23. March 2017 · Comments Off on How Are Car Insurance Costs Calculated? · Categories: Car Insurance

What will effect the cost of your car insurance?

Put simply, the price you pay is determined by the type of cover you need (e.g. fully comprehensive cover versus third party) and how often and how much car insurers expect you to claim on your policy.

To work out the likelihood of you making a claim insurers will look at details about you and your car, and these details can greatly affect the amount you will need to pay for car insurance. Below are the key factors that car insurers use to determine the cost of your insurance premium:

About your car:

Car Value – The more expensive your car is the more expensive it will be to replace (and typically, the more expensive it will be to fix too). So, the higher the cost of the car, the more you can expect to pay for your insurance.

Car Power – The faster and more powerful the car, the more likely it is you will be involved in accident. This will increase the likelihood of you both making a claim and also the size of that claim, so higher power cars typically have higher cost premiums.

Car Desirability – The more desirable your car the more likely it is to get stolen. Replacing a stolen car is a huge cost for the insurer and so this risk will be reflected in a higher premium. Some classic cars for example can incur larger than normal premiums.

About you:

Your Age – Younger drivers statistically have a higher risk of having an car accident and so will pay the most for insurance (the 17 – 25 age group typically has the highest premiums)

Your Job – Some professions are statistically seen as including higher risk individuals (e.g. students, journalists, actors etc.) and so will be used as a factor in deciding the cost of your insurance.

Where You Live – As a rule of thumb, built up urban areas are likely to have more traffic on the road (increasing the likelihood of an accident) and more car theft and so living in such areas will increase the amount you will need to pay for insurance.

Car usage and storage:

Your Claim History – Insurers believe that if you have claimed in the past you are more likely to claim again. Most insurers will offer a no claims bonus which can significantly reduce the cost of your insurance.

Previous Penalty Points – Insurers take this as a sure sign that you are a high risk driver and will reflect this in charging you more for insurance than those with a clean license.

Car Storage – Keeping your car in a garage as opposed to on the street can reduce the chance of theft and therefore reduce the amount you will be expected to pay for insurance. This can be particularly important if you live in urban areas where insurers will charge more due to the perceived increase in the risk of car theft.

Mileage – The more you drive the more you are likely to be involved in an accident so higher mileage policies will typically cost more.

Type of cover:
Third Party Vs Third Party Fire and Theft Vs Fully Comprehensive – The level of cover you require is one of the more obvious factors determining how much your insurance is going to cost you.

Voluntary Excess – If you are willing to accept some initial costs of your future claims upfront this will both reduce the amount of claims you are likely to make and also the cost of those claims to the insurer. Insurers will therefore offer you lower cost premiums.

Unfortunately, some of these things you can’t change (like your age), but other things like how you store your car, how carefully you drive and the type of car you buy can all have a significant positive impact on reducing the cost of your insurance.

17. March 2017 · Comments Off on Vintage Car Insurance – How to Find the Best Rates · Categories: Car Insurance

If you have a vintage car then it probably cost you a lot of money. Most people who buy vintage or classic cars do so not only because they like them, but because they see the vehicle as an investment. Once you have spent thousands, if not hundreds of thousands of thousands of dollars on a vintage car, you need to be sure that you have the right kind of insurance policy.

When you are shopping for car insurance you’ll find that the type of insurance you need will be different to that for ordinary cars. Once you start looking you should try and find an insurance company that specializes in insuring vintage cars. Vintage cars require specialist coverage. The type of coverage you will need will depend very much on how your car is used. You will need a different kind of premium if the car is only driven to specialist shows and exhibitions, than you would if you drove your vintage car like a regular vehicle.

Providing you take the time to look for the right kind of policy for your car, then it is possible to save money on car insurance. You should not insure a classic or vintage car under a standard insurance policy. If you have bought your car as an investment piece then you don’t want to be driving it around in the same way that you would an ordinary car.

There are guidelines for insuring different types of vehicles and you should be familiar with these before you insure your car. If you want an insurer to give you a good quote for your vintage car then you need to have been driving for at least five years as insurance companies want to protect your asset as much as you do. Providing you are twenty five or older it should be easy to find insurance for your vintage car as insurance companies will look on you as less of an insurance risk than a younger driver.

When you insure a car, insurers will want to assess both your security and your driving skills before they will allow you to take out a speciality premium. You should have a car that is old enough to be considered a vintage vehicle and this standard will depend on the company that you buy your insurance from.

Some insurance companies will only give vintage status to cars that are nineteen seventies vintage or older. You should know that policies will differ depending on the age of your car. Another thing that insurers will take into consideration is whether you have an insurance policy of an ordinary car before they grant you a special policy.

If you do tend to drive a vintage car on a daily basis then insurance companies may regard that car as too much of a risk, as the more a car is driven the sooner it is likely to deteriorate and decrease in value. Insurance companies offer special premiums based on the actual cash value (ACV) of your car, the stated value (SV) and the agreed value (AV) of the vehicle.

When you give the insurance company a value for your car they will pay it but they cannot insure you for the stated value. Most vintage car owners get their insurance on the basis of an agreed value of the car. This means that they will agree with you a value for your car and take into consideration your investment and any maintenance, and then they will give you a policy for that value.

10. March 2017 · Comments Off on Easy Application and Renewal of Car Insurance Policies · Categories: Car Insurance

Buying Different Insurance Policies for Your Car

The car insurance policies available in the current Indian market differ and depend on the vehicle that you want to purchase. Insuring your car is as important as insuring your life from uncertainties. To suit the changing needs of people, the Indian insurance industry offers many different types of policies. No matter which car you own, availing adequate coverage to protect your vehicle is very important. Inadequate insurance coverage will do no good to your vehicle. When you plan to buy a vehicle insurance policy you need to keep in mind things about the cost of application, its coverage, policy period and other details. Usually people buy insurance policies that offer maximum coverage preferences. In order to avail professional coverage for your beloved car, you can meet the expert policy providers and ask them about available schemes.

Check the Coverage

Whenever you plan to buy vehicle insurance, you need to check its coverage details. Make sure to buy a policy that offers expected protection. You never know which natural calamity or a human error would damage your car. When it is insured from a well-reputed insurance company you receive required ama

• Disasters like fire strike and car accidents

• An act of damage or theft

• Natural calamities or an uncertain event

• Your car insurance policy would also cover costs related to damage repairs, crash or installation of new car parts.

Typically, buying a new car insurance policy from a safe and secured website is a fastest way to safeguard your asset. Thanks to loans and betterment of standard of living of the people, more and more families are able to buy their new dream car. With insurance policies, you can easily offer coverage to your dream vehicle and keep it protected.

Whether you want to buy a brand new policy or renew an already existing one, you can depend on the online portals. Car insurance renewal is a simple procedure that you can follow with just a few clicks. Generally, you can apply for a suitable vehicle insurance scheme as per your age. Just like the personal insurance, it is essential to apply for vehicle insurance at an early age. The younger you apply for a policy, higher the insurance premium will be. In order to avail genuine insurance policy for your vehicle, make sure to contact a reputed agent or a broker. They will help you find out all details about available policies and their coverage features.

As more and more people are planning to buy second hand and small cars, they find it simple to insure them from a professional broker. Easy online application and renewal procedure of the insurance policies allows people to quickly avail required services. Use the calculators to accurately calculate the policy premiums or use the tools to compare different policies. You can even find a policy that has been custom made as per personal requirements and coverage details.

26. February 2017 · Comments Off on Car Insurance Groups · Categories: Car Insurance

Car insurers need to take a range of factors into account when working out the price and details of your car cover policy. Where you live, your age and what sort of job you have are all considered by the insurance company. But the make and model of the car is also significant in the pricing and details of your insurance quote. To make things easier, insurance companies have developed a group system for cars, usually ranging from 1 to 20, but sometimes from 1 to 50. The groups are ordered on the basis of the cost of insurance, with the price of cover ascending from group 1, which is the cheapest.

Because cars in the lower insurance groups are cheaper to insure, it’s worth understanding how the insurance grouping system works. The Group Ratings Panel is the organisation which makes the decisions on the car insurance groups. Every month the panel, which includes members of the Association of British Insurers and Lloyds Market Association, gathers to advise on every new car built to United Kingdom specifications. Their recommendations will refer each new model to a particular car insurance group. The Group Ratings Panel gets the information it uses in making decisions from the Thatcham Motor Insurance Repair Research Centre.

To give a car a group rating, the Group Ratings Panel takes into account the value of the car if it was bought new at today’s prices. They would also need to know the damage and parts costs for the vehicle. The less it costs to repair and get new parts then the lower the insurance would be. Almost three-quarters of claims paid out by car insurance policies are for repairing vehicles, so companies often give this the most consideration in determining the cost of covering your vehicle.

The length of time it would take to repair the car is also important; for example certain modern paint jobs could take longer and therefore push the overall rating higher. The performance of the car can affect the group rating as insurers know from experience that faster or more powerful cars can increase the likelihood of an insurance claim. Engine size, the type of gearbox, year of manufacture, and make of the car can also affect the insurance group rating.

Other factors such as security, including Vehicle Identification Numbers, standard manufacturer fitted locks and immobilisation systems and other locking devices will help lower the car’s insurance group rating by the Group Ratings Panel. You can now search on the Thatcham Centre’s online database to get important ratings information on your car or a car you are thinking of getting insurance for. Insurance ratings are also worked out by assessing engine size, gearbox type, year of manufacture and a range of other specifications.

Your car and its insurance group rating
One of the first questions many of us have when choosing a car to buy is whether it will be expensive or cheap to insure. Most of the time we will have a fairly good idea if we know the value and performance of the vehicle. But to get a clear idea it is best to check with reliable sources. A range of established and impartial motoring services offer easy to use online databases to give you an exact group rating for the make and model of car you own or are considering buying. Alongside servicing and road tax, insurance can be one of the biggest purchases you make for a car each year, so its important to know the insurance group rating as part of your search for a good deal on cover for your car.

11. February 2017 · Comments Off on California Health Insurance – Independent Health Life Agent Verses Insurance Company In House Agent · Categories: Health Insurance

You have just completed an online form requesting a free health insurance quote and moments later you are being inundated with phone calls from insurance agents hoping to get your business. Try not to become overwhelmed or annoyed by these “pesky sales people” because they are really not telemarketers. Most of them are well-trained state licensed professionals who can really help you make a good decision regarding which health plan is best and most affordable for your individual or group coverage needs.

You may be under the misconception that if you buy your health plan directly from the insurance company, and cut out the “middle person”, you will save money. This is absolutely not the case. In fact, insurance companies rely on agents for most of their business and that’s why they pay them commissions for bringing in customers. It does not cost a consumer one penny more to use a licensed California health insurance agent to obtain their insurance coverage.

There are many differences between California health insurance and other states including how it is applied for.

For example, while Blue Cross and Blue Shield are one company in other states, here in California, each is separate and applied to individually as Anthem Blue Cross of California and Blue Shield of California.

California health insurance law AB 1672 is an improvement over the federal HIPAA law that covers all states in that it includes the following with regard to California group coverage:

1. Individuals with pre-existing medical conditions may change over to a new group health plan without an exclusionary period.

2. It allows small businesses and professional organizations to have access to health plans providing they have between 2 and 50 full time employees.

3. It keeps insurance rates from climbing after a claim is filed.

4. Employees who have health problems may change jobs or health plans without being rated higher for having pre-existing conditions.

That said, the very best health insurance agent for your individual and business needs is an “Independent Agent.” Why? Because they represent multiple insurance carriers, not just one. An independent agent can help you select the most appropriate cost-effective plan offering the most benefits for your dollar as available from the major carriers, rather than feeding you just one company’s line of health plans which may not suit your particular needs. Many people are too complacent and settle for what their current insurance company has to offer. They could use a good independent agent to sort through the many plans available from multiple insurance carriers to find and provide the best choice of options.

Another misunderstanding you may have is that insurance agents set the premium rates for the health insurance plans they sell. Thinking if you shop around you may get a better price for the same plan. Premium rates are based on your age, zip code or county in which you reside and are controlled completely by the insurance companies. Every agent uses the exact same rate guides set by the insurance companies. The condition of your health may affect your premium, which may be rated up after the insurance company’s underwriting department has reviewed your medical records. Again, the insurance company, not the agent, determines that outcome.

Now, let’s talk about the benefits of having a good insurance agent representing you. Most consumers neither know nor understand the benefits of a health plan being offered and need the expertise of an agent to explain the benefits to them in full. For example, do you know what the difference is between an “out-of-pocket maximum” and an “annual deductible?”

An out of pocket maximum is the most you will have to pay in a given year for deductible and coinsurance for covered benefits before your insurance starts to pay 100% of most expenses until the year ends.

An annual deductible is usually the amount you pay each year before your health plan starts paying anything for covered services. Generally, the higher the deductible, the lower the premium. Certain services such as prescription drugs carry separate deductibles. Plans may vary and sometimes benefits will kick in before you have to meet the deductible.

A knowledgeable health insurance agent can be a guide through the maze and help you choose the right plan to meet your needs and budget while obtaining the most benefits for your dollars spent. An agent will also make clear how the benefits for a generic prescription may differ from the benefits for a brand prescription on a particular plan.

After you have a health plan in place, a good, caring agent will remind you to pay your premium on time so the insurance company doesn’t cancel you. Your agent can also be an enormous resource for assistance if you run into a problem with a health insurance claim. Instead of waiting on hold at the insurance company’s 800 number for thirty to forty- five minutes, call your agent and explain your problem and if you have chosen the right agent, you will get help and may save yourself lots of time and frustration, maybe even some money by having an expert in your corner where your best interests come first.

So next time you or someone you know, fills out one of those on-line forms for a health insurance quote and you get several phone calls from health insurance agents wanting your business, be grateful that a professional wants to help you for free to choose the right plan and you’ll have an important friend for life.

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