Motor - Insuring High Performance

High performance vehicles can be seen regularly on movies, video games and even have television shows dedicated to their modification and design.

And we’re beginning to see more of them on the roads in the UK, as enthusiasts spend money on modifying them for the purposes of showing.

From alloy wheels to specialist paintwork, owning a high-performance car can be an expensive hobby, and finding suitable insurance for vehicles with modifications and large engine sizes can be an expensive part of their ownership.

Many manufacturers offer car insurance policies for their own vehicles. With customers now able to get a car insurance quote and arrange cover while in the showroom.

When looking to insure a high performance car it’s best to shop around. Insurers will assess the value of such vehicles using trade guides in order to get an idea of the average price of the vehicle.

However these don’t take into account any modification work that might have been added to the car and this may even affect enthusiasts’ policies, as total loss values may not reflect any additional modification expenditure.

Policyholders may find themselves having to fork out a little more in order to cover any modifications they want to make to their vehicles. Most standard policies contain specific maximum limits of compensation which apply to after-market accessories.

Modifications can take vehicles out of the mainstream, although they can be seen as not adding significant value to a vehicle. Raising the question of how much you’ve spent on modifications to an insurer could make vehicles seem underinsured and any claims would be likely to be reduced through averaging clauses.

It is advisable to research car insurance before any modifications are made, checking that alloy wheels, body kits and other modifications are covered by a standard policy before rushing out and buying any kits.

By: D Collins

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Don’t Miss Out On Car Insurance Savings

How would you like to earn around £100 for work that takes just two minutes to complete? It sounds like the sort of deal even a Premiership footballer couldn’t ignore.

However, sadly around one in five of us allow this opportunity to pass us by every year by only obtaining one quote for our car insurance.

According to research by supermarket chain Sainsbury’s, more than a third of motorists (37%) who have been with their current insurer for three years or more claim that their premiums have increased. In addition, more than half a million of these motorists claimed their premiums had risen by 10% or more.

These significant price increases could be avoided if motorists would take the time to shop around for cheap car insurance quotes.

Thanks to the emergence of price comparison websites, drivers no longer have to make endless phone calls to insurer after insurer or even search from website to website to find better deals.

Instead they only need to visit one website, and results will be returned based on their details in tabulated form – with the cheapest car insurance quotes at the top of the table. This process takes around two minutes – and could potentially save the driver £100 or more.

To make the task more straightforward you can even search by manufacturer – for example, you can retrieve quotes for Ford car insurance to find the best deals available.

It’s not all about price either. Shopping around could allow you to pick up a more comprehensive policy – meaning you could find top quality cover while keeping premiums low.

By: LuckySeven

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Different Types Of Life Insurance

There are many different types of life insurance. Two of the more popular types of life insurance are the decreasing term or level term. The decreasing term life insurance means that the sum your beneficiary receives will decrease over time. This type of insurance is usually obtained when one has a mortgage that they wish to have covered in the event of a death. The decreasing life insurance will decrease with the repayment of the mortgage and only pay out the amount left on the mortgage. This is a good life insurance to have when you have concerns about your family’s finances and being able to stay in the house they love.

The other life insurance is called a level term. The level term is a fixed sum that is insured. It will remain the same over time. The thing to think about with this level term life insurance is whether you have purchased enough coverage that your family will be set with the mortgage as well as other costs. It can be more beneficial than the decreasing term life insurance as long as you obtain enough. This is because the amount will not decrease. It will be paid out in one lump sum as well.

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Variable Premium Life Insurance

Life insurance is complicated enough when you are a little older and have had at least one policy through your employment. When you are trying to figure out life insurance for the first time there are many questions you may have, such as is variable premium life insurance a good thing to have. Variable premium life insurance means that the policy is going to change. Most often with a life insurance policy your premiums get higher as you age. This is because the risk you pose to the insurance company is getting higher. It is hard to find a policy that will not change. There are many factors to deciding on the variable premium you will have as you get older.

First if you smoke, have a health problem, or other unsavory life style issues according to the insurance company policies you may have a higher premium. You may find that a company calls the variable premium, a guaranteed premium meaning that the premium will change, but you are guaranteed the insurance policy as you age. Keep in mind there are many factors for them to decide on the premium they will offer and sometimes insurance companies differ. It is best to look around as you decide on insurance.

By: Luke Ashworth

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Car Insurance Gives You Extra

There are many additional features available with your car insurance policy; some you'll need, others you won't. This brief guide outlines the most common ones offered by insurers, and anything to be aware of.

Courtesy car
Usually, to get a courtesy car, you have to take out a fully comprehensive policy. It gives you the use of a car temporarily while yours is being repaired after an accident. This feature isn't usually free with a policy, and you may be hit with a one-off fee on top of your monthly premium if you need a courtesy car. In addition, some insurers only offer the car for a limited amount of time, which may not be as long as your car takes to fix.
Driving other cars (DOC)
This, again, is a feature only on fully comp policies. It gives you third party cover on another car which you don't own, but some insurers stipulate that the other car must be driven only in an emergency. Check your policy if you aren't sure.

Windscreen/window cover
Another fully comp feature, this will cover part of the cost of repairing or replacing windows, windscreens and in some cases, sunroofs. When obtaining your car insurance quote, check if this option is included, as not all policies offer it. Claiming on this wouldn't normally affect your NCD, but you may find that, once the excess has been paid, the amount left for the insurer to pay doesn't warrant making a claim anyway.

Legal protection
If you're in an accident that wasn't your fault, this feature will cover your solicitors fees if you need to claim expenses such as injury treatment, car hire, travel expenses and the like. The downside is that insurers will only offer this legal service if there is a reasonable chance you'll be successful in your claim.

Breakdown and roadside repair
Some insurers offer this option with their policies, but don't take it out without checking if you can get it cheaper direct from a roadside recovery firm. Insurers are likely to bump the price up for this service. Some car insurance policies do have it as standard, or free, so check with your insurer.

Monthly payments
As a way of getting cheap car insurance, many drivers prefer to take out a monthly payment option instead of one lump sum at the beginning of the year. While this can work out cheaper per month, overall you end up paying more. Additionally, the monthly payment option won't be available to everyone, particularly if your credit rating is poor.

No Claims Discount (NCD)
NCD is a great way of reducing your premium, often by up to 70%. It depends on how long you've gone without making a claim on your insurance. Generally speaking, it's 10% discount for every year without a claim, whether your fault or not. For a small extra fee you can get Protected No Claims, which means you have a set number of times you can claim before your discount is affected.

Other Drivers
Anyone else who is likely to drive your can should be declared to your insurer. While adding a young driver to an existing policy may drive the premium up, adding a more experienced, older driver to a young persons policy will bring the cost down. But make sure that the older person is a named driver only, and not the main driver, or you run the risk of 'fronting up', which is the practice of an older person declaring themselves as the main driver on a young persons car to avoid high premiums.

By: J Tillotson

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When Car Insurance Lets You Down

Disputes occur for a variety of reasons but the most common ones are highlighted here.

Car value
If a car is declared an insurance write-off – meaning it will cost more to repair than the car is worth – the owner is often surprised and shocked to find that the amount they're offered by their insurer is far below what they paid for the car and what they think it's worth. In actual fact, a car's value decreases the longer it's on the road, with the largest drop being in the first 3 years after purchase. So if you've written off a new car, expect to be out of pocket. Many car insurance firms will actually substitute a written off car for a car of the same make and model to avoid a dispute over value.

Personal possessions
Most policies include personal possessions cover, and it seems like a good idea. But in reality the amount paid out tends to be poor, with a very low maximum limit regardless of the items stolen. Take into account the excess you'd have to pay yourself and it probably isn't worth harming your insurance record as the amount you'd get back probably wouldn't cover the cost of replacing the items. In addition, some insurers may refuse a claim altogether, stating you shouldn't have left the items in view in the first place. If you're worried about the level of cover for your personal possessions, check with your insurer. It may be worth getting any expensive items insured separately.

Theft by deception
This ominous-sounding problem can occur when you let someone else drive your car and they don't return it. It is technically theft, but because you've actually handed the keys over, your insurer will state you haven't taken care of your car and therefore won't pay out. This problem can also arise when you sell a car, let the new owners drive away, then the payment turns out to be a fake or a bounced cheque. If you haven't been paid in cash, it's best to keep hold of the vehicles documents and even a spare key until payment has cleared safely.

Knock-for-knock
This is a practice used by some car insurance firms if they think a dispute between claimants will be lengthy. Each insurer will then pay for their own customers claims instead of pursuing the other. Thus, when the driver not at fault comes to get a new car insurance quote, they often find they have been penalised for the accident regardless. It can lead to a higher premium and loss of No Claims discount. This is another reason why it's important to get the other persons contact details in the event of an accident.

Personal details
Any change to your personal details, or to the cars specifications should be declared to your insurer immediately or your future claims could be invalid. The same goes for omitting details when applying for an initial policy. Not mentioning the fact that your car is kept overnight on the road may seem like a good way to get cheap car insurance, but if you have to claim and your insurer finds out the truth, they can refuse to pay out. So it's important to always be upfront and honest with them to protect against this happening.

By: J Tillotson

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