Archive for August, 2008

Pet Names Trigger Car Insurance Sales

Saturday, August 30th, 2008

Pet names have triggered importance of car insurance.

It is not an unknown fact that most motorists develop a special bonding, a kind of extreme fondness for their cars. The most important reason for this unusual bonding being the amount of time they are spending with their cars. According to a survey by a popular Car Insurance company, for these people the car just does not mean a mode of transport or a tonne of glass and metal. It holds much more significance in their lives and as many as two per cent of car owners have agreed that their precious vehicle is of utmost importance in their lives.

Car insurance is crucial for all car owners but it stands a greater significance for all those who have an affair with their cars in case of an accident. The research also showed that more than half of the population of car owners have an emotional bonding with their cars and a third of that population have gone on to name their cars as well! More than 38 per cent of women have admitted in naming their cars while men are not too far behind. Almost a quarter of them have given a pet name to their cars.

Cars for some reason are more commonly given female names like Baby, Betty or Betsy. Some have even taken a step forward in giving some weird names like Einstein, Sadie Frost, Fizzy Pop or Beastie. Love for cars is a welcome sign especially for car insurance companies as it encourages more and more people to get insurance for their precious possessions. As a result, in the last year insurance premiums have shot up by six per cent.
With spiralling fuel costs and car tax without this emotional bonding, many car owners would have otherwise abandoned their cars!

Liverpool Victoria Insurance Take Over Highway Insurance

Friday, August 29th, 2008

Liverpool Victoria Insurance Company, a mutual society would be taking over UK’s car insurance company Highway Insurance is a deal decided worth about 150 million pounds. This was announced by both the companies on Thursday. Highway Insurance is being given 73.35 pence/share by Liverpool Victoria, in addition to the short-term surplus of 1.65 pence, which amounts to a total of 75 pence/share. It is interesting to note here that the shares of Highway Insurance were up by 14 per cent at 73 pence on Thursday morning. This price signifies a premium of 47% to the closing value 49.75 pence of Highway, the day before they stated talks of a takeover at an advanced level by a single company. The share prices immediately shot up by 30 percent with this announcement. This takeover was described by Liverpool as a “strong industrial logic” of two businesses in the insurance sector. With this agreement Liverpool hopes to join the league of top five insurance companies by 2012. According to the CEO of Highway Insurance, Andrew Gibson, this deal will yield interesting financial results and a joint business will provide greater occasion in the insurance market.

Admiral Insurance expands in Halifax

Thursday, August 28th, 2008

Jena Clattenburg, a team leader with the online UK based insurance company, Admiral Insurance was glad to announce its expansion plans in Halifax from the present size of 120 headcounts to that of triple the size. Though she has not been to Great Britain, she has never stopped short of helping Brits and Scots with car insurance deals. She sounded thrilled with the growth plans and said that it meant not only more opportunities but shifting to new tower as well.

Admiral Insurance began its operations in 1993 from Great Britain and since the past six years has been rated by the Sunday Times as one of the top hundred companies to work. The development agency, Nova Scotia Business Inc has been very supportive of the expansion plans of the company and has promised payroll reimbursement of $3 million over five years which would be given after achieving recruitment targets.

Alex McDonald, vice-president of Admiral, reassured that the Halifax Company only sells insurance policies to 1.6 million consumers in the UK and refrain from competing with Canada or North American businesses. Most of the work is completed in the British office and the Canadian office comes to play only after the UK office shuts down at 6 in the evening. Mr McDonald also states that they are very particular about work-life balance and hence they are against late night shifts for their employees. Therefore, they take advantage of the time difference and the Canadian office is thus able to serve customers till 10 in the night. The reason for being associated with Nova Scotia was low business costs and good reputation of customer service expertise.

The new recruits will enjoy a salary in the bracket of $30,000 per year and employee stock options worth $6,000 besides other benefits. Admiral owns a share of six percent in the auto insurance field in the UK and believes to grow further. Though at times, a customer finds it strange to talking to customer service in Nova Scotia but it’s never been a stumbling block, claims Ms Clattenburg. It is important that the customers get help at the right time and it doesn’t matter where they are based. Though Admiral is working from temporary locations on Bayers Road, it will soon shift to new office building to be completed shortly.

Speciality Car Insurance

Thursday, August 28th, 2008

Congratulations! You are now an owner of a speciality car. But have you made the right choice for your car insurance? It is extremely important for you to make the right choice when it comes to Car Insurance especially for your speciality car. Many car insurance companies have hidden costs and do not reveal the details of coverage with clarity.

You can have a speciality insurance policy at a much reduced rate than a normal coverage. However, you must be aware of its limitations. Approach the car insurance company with all your homework done. Before proceeding to purchase a policy you must consider some valid points. Things like, do you wish to drive your classic car everyday, how much risk you can take in case of a claim, what will be the mileage of your car per year and is it difficult to get spare parts of your car in case of a damage?

These points should be kept in mind while going in for insurance cover for your special car. The premiums for these cars are less as insurance companies assume that you won’t be driving such cars everyday to work. They ensure that you have alternative arrangements for driving down to work. Most companies offer an upper limit of 2,500 miles per year when they provide insurance policies for classic cars. Even if some companies do not fix a cap on the mileage they have other restrictions like not taking your car to work or not using it daily.

Coverage for classic cars is risky as their parts might not be readily available through standard processes. In most cases you might have to do with generic parts rather than purchasing original old stock as repair parts are difficult to get. As a result, the resale value of your classic car goes down. A normal insurance pays for parts and repairs after taking into consideration the current industry prices. It is assumed that the parts of your car are easily available in the market. For classic cars it is best to settle for a stated value deal. In case of a stated value insurance you can state the value of your car and make sure that your car is covered for damages in that quoted amount.

So now when you go for insurance cover of your classic car, study and research for the best deal!

Absurd Car Insurance Claims

Wednesday, August 27th, 2008

As an owner of a car insurance company you must have received claims like accident due to a falling tree or damaged caused by another vehicle. But now if you have an insurance company in the UK, be prepared for some bizarre claims as well! Don’t get alarmed if you receive a claim for a car being damaged due to rotten carrots strewn on the road or bare pedestrians hopping on the roof of the car. It can be as foolish as the case in a recent incident when the driver lost control after being distracted by four girls in mini-skirts while in another incident a nude pedestrian jumped on the roof, hopped, skipped and ran away leaving the car badly damaged. Things can even be as stupid as somebody filling a tank with shampoo instead of petrol. So a big warning for all you motorists out on the street! Be careful not only of fellow motorists but such stupid acts as well.

A motorist even blamed a Harrier Jet for his melted windscreen because the aeroplane crash landed and exploded in the neighbourhood. Imagine getting request for claims for broken windscreen, this time the damage was caused by a squirrel who threw a nut from a tree! Animal attacks may sound weird but are true and can sometimes cause heavy damage to the car. CCTV footage shows a camel kicking and destroying a car parked safely at a garden centre while a tired horse damages another car while deciding to take a rest in the bonnet.

All these incidents only point out to the fact that motorists ought to be more careful of their vicinity.

Pay As You Drive Car Insurance

Wednesday, August 27th, 2008

Have you ever thought why you pay more premiums for your car insurance when your mileage is less than your neighbour’s? Don’t you think your car is at a less risk given the fact that you drive only 3000 miles in a year while your neighbour who is of the same age and drives the same car covers more than 12000 miles a year? This is food for thought for you. However do not try to find any logic behind Car Insurance even though motorists in 34 states who drive less pay lower premiums compared to those who drive more. This is called pay-as-you-drive motor insurance.

This type of coverage is also preferred by insurance companies as it helps them to understand the odds that a driver might get involved in an accident. It is also supported by environmentalists as less driving means less pollution and reduced polluted emissions. Pay-as-you-drive also acts as an incentive for people to use their cars less and switch to public transport. For a retired individual it means lot as he can save a lot of money by moving on to pay-as-you-drive policy. By driving less, you can save on gasoline as well as on insurance premium. For a nation, pay-as-you drive helps in saving foreign oil, reduced accidents and little traffic. According to a survey, such savings can benefit a nation of $52 billion a year.

Well there is a hitch in this kind of insurance for insurance companies. How would they record your mileage? Many lawyers feel that some companies can install fashionable GPS devices that can help companies keep a track on the mileage as well as the speed used by the driver. But this is just a temporary problem, and if you have any objection, you need not sign on to it.

Uninsured Motorists And Higher Premium Rates

Monday, August 25th, 2008

In the UK, insured motorists have to incur losses for those who drive around without a valid car insurance which costs the insured motorists about £500million a year

According to a compare research firm, on an average, drivers in the UK pay about £31 a year more for their Car Insurance premiums for recovering the cost of those motorists who drive uninsured. This figure however, only considers the increase in insurance premiums and not the extra costs suffered by a driver while involving in an accident with an uninsured driver which is relevant in more than 10 per cent of the drivers in the UK.

About 19 per cent of the victims of uninsured drivers end up paying the costs involving the incident themselves and about 19 per cent who have their auto insurance but cannot claim any bonus if they are involved in an accident with uninsured drivers as their insurance company might not cover claims involving drivers who are uninsured.

According to a research, about 87 per cent of motorists in the UK are of the opinion that the government isn’t taking enough measures for those driving without auto insurance. Many believe that severe penalties should be imposed upon such drivers. At present, the penalty for driving without car insurance is a mere £250 which is too less according to 79 per cent of the drivers. In some instances, the fine is even less than other driving offences committed by drivers who have an insurance. Experts along with the common man believe that one of the important ways of decreasing the number of illegal drivers on the road is through strict punishment. Some insurance companies would also like to offer their customer the best possible deal on motor insurance. Uninsured drivers are highly responsible for increasing the premiums on law-abiding driver’s insurance at a point when inflation is very high. It is time now for the Government to intervene and take stringent measures as the average fine for uninsured offences is only a fraction of the cost of a car’s insurance in a year. It is time for motorists with proper car insurance to stop paying for uninsured drivers.

Do You Need Pet Insurance

Monday, August 25th, 2008

Why Do You Need Pet Insurance

Are you in second thoughts whether to gift your child a puppy on his 5th birthday because of the high vet bills that will accompany it? Have you ever thought how to cope with your ever increasing vet bills? If your pet, your best friend has met with an accident or has taken ill seriously your vet bills can make a big hole into your pocket. You can’t obviously compromise with the treatment and would like to offer your pet the best, but what happens when you are handed over the vet bill? Well do you then require treatment to recover from the shock? Pet Insurance is the answer to all such problems.

Pet insurance provides a peace of the mind when your pet falls ill and you can take care of the treatment without worrying about the expenses. A Lifetime policy helps you cover long term illness like that of diabetes and arthritis in animals. Many polices are only for 12 months, so you need to be aware of the terms before buying a policy. A pet lifetime cover means your pet is covered for ongoing diseases like arthritis and diabetes which are quite common and which require medical attention from time to time.

According to some, instead of investing in a pet insurance, the feel it is better to put money aside every month to cover the health costs of your pet. But what about unprecedented actions of your pet and the public liability that accompanies it? You would have o shell out thousands of pounds if there has been any damage to property caused by your pet. So the best thing is insuring your pet.

Pet Insurance Over Health Insurance

Wednesday, August 20th, 2008

Did you ever think that insuring your dogs, cats, or your fish is almost two times as popular as private medical insurance in the UK? It might sound a bit strange but then in a recent survey it showed that as many as 23 % of pets in the UK were insured where as a meagre 12.2 % of the population in the UK acquired private medical insurance.

The love for animals for the people of UK is evident from this fact the number of domestic animals insured is second only to that of Sweden. However, many Pet Insurance providers aren’t surprised by this as they believe that traditionally Brits are a lover of animals.

Tesco is the second largest pet insurer in the UK and they continuously strive to think if better ways and means to make pet insurance attractive and affordable to the people. Today the number of celebrity dog owners has increased and the common man has been influenced by the kind of pets they own. The demand for small, pedigree dogs has shot up in the recent years and so has the demand for pet insurance. The cost for taking care of a pedigree animal is expensive than a cross breed one. For a small pedigree dog claims for cardiac disease can amount to thousands of pounds.

Most of the pet insurance policies are covered or accidents, important diseases and infections like eye and ear infection, digestive disorders, diabetes and arthritis. In most cases premiums are based upon the age and breed of he dog. However, pet insurance does not cover pre-existing medical conditions.

Over 65 Travel Insurance

Tuesday, August 19th, 2008

Are you over 65 and want to still travel and explore around the world? Then what is stopping you – travel hiccups, travel insurance policies for your age or funding? To fund your adventure tours, one way is renting or mortgaging your property. However, you have to be extra careful while letting out your property and ensure that you have all the paperwork in place. It is best to take professional help unless you have family or friends helping you out with letting out your property. Personal pension is another way of funding your travel expenses.

Even with all the funding, getting appropriate Travel Insurance, especially if you are above 70 is slightly hard. Most travel insurance service caters to individuals only up to 74 years. So, even if you think life begins at 40 and it should not end at 74, others out there might differ. The main reason for this being insurance companies feel that older people are more likely to claim for damages. However, premiums for travel insurance also increase for older travellers.

The recommended minimum amount of cover when you take travel insurance especially if you are above 65 should be £2,000,000 for medical, £1,000,000 for personal liability, £3,000 for cancellation and £1,500 for baggage. Some of the important insurance providers like Saga, Marks and Spencer, Direct Line and Age Concern have no upper age limit for their policies. Providers like Churchill, and Bradford Bingley have the upper age limit as 99 and 85 respectively. However, as stated earlier the expense for older travellers is much more than those under 65. According to a research, an individual under 65 has to shell out £15 for a single trip policy to the USA, while those over 65; the minimum that they have to shell out is £90.69 for the same.

A thorough health screening is done to determine pre-existing medical conditions and only after the check up will you get to know if the cover is available and the cost of the policy. So, no need for worry, if you are above 65. There are still plenty of travel insurance policies for you but yes you have to search for the cheapest one. But again a word of caution. Read between the lines to learn what you are getting for your money