Ooooops Insurance

No-claim Discount

A no-claim discount, which is also called a no-claim bonus, reduces the premium that a motorist pays.  It is applied to an insurance policy, usually over four or five years, where a claim on the policy has not been made, and thus is an incentive for motorists to drive safely.  The discount, which can help to reduce insurance costs by up to 75 per cent, can usually be transferred to another insurer without any penalty.

If a motorist does make a claim and the insurer cannot recover costs from someone else, then part or all of the discount may be lost.  However, many insurance companies will permit a motorist to pay an additional fee for the no-claim discount to be protected, or they may slightly reduce the scale of the discount.  It is up to the motorist to decide how valuable that additional protection is likely to be.  By paying an additional fee it is possible to keep a no-claim discount but insurance companies have different practices in regard to this and it is important to check the exact terms of the policy.

Policy Excess

A motorist may choose to pay an additional amount if a claim is made, and this will be agreed with the insurer at the outset of the policy.  The amount varies and can be negotiated, but the higher the excess amount agreed the lower the overall premium will be.  Inexperienced drivers will usually have to pay a compulsory excess.

Employers’ liability insurance was made compulsory in the UK by an act of Parliament in 1969 for most businesses. It covers injuries or sickness to employees and the owners of a business. The type and size of the business usually determines the cost of the premium.

The law specifies that the insurance amount must be for £5 million but most insurers will issue cover for £10 million. It has to cover all the employees that work for a business anywhere in the UK. An employee is defined in several ways. If a person has a contract of service with a business, has income tax and national insurance deducted from the money paid to them, or a business has control of where, when and what type of work they do, then they are considered an employee.

There are some other legal issues that must be in place, and the Health & Safety Executive is in charge of overseeing these. The insurer has to be authorised. This usually entails membership of the Association of British Insurers. A copy of the insurance certificate has to be prominently displayed for employees to read. This could be a physical copy attached to a wall in the premises, or perhaps a specific page on the company’s intranet.

There are some exceptions such as when the business is not a limited company and there is only one employee or all the employees are close family members. If it is a limited company with just one employee who also happens to own over half the business then they too are exempt.

Health Insurance can provide security and confidence for anyone who cannot afford to be ill or injured for long periods of time.  NHS waiting lists for non-life threatening procedures can be long, which is inconvenient for anybody suffering with a chronic condition.  Meanwhile, that person may not be able to work during the waiting time, which will have an effect on their income and the family they support.  More and more people are turning to private healthcare treatments in order to bypass the waiting lists, be treated promptly and get back to work as soon as possible.

However, private healthcare comes at a high cost.  Specialist consultations, surgeries, medicines and nursing costs in private hospitals can be incredibly expensive. Health insurance can pay for all of this. Considering the cost of these procedures or the potential loss of income when being ill, buying health insurance is a valuable investment.

Health insurance may be particularly useful for anyone who has dependents such as young children or elderly parents, and cannot afford to lose their earning power for long periods of time or to be unable to take care of their family.  It may also be beneficial for professional sports players or others with a very active job, who need to ensure they remain fit and healthy.

Young people may feel that they are completely healthy and do not require health insurance, but buying a long term policy may be a good investment for the future, as medical problems are more likely to occur with age. Nobody can fully control their future health but they can plan ahead and protect themselves with health insurance.

Home insurance is divided into two categories: buildings insurance and contents insurance. It is important to have a solid understanding of both in order to obtain the home insurance coverage right for you.

Buildings insurance covers only the actual structure of your home or outbuildings. This also includes fixtures and fittings, such as the basin, bathtub, or closets. When considering the amount of buildings insurance coverage you will need, assess only what it would cost to build your home from scratch and not the actual land on which it is situated. You may find it helpful to hire a surveyor to assess the value of your home. Overvaluing your home will only increase your premiums, and undervaluing your home may leave you with a financial loss.

Contents insurance covers only those possessions in your home that you would take with you if you were to move. When deciding how much contents insurance coverage you should have, be certain to take into account not only your larger or more expensive valuables, but also other items that may be of lesser value but still important, such as clothes, CDs, and books.

When gathering home insurance quotes, it is a good idea to see whether an insurance company offers a discount if you purchase both buildings and contents insurance with them together. Often this is the case, and this will help you to reduce the cost of your home insurance premiums.

Gone are the days when purchasing car insurance meant filling out lengthy forms by hand and waiting days for the post service to deliver them – buying online is both quicker and more practical and, unsurprisingly, it is becoming rapidly more popular with all sorts of drivers. 

The convenience of this method is by no means its only advantage, as it is often possible to get a better deal on the internet than you would be able to otherwise.  Many insurance companies offer web-based promotions and special deals on online quotes from time to time, and it is well worth checking if any of these apply to you as you could save a considerable amount of money.

There are also a number of insurance providers that are entirely web-based, and making an application offline would be likely to cut these out of your options.  It is always a good idea to shop around different providers to get the best price before making a decision, and buying online is likely to give you the most choice.

Finally, if you choose to purchase on the internet then you will have a wide range of useful tools at your disposal to help you make your decision.  Price comparison websites and online reviews can provide very helpful information, so you are much more likely to end up with the best quote for your needs.

There are generally two types of company involved in organising an insurance policy, the policy provider and the underwriter.  The final cost of the policy will depend on how risky a proposition the insurance company; the underwriter, feels you are.  Some types of insurance are compulsory, for instance, motor vehicle insurance or buildings insurance if you own your home, although most are voluntary.  The insurance company will pay out if you suffer a loss that is specifically covered by the policy; for example, vet insurance will pay out if you incur medical charges for your pet.  Some policies include an excess, whereby you agree to pay the first part of any costs against which you are insured. 

Life insurance is not compulsory, but is advisable if you have dependents reliant on your income.  The underwriting criteria for life insurance includes things like your age, medical history, lifestyle, your hobbies and your job, all of which impact on the price you will pay; this is known as the premium.  While many types of insurance are short-term and are renewable annually, which means you can shop around every year to ensure that you get the best deal, life insurance is designed to be a long-term policy, so it is important that you choose carefully. 

If you are considered a high-risk proposition, for whatever reason, you may struggle to find a company that is willing to provide cover.  It is worth speaking to an insurance broker or financial adviser if you have a health condition or high-risk lifestyle.  They will help to find a specialist provider who is prepared to offer you suitable cover.

You may be aware that the internet has a generous array of cash back sites you can use. These sites are so called because they offer you some cash back when you make a purchase through their site.

For example if you buy your cheap house insurance directly from the company, you will pay the normal premium you have been quoted. If you were to buy the same policy through a cash back site you would still get the same policy for the same premium, but you would eventually receive a specific amount of cash back through the other website as a reward.

As you can imagine this is a wonderful way to get some of your premium back. The biggest sites are firmly above board, very well known and offer a percentage of cash back for some very well known insurers.

Obviously you will still need to find the best quotation for your requirements. You also need to be sure it provides the degree of cover you need. Once you have made all your normal checks you can see if a cash back site offers you cash back on your insurance policy. If you are already a member of such a site you may decide to check and see which insurers they have connections with first. Whichever way you go about it, it can provide you with a great way to make your insurance that bit cheaper.

Choosing a decoration style for your home can be a pitfall, but as with most things there are ideas you can follow that will help you choose how to complete the decoration of your property.  First impressions count, so the more stylish your property, the more likely you are to make a strong impression upon potential clients.  Firstly, don’t let personal taste affect the way you will decorate your property if you intend to rent it out to other people.  Even if your sense of style is great everyone is looking for different things, so if you want to rent your house to a family then decorate it accordingly. 

If your property is not safely completed to a suitable standard you may invalidate your landlord insurance.  Improper maintenance may also make injury liability from your tenants more likely.  Do some research – it is easy to take a tour of a new built property which has been professionally designed and completed.  It will have been decorated by experts and will be full of ideas to copy.  Make sure that the style you choose complies with the requirements of your landlord insurance policy.  A tenant may often have priorities and it is important to most tenants that their properties have a clean and practical bathroom and kitchen.  It is also important to remember that the use of bright colours and ample lighting will allow rooms to appear not only larger and brighter, but also clean.  It is also important to remember that less is more; keeping decoration simple will appeal to a wider range of people than gaudy, complicated designs.

Whether you are a student on a gap-year or simply taking a long break from working life, long-stay travel insurance is essential. Multiple trip or annual policies, although covering you for a year, are not suitable for backpackers since they only cover for a month at a time. Instead, long-term travel insurance will cover you consistently for up to 12 months, and can also cover for working abroad.

Whilst planning your trip, it is important to make a list of every country you plan to visit and every activity you plan to do, and make sure your chosen insurance policy covers all of your plans. For example, some countries may be deemed unsafe to visit by some insurers, and if you are injured there due to war or terrorism, you may not receive payment unless your policy covers it. Furthermore, certain outdoor activities such as skydiving and motor biking may require extra cover since they are more dangerous.
 
Working abroad may be essential for some backpackers to fund their travels, but it is also a brilliant experience for gap-year students. Insurance for working abroad is available, but once again, it is important to arrange it before you travel. If necessary, check to see if you are covered for manual labour, such as building a school.

The key to an exciting and fulfilling long-term trip is being prepared. When everything is planned and accounted for in your insurance policy, you can enjoy your travels without worry.

Nobody wants to pass away unexpectedly leaving their family members and dependents without financial support and leaving plans unfulfilled.  Unfortunately, this is not a rare occurrence, particularly among those with health problems, and those whose lives involve dangerous activities.  Life insurance is a means to alleviate some of these concerns.

The premise of life insurance is that the insured person is insured against death.  This means that in the case of their death, the insurance company to the bereaved will release an agreed-upon amount of money.  This sum of money acts as a substitute for the lost earning power of the insured party, enabling the bereaved dependents to continue life, and to pay for immediate, unplanned expenses such as funeral costs.

With the population ageing, for more and more people it makes good financial sense to invest in a life insurance policy.  Due to increased life expectancies, these days more time is spent in retirement relative to time spent in the workforce, when compared to previous generations.  Therefore, the prospect of providing extra income for the family after passing away is becoming increasingly attractive.  Look for policies that compensate for inflation, since this maintains the real value of your life insurance policy for the longest possible time.  Such policies are known as ‘inflation linked assurances’, and ensure that no matter when the insurance is called upon, a significant sum will be paid out.