Archive for the 'Insurance' Category
Car Insurance – the Law
Author: walkerjack
It is a legal requirement in the United Kingdom for cars or other motorised vehicles to be insured. This allows the vehicle to be driven in a public place, but legislation also states that a car must be insured at all times by its registered keeper. Insurance is there to provide protection for the driver, passengers, the vehicle itself, other motorists and anyone else affected in case of an accident. It protects the motorist against liability and will compensate people for any injuries they may receive or for damage to property. There are financial penalties if the registered keeper of a vehicle is not insured; however, there are certain exceptions to this rule.
Exceptions
A vehicle does not have to be insured if a SORN (Statutory Off Road Notification) has been made. This means that the government, through the DVLA (Driver and Vehicle Licensing Agency), has to be informed if the vehicle is kept off-road and not used in a public place. Vehicles with a SORN must not be driven. Insurance is not necessary for a vehicle that has been stolen, as long as the theft has been reported, or if the vehicle has been passed or sold to a car dealer. There is no need to insure a vehicle that has been scrapped, provided this has been recorded by the DVLA, or one that has been exported permanently. The DVLA should also have this on record.
Penalties
A keeper of an uninsured vehicle may be liable for a fixed penalty fine of £100, may have the vehicle clamped, impounded or destroyed, or even face a court prosecution with a possible fine of up to £1,000.
read comments (0)How do I Know if my Claim Qualifies?
Author: walkerjack
It is nice to know that your travel insurance will be there to help when you need it most. When unforeseen events arise that cause a trip to be altered or cancelled, it is travel insurance that usually saves the day. To make sure your travel insurance qualifies for reimbursement, there are a few things you need to know.
If you are hoping to have your hotel accommodation reimbursed, there are two key elements to being successful with your claim. The first is that your hotel has to be pre-booked before your trip. Most travel insurance policies will not cover hotels that are booked after you arrive at your destination.
The other important element is that, for some policies, where you stay must be recognised as a tourist accommodation. This includes hotels, B&Bs, hostels, guesthouses and resorts. It is always a good ideal to check with your travel agent if you are unsure.
With certain companies, you will also need to show that your accommodation was at least 25 miles away from your home. Some travel insurance companies insist on a 50-mile radius. Other travel insurance companies will not cover trips that are not of a personal nature.
Always keep your airline tickets, accommodation confirmation and any other receipts. These will help to prove your travel dates and the cost of your trip in the event that you have to make a claim.
Key Things to Remember When Choosing Health Insurance
Author: walkerjack
Health insurance is increasingly popular in the UK with those who wish to seek a better standard of care, better medical facilities, and quick treatment. It provides policyholders with peace of mind that they will be taken care of in the event of medical need.
Despite all the benefits of health insurance, it is important to be aware of the facts when purchasing a policy. An uninformed individual could end up with a policy that does not meet their needs, which could leave them stuck in the event of illness if they do not actually have the level of cover they thought they had.
Therefore, the most important thing for a policyholder to understand is exactly what is covered. Private health insurance does not cover all types of illness, and before committing to a policy, it is vital to discuss your options with a private health insurance provider, who can consider your needs and help assist you in selecting a tailor-made policy. All policies must be thoroughly reviewed before commitment.
Even once a policy is chosen, the policyholder must ensure that the medical history they disclose is full and accurate, or they could find themselves not being covered at all should illness arise. For example, smokers must disclose that they smoke when taking out the policy. Smoking will raise insurance premiums significantly, but if it is not disclosed and illness connected to the smoking arises, the policy will not pay out.
Speaking to a health insurance company that is authorised and regulated by the Financial Services Authority is very important, as they can help to consider all the healthcare needs and circumstances of an individual, and assist them in selecting a policy that is suitable for their needs.
Which type of pet insurance is best?
Author: walkerjack
There are many things to consider when choosing insurance for your pet, and you have several different policy types to choose from. This is an overview of the main three types:
Annual Policy (or other fixed term)
This is usually the cheapest way to insure your pet. You renew regularly (usually on a yearly basis) and you can claim on any treatments or other emergencies during that period. However, there is usually a maximum limit as to how much you can claim per treatment or per health condition. It is suitable if your pet has only occasional trips to the vet, but not if he/she has a long-term problem requiring ongoing medical care. Premiums can also become more expensive as your pet gets older.
Condition Capped
With this policy, you pay per medical condition. For example, if your pet has diabetes, you can claim towards any treatments needed for that particular illness. However, there is still an upper limit – so the insurer may only pay part of the total costs, leaving you to cover the rest.
Lifetime Cover
With payments spread out into manageable regular amounts, this gives the most comprehensive cover and continues for as long as your pet lives. At first glance, it is the most expensive type of insurance, but covers all costs up to an annual limit. In the long-run, it may not be much more expensive than insuring your pet another way – other types of policy become more costly as your pet gets older, and don’t guarantee that all your costs are covered.
When you apply for a car insurance policy, the amount of information that you are asked for can often seem baffling. There is a simple reason for this, however, which is that the insurer needs to establish exactly how much of a risk you are likely to be. Your answers allow them to work out the likelihood of your being involved in an accident or making a claim for some other reason.
If you have some understanding of how the insurance company turns the data you provide into a quote, it is often possible to find ways of bringing your costs down. While some responses cannot be altered – your age, for example – making small changes to other aspects could result in a significantly reduced quote.
As you are filling in your application, think about whether your responses would make you more or less likely to have an accident or make a claim. Then, consider whether there is anything you could do to lessen this risk. For example, if you are asked where you tend to park your car, it is probably because cars that are locked in garages are less likely to be stolen or vandalised than those parked on the street. Moving your regular parking space to somewhere more secure may well reduce the amount you are asked to pay for cover.
One last note is that all insurance companies have slightly different methods of calculating their quotes, so it is usually worth shopping around before making a decision.
Don’t Forget Liability Home Insurance
Author: walkerjack
Most people think of cheap home insurance as coverage for their home and belongings. What most forget about is coverage for others who visit their home. When people visit or even work on your home, they may be injured. Injuries can occur from falls, unsafe boards on your home and even electric shock from faulty appliances. Paying for these costs yourself is difficult for most. This is where liability home insurance can help.
Unexpected Injuries
You never know when someone on your property may get hurt. It could be something as simple as your neighbour slipping on an icy step. Liability insurance pays for these injuries, including all related medical expenses. For long term injuries, insurance typically covers a blanket settlement amount instead.
Legal Fees
Some people are not satisfied with just a medical settlement. When an incident occurs on your property and ends up in court, legal fees can be steep. Liability insurance covers the cost of court and legal fees, in addition to the settlement.
Away From Home
With some liability home insurance policies, you are covered even when you are away from home. This can include incidents at rental properties or from uninsured individuals.
Coverage Limit
You are only covered up to your liability limit. If you often have people over, such as friends or delivery drivers, consider the cost of typical medical expenses. Basic coverage is a must, though you may opt for higher coverage, especially in areas where weather conditions often cause accidents.
Healthcare and Travel
Author: walkerjack
If you are thinking about going on holiday, you may want to consider purchasing medical insurance, especially when travelling overseas. That way you can be sure that you will get prompt treatment if you fall ill or injure yourself in an accident on holiday.
Vaccinations
While travel health cover doesn’t usually cover the cost of vaccinations before you go on holiday, these are vital, especially when travelling overseas to different climates. There are many diseases across the globe that you may not have immunity against and vaccinations are there to protect you. Before travelling, speak to your doctor about which vaccinations might be required for your trip.
Medication
If you have any pre-existing conditions that you are treating with drugs and medicines, you need to make sure that your prescriptions are fully up-to-date. Always take a copy of your prescription with you when you travel. Having health insurance should also help you pay for the cost of buying medication, if required. It is also a good idea to establish whether your medication is legal in the country you will be visiting.
In the UK, health cover is free under the National Health Service, but many people forget that when they are holidaying to other countries, they may have to pay for healthcare. In fact, it can be incredibly expensive. Why risk having to pay out large sums because of injury or illness while on holiday?
Why Buy House Insurance?
Author: walkerjack
Some events in life are entirely unexpected and out of your control. When it comes to your home, it is definitely best to be covered by insurance. Our homes are often our single biggest investment in life so it makes sense that the best house insurance policy is purchased. In 2009, British insurers paid out over eight and a half billion pounds to cover damage to property and to replace possessions. In the same year, according to the Association of British insurers, one in ten homeowners made a claim on their property or belongings.
Floods, fires, theft, storms, and even earthquakes, there are plenty of reasons to insure your home. There are over five million homes in the United Kingdom at risk of flooding, with the average bill for repairing flood damage as high as £10,000. With damages often racking up expensive bills, it is no wonder why insurance is now a requirement for mortgages.
It has never been easier to find a house insurance quote. Whether it is online, through a broker or with your bank or building society, it is important to get the right cover for you. When comparing home insurance quotes look out for added extras and restrictions that may affect any claim you make. Your insurance premium will also depend on whether you chose indemnity insurance (replacing lost items like for like) or a new for old policy. Whichever policy you choose, you can rest assured you are covered for life’s little surprises.
Liability Insurance Explained
Author: walkerjack
Liability insurance is a type of insurance that protects the purchaser from potential liabilities such as lawsuits. It is a safeguard for when things go wrong in some aspect of business or personal life that could cause damage or injury. Insurance companies will work out a premium based on various factors that will enable them to cover any exceptional costs caused by these incidents while still making a profit.
In the main part liability insurance covers any costs that arise due to damage to property and physical items, and accidents to people or sickness caused. The potential costs are awards made against a person or business by a court, legal fees incurred during any court process, expenses in bringing the case and sometimes compensation to the NHS for any expenditure they incur.
The costs of liability insurance vary from case to case. Factors include size of business, prior claims that have been made which indicate a higher risk, and any safety practices which could mitigate against possible accidents which could reduce the potential premium. There are some circumstances in which an insurer will not pay out such as general negligence or if the incident causing the claim is illegal anyway.
In some cases liability insurance maybe compulsory, such as employers’ liability insurance, while in others it is voluntary. However, even in these situations it may be best to take out insurance as customers or clients will expect there to be proper cover. In these increasingly litigious times it is generally a wise move to have this insurance, and at a sufficient level, to be assured against any possible incidents.
Do you Need Earthquake Home Insurance Coverage?
Author: walkerjack
Though you may think all natural disasters are included automatically in your home insurance policy, earthquake coverage often isn’t. If you live in an earthquake prone area, you should check your policy to see if damage caused by an earthquake is covered. In most cases, earthquake coverage is extra. It is up to you to decide whether or not you actually need the coverage.
Where You Live
Check the history of the area where you live. Have there been earthquakes in the past? If so, how many and how frequently? Another aspect to check is the magnitude of any earthquakes. If there have been earthquakes, but there’s never been any reported structural damage, you are in a low risk zone.
If you live in an area near a fault line, earthquake coverage should be considered, even if the history shows few or no earthquakes. If your home is located in an area with semi-frequent or frequent earthquakes, even if they just cause moderate damage, you should make certain your home insurance policy includes earthquake coverage.
What Does it Cover?
Earthquake coverage takes care of all damages to your home and belongings that occur as a direct result of an earthquake, tremor or aftershock, if property coverage is included in your policy. Earthquakes occur randomly, meaning you may not have any warning as to when you’ll need coverage, if ever. To protect your home in an earthquake prone zone, the extra money you will spend on coverage is well worth the peace of mind.