Archive for the ‘Uncategorized’ Category

Insurance swindle claims not guilty in the court

Wednesday, November 12th, 2008

An owner of a garage who has been accused of hatching a crash-for-cash sham informed the jury that he was not dishonest. He emphasised his point by stating that he has been in this business of motor repairing for almost 3 years and had hardly been in trouble with the police. Mohammed Rashid who owns Autotransform, informed the court that he would never support a dishonest insurance claim of any individual. He pleaded innocence and stated that he was never in company with anyone and never conspired to defraud Motor Insurance companies and tried to acquire property in dishonest terms. Sarah Lowther, Rashid’s partner also pleaded not guilty in a separate incident involving fraud against Equity Insurance Group. (more…)

UK’s house prices show a steady decline

Wednesday, November 12th, 2008

UK’s largest Mortgage Lender, Halifax has recorded a fall of 15% in house prices over the past 12 months. This fall was the highest since 1983, the time from when Halifax began the series. This October, the average price of a house in the UK was £168,176 while it was £200,000 in October last year, a drop by almost 13.4%. Price of houses in the UK fell by almost 2.2% from September to October indicating a steady decline of rates. This condition is not going to improve too soon.

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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

Foreign Currency Mortgage

Tuesday, August 19th, 2008

Wondering what foreign currency mortgage is all about? It is nothing but a mortgage where you take loan in a different currency other than Sterling. It is mostly used for a couple of purposes namely purchasing property in a foreign country or mortgaging your property in the UK with loan issued in a foreign currency.

However, if you are thinking of mortgaging your property in the UK with foreign currency you must think twice before taking such a step about the risks involved in this kind of transaction. Lenders who offer such kind of mortgages are very few in number and your loan size need to be at least £250,000. In addition, your income should also be £100,000 per annum.

However, the main market of foreign currency mortgages in the UK is UK citizens purchasing property abroad. The UK banks are however, reluctant in to lend for overseas property directly. In most such cases, you may find your bank has a foreign subsidiary or in some case your building society may have one that provides foreign currency mortgage on property in a different country and place of your choice.

The loan terms of foreign currency mortgages are not so attractive than UK mortgages. You will require a deposit of 20-35% of the value of your property to have your loan-to-value ratio fluctuate between 65-80%. Many UK buyers extend their mortgage in the UK to increase the deposit and then proceed to take a foreign currency mortgage on the balance. You have to repay overseas loan in a span of 15-20 years rather than 25 years which is the case in domestic loans. You must take extra precautions while mortgaging your property abroad as it is not monitored by the Financial Services Authority (FSA), and therefore make deals only with reputable brokers or lenders. Even though rates of interest are lower compared to those abroad, you must be aware of the fact that you can be exposed to currency risk. It is advisable to seek financial advice in foreign currency mortgage.

Tough time for Buy-To Let Entrepreneurs

Sunday, August 17th, 2008

The property market in the UK which boomed in the 1990s is about to burst now. The estate agents have taken a backseat and even buy-to let landlords have started calculating their costs. First half of the year has already gone by and buy-to-let landlords are struggling hard with their repayments as mortgage rates which were fixed in easy terms for two to three years are due to end in 2009 and 2010 for most landlords. About 10,000 buy-to-let landlords have a three month backlog with their mortgage due.

With inexpensive deals from lenders in 2006 and 2007, buy-to-let market has experienced a boom over the past several years. However, the picture today has turned bleak mainly because of credit crunch and with the rise of mortgage rates on buy-to-let deals. Landlords who have purchased properties in recent years are now in negative equity as there has been a drop in the average house price by 10 per cent since it reached a height last summer and is expected to drop further. As a consequence, landlords could well be owners of a depreciating property in the future and repayments on the loan could be much more than what was required to buy the property.

Pension analysts say that it is a dangerous strategy to borrow in order to invest in property as in any other kind of investments as both losses and gains are magnified. Buy-to let property therefore should not be used as an alternative measure for pension. However, many feel that saving in the form of a pension scheme come with warning as with merits. Pensioners haven’t fared well like most people investing in other schemes over the last with share prices in UK falling drastically and even in one case more than house prices. Blue-chip FTSE index is low by as much as 19 per cent since last June. However, pensions promise to bring in tax relief and are a long term investment.

Payday Loans Are Easy

Thursday, August 14th, 2008

It is the 20th day of the month and still a few more days left for your next paycheck to arrive and some emergency repair work has cropped up at your place. Are you worried as to how will you finance the small project? Payday loans UK are answers to all such your problems. Payday loans are meant to solve all your cash troubles when you need the most.

Payday loans UK help borrowers repay immediate expenses instead of depending on long term loans. They satisfy your short-term requirements without much of a trouble. It enables the borrower to cover immediate requirements till he gets his salary. What’s more crucial is that people with history of credit problems can also apply and get it approved without much of a problem as there is hardly any credit check done before approval. You can apply fro payday loans UK if you are above 18 years of age; have a regular source of income and a valid current account. These loans are handy but come with very high rates of interest and therefore it is advisable to repay loans immediately. You can avail loans anything from £100 to £1500 for a period of 14 to 21 days. These loans are however, extremely helpful in times of emergency as they are approved within 24 hours. They are fast and easy to apply for. The process is extremely simply. All you need to do as a borrower is to apply filling a simple form and with the aplicaion getting approved, you will get your loan transferred directly into your account. You can even apply for payday loans UK online and because of tough competition, you might be lucky to get your loan at a relatively lower interest rate.