Most people are generally covered under the group health plans provided by their own employer or by the spouse’s employer. Whichever way, coverage provided under the group insurance programs not only serves to control the medical expenses of employees, but also provides them with the security and peace of mind, which goes a long way in ensuring their loyalty towards the company.
Group plans can be broadly classified under small employer plans and large employer group plans. Texas government has made some provisions for the small employer group plans in that they do have to have to cover state mandated benefits that are to be covered by the large employer companies.
It is also important to point out that it is not mandatory for the employers to provide group health coverage. Also, the companies are not required to pay the premiums on behalf of their employees.
Small Employers Group Plans: To benefit from the small employers plans, the company should have between two to fifty employees. Another thing is that they should be full time employees putting in at least 30 hours of work every week. Part time or contractual employees are not eligible under this plan.
Large Employers Group Plans: To benefit from these plans, the company should have more than fifty employees. Also, another precondition is that the company should not be self funded or funded through organizations such as the churches, trade unions or any other professional organizations.
Being covered under the group plan makes sense because of the large number of employees involved. This is beneficial in the sense that the insurance company can give more coverage at reduced costs. Also, you can choose your priorities in your own group plan and another set of priorities in the plan of your spouse if he or she is also being covered through group plans that cover spouses also.
Monday, July 12, 2010
Standard Life Insurance Company – What Is Standard Life Insurance?
Standard life insurance is the title given to most life insurance policies that are issued with standard rates. Health status along with credit are two factors that determine whether an insured is a standard risk or a sub-standard risk for life insurance. Some life insurance companies will issue policies on people with health problems but will give them a higher table rate than the standard rate. There are companies that exist just for the purpose of insuring the non-standard risk. The premiums are much higher because of the risk.
The majority of the life insurance companies are standard life insurance companies that use the table rating method for adverse risks. When you apply for life insurance your application is sent to an underwriter. The underwriter examines all of the details on the application. It is the underwriter’s job to determine the risk factor and table rate for each applicant. There are several resources available to underwriters about your medical history. One such resource is called the medical insurance bureau. This is an organization that provides medical information to life insurance companies. The MIB will not always have your medical details but the bureau will be able to provide dates and times along with the nature of an illness and injury. Disclosing accurate medical history on you application is critical. Do not omit health history because that is a red flag to an underwriter and may cause your application to be rejected.
It is best to purchase as much life insurance as possible at the youngest possible age. The rates are low and most of the time you will receive standard life insurance rates. Most of the companies online offer standard life insurance rates. Some companies have preferred rates that are even lower than the standard. Standard Life Insurance Companies are common. Most companies will take a trial application on special risk applicants. This is an excellent way to see if you qualify for standard life insurance. You are not obligated to put any money down on a trail application until you are accepted by the insurance company.
The majority of the life insurance companies are standard life insurance companies that use the table rating method for adverse risks. When you apply for life insurance your application is sent to an underwriter. The underwriter examines all of the details on the application. It is the underwriter’s job to determine the risk factor and table rate for each applicant. There are several resources available to underwriters about your medical history. One such resource is called the medical insurance bureau. This is an organization that provides medical information to life insurance companies. The MIB will not always have your medical details but the bureau will be able to provide dates and times along with the nature of an illness and injury. Disclosing accurate medical history on you application is critical. Do not omit health history because that is a red flag to an underwriter and may cause your application to be rejected.
It is best to purchase as much life insurance as possible at the youngest possible age. The rates are low and most of the time you will receive standard life insurance rates. Most of the companies online offer standard life insurance rates. Some companies have preferred rates that are even lower than the standard. Standard Life Insurance Companies are common. Most companies will take a trial application on special risk applicants. This is an excellent way to see if you qualify for standard life insurance. You are not obligated to put any money down on a trail application until you are accepted by the insurance company.
Shopping Online For Car Insurance
Right now there are many companies all trying to get you to buy their particular insurance plan for your car. From quacking ducks to talking lizards, there is an overabundance of advertisements, all done with the intent to get you sign up for their company.
But which one is right for you?
One of the better solutions that I found is to go online and compare the different automotive insurance policies. That way, it is easy to find one that fits your particular situation. In addition, I have found that utilizing the Internet is the best way to save money.
Before you go out and buy from the first company that offers you a car insurance policy, it is important that you understand which items are important for protecting you and your assets.
As you probably know most insurance policies look the same. So it is important to understand both the company and your unique situation.
First you should decide the maximum amount that you can use to pay for your insurance. This step means a careful analysis of your budget. It is a question of how much you can afford.
This leads to our second item for consideration. How much do you need to cover? For people that have a lot of assets, it is vital that they get enough insurance to personally protect their money in case of a catastrophic accident.
Many penny pinchers elect to get the lowest coverage. While it important to save money, it is equally important to prevent one accident from wiping you out. The funny thing is that even if you do elect for lower coverage, you wind up not saving that much money.
The next step is to check out the individual car insurance companies. As a result, it is vital that you get quotes from at least five different auto insurance companies. The method that I use is to go online and compare some of the top companies that show up. Here is a brief list of companies that offer top-rated car insurance:
• 21st Century Insurance
• Geico
• USAA
• Safeco Insurance
• MetLife Auto
• Liberty Mutual
• AllState
• Unitrin Direct
• eSurance
• Progressive
• State Farm
• AIG Auto Insurance
• GMAC Insurance
• Nationwide
• Eastwood
• Amica
• AAA
Once you find quotes from different companies, you should create a strategy of the various costs involved with purchasing car insurance. This includes deductibles, collision, comprehensive, and the total costs. For each company, try to get quotes on different levels of coverage. That way, you can develop an accurate portrayal of the price for each car insurance quote.
The final step is to understand how much each company will cover. While you might save money from one particular company, they might offer little to no coverage in case you get into an accident. While you might save some cash in the short term, the long term consequences could be disastrous.
When you have done your analysis, you will have a list of companies that offer quality insurance at an affordable price. With a little effort and research, you can properly cover yourself within your budget requirements.
But which one is right for you?
One of the better solutions that I found is to go online and compare the different automotive insurance policies. That way, it is easy to find one that fits your particular situation. In addition, I have found that utilizing the Internet is the best way to save money.
Before you go out and buy from the first company that offers you a car insurance policy, it is important that you understand which items are important for protecting you and your assets.
As you probably know most insurance policies look the same. So it is important to understand both the company and your unique situation.
First you should decide the maximum amount that you can use to pay for your insurance. This step means a careful analysis of your budget. It is a question of how much you can afford.
This leads to our second item for consideration. How much do you need to cover? For people that have a lot of assets, it is vital that they get enough insurance to personally protect their money in case of a catastrophic accident.
Many penny pinchers elect to get the lowest coverage. While it important to save money, it is equally important to prevent one accident from wiping you out. The funny thing is that even if you do elect for lower coverage, you wind up not saving that much money.
The next step is to check out the individual car insurance companies. As a result, it is vital that you get quotes from at least five different auto insurance companies. The method that I use is to go online and compare some of the top companies that show up. Here is a brief list of companies that offer top-rated car insurance:
• 21st Century Insurance
• Geico
• USAA
• Safeco Insurance
• MetLife Auto
• Liberty Mutual
• AllState
• Unitrin Direct
• eSurance
• Progressive
• State Farm
• AIG Auto Insurance
• GMAC Insurance
• Nationwide
• Eastwood
• Amica
• AAA
Once you find quotes from different companies, you should create a strategy of the various costs involved with purchasing car insurance. This includes deductibles, collision, comprehensive, and the total costs. For each company, try to get quotes on different levels of coverage. That way, you can develop an accurate portrayal of the price for each car insurance quote.
The final step is to understand how much each company will cover. While you might save money from one particular company, they might offer little to no coverage in case you get into an accident. While you might save some cash in the short term, the long term consequences could be disastrous.
When you have done your analysis, you will have a list of companies that offer quality insurance at an affordable price. With a little effort and research, you can properly cover yourself within your budget requirements.
Term Life Insurance - Most Times It's All You Need
Term life insurance is a temporary life insurance covering specific period of time. In this type of policy the insured or the owner pays a premium for a period. The insurance company provides monetary benefit to the beneficiary in case of death of the insured during that period. It is the cheapest type of life insurance available to the general public. Usually the benefit received on death of the insured is income tax free.
There are four parties in term life insurance. The owner is the one who pays the premium. The Insured is the one on whose death, a death benefit(face value) will go to the beneficiary. The beneficiary is one who will receive the proceeds of insurance on death of the insured. The insurer is the company providing the insurance. Premium is the monthly or periodic payment made by the owner to the insurance company.
For instance, Amanda pays monthly 50 dollars to ABC Company for insuring the life of Bill (her husband) for a period of 10 years. In case Bill dies during the 10 years, ABC company will pay 6000$ to Jack (son of Bill and Amanda). Here the insured is Bill, the owner of the policy is Amanda, the beneficiary is Jack and the insurer is ABC Company. The premium is 50$ and the face value of the insurance is 6000$. In case Bill does not die during the 10 years, ABC Company will not be liable to pay any money to any of the parties involved. Often the owner and the insured are same. That is a person buys a policy to cover his own death and nominates a beneficiary.
Term life insurance is a legal contract with terms and conditions and assumed risks. Sometimes there are special provisions like suicide terms wherein on suicide of the insured there is no benefit accrued to the beneficiary. Term life insurance is based on two concepts, theory of diminishing responsibility and Buy Term and Invest the Difference (BTID). In Term life insurance the responsibility or liability of the insuring company reduces as the policy reaches its maturity. Term life insurance is the cheapest type of insurance policy available because there is no cash value at the end of the period. Studies have shown that the mortality rate in term life insurance policies is as low as 1%. Hence the concept of BTID. Rather than going for permanent life insurance (where on the expiry of period the owner will accrue some cash benefit and there is a savings component in it) it is considered cheaper to buy term life insurance and take care of the savings components by investing in other areas. With the present market giving good returns on investment, buying a term life insurance is a more attractive option than permanent life insurance. Term life insurance is available for a period of 5, 10, 20 years etc. As the age of the insured increases the premium increases. The premium is calculated based on mortality rate which is usually dependent on age, sex and whether the person uses tobacco. Most companies provide annual renewable term where in the term can renewed annually however the premium increases annually.
There are four parties in term life insurance. The owner is the one who pays the premium. The Insured is the one on whose death, a death benefit(face value) will go to the beneficiary. The beneficiary is one who will receive the proceeds of insurance on death of the insured. The insurer is the company providing the insurance. Premium is the monthly or periodic payment made by the owner to the insurance company.
For instance, Amanda pays monthly 50 dollars to ABC Company for insuring the life of Bill (her husband) for a period of 10 years. In case Bill dies during the 10 years, ABC company will pay 6000$ to Jack (son of Bill and Amanda). Here the insured is Bill, the owner of the policy is Amanda, the beneficiary is Jack and the insurer is ABC Company. The premium is 50$ and the face value of the insurance is 6000$. In case Bill does not die during the 10 years, ABC Company will not be liable to pay any money to any of the parties involved. Often the owner and the insured are same. That is a person buys a policy to cover his own death and nominates a beneficiary.
Term life insurance is a legal contract with terms and conditions and assumed risks. Sometimes there are special provisions like suicide terms wherein on suicide of the insured there is no benefit accrued to the beneficiary. Term life insurance is based on two concepts, theory of diminishing responsibility and Buy Term and Invest the Difference (BTID). In Term life insurance the responsibility or liability of the insuring company reduces as the policy reaches its maturity. Term life insurance is the cheapest type of insurance policy available because there is no cash value at the end of the period. Studies have shown that the mortality rate in term life insurance policies is as low as 1%. Hence the concept of BTID. Rather than going for permanent life insurance (where on the expiry of period the owner will accrue some cash benefit and there is a savings component in it) it is considered cheaper to buy term life insurance and take care of the savings components by investing in other areas. With the present market giving good returns on investment, buying a term life insurance is a more attractive option than permanent life insurance. Term life insurance is available for a period of 5, 10, 20 years etc. As the age of the insured increases the premium increases. The premium is calculated based on mortality rate which is usually dependent on age, sex and whether the person uses tobacco. Most companies provide annual renewable term where in the term can renewed annually however the premium increases annually.
Tips On Homeowners Insurance Simplified
If you are a human being that lives somewhere, you probably should have some sort of homeowners insurance coverage. Regardless of whether you rent an apartment unit, condominium, own a house, acreage or even a town house, not being sufficiently covered can lead to great financial loss difficult to recover from. You home is the greatest financial investment you will ever make, not to mention all the money you spend on furnishings and items contributing to the liveability of your home.
Every adult needs some form of homeowners insurance coverage. It's never a bad idea to get a free online homeowner insurance quote or two. This will enable you to compare rates and coverages to tailor a policy that is suitable for you and your contentment.
If you are not sure what homeowners insurance coverage is, it is a policy you get in exchange for an annual premium that provides protection for your dwelling, personal property and any lawsuits that you are held responsible for. Habitually there are 4 underlying or basic types of homeowners insurance coverage.
Types Of Homeowners coverage In Reference To Insurance ;
1) Dwelling Coverage : Provides payment for needed repairs or cost of replacement for your home, as well as to detached units and structures on your property, due to damages caused by fire, water, lightning strikes and other disasters. Examples of detached structures predominantly include tool sheds, barn and garages. Usually excludes damage caused by earthquakes and selected natural disasters.
2) Basic Liability : Provides protection to you against lawsuits resulting from accidents occurring on your property you may be held responsible for. Damage to others or their property inflicted by your dog or children. Also covers you for damage, injuries or bodily harm to others caused by you on or off your property.
3) Personal Property : Provides protection for the contents of your home, such as furnishings, clothing, sports equipment, electronics, appliances and other personal belongings. Collectors items such as artwork and jewellry customarily are not included and require a seperate policy if you wish to have them insured.
4) Living Expenses : This type of homeowners insurance coverage provides payment of expenses incurred in case of temporary relocation due to repairs being done to your home, such as motels.
The above mentioned are just basic descriptions of what may be covered by a policy, a homeowner insurance quote will provide you with further detailed information regarding protection.
The premiums will vary in rate from person to person, and will depend on certain situations. Free homeowners insurance quotes will also touch on this subject. There is much to cover, but it is important for you to understand what your home owners insurance policy includes.
Some Factors Considered to Determine A Premium ;
- Crime rate in the area you reside
- How old your home is
- Square footage
- Distance to nearest fire hydrant
- Type of home and how may levels
- Do you own a dog, and what kind
- Property value
- Does your municipality or community have its own fire dept.
- Type of heating system
- Type of locks on doors and windows, alarm system and security devices
- Is the area you live in at risk of natural disasters
- Previous claims
- Condition of plumbing, roof and electrical
- Replacement costs
and more. Before taking any action, it would be wise to consult a professional regarding any coverage premium and how it is determined.
Like with any other type of protection, there is usually a deductible to be paid whenever making a claim, and in regards to this, homeowners insurance coverage does not exclude itself. Ordinarily, the higher the deductible you choose to go with, the lower your premium will be.
Every adult needs some form of homeowners insurance coverage. It's never a bad idea to get a free online homeowner insurance quote or two. This will enable you to compare rates and coverages to tailor a policy that is suitable for you and your contentment.
If you are not sure what homeowners insurance coverage is, it is a policy you get in exchange for an annual premium that provides protection for your dwelling, personal property and any lawsuits that you are held responsible for. Habitually there are 4 underlying or basic types of homeowners insurance coverage.
Types Of Homeowners coverage In Reference To Insurance ;
1) Dwelling Coverage : Provides payment for needed repairs or cost of replacement for your home, as well as to detached units and structures on your property, due to damages caused by fire, water, lightning strikes and other disasters. Examples of detached structures predominantly include tool sheds, barn and garages. Usually excludes damage caused by earthquakes and selected natural disasters.
2) Basic Liability : Provides protection to you against lawsuits resulting from accidents occurring on your property you may be held responsible for. Damage to others or their property inflicted by your dog or children. Also covers you for damage, injuries or bodily harm to others caused by you on or off your property.
3) Personal Property : Provides protection for the contents of your home, such as furnishings, clothing, sports equipment, electronics, appliances and other personal belongings. Collectors items such as artwork and jewellry customarily are not included and require a seperate policy if you wish to have them insured.
4) Living Expenses : This type of homeowners insurance coverage provides payment of expenses incurred in case of temporary relocation due to repairs being done to your home, such as motels.
The above mentioned are just basic descriptions of what may be covered by a policy, a homeowner insurance quote will provide you with further detailed information regarding protection.
The premiums will vary in rate from person to person, and will depend on certain situations. Free homeowners insurance quotes will also touch on this subject. There is much to cover, but it is important for you to understand what your home owners insurance policy includes.
Some Factors Considered to Determine A Premium ;
- Crime rate in the area you reside
- How old your home is
- Square footage
- Distance to nearest fire hydrant
- Type of home and how may levels
- Do you own a dog, and what kind
- Property value
- Does your municipality or community have its own fire dept.
- Type of heating system
- Type of locks on doors and windows, alarm system and security devices
- Is the area you live in at risk of natural disasters
- Previous claims
- Condition of plumbing, roof and electrical
- Replacement costs
and more. Before taking any action, it would be wise to consult a professional regarding any coverage premium and how it is determined.
Like with any other type of protection, there is usually a deductible to be paid whenever making a claim, and in regards to this, homeowners insurance coverage does not exclude itself. Ordinarily, the higher the deductible you choose to go with, the lower your premium will be.
Top 5 Jobs Which Require Life Insurance
Life insurance is an important aspect of everyone’s lives and is something which everyone will have to face at some point in time throughout their lives. This point may come sooner rather than later for some individuals because of the job they perform on a daily basis.
While some individuals start everyday by putting on their suits and racing to get to the coffee shop for their morning coffee, others are strapping on their work boots and preparing themselves for a day of excruciatingly hard labor. As scary as it may sound, there are many individuals who are willing to put their lives in danger every single day when they get up and go to work.
The following is a list of the top 5 jobs which are considered to be the most dangerous jobs in the world. Individuals who perform these jobs are highly recommended to have a life insurance plan incase (god forbid) anything goes wrong on any given day. These are the 5 occupations which made the list:
1. Police/Detectives – Police Officers face life threatening situations almost everyday. They are highly trained to defend themselves and are equipped with protective equipment at all times. Life insurance and disability insurance are crucial for individuals working in the field of policing.
2. Airplane Pilots – Believe it or not, airplane pilots require life insurance because they are dealing with such powerful machines which have been known to have mechanical glitches. Airplane pilots are also highly trained in their field to make sure they do their best to fly safely.
3. Construction Workers – Construction workers are somewhat unappreciated for the amount of hard work they do everyday. They not only put their lives in danger from all the machinery they are expected to operate, but they also face many factors which will affect their health in the long run. Overexposure to sun, heat and excessive lifting are just a few of these factors.
4. Farm Workers – Much like construction workers, farm workers are at high risk of injury or death due to the fact that they are constantly operating heavy machinery. There are hundreds of farm work related deaths a years and thousands of injuries for individuals working in farm fields. Life insurance and disability insurance are important for individuals in this occupation.
5. Fire Fighters – It is a known fact that fire fighters put their lives on the line everyday to save the lives of others. Knowing the potential consequences and performing the job anyways indicates that these workers deserve the highest level of respect from others. Individuals who have chosen careers in firefighting are also likely to have a life insurance policy.
Is your job dangerous? Is your life on the line everyday? Maybe not, but there are many other factors other than your occupation which may indicate you need life insurance. Life insurance is a plan which will ensure your loved ones are taken care of incase anything happens to you. Wouldn’t you like to know your family would be looked after should this type of situation occur?
While some individuals start everyday by putting on their suits and racing to get to the coffee shop for their morning coffee, others are strapping on their work boots and preparing themselves for a day of excruciatingly hard labor. As scary as it may sound, there are many individuals who are willing to put their lives in danger every single day when they get up and go to work.
The following is a list of the top 5 jobs which are considered to be the most dangerous jobs in the world. Individuals who perform these jobs are highly recommended to have a life insurance plan incase (god forbid) anything goes wrong on any given day. These are the 5 occupations which made the list:
1. Police/Detectives – Police Officers face life threatening situations almost everyday. They are highly trained to defend themselves and are equipped with protective equipment at all times. Life insurance and disability insurance are crucial for individuals working in the field of policing.
2. Airplane Pilots – Believe it or not, airplane pilots require life insurance because they are dealing with such powerful machines which have been known to have mechanical glitches. Airplane pilots are also highly trained in their field to make sure they do their best to fly safely.
3. Construction Workers – Construction workers are somewhat unappreciated for the amount of hard work they do everyday. They not only put their lives in danger from all the machinery they are expected to operate, but they also face many factors which will affect their health in the long run. Overexposure to sun, heat and excessive lifting are just a few of these factors.
4. Farm Workers – Much like construction workers, farm workers are at high risk of injury or death due to the fact that they are constantly operating heavy machinery. There are hundreds of farm work related deaths a years and thousands of injuries for individuals working in farm fields. Life insurance and disability insurance are important for individuals in this occupation.
5. Fire Fighters – It is a known fact that fire fighters put their lives on the line everyday to save the lives of others. Knowing the potential consequences and performing the job anyways indicates that these workers deserve the highest level of respect from others. Individuals who have chosen careers in firefighting are also likely to have a life insurance policy.
Is your job dangerous? Is your life on the line everyday? Maybe not, but there are many other factors other than your occupation which may indicate you need life insurance. Life insurance is a plan which will ensure your loved ones are taken care of incase anything happens to you. Wouldn’t you like to know your family would be looked after should this type of situation occur?
Top 10 tips to save money on your car insurance
If you’re fed up paying too much for your car insurance duck2water (www.duck2watercarinsurance.co.uk) have put together the top ten ways you can reduce your premium without reducing the level of cover:
1.Buy online
Buying online can save you time and money. Companies who spend millions of pounds on advertising or run large call centres have to cover these costs somewhere, and they do so by adding these costs onto the price of your insurance premium. Although online insurers do have overheads, they are much less than high street and telephone insurers, which means they can offer car insurance at up to 60% cheaper than other companies.
2.Drive a cheap and less powerful car
Car insurance companies calculate their premiums on the basis of the car engine size, the probability that it will get stolen and the cost of repairing it. Although smaller cars such as Ford Fiesta’s and Renault 5’s are more prone to being stolen than larger saloon cars, they are cheaper to repair or replace and are therefore cheaper to insure.
3.Build up a ‘no claims history’
Car insurance companies give discounts for safe drivers with a good no claims record. By building up your no claims history you can benefit from a reduction (up to 60%) off your premium, and this discount can be transferred from company to company.
4.Increase your car security
More security means lower risk for your insurance company and you can benefit from cheaper rates by locking your car in a garage a night, or installing an insurance company approved immobiliser or tracker.
5.Increase your voluntary excess
By deciding to pay a higher excess it also means you’re less likely to make a small claim on your insurance and are therefore considered a lower risk.
6.Obtain more driving qualifications
The Pass Plus qualification costs between £100-150 and involves taking lessons in different driving conditions such as at night and on the motorway. By becoming a more skilled and experienced driver most insurance companies reward their customers by reducing their premium. As a result, the qualification usually pays for itself within the first year of qualifying. Another option is the advanced driving test, but this can take much more time to pass than the Pass Plus.
7.Use your car less
Clearly, the more you use your car the higher the probability is that you’ll be involved in an accident. As a result people who travel hundreds of miles every week are likely to have a higher car insurance premium.
8.Don’t get on the wrong side of the law
Insurance companies don’t like motoring convictions as they mean a driver is seen as a higher risk. Certain motoring convictions are considered worse than others, for example drink driving offences mean that your premium will be double the usual rate.
9.Reduce the number of people under your policy
The more people on your insurance the more you’ll have to pay. So, if possible try to have as few drivers on your policy as feasible.
10.Live in the countryside
As a general rule, the further you live away from a city the cheaper your car insurance is likely to be. By living in the city your car is more likely to be stolen or be involved in car accident. You can save up to 50% on your car insurance by moving from the city to a rural location.
1.Buy online
Buying online can save you time and money. Companies who spend millions of pounds on advertising or run large call centres have to cover these costs somewhere, and they do so by adding these costs onto the price of your insurance premium. Although online insurers do have overheads, they are much less than high street and telephone insurers, which means they can offer car insurance at up to 60% cheaper than other companies.
2.Drive a cheap and less powerful car
Car insurance companies calculate their premiums on the basis of the car engine size, the probability that it will get stolen and the cost of repairing it. Although smaller cars such as Ford Fiesta’s and Renault 5’s are more prone to being stolen than larger saloon cars, they are cheaper to repair or replace and are therefore cheaper to insure.
3.Build up a ‘no claims history’
Car insurance companies give discounts for safe drivers with a good no claims record. By building up your no claims history you can benefit from a reduction (up to 60%) off your premium, and this discount can be transferred from company to company.
4.Increase your car security
More security means lower risk for your insurance company and you can benefit from cheaper rates by locking your car in a garage a night, or installing an insurance company approved immobiliser or tracker.
5.Increase your voluntary excess
By deciding to pay a higher excess it also means you’re less likely to make a small claim on your insurance and are therefore considered a lower risk.
6.Obtain more driving qualifications
The Pass Plus qualification costs between £100-150 and involves taking lessons in different driving conditions such as at night and on the motorway. By becoming a more skilled and experienced driver most insurance companies reward their customers by reducing their premium. As a result, the qualification usually pays for itself within the first year of qualifying. Another option is the advanced driving test, but this can take much more time to pass than the Pass Plus.
7.Use your car less
Clearly, the more you use your car the higher the probability is that you’ll be involved in an accident. As a result people who travel hundreds of miles every week are likely to have a higher car insurance premium.
8.Don’t get on the wrong side of the law
Insurance companies don’t like motoring convictions as they mean a driver is seen as a higher risk. Certain motoring convictions are considered worse than others, for example drink driving offences mean that your premium will be double the usual rate.
9.Reduce the number of people under your policy
The more people on your insurance the more you’ll have to pay. So, if possible try to have as few drivers on your policy as feasible.
10.Live in the countryside
As a general rule, the further you live away from a city the cheaper your car insurance is likely to be. By living in the city your car is more likely to be stolen or be involved in car accident. You can save up to 50% on your car insurance by moving from the city to a rural location.
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