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Insurance

Six Top Tips to help Younger Drivers Reduce Car Insurance Payments

Are you paying more in car insurance payments than you need to be? This situation is particularly common for young people, who may not yet have established credit or a clean driving record. Yet no matter what your personal circumstances, it’s important to remember that there is a high level of competition amongst car insurance providers. It’s worth taking the time to shop around to find the best rates, rather than simply accepting your renewal quote. Recent options like “black box” policies which monitor your driving are one way to lower rates, as is beefing up car security or taking a defensive driving course. Take a look at the following list for more information about these and other ideas to help reduce insurance premiums.

1. Store car more securely.

Do you use your car for storage and park your car on the street? You are probably paying the price as a result. Clear out your garage to use it for its original intent and you can shave a good percentage off of your premium. Parking on the street increases the risk of theft and weather-related damage.

2. Choose a more insurable vehicle.

If you’re a young driver with a Lamborghini, you can probably afford not to worry too much about insurance rates. Yet it’s not just sports cars that incur higher premiums. Sometimes a small different in engine size can make a world of difference. Compare different models on listings sites like Carsales to see which models are available, and how they differ in terms of safety features and engine size. Switching to a similar model could yield a discount.

3. Sign up for a black box policy.

One of the easiest ways for inexperience drivers to prove themselves to an insurance provider is by signing up for a telematics system. These “black boxes” monitor your driving, through checking your speed and handling ability. They also record the times you drive, so insurers know if you’re driving during dangerous times of day when visibility is poor and how cautious you are. Although it does seem a bit Big Brother, you can save a good deal of money once you’ve proven your driving skills.

4. Use comparison sites.

Shopping around to compare insurance rate is a great way to lower your bills, no matter how old or experienced you are. The car insurance industry is deeply competitive, with many providers trying to undercut one another. However, be sure to compare like-for-like cover as you shop around. You don’t want to settle for a cheaper policy that doesn’t provide adequate coverage. Another factor to keep in mind is that each comparison site only searches a certain percentage of the insurance providers out there, so you’ll have to use several of them to get the full view of what’s available.  

5. Add another driver to your policy.

You could potentially lower your rates if you add a family member to the policy, but be sure to list yourself as the primary driver if this is accurate. Many insurers have been cracking down lately on fronting.

6. Drive less.

Finally, if you can stand to spend less time in the car you’ll save not only on insurance but fuel and other running costs. A reduction of 5,000 miles per year could drop the cost of your premium significantly. The type of driving you do will also impact your cover. If you use your car for personal errands rather than commuting, you’ll pay less. 

Insurance

5 Tips for Medicare Supplemental Insurance

Medicare supplemental insurance is something that is often asked about by those who qualify for Medicare. Medicare, for those who do not know, is a national social insurance program that is handled by the U.S. federal government. It has been in place since the 1960’s and has been helping seniors ever since. Medicare offers those who enroll a defined benefit plan. This benefit plan covers them under a few different plans. The majority of those who enroll in Medicare have traditional Medicare plans. There are other plans though, such as Medicare Advantage, which packs in several added factors. One common thing that people often run into though is how they should add on to their Medicare plan with added supplemental insurance. We have put together some tips on Medicare supplemental insurance to help you understand what it is and how you can make the most use of it.

  1. If you are in the market for a Medicare Supplemental Insurance plan, the first thing you should do is to sign up for an original Medicare plan with supplemental insurance. If you are signed up for a Medicare Advantage Plan, you may end up with a plan that will simply not cover you in all of the areas that are needed. Government funding has been disappearing for Medicare Advantage program plans and many hospitals have stopped accepting them. A traditional Medicare plan with supplemental insurance is a safe bet for the future.
  2. You need to be on the lookout for the best coverage possible, you may want to consider something that is known as Medicare Supplement Plan F. Plan F is well-known as the most popular and most comprehensive plan that is available on the market. The idea with this plan is that it will cover pretty much everything after you spend money on the monthly premium. Out of pocket costs are kept at a minimum with Plan F, and that is a huge help to many seniors on a budget.
  3. Medicare Supplement Plan N is also an option when shopping for supplemental insurance. This is similar to Medicare Advantage Plans. What happens with this plan is that you pay a small annual deductible that goes along with co-payments when you visit a doctor or go to the Emergency Room. One of the great benefits here is that it is affordable.
  4. One thing that you need to take into account is that you need to get in touch with a specialist to get a Medicare Supplement quote that you can trust. You should contact a national Medicare Supplement insurance broker who knows all of the plans like the back of their hand. They can give you honest advice so that you can be informed.
  5. You also should get quotes from every single company that you can. Medicare Supplement Plans are consistent, meaning all insurance companies have the same plans available with the same benefits. However, not all insurance companies offer the same plans for the same amount of money. This means that it pretty much all comes down to monthly premium amounts and finding the best deal.

Utilizing the tips mentioned above it should be able to help you obtain the Medicare Supplemental insurance that you need to live happy and healthy lives. Shopping for Supplemental Medicare insurance can be quite confusing. When you take the time to gain the knowledge necessary about the plans though, you will benefit. The more knowledge you have the more power you will have in terms of consumer power. Knowledge is power and having the tips necessary at your disposal can ensure that you are ready to purchase the plan you need.

Author Bio: This article was written by Pete Higgans of MedicareSupplementalInsurance.net a company that provides great information about insurance related topics. 

Insurance

Top tips on buying Income Protection Insurance

Income protection is an insurance policy that will protect you against accident, sickness or unemployment that prevents you from working. 

Compare to other insurance policies, income protection can affordable and you can protect yourself for as little as £10 a month. 

Income protection can pay you a tax-free monthly benefit should you be unable to work due to illness or injury or if you have been redundant involuntarily. 

Income Protection Insurance Top Tips 

When you are considering income protection insurance there are a few things to look out to ensure you get the best deal that is right for you. 

Recent figures have shown that most leading income protection insurers have a higher than 90% successful claim rate. 

1)      Long or short term 

There are two main types of income protection and you can choose either a long or short term policy. A long term policy can cover you up until you are fit or healthy enough or work, retirement age of death. 

Short term policies will cover you up to a period of 12 months from the time you are unable to work. You should think about how long you would want to be covered for. Short term policies are more affordable but long term policies offer more benefits in the event of a claim. 

2)      Choose your waiting period 

There is period of time after you cannot work until you are paid your monthly benefit known as the ‘deferred period’. By choosing your preferred waiting period you can reduce your monthly premiums. 

For example, if you know you will able to support yourself financially for three months without working you may consider a deferred period of three months. You can choose a deferred period up to a year if you wish. 

3)      Decide how much benefit you want 

Insurers will let you decide how much of monthly benefit you want to be paid in the event of a successful claim. 

You can choose to cover as much as 70% of your gross income in your protection policy but if you feel you could pay your mortgage, utility bills and maintain your lifestyle for less then choose a lower percentage. By choosing a lower amount to be covered you can reduce your monthly premiums. 

4)      Compare quotes online now 

Looking for the right policy can be time-consuming and there are many different income protection insurance providers on the market.  You may find it easier to compare income protection quotes online now from the leading insurance providers at ActiveQuote.com. 

ActiveQuote.com is the UK’s leading comparison site for income protection, health insurance and life insurance. To compare quotes visit www.activequote.com or call us on 0800 862 0373.

Insurance

The PPI Claims Scandal Just Won’t Go Away!

Payment protection insurance (PPI) has become a millstone around the neck of the UK banking industry, a fast-growing monster that shows no signs of dying off. With more people putting in claims thanks to the High Court ruling that ordered the banks and other lenders to pay back any fees relating to mis-sold PPI policies the mainstream press has kept the story alive, and recent developments have drawn attention to the problems faced by individuals who believed their route to repayment was now a simple case of making a call and getting the money owed.

Lloyds Banking Group under Fire Again

The most prominent story has been that regarding the Lloyds Banking Group, which owes more than any other lender. The revelation that call centre staff employed to handle claims were told to stall on processing payments in the hope that claimants would then not bother has further damaged the reputation of the bank. The staff were employed not by Lloyds, however, but by a third party brought in to help sort out the backlash. Nevertheless, the incident has left a bad taste in the mouth, and was the last thin Lloyds needed in the current situation.

The PPI Claims Company Route

The call centre fiasco is one reason why many people are still choosing to use a ppi refunds company to get back the fees they are owed. Many examples of banks stalling or delaying payments – they have been told they must now process them in a reasonable time or face fines – can be found over the last couple of years, and it would seem that things have hardly improved. The expertise offered by claims companies is not to be sniffed at, and may make things a lot easier for those who cannot face the trials of arguing with their bank.

The False Claims Scandal

One reason the lenders have had to enlist outside help such as that mentioned above is the frequent dealings with false claims. People have been taking chances to claim back money they were never owed in the first place, and sorting these bogus efforts from the genuine ones has added to the time needed to process PPI claims. It is to be hoped that, in future, call centres will be more diligently managed and used to greater effect to get back the money owed to wronged consumers, many of who are still waiting for their claim to be processed.

Insurance

4 tips to picking the right insurance plan for you

Navigating the health insurance industry can feel like you’re entering a mind field. Do you choose the most affordable health fund or premium cover with all the added extras? Is one insurance provider better than the other? Is it even necessary to take out private health insurance?

These are just some of the common questions people ask themselves when considering health insurance. If you’re looking to find the right insurance plan for you, we’ve taken out all the confusion and made it easier with these 4 tips.

  1. Establish which cover is right for you

First things first, establish which type of health cover you need. There are three types of insurance cover in Australia. Determining which cover you need will help you choose between funds and policies. Here’s a run-down of your options:

  • Hospital cover:

Hospital cover allows you to be treated as a private patient in either a public or private hospital. This can cover the costs of your stay including theatre costs, intensive care, tests, doctor’s fees and pharmaceuticals.

There are four levels of hospital cover ranging from the most basic and affordable to most expensive:

  1. Public hospital – entry level with minimum benefits in a public hospital
  2. Basic hospital – private hospital treatment excluding high-cost services
  3. Medium hospital – covers a wide range of procedures excluding services such as pregnancy and hip replacements
  4. Top hospital – premium cover offer all in-hospital treatments
  • Extras cover:

Extras cover provides you with cover for a variety of general health services that aren’t covered under Medicare. Depending on the level of extras cover you take out, you could be covered for treatments such as chiro, physio, general dental, podiatry and speech therapy.

As with hospital cover, there are three levels of extra cover:

  1. Basic – designed for young and healthy people
  2. Medium – provides a broad range of cover with affordable premiums
  3. Comprehensive – top extras cover available
  • Ambulance cover:

Ambulance cover provides emergency transportation and treatment. It can be taken out on its own or included as part of your extras policy. With some funds, you’ll also have a choice of basic or comprehensive ambulance cover.

 

  • Combined cover:

Choose combined cover and you can merge your hospital, extras and ambulance cover together under the one package.

 

  1. Compare the private health insurers

Be diligent when it comes to comparing health insurance providers as your choice is likely to impact your annual premiums. Here’s a few points you should consider:

  • Check the insurer operates in your state
  • Search all the policies to find one that suits your current situation and lifestyle
  • Compare the premiums of non-for-profit and for-profit insurers
  • Know the rules about dependents
  • Find out how your pre-existing medical conditions affects the cover

 

  1. Learn the ling and check the details

Don’t let private health insurance talk leave you confused. Learn the lingo and check the details of the policy. Understand the terms used, the conditions of the policy including your limits and exclusions.

For example, some common acronyms used are:

  • Medicare Levy Surcharge (MLS) – the government surcharge taxing ‘high income earners’ living without private hospital insurance.
  • Lifetime Health Cover (LHC) – the government levy for those who don’t take out private health insurance before they turn 31.

It’s also worth understanding the difference between treatment covers such as General Dental verses Major Dental. General Detail covers treatments that maintain teeth health and prevent problems. Major Dental on the other hand, cover for major work such as root canals, extractions or crowns.

  1. Focus on value, not price

With so many insurance policies and insurers it’s easy to get swayed by the price. However, just like anything, if a policy is incredibly cheap, you need to ask yourself why.

Be diligent checking the exclusions, restrictions and the benefits of the policy. Focus on policies that offer you value for money, rather than a dirt cheap annual premium with high excess or limited benefits.