Opting to release equity from your home can provide you with much needed financial freedom, whether you’re looking to fund repair work to your house, go on the holiday of a lifetime or pay off unsecured debts.
However, doing so is certainly not something that should be rushed into and it is important to spend time thinking about the different ways of how to release equity before you take out a particular scheme in order to make the most of your money. Continue reading
Making sure you’ve got the right sort of insurance for your business is essential; trading without it could not only prove costly but also land you in hot water legally.
There are lots of business insurance policies available, and most can be fully customised to meet the needs of your business, without costing the earth.
Before you can start shopping around for quotes you need to decide what protection you need your business insurance to offer. This will largely depend on the type of company you run, the number of employees and the type of work you do. Continue reading
Pet insurance will give you the reassurance that should your pet need treatment the cost of taking them to the vet will be covered, but is there any way to reduce how much you pay in premiums? We discuss our top 10 ways to insure your pets for less.
Seen as an essential purchase by some pet-owners and an unnecessary extravagance by others, the subject of pet insurance can be a surprisingly controversial one in the animal world. However, there’s no doubt that if your pet falls ill or has an accident and you don’t have pet insurance in place, you’ll invariably find yourself having to pay out to cover huge vet bills. Continue reading
Life insurance is an insurance plan to pay the policy, a lump sum when you die, in some cases of the policy, or the date established in the future.
Sometimes referred to as life assurance or term insurance, you have many options available when it comes to the type of policy, you can take out, how many of you have been insured and the policy of how to pay when the time comes. Continue reading
The cost of alcohol and cigarettes will rise after the Chancellor confirmed he will implement pre-arranged rises in duties, and introduce new hikes.
The price of a pint of beer is set to rise by up to 10p, while the Wine and Spirit Trade Association warned inflation-busting tax increases on alcohol will lead to consumers will paying 15p more for a bottle of wine and 54p more for a bottle of spirits from Monday. Continue reading
Homeowners have more cheap mortgages to choose from after the base rate was kept on hold last week for the 27th month.
There is a glut of two-year fixes below 3 pc and five-year fixes below 4 pc.
Householders willing to take more of a risk can get a tracker rate from as low as 1.99 pc — but you have to be quick to bag the best deals.
Halifax, Nationwide, Yorkshire BS and Skipton BS are among the High Street lenders to have trimmed interest rates this week. Continue reading
An Englishman’s home is his castle and needs protecting. But instead of digging a moat or installing a cannon on your driveway, you need a good Home Insurance policy. Here’s how to choose the best cover for your needs.
Protecting your home and valuables is a must for any homeowner or tenant, but how do you make sure that you get the best home insurance policy without paying over the odds?
Here’s a breakdown of the different types of home insurance and some handy tips on getting good value for money.
What type of cover do you need?
The first step in protecting your home and valuables is to check what type of cover you need.
There are 2 main types of cover, buildings insurance and household contents insurance; depending on your circumstances you may need either or both.
Buildings cover
Buildings insurance cover is designed to cover the bricks and mortar that make up your home.
This type of cover will pay for the repair of any damage to your property and the permanent fixtures and fittings it contains.
Depending on your policy, buildings insurance can offer cover against all of the following: Fire, storms, earthquakes, lightening, floods, vandalism, riots, theft, falling trees, subsidence, landslides, a car or plane crash and even damage caused by wild animals!
If you own your home then it’s likely that you will want to protect it with a comprehensive buildings insurance policy; if you have an outstanding mortgage, building insurance is likely to be compulsory.
You can take out Buildings cover as a standalone product, or as part of a combined buildings and contents home insurance policy.
When you shop around for quotes it’s worth comparing the cost of taking your buildings and contents insurance policies with the same and different insurance providers so you can see which option works out cheapest.
If you rent a property then you are unlikely to need buildings cover, only renters insurance to cover contents as the property itself should be protected by your landlord’s insurance.
Contents cover
Ask yourself, could you afford to replace all of your belongings if they were destroyed in a fire or flood?
Whether you are a homeowner or a tenant, if the answer is “no”, you should seriously consider taking out contents insurance.
Contents insurance covers any belongings kept in your home against damage and destruction rather than your property itself.
You might opt to take out contents insurance only if you rent a property or already have buildings cover in place.
Is home insurance compulsory?
Unlike car insurance, having home insurance is not currently a legal requirement in the UK.
However, if you have a mortgage against your home then the terms and conditions will often stipulate that you take out homeowner’s insurance to cover the property.
This is because your mortgage is secured against the value of your home. If it were damaged or destroyed your mortgage company would lose its security and be unable to reclaim its money should you default on your repayments.
Most mortgage providers will use this stipulation as a chance to sell you householders insurance, but be warned. Although you may be obliged to protect your property with buildings insurance, you don’t have to take it out with your mortgage provider.
You are still completely within your rights to make a thorough household insurance comparison of the cover offered by your mortgage provider with all the other home insurance policies on the market.
This is essential as there’s no guarantee that the cover offered by your mortgage provider is going to meet your insurance requirements, or give you value for money- it’s quite probable that the buildings insurance you’re offered by your mortgage provider will be significantly more expensive.
Your mortgage provider may impose a charge if you take out buildings insurance with another provider but this is likely to be a minimal one-off cost that’s worth your while paying.
How much cover do you need?
Working out how much cover you need is an important step when choosing your home insurance policy. Choose too low a level and you may not be fully covered, over compensate and you could end up paying more than you need to.
When it comes to your buildings cover the total should be equal to or greater than the total cost to rebuild your home from scratch. This is likely to be less than the actual market value of your property, so if you use the figure you paid to buy your house you may be paying for cover above what your actually need.
Check with your mortgage provider, or look through your mortgage paperwork for an estimated rebuild value – this is the figure you’ll need to insure your property for.
Where contents insurance is concerned, your total cover should be enough to replace all of your belongings in the event that they are damaged or stolen.
The easiest way to work through each room in your home working out the likely cost of replacing everything you have in each. The total will be the total amount of cover you need.
What else do you need to check?
All home insurance policies contain different features and benefits that may, or may not be worth you paying for.
It’s important that you think about the type of cover you’re likely to use and find a policy that fits so that you’re able to claim when you need to.
Here are some of the main policy features that you should check if you need before signing on the dotted line.
Accidental damage – Buildings & Contents
Accidental damage cover is available on both your buildings and your contents insurance and provides financial protection should you damage or break something unintentionally.
It can cover anything from the cost of a replacement if you drop a vase (contents), or if you drill through a water pipe during DIY or break a window (buildings).
Some polices now include accidental damage, or a limited version, as standard; if it isn’t included you should be able to pay extra to add it for extra peace of mind. Before you do this you ought to consider whether it’s something you’re likely to claim on.
The maximum valuables limit – Contents only
Most contents insurance policies are designed to cover the replacement of standard household items, not specific valuables.
As a result, most will impose a single item limit on any claim you make, often starting at around £1,000.
This will be the most you can claim for any one item, meaning that if you have a valuable piece of jewellery or an original Matisse painting on your wall, you may need to declare these items seperately or take out an additional insurance policy to make sure you’re covered.
Possessions away from home – Contents only
Often an extra feature offered by contents insurance policies, personal possessions is designed to cover your belongings outside of your home.
This type of cover can extend to include passports, keys, credit and debit cards and cash; it will also often come with no excess to pay.
Again you will pay more to include personal possession cover on your home insurance policy, but before you do check that it isn’t included elsewhere, such as with your credit card or bank account.
Outbuildings cover
If you have a separate outbuilding away from your main property – like a shed or garage – then you need to check that outbuildings cover is provided by any insurance policies that you’re considering, and the maximum claim is sufficient to protect everything your outbuildings house.
Some insurance policies may cover outbuildings and the contents under their standard terms and conditions, others will offer it as an add-on.
Alternative accommodation cover – Buildings only
If your home is declared inhabitable, perhaps due to a fire or flood, then alternative accommodation cover will pay for somewhere for you to stay while your home is being repaired.
Again some insurance policies will include this within their standard buildings cover but is worth checking before you choose your policy.
Pets – Buildings & Contents
Some home insurance policies will not extend cover to damage caused by domestic pets; others will limit the amount you can claim.
If you have separate pet insurance then you should check to see whether this covers any damage your pet causes to your home. If not, you’ll need to search for a home insurance policy that does.
Garden cover – Contents only
Some contents insurance policies will extend their protection to the valuables in your garden, others will stop at your back door.
If you have a garden and want to protect your plants, which can be costly to replace, then adding gardening cover to your policy may be advisable.
You should also consider whether you want possessions left in your garden, or structures (like gates and fences) to be protected by your home insurance and if so look for a policy that extends this cover.
Bicycle cover – Contents only
If you are an avid cyclist then you may want to consider adding bicycle cover to your home insurance.
This will cover your bicycle and those belonging to your family while they are being used outside of your home and could be especially useful if you don’t have a secure place to store your bicycles overnight, or rely on your bicycle as a means of transport.
Home emergency cover
Home emergency cover can be added as an extra to most home insurance policies or taken out as a separate type of insurance altogether. It provides you with cover against the cost of calling out tradesmen to repair essential services such as water and heating.
Boiler cover, which is offered from utility companies often offers very similar services to home emergency cover, so make sure you check the terms and conditions if you already have this type of policy in place, to avoid paying for the same cover twice.
Legal cover
Often offered as an extra to most standard home insurance policies, and sometimes included with other insurance policies such as your car insurance; legal cover gives policy holders legal advice and representation if required.
This can extend to cover personal injury cases, employment disputes, contractual disputes and tax disputes.
If you aren’t already covered by an existing financial product and feel you would benefit from the peace of mind then you should consider adding legal cover to your home insurance policy.
Compare home insurance quotes
Once you know what features and benefits you need from your Home Insurance you are ready to find policies that provide sufficient protection and begin getting quotes from different household insurance companies.
Gather your quotes
Use the advanced search feature in our Home insurance comparison tables to see which home insurance companies offer the exact benefits that you need from your policy.
You can then click through to get buildings and contents insurance quotes from each of the companies directly, and then apply for the option that provides cover that meets your needs at the best possible price.
Check the excess
As with most insurance policies, home insurance will come with an excess that you would be expected to pay should you need to make a claim.
When comparing quotes for home insurance you should make sure that you are happy with the excess and can afford to pay it should you need to.
You can increase your voluntary excess to make your insurance policy cheaper, however, should you need to make a claim you may end up paying more overall.
Decide how you want to pay
The way you pay for your home insurance can have a big impact on the price you pay in total.
If you prefer to spread the cost of your bills and pay using a monthly direct debit you are likely to find that you are being charged a premium by your insurance company for the privilege.
Comparing the total cost of policies after any direct debit interest will ensure you know which policy is actually the cheapest overall.
What if you want to go away?
Most standard home insurance policies allow you to leave your home unoccupied for around 30 days before your cover becomes invalid.
If you plan on leaving your home unoccupied for long periods, such as with a holiday home, then you will need to find a policy that allows you to do this.
If you already have cover and plan to go away and leave your home unoccupied for longer than a month, you should contact your insurance company before you travel. Many will agree to extend your cover as long as certain conditions are met, such as regular visits from a family member, installation of extra locks or security measures and the turning off of water and other utilities.
However if you plan on using the property as a holiday getaway then you should look at getting a dedicated holiday home insurance policy.
Special types of home insurance
Landlords insurance
If you own a property but are not living in it then you will need to take out landlords’ insurance rather than a standard buildings or contents insurance. This is because Landlord insurance is specifically designed to cover areas that a standard home insurance policy wouldn’t.
For more information read our guide, Landlord Insurance: How to Get the Cover You Need for Less and check our landlord insurance comparison tables to compare quotes for the different policies available.
Tenant’s contents insurance
If you live with other tenants under one roof then you may need home contents insurance for tenants. This is because when you live with other people who are not family members or partners standard contents insurance policies may not cover you.
Students often fall into this category, so if you have children heading to university you should make sure that their contents insurance is suitable for their accommodation.
Holiday home insurance
Designed to cover properties used as a holiday retreat, holiday home insurance will tend to cover a longer period of non-occupation than standard home insurance policies.
For more information read our guide Holiday Home Insurance Explained and use our advanced search facility on our Home Insurance tables to find policy with a sufficient unoccupancy period.
More information in www.uk-homeinsurance.com.
We explain the different types of health insurance available and why it may be benefit you and your family.
Health insurance is designed to supplement rather than replace treatment on the NHS, enabling those covered to receive swift treatment for ailments typically associated with long waiting lists. For this reason health insurance plans provide varying levels of cover for acute illnesses which tend to respond well to surgery or treatment rather than ongoing illnesses and those which require emergency treatment.
There are several major types of health insurance, the most comprehensive of which tends to be Private Medical Insurance (PMI). PMI plans cover the diagnosis and treatment of a whole range of health problems. One of the major advantages of taking out a PMI plan is that when you require treatment you will be subject to minimal waiting times and able to undertake it as soon as it is convenient for you to do so. This means you spend less time feeling unwell and due to the swift diagnosis and treatment offered, can result in a better prognosis.
After referral from your GP you are often able to choose both the specialist who will carry out your treatment and the hospital in which it will take place. The majority of private hospitals offer single occupant, ensuite rooms to ensure you can rehabilitate comfortable, private ambulances to transport you to and from the hospital if you are unable to drive yourself and a varied and freshly prepared menu to choose from.
Depending on the level of comprehensiveness of a private medical plan features such as maternity bonuses, counselling services, home nursing, complementary therapies and cashback for time spent in an NHS hospital may also be offered. By comparing the features and benefits that each PMI plan offers you should be able to choose a sufficient level of cover to provide you and your family with the peace of mind that should you need treatment, you won’t have to wait.
Critical illness cover is an additional form of health insurance and is designed to provide you with a lump sum payment if you contract one of the critical illnesses specified on the policy (i.e. cancer or heart disease). The associated monthly premium will depend on several factors including age, sex, whether you smoke, the health of direct family members and the level of cover you choose. Many people choose a level sufficient to pay the remainder of their mortgage and cover other living expenses so as to protect their home in case they are unable to work.
When choosing a critical illness plan it is important to check which critical conditions are covered as this varies greatly between providers. Although a more comprehensive plan which covers a wide range of critical illnesses will provide better insurance it is also likely to come at an increased cost. For this reason some prefer plans that cover only the most common forms of critical illness at a reduced premium.
Cashback plans are a supplementary form of health insurance designed to help towards the cost of common health care treatments. For a small monthly premium they include benefits such as cashback when you take a trip to the dentist, visit an optician, require physiotherapy or undertake other forms of complementary therapy. They are also likely to provide maternity benefits and cashback for each night of a hospital stay. A good cashback plan can provide an affordable way for you and your family to receive private treatment for the health services you are likely to use most.
Each type of health insurance offered is likely to be split into a number of levels with more comprehensive levels attracting a higher premium due to the increased benefits offered. Before committing to any health insurance plan it is important to check that the benefits offered within a specified level are in line with both your own and your family’s health care requirements.
By choosing a sufficient level of health insurance for your needs you will have the reassurance in place that should the unexpected happen, you have the protection in place to ensure that you can receive the best treatment when you need it.
More information in www.uk-homeinsurance.com.
If you’re a lady looking for car insurance we share insurers that specialise in providing discounts for female drivers.
That’s cheap car insurance for women, not car insurance for cheap women!
Claims made by women are generally of a lower value than those made by men so women are therefore considered to be a lower risk by insurance companies. Consequently, womens car insurance can be cheaper when purchased through certain insurers. We reveal which insurance companies and brokers are worth approaching as a female driver.
Continue reading
Frezzing weather and flash flooding is pushing up the cost of home insurance.
The average cost for buildings and contents cover has increased by 6% from £142 to £151 a year since January 2010.
Fraudulent insurance claims are also to blame for rising premiums, with insurers receiving 170 fake home claims every day, adding around £44 to the cost of every policy sold. Continue reading
There’s still no joy for drivers as the cost of car insurance continues to soar at record rates, with home premium prices also rising to their highest ever levels.
The cost of motor cover rose by 5.9% over the first three months of 2011 and by a record 40.1% over the 12 months ending 31 March, pushing a typical comprehensive policy to just over £892, according to the latest AA British Insurance Premium Index.
This is in addition to record fuel prices at the pumps with many stations charging over 140p per litre of unleaded. Continue reading
We tell you why you need home insurance and what makes a good policy.
Buildings insurance is an essential for homeowners because, as a means of securing their investment, the majority of mortgage lenders require a borrower to have sufficient buildings insurance in place to cover the rebuild (as opposed to market) value of their home. In addition to the property itself, outbuildings such as garages as well as permanent fixtures such as bathroom suites and fitted kitchens are usually covered under buildings insurance.
Contents insurance is required by both homeowners and renters alike as a means of protecting furniture, white goods, electrical appliances, clothes and other items kept in the home. The basic level of contents cover offered is called indemnity insurance, this is where an insured item is replaced with an item of the same age. Most people choose a higher level of insurance, known as new for old cover, which although slightly more costly, will pay for an insured item to be replaced with a brand new version if a claim is made.
Most insurance companies offer optional add-ons to home insurance policies which are ideal if a more comprehensive level of cover is needed. These add-ons include accidental damage cover, legal cover, emergency assistance and garden or sports equipment cover to name a few.
It is important to check that the level of cover you choose for your home insurance is sufficient to cover the rebuild of your home and the replacement of all of your possessions. It is also worth checking whether there are any limits placed on the amount that will be paid out for each item and also whether possessions are covered when they are taken outside the home.
Many insurance companies offer joint policy discounts if buildings and contents insurance are taken together. However, it is best to choose a home insurance policy for the level of cover it provides rather than the amount it costs. With a good home insurance policy in place whether you own your own home or rent a property you can be confident that if the unforeseen should happen, your possessions will be covered.
More than £300million is being spent every year on lavish sick pay terms for civil servants, it was revealed yesterday.
Whitehall staff who fall ill get six months on full pay and six months on half pay – sick pay terms beyond the wildest dreams of private sector workers.
Many in the private sector have to make do with statutory sick pay of just £81.60 a week for 28 weeks.
Revealing the shocking figures yesterday, Cabinet Office minister Francis Maude vowed to end the ‘archaic’ benefits system in place at the heart of government.
His words are likely to spark a huge battle with the civil servants’ union PCS, which is already threatening strikes against cuts which it says are unfairly targeting the public sector. Continue reading
When you begin to look into life insurance policies, the first thing to consider is why you need one.
Many people will only begin to think about financial protection when they start a family, as they recognise that those left behind in the event of their death will need some form of assistance.
It is important to consider how much money your family will need should your income stream disappear, or how much will be needed to pay for childcare costs, for example, should a stay-at-home parent pass away.
However, life insurance is not just for families with children. Single people and couples may decide that life insurance is a good idea as this can be used to help cover funeral costs or mortgage payments if you own a home with a partner.
Different types of life insurance
There is a range of different options when it comes to life insurance policies.
If you are a couple or family, then the two main options available are single or joint policies.
Joint life insurance
Joint life insurance policies are most appropriate for couples, particularly those who share a home and therefore a mortgage commitment.
Within joint life insurance policies you can choose for them to pay out on the first death, or you can opt for a ‘last survivor’ policy, which will pay the money when you have both died.
For anyone who will need help with mortgage repayments, the most sensible option is the policy which pays out when just one of the couple dies.
Many joint life insurance policies will pay off the remaining balance of the mortgage should one of you pass away.
Single life insurance
However, if you have dependent children then taking out single life insurance policies could be more sensible.
There are many reasons for this. First and foremost, it allows you to both get the right level of cover for your individual situations, for example, if one of you is a higher earner than the other.
You may also be able to get more favourable rates if you are healthier than your partner, reducing the amount you have to pay in premiums.
If you have children and one of you dies, then the other will still need life insurance to ensure they are provided for until they are old enough to be independent.
With a joint policy, you will need to claim – and therefore end the cover – if one of you dies.
However, with a single policy, your protection will be entirely separate, allowing you to avoid any problems of this kind.
Term insurance
Whether you choose single or joint cover, there are some other things you will need to consider when looking at the type of life insurance to buy.
The simplest of the policies on offer is protection-only or term insurance. This will pay out a specified amount should you die within a certain number of years, laid out in the policy.
Should you survive past this point, then you will receive nothing.
Within the branch of protection-only insurance, you can also choose whole-of-life policies.
As the name suggests, they pay out regardless of when you die. Unlike protection-only insurance, the policy will not pay out a specified amount but will build up an investment value over the course of its life.
Endowment policies
Endowment policies are another option. Like term insurance policies, they run for a specified period of time, but unlike term cover, they will pay out whether you die or not.
However, these are often an expensive option when it comes to life insurance and are not ideal if the primary reason you need the policy is to provide protection to dependents.
Other things to think about
When looking at life insurance cover, you should ensure that all of your main debts are covered by the policy.
As well as mortgages, you should consider anything you owe in the form of loans or credit card debt.
Putting your life insurance policy in trust is advisable, as this means that it is not subject to inheritance tax.
The process of doing this is completely free and it means that any payouts made in the event of your death will not be diminished by money being paid out for inheritance tax.
Putting your cover in trust will also speed up the payout process. This is because your life insurance policy will be excluded from your estate when you die, so the money can be paid without having to wait for probate.
Health insurance can give you extra reassurance that should you fall ill, adequate treatment will be at hand. We share advice on how to go about buying this particular kind of insurance.
Though health insurance isn’t a necessity in the UK thanks to the NHS, it can provide you with extra support and convenience if you fall unexpectedly ill. We discuss what you’ll need to consider when taking out a health insurance policy.
What options do I have when buying health insurance?
When you’ve made the decision to buy health insurance you’ll generally be given two choices: Continue reading
Veterinary pet insurance gives you complete peace of mind that if your pet falls ill or has an accident you’ll be able to afford the treatment they need to get better
Vet pet insurance is similar to health insurance for humans, it’s designed to pay out to cover the cost of expensive veterinary treatment if your pet falls ill, has an accident, or begins to suffer from an ongoing health complaint that requires regular care.
Providing you shop around and compare pet insurance quotes you’ll be surprised at how affordable veterinary pet insurance can be.
When you use our pet insurance comparison tables to compare the features, benefits and costs of all the best veterinary pet insurance on offer it’s easy to find a cheap vets pet insurance policy that provides the perfect compromise between a price you can afford and the cover you need.
It’s a good idea to decide up front what your budget is for pet insurance as this will have an impact on the type of veterinary pet insurance you choose. You will also need to consider the type of cover you want to protect your pet with.
Pet insurance policies that cap the amount you can claim for treatment of a condition tend to be cheaper than lifetime pet insurance. However, while they will pay out for short term claims, they won’t cover the ongoing cost if your pet develops a longterm health problem like arthritis or diabetes.
It’s for this reason that you’ll need to balance the features on offer with the amount you can afford to spend.
You should also check how much excess a veterinary pet insurance company charges when you need to make a claim so you can be confident that you’ll be able to meet it.
Even if you want a pet health insurance policy primarily for the vet insurance benefits, it’s also worthwhile checking the other benefits included so that you’re able to make full use of the cover you pay for.
More information in www.uk-homeinsurance.com
Everything you need to know about making your car insurance premium more affordable.
If you drive, shelling out for car insurance is an inevitability (not to mention a legal requirement) and while it can represent a significant expense there are some steps you can take to make insuring your car more affordable.
Insurance companies work with risk statistics that calculate how likely you are to make a claim given your personal circumstances.
The more ‘risky’ you’re deemed, the higher your insurance premium – this is why car insurance for new drivers and performance car insurance tends to be more costly.
However thankfully this also works in reverse, so by making yourself appear less of a financial risk, the more likely you’ll get cheap car insurance.
Here’s how…
The car you drive…
Car insurance providers classify cars into different car insurance groups based on factors such as engine size, top speed, repair costs, likelihood of theft and so on. This is so similar cars can be banded together and provided with the correct level of insurance to cover likely claims.
You’ll find car insurance groups range between 1 (very low risk) and 20 (very high risk), with cars in lower groups attracting significantly reduced premiums.
An obvious starting point for lowering your car insurance is to go for a car classified in a low insurance band – your car dealer or vendor should be able to tell you this before you buy. However, it’s always worth investigating your options as there can be a significant difference in grouping between different models in the same range.
Modified cars tend to attract higher premiums as they are seen as more attractive to thiefs and more likely to be involved in accidents. It’s for this reason that high performance car insurance also tends to be more expensive.
Avoiding modifying your car if you want to bring the cost of your policy down; this is especially the case for young drivers.
Insurer approved alarm and immobiliser systems are likely to attract a discount for your insurer as it makes your car statistically safer.
How you drive…
Your personal driving history and the motoring history of any other individual included on your policy will affect the premium price. Any claims, driving offences or convictions are likely to significantly increase the cost of your policy.
Factors such as the way you use your car and the number of miles you drive are also likely to affect your car insurance premium.
Lower mileage discounts are often available but are only worthwhile if you estimate your annual mileage honestly. As such your car insurance quotes are likely to be less if you only use your car a couple of days a week rather than for commuting to work.
Where you drive…
Where you live and park your car also impact your insurance premium. While moving house just to reduce your car insurance is a little extreme, there are certain things you can do to lessen the impact of your postcode.
If you have a garage you should always use it as it is seen as more ‘secure storage and is likely to attract a discount. Additionally, parking on a private driveway or secured car park is seen as more favourable than simply leaving your car parked on the side of the road.
Again, it pays to be honest about where you leave your car most of the time.
Who drives…
Statistically the older you are the less likely you’ll need to make a claim, along the same lines girls are much less likely to claim than boys. While little can be done about your age, you can avoid insuring younger drivers on your policy if they won’t regularly be using the car.
Many parents are tempted to insure their newly qualified children as a named driver on their car. While this can be cheaper in the short term, it doesn’t usually pay off in the long term as they could go for years without starting to build on their own insurance policy. Generally, it is better for young people to take out their own car insurance for 1st time drivers as soon as they are regularly driving their own car.
Third party, fire and theft can be the very cheapest car insurance to start off with, although quoting with a company that offers an accelerated no claims discount scheme (whereby a years no claims discount is earned in 9 months or so instead)can make a huge difference over time as it’s possible to earn maximum no claims discount in over a year less than it would usually take.
Discounts…
Building and protecting a no claims discount is the best way to make your auto insurance cheaper year on year as this can save up to fifty percent of your premium price.
You always hear the subsequent cost of car insurance rocketing when someone makes a claim. However while the cost of your insuring your car is likely to increase after an event of this nature, the main reason for the huge increase is because the individual in question is no longer eligible for their no claims discount.
For this reason protecting your acquired no claims discount is one of the best ways to make sure your insurance premium stays low even after a claim, even if this costs a little extra.
Most insurance providers now offer significant discounts for buying online. Many offer reductions to new drivers who have completed their pass plus and some also offer named driver discounts, helping to reduce premiums significantly.
While its not technically a discount, many insurers charge interest on monthly premium payments as they see this as a loan. For this reason if you can afford it you should try and pay for your car insurance in an interest free lump sum annual payment.
Some providers offer interest free monthly payments so it can be well worth comparing their overall costs to those of their interest charging counterparts.
Your car insurance policy…
When you insure your car you have three main insurance options, ‘Third party’, ‘Third Party, Fire and Theft’ and ‘Fully Comprehensive’. The latter tends to be most expensive but provides you with complete protection.
Third Party, Fire and Theft can be an economical option for those with little driving experience or a number of previous claims. Third Party tends to only be a viable option for those with a particularly low value vehicle as the cover it provides is minimal although it is the cheapest option by far.
When you compare car insurance and are choosing which option to go for you will need to weigh affordability with the value and condition of your vehicle.
Most insurance providers also offer add-ons such as family legal protection or a courtesy car, while these can be useful they are likely to be at an additional cost. Opting out can save you some money if you don’t think that you’ll use them and this is something to consider when you compare car insurance quotes.
When insuring your car you are also likely to have the option to increase the level of voluntary excess, this is the amount you will have to contribute to repairs or replacement in the event of a claim. Increasing this will attract a subsequent decrease in premium price, however you should always ensure that you will be able to afford to meet the excess if necessary.
You should ensure that the value you insure your car for is representative of the replacement cost of your vehicle. Too low and you’ll be under insured if your car is written off and too high and you’ll be paying for cover you don’t need. Looking at the current resale cost of vehicles similar to yours can give you a good idea.
Finally, by comparing a range of different quotes both on price and the level of cover they offer you should be able to find the best car insurance that meets your needs without costing you the earth!
More information in www.uk-homeinsurance.com.
We tell how to choose a comprehensive insurance policy to protect your holiday home.
The House of Lords has debated plans to give councils new powers to target the owners of dangerous dogs.
Proposals put forward by Lord Redesdale would see restrictions known as “dogbos” on the owners of problem dogs.
The Lib Dem peer said laws in place since 1991 designed to prevent attacks were not working and owners must be held responsible for pets’ actions.
Ministers said they did not back the proposal but were consulting on other changes to provide greater protection.
The peer wants to replace the Dangerous Dogs Act, which has been in place for two decades despite being much-maligned at the time. Continue reading
British supermarkets have been urged to take German produce off their shelves halt the spread of the deadly mutant E.coli outbreak. Continue reading
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