Updates from December, 2009

  • Choosing the Right Insurance Company for Your Business

    Stuart Broad 8:19 am on December 29, 2009 | 0 Permalink
    Tags: , cheap motorcycle insurance, , , , insurance quotes, , ,

    One of the most important parts of your business plan is your insurance. So many businesses neglect this essential aspect and are left with only ashes after disaster strikes. There are, however some things you need to consider before signing with any insurance company.

    The three main items to consider are: price, service and the financial stability of the company. These three key features can prove to be the main factors that influence your monthly premium and determine whether your claim is successful in the event of a disaster.

    Price

    Comparing quotes from multiple companies can save you a small fortune over the years. The minor act of logging onto a website that compares quotes can save you time, effort and money. Be sure to read the fine print of any insurance contract. The excesses can be set to a really high amount in order to lower the monthly premium. Having a set excess, as opposed to a percentile of the claim, will often increase the monthly premium. If you choose to spend less per month and have a higher excess, ensure that your savings will be able to cover the excess in the event of a claim.

    Service

    The service options that insurance companies offer can vary greatly. Make sure you choose an insurance company that has been in the industry for at least a decade. Although this may increase the monthly premium, you can rest assured that the company has a reliable track record and can be trusted. Considering that you are placing the entire risk profile of your business in the hands of this company, the cost is usually worth it.

    Stability

    In the current global economic meltdown we are experiencing, insurance companies are “falling over” everywhere in the world. This is cause for some alarm. If you insured your business with a company that files for bankruptcy and then need to claim, you could find yourself and your business in a spot of trouble. Research will assist you in making the correct choice. Make sure you choose a company that has a good history and financial reputation. The few minutes spent searching the internet for information on the company you are interested in can save you much pain and suffering in the future.

    The best, although not necessarily the cheapest option, is to employ a certified financial advisor or independent broker to assist you in choosing the correct and most appropriate policy. This is particularly true when it comes to businesses with unique needs and risks. A general business insurance policy, similar to a home contents policy, is safe enough to source on your own via direct insurers, but if your risks are more unique like those of a doctor or engineer, then professional help is recommended.

    Above all, use a touch of common sense and ignore marketing gimmicks. Make sure that you feel comfortable with your decision and that you are able to pay your premiums. Make your decision with as much information at your disposal as you can find and review your decision on a yearly basis.

    About Author:

    Stuart Broad has extensive experience in the life insurance industry. He is very passionate about following the developments at insurers like car and motorcycle insurance.

     

  • 7 Easy Steps To Save On Insurance

    Stuart Broad 8:12 am on December 29, 2009 | 0 Permalink
    Tags: , , , , , , , , , , , , , , ,

    Step 1: Try lowering your mileage

    Keeping your mileage low can save you a lot of money per year. Travelling by public transport or carpooling reduces your risk profile and as such will lower your monthly premium. Ask your prospective or current insurer whether they have a pay as you go plan.

    Step 2: Increase your excess

    When you claim, you will have to pay a percentage of the claim. This is called an excess, or deductible in the USA. Increasing this amount can have a significant impact on your monthly premium. Some companies offer a fixed excess, but then your monthly premium will be much higher. Consider what you can afford in the event of a claim and choose your insurance policy accordingly.

    Step 3: Don’t add unnecessary cover

    If you are not going to use roadside assistance or you have a spare vehicle that you hardly use, consider removing the additional cover from your insurance policy. Depending on whom you insure with, this can be a substantial amount. Keep in mind that with rental cover, the annual amount paid could be less than a single day’s car rental so it may be wise to keep that added cover.

    Step 4: Mind what you drive

    Different vehicles have different risk profiles. You will certainly pay more per month on a sports car or a vehicle that car hijackers prefer than if you drive a low profile, low risk vehicle. Some insurance companies will offer discounts on hybrid vehicles as well so keep that in mind if you drive one.

    Step 5: Secure your vehicle

    Safe parking, vehicle tracking devices, alarms and immobilizers will all lower your vehicle’s risk profile. Ensure that you only fit approved devices in your vehicle and have them inspected by your insurance company. Make sure you never leave your car unlocked or valuables in plain sight. This will only tempt thieves and will increase your risk profile with your insurers after you claim.

    Step 6: Follow the rules of the road

    Maintaining a safe driving record will have a major impact on the quote you receive from insurance companies. In some countries, they can even check traffic violations that you may have had in the past. Do not claim unless you absolutely have to, as this will also increase your risk profile. Make sure you obey the rules of the road at all times.

    Step 7: Compare quotes

    There are so many websites available that will provide multiple quotes online to make shopping for insurance a breeze. Utilize these websites and see which policy will save you the most, but also keep your eye on the excesses and other fine print in your policy.

    About Author:
    Stuart Broad is a marketer at CheapCarInsurance.co.za and has vast experience in the insurance industry. He recommends that consumers shop around for motorcycle insurance and car insurance quotes and learn about Insurance Quote like AIG and Old Mutual.

     

  • Picking An Insurance Company

    Stuart Broad 8:11 am on December 29, 2009 | 0 Permalink
    Tags: , , , , , , , , , , , , , , ,

    There are so many different insurance companies out there offering insurance services that it can be quite a challenge finding one to suit your needs. There are a number of factors to consider, though, that can assist you in narrowing down your options and choosing a company that suits your specific insurance needs.

    Financial Stability

    In the current financial crises, insurance companies are filing for bankruptcy all over the world. This should be a major concern for the consumer because it can directly influence the outcome of any possible claims you may need to make. For this reason, it is very important that you only consider insuring with a company that has a rock solid financial history. In addition to that, you also need in ensure that the company you are considering has a positive financial outlook during these worrying global recession. There are also companies with independent ratings of existing insurance companies like A.M. Best, Fitch, Moody’s and Standard & Poor’s.

    Cost of Premiums

    Your monthly premium will obviously have the most direct impact on you, the consumer. Due to budget requirements, you may not be able to afford the best insurance or the most comprehensive policy. Most companies have multiple policies with multiple levels of cover. The cost of a certain amount of cover will also differ from company to company. It is therefore very important to shop around for motor insurance until you find a company that offers the range of cover you require, at a premium you can afford.

    Service Levels

    Service levels will influence your experience tremendously after you have signed with an insurance company. There are many sites on the Internet that have independent, user generated reports on service levels that people have experienced with specific insurance companies. If a company has track record of poor service, you may have some problems when it is time for you to submit a claim. To that effect, make sure that the company and/or your broker is always easily accessible.

    Reputation

    Finally, you need to consider the company is questions’ reputation. Making some light conversation with family and colleagues will quickly help you to form a first-hand opinion of a prospective insurance company. Make sure you feel comfortable with you choice and be willing to change if they seem to start slipping away from their original service level.

    Therefore, before purchasing car or motorcycle insurance from the insurance company that offers you the lowest premiums do a bit of research and make sure that the company meets the criteria listed above. This could help you avoid nasty surprises in the future.

    About Author:
    Stuart Broad is a marketer at CheapCarInsurance.co.za and has vast experience in the insurance industry. He recommends that consumers shop around for motorcycle insurance and car insurance quotes and learn about insurance companies like AIG and Old Mutual.

     

  • Insurance For Young Adults

    Stuart Broad 8:08 am on December 29, 2009 | 0 Permalink
    Tags: , , , , , , , , , , , , , , South African

    As a young adult, you will undoubtedly pay more for your car insurance than people that are in their thirties and up. This is especially true if you are younger than twenty five. There are many ways to lower your risk profile, thus lowering your monthly rate. Taking a defensive and/or advanced driving course, driving a cheaper car, joining an auto club and lowering your mileage use per month by using public transport and carpools where possible are all options that can lower your monthly insurance rate.

    In addition to these “common sense” steps you can take to lower your monthly installment, you could also consider lowering your comprehensive and collision cover if you have an older car that may not be worth as much. The reason for this is that if the damage is significant enough, in the event of a collision, the excess payment could be more than the vehicle is actually worth! If, however, you can afford a more expensive vehicle or even a new one, buy something with as many safety features as possible. This includes airbags all round, unbreakable or electronic locks, automatic lights and even a car with an automatic transmission. These safety features, especially the locks, can lower your rate with certain insurance providers.

    Another obvious feature you will want to consider when purchasing a new car is security features. Many insurance companies refuse to insure a vehicle if it does not have a gear lock, immobilizer, alarm or tracking system. It also stands to reason that the more security features your car has, the lower the insurance premium. Where you keep your vehicle at night and at work will also fall in the security category.

    Finally, many insurance companies consider your social and economic status when evaluating your risk profile. If you are married or engaged, you are considered more stable, thus lowering your risk profile. Having children will also count towards this. Your career and job also influences you premium as insurers have, through the years, established which kinds of drivers tend to go for certain careers. For instance, a technical engineer is less likely to go out and drink excessively before driving than someone employed in the service industry.

    Comparing quotes online or by telephone will greatly assist you in selecting the company to best serve your insurance needs but never skimp on your cover to save a few pennies; this could backfire badly when you need to submit a big claim.

    About Author:
    Stuart Broad writes about Motorcycle Insurance. To know more about Motor Insurance please visit http://www.cheapcarinsurance.co.za/

     

  • How To Insure A Car In South Africa

    Stuart Broad 8:05 am on December 29, 2009 | 0 Permalink
    Tags: , , , , , , , , , , , , , , ,

    Insuring your car has become essential as the cost of vehicles and vehicle repairs have steadily increased over the years. Buying your car is probably the biggest purchase you will ever make apart from property. As such, it is imperative that your vehicle is covered against unforeseen disasters.

    In South Africa, there are three different kinds of cover:

    Comprehensive

    This is the most expensive cover and if you are getting financing on your vehicle, the bank will insist on comprehensive cover. This policy, as is implied by its name, provides comprehensive cover against fire, theft, collision, damage and hijacking. Comprehensive cover will also cover you from third-party claims.

    Limited

    Limited cover is somewhat cheaper than comprehensive and covers you for theft, fire and hijacking. It also covers you against third-party claims, but you are not covered for your vehicles’ damage in the event of a collision.

    Third-Party

    Cheapest of the lot, third-party will only cover damage done to other people’s property. This is often not a very wise insurance choice except for really old vehicles that are only used on very few occasions.

    Insurers have recently introduced “pay as you go” insurance options for drivers who do not travel excessively. You can get comprehensive insurance on this plan at a much lower rate, determined by the average amount of kilometers you drive per month.

    Submitting a claim:

    If you are involved in an accident or other kind of incident and need to submit a claim, do it as soon as possible. Some insurers have a window that you must claim within and the same goes for reporting the incident to the police. Payouts on the claims will vary depending on the claim you are submitting for. Usually, the insurance companies will deal directly with the dealership, in the event of theft, or the panel beaters, in the event of a collision. The excess will need to be settled by you in order for the new or repaired vehicle to be released.

    Comparing quotes online or telephonically might save you quite a lot of money and is definitely recommended. There are many websites available that offer this service for a nominal fee from the insurer that gets your business. Utilize these services wherever possible and keep in mind that if you do not have internet access, you can also use a telephonic equivalent.

    About Author:
    Stuart Broad writes about Insurance. To know more about Insurance Quote please visit http://www.cheapcarinsurance.co.za/

     

  • Common Insurance Mistakes

    Stuart Broad 8:02 am on December 29, 2009 | 0 Permalink
    Tags: , , , , , , , , , , , , , , ,

    Most people have insurance in one form or another these days. We have no choice in the matter really. The fact is that anything can happen at any time and to mitigate that risk, we need to make sure that we are adequately covered. But how do you know you have the correct amount and kind of cover? There are quite a few guidelines that one should follow when considering insurance, but in this article I would like to point out a few very common mistakes people make when choosing their insurance policy.

    Too lazy to shop around

    Unfortunately this is often the most common mistake people make. The excuses that you may not have enough time to properly compare quotes is really ludicrous considering all the companies out there that will compare quotes on your behalf, only requiring that you fill in a single form with your details. If you aren’t willing to shop around for the best product to suit your needs and your pocket, you have no-one to blame but yourself.

    Only comparing monthly premiums

    For many people the monthly premium is really the bottom line, but this way of thinking could land you in hot water. Not only is that only a portion of what you need to consider, not looking at other factors such as excesses could really hurt you financially in the event of some disaster. In addition, you also need to consider the company’s track record. Make sure that there are not any major complaints on web forums about the amount of time taken to pay out or declined claims.

    Fine print

    Who enjoys reading fine print? I certainly don’t! Unfortunately, if we want to be sure that we are adequately covered and know exactly what to expect in the event of a claim, we need to be familiar with the terms and conditions of our insurance policy. Most countries have laws that state that an insurance broker must explain the policy to you in full when you are purchasing it. That person also needs to answer any questions you have satisfactorily.

    Buying too many policies

    Telemarketers call us very frequently, often with a line to the effect of “You have been specially selected…”This obvious marketing ploy will only take your money and dump it into unnecessary funeral plans, hospital plans, life policies etc. If you already have a policy in place, that should be good enough. If it is not, cancel it and get one that will be sufficient.

    These few simple pointers will help ensure that you don’t pay too much for your cover and ensure that you are adequately covered in the event of a tragic event. Regardless of who you insure with, make sure that you follow these simple common sense principles before you sign your name to a contract.

    About Author:
    Stuart Broad writes about Motor Insurance.To know more about Insurance, please visit http://www.cheapcarinsurance.co.za/

     

  • Consequence of Lying to Your Car Insurance Company

    Amy Nutt 10:34 pm on August 7, 2009 | 0 Permalink
    Tags: ajax, , , , , , , , , , , , , liability, , , , ontario, ,

    by Amy Nutt

    Car insurance companies are very strict on their insurance packages and most times, they look at your details to be able to award you the necessary insurance. Therefore, it is not uncommon to find car insurance buyers looking for ways to falsify their details in the bid to reduce their premium price and get cheaper auto insurance quotes. In fact, research has shown that in the UK alone, over 10% of all drivers have lied at a point in time about their details or records while in the US, it is estimated at a whopping 27%. Details that are mostly lied about include the age and address of the driver. In some cases, drivers have been known to leave out speeding tickets, drunken driving records and bans on driving they may have received.

    Sadly, many drivers seem to think this is the norm and therefore lie about all these when they are applying for an insurance policy. And this is further influenced by the thinking that the companies are mandated to pay and reward them. Most informed drivers know that falsifying your records is seen as fraud while the uninformed drivers think it is ok to lie about their records. The truth is insurance companies are beginning to catch up with this trend and are taking steps against the frequent occurrence of such acts. One of these steps is in the installation of software that will function as a lie detector and will compare all the different data for traces of irregularities. Besides this, insurance companies now have penalties that are meted out on culprits of this act. These include:

    1. Cancellation of the Insurance Policy. All culprits will lose their rights to any form of insurance with the company of they are caught. This means that all the monies paid prior to that time will not be retrieved or paid back and the driver will forfeit all attendant benefits.

    2. All Claims will be lost and denied. All drivers caught in the act of falsification will be denied all claims. During accidents, most drivers and car owners resort to the insurance company to offer some form of relief. Even if the claims are genuine, the insurance company will desist from making the required payment if it detects false information.

    3. Blacklisting in all car insurance companies Depending on the severity of the false information, most insurance companies will willingly blacklist the driver thus making it really hard for him to drive his car.

    4. May pay Fines If the driver is found guilty of severe falsification or under the insurance act, he would be required to pay the sum of one hundred thousand dollars and another two hundred thousand dollars if there are other offences discovered. 5. Jail Terms.

    In Canada, all offenders could face up to ten years in prison and may be forced to pay a sum greater than five thousand dollars if found guilty. So whatever the case may be, it is in your best interest to tell the truth at all times.

    About the Author:
    Full service insurance brokerage offers corporate and personal solutions. When looking for the best protection and information on Personal Insurance, Car insurance in Ajax, Health Insurance in Ajax, Commercial Insurance, Life Insurance options.

     

  • Why 4x4 Insurance Varies From Car Insurance

    Susan Reynolds 7:08 pm on August 6, 2009 | 0 Permalink
    Tags: , , automobiles, , , , , , , ,

    by Susan Reynolds

    If you own a 4×4 you may have noticed that the insurance rates are higher than a car. This is because a 4×4 vehicle is quite different than a car and therefore incurs higher premiums. 4×4?s have different features as well as different capabilities which have an effect on the insurance rate. You should know exactly what you?re looking for and exactly how a 4×4 will affect insurance rates before you choose to buy a 4×4 or 4×4 insurance.

    While it depends what policy you have, most of the time car insurance is very basic in its coverage. In most cases it will cover the other driver and their vehicle. Other policies include your vehicle and even cover theft or weather damage. 4×4 vehicles are not much different in how they are insured however they are different in what happens in a crash scenario. When a crash happens a 4×4 vehicle will do more damage than a normal car would. Thus it makes your rates increase.

    Another important factor is that 4×4 vehicles are known as high profile vehicles. They usually will be a target for theft more than an average car. This is especially true if the vehicle is kept in a public parking lot. Those who have a 4×4 vehicle and live in the city will pay more for insurance since their vehicle is more likely to be targeted due to higher crime rates.

    Also if you do get into an accident your insurance company may not cover some of the parts that you have. Many 4×4 enthusiasts add extra parts to increase the performance of their vehicles. If you have these parts attached they will most likely not be covered by your insurance company and may even cause your vehicle to be classified as a higher risk vehicle for having aftermarket parts. If the company offers insurance to cover aftermarket parts then you will be paying quite a bit more in insurance.

    Finally the biggest difference between 4×4 vehicles and cars is it?s off road capabilities. Your standard car insurance won?t cover your vehicle if you go off road. This means that you will have to either pay for the repair costs yourself or have to see if your car insurance company offers off road protection. If they do then you will have to pay a higher rate. Also if you?re an enthusiast that likes to race or enter other various competitions you may have to get those covered separately. In some instances it?s better to be covered for a single day then pay high interest rates every month.

    It?s important to know that as with sports cars 4×4 vehicles will be more expensive naturally when it comes to insurance. The best thing you can do is to compare quotes from various companies and find the lowest rate. You can also greatly reduce the rate of your vehicle by having it just for a recreational vehicle. You will also want to read through the policies that each company offers. This is because some companies will cover some situations while others won?t. If you plan on doing something besides driving your 4×4 vehicle you should ask your insurance agent what they can cover.

    About the Author:
    Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Car Insurance Policies.

     

  • Break Down Cover

    stubsy 7:44 am on July 30, 2009 | 0 Permalink

    Breakdown cover is a type of insurance plan for motorists. The main aim is to provide assistance to individuals whose vehicles have experienced incidents such as mechanical failure that leaves them stranded and unable to continue on their journey.

    Depending on the policy and provider chosen, the breakdown cover could include:

    • Jump starting the vehicle on the road

    • Towing the vehicle to a mechanic

    • Changing a flat tyre

    • Providing enough fuel to get the vehicle started and to the nearest petrol station

    • Releasing vehicles that have been stuck in snow

    • Assisting motorists who have been locked out of their vehicles

    Who May Benefit

    Breakdown cover may prove to be very beneficial as not only could it get motorists out of some sticky situations, it can also provide peace of mind to individuals who travel frequently.

    It may be impossible to predict when your vehicle may break down, but it is usually at the most inconvenient time. In fact there is never a convenient time to breakdown. As long as you rely on your vehicle to get you from point A to B, you might want to consider breakdown cover

    Reasons to Consider Breakdown Cover

    • As stated early, you never know when your vehicle will start playing up, so for added peace of mind, it might be wise to take out cover

    • Obtaining cover is easy as you may be able to obtain quotes and coverage online. Comparing providers is relatively easy thanks to the internet

    • If you live in or travel to remote areas, it may not be as easy to get help without breakdown cover

    Selecting a Provider

    Because of the number of deals out there, making a final decision could seem like a lot of work. Once you decide you want breakdown cover, you might want to consider the following before choosing a product:

    • Is the cover vehicle or person based? Vehicle based means anyone driving the vehicle will receive assistance when it is needed

    • Level of cover. This could be standard, intermediate or premium cover. Each level will provide additional benefits. You just need to choose the ones that are most suitable to you

    • Response times. Knowing the average response times of the potential provider could be a deciding factor

    • Coverage for oversees breakdown. This could be important if you travel to Europe often for work or pleasure

    • Types of vehicles. If you have a caravan for example, will this be covered?

    Possible Drawbacks

    The cost of breakdown cover may seem as a disadvantage, but there is no price to pay on your safety and the assistance you can receive when you need it most.

    Summary

    Breakdown cover is vital for today’s busy motorist, in the worst case it could be the difference between life and death.

    • Cover is easy to obtain by checking providers online

    • There are numerous situations that are covered so customers can choose what is best for them

    • Motorists can have peace of mind knowing they will be taken care of if they are stranded on the roadside.

    In light of this, if you haven’t done so already, you might want to consider breakdown cover.

    Auto Insurance Companies
    CLICKinsure.com is a licensed, independent insurance BROKER authorized by dozens of the most recognized insurance companies in the nation to provide real rates and real coverage…instantly! Visit online for a free quote and compare different insurance providers to find what best fits for you.

     

  • What is the Average cost of car insurance for a teenager

    Insuranceblogger 2:43 pm on July 27, 2009 | 0 Permalink
    Tags: , teenage car insurance

    Are you looking for the answer of the question what is the Average cost of car insurance for a teenager? Don’t be disheartened. You can find the answer in the internet.
    Normally auto insurance premium depends on some different factors like
    (A) Age of the driver,
    (B) Age of the vehicle,
    (C) Condition of the vehicle,
    (D) Value of the car that is going to be insured,
    (E) Use of the car, mileage of the car,
    (F) Place where the vehicle is going to be used etc.
    Depending on these factors the car insurance premium is decided. When the age of the driver is under 18 or 16 then the car insurance premium also touches the highest level as the are the most prone to accidents. You can check using different online quotes also to understand how the factors determine the cost of car insurance. The car insurance quotes are easily available at the net on a click of a mouse.
    If you try for an online quote then you can easily understand how much you can have to pay if you have a car insurance for your loving son. In car insurance cost you can find gender biasness also. If you have a daughter then you have to shell out less money than your son of the same age.

    Hopefully this clears up the question what is the Average cost of car insurance for a teenager

     

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