26. August 2016 · Comments Off on Sambungan diputus · Categories: Car Insurance

Trying to understand the ins and outs of car insurance is a tricky undertaking. This is no coincidence as insurance companies deliberately make policies complex in order to ensure that they have a number of escape clauses that could save them the cost of paying out claims. An insurance broker is an insurance professional who can help explain the details of a specific car insurance policy to you, but there are also more general snippets of information that can help you secure the right insurance.

Do not ignore the add-ons

Most car insurance policies come with optional cover items like roadside assistance, replacement car rental and gap cover. These add-ons typically do not cost much more than the base cover, but could save you a lot of money. For example, if you have an accident and your car is unavailable for a week while repairs are being done, you will need to find alternative means of transport for that period. If you do not have another vehicle and using public transport is not an option, then you will need to pay for a rental car. The cost of a rental car for one week could be almost as much as six month’s worth of car insurance premiums. Paying a little more could save you a lot in the future.

Prices vary from company to company

Just like with any other product or service, unless one company has a monopoly, insurance premiums will vary from insurer to insurer. Car insurance is a highly competitive business and insurers provide different types of policies and different levels of service. Some insurance companies target specific groups like the women-only type insurers. They provide discounted insurance policies to these groups in order to attract them as clients. The important thing to do is to shop around. Getting insurance quotes from various insurers has become easy since the advent of the insurance quote comparison websites. A traditional insurance broker will also be able to source comparative quotes for you.

Your car’s profile affects your premium

Insurance companies collect and compile vast amounts of data about you and your vehicle in order to accurately assess your risk. The model of car you drive carries its own set of data which insurance companies use to determine premiums. Accident statistic data is one example. The number and frequency of accidents involving your car model will be used by insurance companies to determine your premium. Another example is if you drive a relatively cheap vehicle model, but it is not very popular and replacement parts for it are expensive then your insurance company will charge you a higher premium. Also, if you drive a car that is extremely safe and protects occupants in accidents then your insurance company will give you a lower premium. Crime data is collected by insurers for various car models and the risk of theft is calculated in order to determine your premiums. All of these factors and more are used to profile the vehicle you want to insure and set your premiums.

So how is knowing this useful to you? Well before you buy your next car, do some research and get quotes for all the models in which you are interested. It will give you a good idea of which models are cheaper to insure. This may influence your decision of which one to buy.

20. August 2016 · Comments Off on Car Insurance Online: The Role of Multi-Car Insurance · Categories: Car Insurance

If you are contemplating about car insurance for your second and third car, then you must have heard of the convenience of having multi-car insurance. This is the type of policy that is perfectly tailored for people especially car drivers with more than one vehicle registered to the same person or address, and also to people with multiple cars at different locations. There are lots of auto insurance companies that offer multi-car insurance claims to the buyers. This presents large discounts to anyone considering it; it also attracts the buying public to add and maintain their cars to that policy. All of this is possible by including vehicles in a single insurance policy. And all of these can be easily accomplished online. It’s the quickest way when buying insurance for your car. It also means more business opportunities for the insurers and at the same time cutting down on administration costs.

The concept of buying multi-car insurance online is not new. Insurance companies were at service for second car discounts since anyone can clearly remember, but it was only recently made available to any single driver who wants to insure multiple vehicles. The true concept of multi-car insurance however changed the whole scene, allowing multiple drivers to get their hands on auto insurance for several cars, just as long as all of the cars in question are registered to the same address. With this setup, multi-car insurance evolved into the more flexible car fleet insurance. Again, the complexities of this transaction often leaves you confused as you are trying to absorb every inch of detail trying to meet each one of these insurers in person, which takes your time indefinitely, and leaves you stressed out. But doing all of these online changes the whole situation in great proportions, the time it takes for the transaction to be completed the conventional way is greatly reduced more than a half when done online.

It doesn’t matter if you are single driver who owned multiple cars, or among several drivers under the same address, because you still aim to get that best deal for your auto insurance. Many people believed that opting for multi-car insurance is much better than insuring cars individually, when it comes to saving money. All of this is sped up when doing business online. But even with the ease and comfort, it’s still important to proceed carefully. As an example, most advertisements boast of claiming savings up to 10% for every second car on a policy, and up to as much as 25% when talking about more than five cars.

These discounts however, may just be typically enough when compared to the cost of insuring cars separately with that same insurer. This means only one thing; you must get a clear picture of how the market works by taking time to do more research. One of the best ways to go about getting the cheapest insurance that you can find is to exploit insurance comparison websites, and use them for your advantage. This is a good opportunity for locating cheap policy prices; you can compare then which is worth your attention and at the same time save you money.

14. August 2016 · Comments Off on Money Matters – Savings, A Key To Economic Power · Categories: Finance

Money… If you have a lot of money then you probably don’t need to read this article…or, do you? If you only have a little money or you are broke, this information probably won’t help you…or, will it?

Whether you have money or not, the chances are that you have some kind of credit debt like a home loan, car loan, credit cards and the like. But do you have a savings account? Are you able to save any money from your income? If not, here’s a tip you should keep in mind: Pay yourself 10% of your income to a savings account before you pay anything else and here’s why; you are your most important utility. It is you that gets up and goes to work everyday, it is you that manages the household, the bills and other responsibilities in life. Without you nobody gets paid…not the mortgage, not the car loan, not the bills and other debts.

You are your most important “service provider”. Saying that you don’t have enough money to save 10% every week is not a good argument… the world is a vampire…the more money you make, the more the world takes one way or the other. You have to draw the line and understand that generating an income for yourself and your household is just as important a service/utility as having lights. Try to pay yourself first because without you, nobody gets paid. You owe it to yourself to save 10% of your income because that is your reward for working and generating that income.

Do you realize how important savings can be to your decision making and economic power? Here’s a helpful example of the power of saving called CD financing. By having a savings account with $2,500.00 to $5000.00 or so (at least) in savings, you can put that money into a CD (certificate of deposit) and use that CD as collateral at your local bank to borrow a secured loan with an interest rate 2-3% over the CD rate. I’ll explain… A CD is a cash-based investment instrument where you give the bank say, $5,000,00 and they give you a “certificate” of deposit (CD). The CD pays a better rate of interest than a traditional savings account during the term of the CD which may be 90 days, 6-months, one- year, two-year and so forth. Let’s say you have a $5,000.00 CD and you pledge that CD as collateral for a $2,500.00 loan from the bank.

Remember; rate is a function of risk and by borrowing money against your CD in this way you are providing the bank 100% cash collateralized no risk loan. Let’s say you have a two-year CD is paying 3% interest…there is virtually no reason why you can’t get a two-year loan where you are paying 5-6% interest because it is secured by the CD for the term of the loan. Now, in this example you have $5,000.00 CD earning 3% interest per year and a loan for $2,500.00 at 6% interest per year…which is a very low interest rate loan (and) the interest earned by the CD basically cancels out the interest paid on the loan! Other benefits of using a CD to collateralize a loan are as follows: First, if you took your savings and bought something, the money is gone (.) By using the CD financing concept, you get the money you need and you still have the CD asset, which is earning interest. When the loan is paid and your CD matures you still have your original money!

Other benefits include the fact that you can structure the loan so that you are not obligated to make a monthly payment under this arrangement. You can set up the loan with your banker…if you make some payments or no payments during the loan/CD term, you simply cash out the loan from the proceeds of the CD when it matures. OR you can roll the CD and the loan over for another year or two. This is an intelligent way to borrow or rebuild credit ratings even after a bankruptcy. This is one example of how you can benefit from saving money. It gives you power to make decisions…to be your own bank. So the next time you hurry to dish out all your income to pay bills, stop and think about saving 10%.

Copyright © 2006 James W. Hart, IV All Rights reserved

06. August 2016 · Comments Off on Your Thoughts On Finance · Categories: Finance

The facilitation of corporate finance and the decisions of management may impact the facilitation of the personal finance decisions of individuals and their families. We do not live in a vacuum. Therefore, the activities and decisions of other people can impact our lives.

Functions of Finance
“The key functions of a financial system are to facilitate household and corporate saving, to allocate those funds to their most productive use, to manage and distribute risk, and to facilitate payments. The financial sector is working well when it performs those functions at a low cost and makes the rest of the economy better off” (Greenwood, & Scharfstein, 2012,104). It is the responsibility of the business or individual managers of finance to locate, design or coordinate a financial system that aligns with the personal, business or group goals of the people they lead and serve.

Household and Corporate Saving
Saving for households or corporations can be facilitated in several ways: (1) by paying less for goods and services purchased, (2) by paying less interest on debt by reducing the amount owed and (3) by investing in saving projects that yield higher interest rates. Researching the project is needed to accomplish the objective whether for an individual, family, small business or corporation. In each case, the purchasing manager should secure at least three or more quotes for the item or service to be purchased. Comparison should be made using other factors in addition to price. Analysis of the information obtained should produce a decision to purchase the best value at the best price.

Productive Use of Funds
In order to allocate funds to their most productive use, thought and planning should happen before each project is assigned a budget. For example, research the purchase of the $400 computer to determine its functionality in relationship to the budget allotted for electronics. If the need is to use it for school work for at least a year, there is an added gain when the same computer can be used by the owner manager of a new small business. The purchase of a dress for $400 that will only be worn once is put in a difference light if the decision is between buying the dress or the computer. When one of the primary income earners no longer has the job that she has had for years, all members of the family have to give serious thought to the best use of funds. The beginning small business corporation can no longer be managed like a hobby. The prom dresses for the junior and senior prom can no longer be major purchases. By determining and planning for the objectives that causes the allocated funds to be used to produce purchases that achieve the desired function, both items can be purchased within the predetermined budget.

With corporations and large business entities, the “net present value” (Ross, Westerfield, Jaffe, & Jordan, 2011, 96) can be used to determine which projects the business should pursue. There are other calculations that could also be used so the senior finance manager needs to determine which method will work best for the finance team, the management, stockholders and any other applicable stakeholders.

Manage and Distribute Risk
Management and distribution of risk can be addressed starting in two areas: (1) a portfolio of insurance products and (2) the diversification of the investment portfolio. Research for purchase of insurance products should include comparison of price, features of policy, claim handling and customer service by the agency’s staff. Research for the elements of an investment portfolio will be far more detailed and time intensive. Each type of investment and the investment product in each type should be considered individually and in relationship to its impact to the overall risk of the portfolio. New investors should take the investing process seriously to ensure that investigation and understanding is obtained before money is involved. Necessary care in planning investment objectives and researching to make sure investment projects meet the desired objectives will help allotted funds for investment be most productive.

Facilitate Payments
Facilitation of payments paid and received has an impact on money saved. Incentive can be given to clients to pay earlier, but the discount to your client will mean less money is received in the payment. Your thoughts on this jester will be paramount to whether you see this as a win or a loss. Generally money managers should thrive to receive money as soon as possible and pay out money as late as possible. This does not mean that any bill should be paid so late that there are late fees and penalties attached to the payments. Within the financial system each financial manager designs, the goal should be to also maintain a good credit report because cost of goods or services can be impacted negatively by a low credit score for personal or business transactions.

Conclusion
Change starts with proactive compliance to the commitment to your process of improvement of your financial system to facilitate household and corporate saving, to allocate those funds to their most productive use, to manage and distribute risk, and to facilitate payments. Some of the same principles or processes used by businesses can be used by individuals and families. After determining the objectives, individuals, families, small businesses and corporations should identify skills that need to be obtained to plan for improvement in the financial system employed. At the very least, realize that thought must be given to finance in order to have any control over change in that area. In the end, it will be your thoughts on finance that invoke the all important call to action.

References
Greenwood, R. & Scharfstein, D.S. (2012, March). How to make finance work. Harvard Business Review, 104-110.
Ross, S. A., Westerfield, R. W., Jaffe, J., & Jordan, B. D. (2011). Corporate finance: Core principles and applications (3rd ed.). New York: McGraw-Hill. ISBN: 9780077886196

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