insurance

 
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