The Importance of an Insurance Portfolio vs. a Single Policy

The idea that one insurance policy is supposed to cover everything is a ridiculous trend that should be stopped in its tracks. Indeed, residents are being told that they should search for policies that cover as many things as possible, rather than targeting specific policies that can be custom written and adjusted to meet your specific needs. The reason for this is that there’s an impression that the additional costs of fine tuning don’t turn into savings for the average consumer, but that’s not the case at all. If anything, a policy that covers everything cannot necessarily cover everything well.

Insurance Portfolio

If you want to truly protect your family, you need to stop thinking in these terms and start looking at which policies are going to be a good fit. There are a few steps to getting started.

First and foremost, you need to take honest inventory of your life right now, as well as your goals for the future. This can take time, because we don’t often spend enough time thinking about our goals, or our life as it stands. Don’t overlook your budget, either. Being open about how much money you have to invest in insurance policies will be extremely important.

Next, you need to shop around for quotes instead of falling in love with the first policy. A lot of people try to just go with the first policy they see, rather than searching around a little more. The difference in savings could be a lot more than you realize, but you won’t know until you do the research yourself.

Finally, you need to read the finer details yourself, and be willing to ask questions on things that you don’t know. For some reason, people hate asking questions. They think that if they ask too many questions, suddenly the policy that they’re interested in will go away. That isn’t the case at all. Remember that the insurance person on the other end of the line is looking for a commission, so it’s in their best interests to close the deal while being as honest as possible. Ruining the integrity of a sale is a bad thing on their part, because if you don’t trust them you’ll switch providers in a flash.

Keep thinking over the type of insurance you want, and hunt for it online. You’ll save time and money, two things that are always good to have on hand!

Advantages of Classic Car Insurance

Classic cars are a dying breed, and you want to do all you can to protect what you have invested in. This doesn’t matter if you have purchased it in mint condition or you purchased it to fix up bit by bit. You should have great insurance coverage on that vehicle to that you are able to get it repaired or replaced should something happen to it.

Many people assume that classic car insurance will cost too much. However, the rates are often better than you might think. The company often takes into consider that your classic car isn’t driven much. It also helps if you keep it in a garage where it isn’t exposed to the elements. Find a company that is willing to offer you a great deal and to look at what the overall value of your vehicle is based on what you have invested in it.

Classic Car Insurance

When you get your vehicle classified as a classic car, you will often find that the premiums are less than regular vehicle insurance for it. This is because studies show that such vehicles aren’t the primary vehicle driven by the owner. They are used for a limited amount of miles annually. The insurance company may ask you about the amount of miles you plan to drive per year and use that as part of the determination for your premium.

Chances are you already know that car insurance on all your vehicles is important. That is why you are very likely to have your other vehicles insured too. When that is the case, the company that offers you coverage for your classic car will likely do it at a deep discount. This can get you at least 25% or more off the price that you would normally have to pay.

Look for a provider that is able to assist you with various types of services too such as roadside help. Should your classic car break down you don’t want to have to worry about leaving it on the side of the road. You will be able to get help with the cost of towing, repairs, and more.

Try to find a classic car insurance provider that offers you a guaranteed value on your vehicle. This will be a dollar amount that allows you to get a certain amount of money for that vehicle should something happen to it. You don’t want to just count on any amount should you need to file a claim. There can be a huge discrepancy when it comes to classic car values so you need to protect that investment.

Make sure that you agree with the coverage amount too before you agree to that insurance. You don’t want t here to be in discrepancies down the road. You need to be confident the right level of coverage is in place. As your classic car gets upgrades and increases in value, you may need to have a new assessment done for the insurance to stay where it should be in terms of the coverage.

Comparing Life Cover Quotes

So you have been searching for the best choice when you want to compare life cover quotes for you and your family but have no idea if that is the best one for you. Well, there are websites that offer quotes from different companies that are basically competing for your business. Keep in mind that your health, lifestyle and habits all come into play when looking for the best life cover quote. You should be asking yourself, “How much do I need to allow my family to thrive when I am gone?” as well as “What kind of limitations does each life cover policy have on it?” and “How will that effect my family’s ability to get the money they will be counting on when I am gone?”

Once you have the answers to those questions as you are looking to compare life cover quotes that are being offered to you. It is “buyer beware” when it comes to buying anything even today. Some quotes may be too good to be true. Make sure you read the small print before signing on the dotted line. Each quote has its limitations that each company may put on the quote because of your lifestyle or habits. Smoking is something that will raise your premiums by a considerable amount. Anything that has a high probability to cause a critical illness or death is a guarantee to increase your premium significantly.

Life Cover Quotes

You can always sign up with a company and then get rid of your unhealthy habits or in some cases lose weight in order to reduce your premiums when you notify your insurance company of any changes for your life cover policy. It is never too late to change your life so you are healthier for your family and yourself. But when searching and comparing life cover quotes always keep those factors in your mind when narrowing the choices down to the one that fits your needs the best.

Term Life Insurance

In tough economic times, many people think they cannot afford life insurance. However, protecting a family and loved ones should never be considered a luxury expense. There are many life insurance options, and conducting a careful research to compare available options and life insurance companies will result in finding the right life insurance policy that doesn’t break the budget.

There are three basic types of life insurance policies.

• Term Life – the most basic and least expensive form of life insurance for the person who does not have complicated assets but wants to provide financial security to dependents. Many policies allow the insured to renew the policy at any time, as there is generally a policy end date after a specific period of time.

Term Life Insurance

• Whole Life – this form of life insurance provides lifetime protection, but comes with higher upfront premiums in the beginning of the term of the policy. Whole life generally comes with the ability to borrow against the cash value of the policy.

• Universal Life – this type of life insurance was stated in the 1980s and is a combination of term life and tax-deferred savings plan that earns interest. It is generally paid for upfront, and the payment includes the fee for the management of the money in the plan.

There are variations of these three types of life insurance plans, depending on the needs of the person seeking the insurance.

Benefits of Life Insurance

Most young people who are starting a family think about life insurance. In today’s economy, two household incomes are almost a requirement to provide a decent lifestyle for the family. Should one of those incomes be lost due to unfortunate circumstances, the family could be put into financial difficulties. Life insurance ensures that the children and spouse do not have to reduce their lifestyle in the case of death.

Life insurance provides security and peace-of-mind for families, but is also important for aging populations. A popular form of term life insurance policies called death benefit policies will provide coverage for funeral expenses and any outstanding financial obligations for people as they age. These policies can also provide a bit of assistance to children and grandchildren to cover increasing expenses of living, education and emergencies.

Term Life Insurance Policies

Term life policies costs less than whole life, but does not come with the ability to borrow from the policy. It is often suggested by financial advisors that a person should purchase term life and invest the difference in the premiums between term and whole, as the investment will generate a higher interest rate of return.

Term life provides a guaranteed payment of the face value, or dollar amount, of the insurance policy if the person dies within the set life of the policy. The set time, or term, of the insurance policy can be anywhere from one year to five or ten years or longer. If the person does after the term of the policy is over, no monies are paid to the policy beneficiaries. However, many policies allow the insured to renew the policy without medical checkups, though as a person gets older the cost of the policy gets more expensive. Some term life insurance policies allow the insured to convert the policy to whole life or other permanent life insurance policies without medical checkups.

Senior term life insurance ensures that loved ones are not left with the burden of funeral expenses and financial obligations of the deceased. These policies are also generally for a set period of time, and usually come with face values of £50,000 or less, though higher values are available.

For a person with financial dependents looking for a basic insurance policy that provides protection without costing a lot of money, term life insurance policies offer that security. Living expenses are steadily increasing, and the cost of a college education is increasing each year. The best gift to give loved ones is financial stability and permanence regardless of what life brings.

More articles on life insurance can be found on onlineinsuranceguide.co.uk.

A perfect guide to taxi insurance for taxi drivers

Unsurprisingly, taxi driver insurance is going to be greater than for other forms of motor insurance because you are accountable for the safety of the passengers that you carry, and so it falls into the high risk category. This means that as well as requiring cover for the usual categories of everyday insurance, you need to be covered for business use and Public Liability.

If you want to get the greatest deal for your taxi driver insurance, it’s best try and avoid online and high street brokers and aim to deal directly with the insurance companies themselves. This may seem like it’s more time consuming as you’ll have to find and contact the companies yourself (as opposed to leaving this up to the brokers) but you’ll eliminate the cost of the broker fees. Certainly, if you haven’t got enough time for this, and you are happy to pay  extra for the service, a broker is a great way of getting your insurance sorted out, and they will also be aware of things that would benefit you that perhaps you were not aware of.

Taxi

There are a number of different categories of taxi driver insurance and you will need research them all to make sure you are on the right one. These include Private Hire Taxi Insurance; Public Hire Taxi Insurance, and for companies that have a few cabs, Taxi Fleet Insurance.

As with any motor policy, taxi insurance can be broad, including third party fire and theft, and third party only. No claims bonus discounts can usually be applied to the policy but you may find there are discounts for drivers with previous fleet experience. It is also possible to get cover for breakdowns in a similar way as usual policies do, and because a taxi Is probably going to be used far more than a regular car, chances of a breakdown are higher and therefore this is often recommended. Many insurance companies will give you a choice of flexible payment options over periods of three, six and twelve months, though there will be a charge for this service.

Many car manufacturers supply their own taxi insurance this is certainly an option worth looking at. Their motive is obviously to generate driver loyalty and so they can offer favourable terms and also there may be more room to negotiate.

Easy ways to reduce the insurance premium

The taxi industry is one of the high risk trades which may get intertwined in a number of legal matters more often because of calamities, robberies or getting involved into illegal circuits by accident. The tangled webs of legal procedures take a lot of time and money as you have to hire good lawyers. In every case, the owner can be left being the one most affected, more so if it is their only source of income.

As it has been considered a high risk business, the premiums of taxi insurance are high. This doesn’t mean you aren’t able to find a cheap deal, it just means you have to work a little harder for it. It may not be the best option if you chose to go with a broker if you want to cut down on costs but remember you are investing in the safety of the business, for most, a business which a very significant amount has already been invested.  It may work out cheaper to cut out the broker but if you really don’t know much about this type of insurance, this may be a cost you should definitely consider. After all, it’s their job to know everything about insurance policies, not yours. However, if you don’t use a broker make sure you do your research. Whenever there is a very huge difference in the premium in two companies, it is a good idea to read the terms and conditions which are in a fine print and generally neglected by most consumers.

reduce the insurance premium

Here are a few tricks to reduce the insurance premium:

• Choosing for a bigger amount to be subtracted is one way of keeping the premiums down. Under this, the policy holder pays a greater share in case of a claim. If every penny of the claim has to be paid by the insurer and with a larger deduction which is prefixed, the amount of money the company has to pay out is reduced and therefore so is the premium.

• Another way to keep the premium low is to stick with the same driver for longer periods of time and also when you keep the vehicle in good condition, you may be eligible for an occasional ‘No claim Bonus’.

• Multiple drivers for a single car or an open drive policy are incredibly expensive as far as taxi insurance is concerned. The trick is to limit the number of drivers per and use only the named ones.

• There are a few stand-alone policies like the third-party theft and fire policy which cover for damages which involve a third-party theft and fire. Some of the owners may avoid the break down and assistance policy if their vehicles are new and in good condition.

Sometimes, if the taxi is the sole source of income, so making sure you have the right taxi insurance for you is essential. Cutting costs along the way may just end up costing you more in the long run!