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Tuesday, December 21, 2010

MPs investigate motor insurance price hikes

A Parliamentary committee is investigating the rising prices of motor insurance premiums.

The House of Commons Transport Committee has already taken written evidence and plans to take oral evidence this month. It is looking into four issues:

Why motor insurance costs have risen to such a large degree in recent years
How these high costs affect young drivers
How different factors such as accidents, fraud, legal costs and uninsured drivers contribute to the price rises
Whether the rises have an effect on society that would require or justify a Government response
Those who have already submitted written evidence have raised several issues not covered in the committee's initial statement. These include the way policies are often considerably more expensive when paid by instalments (which can be argued to penalize those on lower incomes), the fact that in 2009 the average insurer wound up losing money on motor insurance policies, and the argument that there is still a large degree of competition between rival insurers.

Monday, December 20, 2010

Cheaper Car Insurance Tips

By: Kieran Gallagher

Low Cost Car Insurance

Car insurance premiums are rising and are becoming almost prohibitive for younger drivers, especially males under twenty five years of age. The reason for this is that the cost of car insurance is based on a number of factors, risk being one of the main. And, statistically speaking, young male drivers are a high risk category.

Other factors which have a bearing on the cost of the car insurance include, make and model of the car, driving record of the owner, and what the car is predominately used for. The typical use of the car under the policy include private use, social and domestic, and commercial use which includes the carrying of goods.

Here are a few tips that you can consider which might help in getting a low cost car insurance.

Bundle Insurance Policies: Many insurance companies will offer discounts if you sign up for several types of insurance. For instance you could have home insurance and life insurance from the same company.
Raise the Excess. The excess is the amount you will have to pay in the event of a covered claim. Generally if you increase the amount of the excess, the cost of the premium will drop. But, there is a balance to be struck between the amount of the excess you can afford and the saving you will make in your premium.
Get Comparative Quotes. Probably the most significant saving can be made by contacting several companies and asking for their best quote. There is fierce competition in the car insurance market and this means that staff of these companies are under pressure to write as many policies as they can. This should result in reasonable discounts for the astute driver. Do not leave this until the last minute, but rather you should start your research about a month before your renewal date to give you adequate time to gather all the information you require.
Named Drivers. If there are named drivers on your policy, then the insurance companies will charge you extra for this. If possible, you should consider removing these drivers from your policy.
Full Driving Licence. If you have a provisional driving licence then your insurance company will charge you a considerable excess for this. You should make every effort to complete your driving test by taking driving lessons from a reputable driving school and follow that by passing the test and obtaining your full driving licence.
Advanced Driver Training. For more experienced drivers it could be well worth while taking an advanced driver training course leading to a certificate which should then be presented to your insurance company with a discount request.
Engine Size. To get the cheapest car insurance for a new or second hand car, you should consider purchasing a smaller engine size as this has quite a bearing on the premium you will pay. While it may be tempting to own the most powerful car on the block, the insurance company will penalise you quite heavily.
Penalty Points. There are a number of driving offences which attract penalty points and your premium will be increased as a result. All of the most common offences can and should be avoided with due care and attention. Next time you get behind the wheel, do not exceed the speed limit, wear your safety belt, and either use a hand set for your mobile phone, or switch it off during your journey. The question about penalty points will most certainly be raised by your insurance company at renewal and you will be rewarded provided your record is clear.
Third Party Only. When deciding between different car insurance policies, consideration has to be given to the amount of the budget available and the level of cover required. A fully comprehensive policy will cover damage to your vehicle in addition to damage to a third party. This type of cover is much more expensive than third party only, but it will pay out in accidents where your car is damaged. An example would be if your car skidded on ice and went off the road. Third party cover on the other hand would not pay out in this event. So, if your budget is limited, the cheapest car insurance is third party only, but be aware that you will also have a lot less cover.

Sunday, December 19, 2010

Auto Insurance Rates

by: Sher Matsen
will vary depending on the insurance agency, your driving record, and the type of insurance you are looking to purchase. I you are looking for affordable car insurance or truck insurance then read on.

There are ways to reduce your premiums without giving up coverage. One of the easiest things to do is get auto insurance rate quotes online. This will allow you to comparative shop stress free.

Raising your deductibles is the easiest way to reduce your rates. The higher the deductible, the lower the premium will be. The deductible is the portion you will have to pay in the event of accident, before your insurance coverage steps in. It’s important not to carry a deductible that’s more than what you are able to pay. Your insurance company will not honor its portion of the claim until you’ve paid your deductible. However, the higher your deductible the lower your premium cost will be, so you need to find a

Always remember to ask your insurance broker for any available discounts. Quite often we forget to ask and they don’t seem to volunteer the information. A clean record on the current policy for a certain period of time, having your homeowner's coverage with the same insurer, taking a defensive driving course, having an accident free driving record, and having an approved anti-theft device will reduce your auto insurance rates.

The type of car you drive can also reduce your rates. Stay away from cars that have a high class rating. Rates vary among the different makes and models of vehicles. The different rates are based on the risk of accident, cost to repair, higher theft rates for a particular model and replacement costs such as with a new vehicle. So be sure your vehicle isn’t going to be in a category that increases your rates too much.

A safe driving record consisting of no accidents and no traffic violations will get you the most substantial discount. Most insurance companies are very good at recognizing good driving habits. These are the drivers they want to insure because their risk is much lower.

If the car is old and not very valuable, comprehensive insurance is probably not worth purchaseing as it can quickly add up to more than you’d ever receive in the event of an accident. You can save up to 20% by eliminating collision insurance. You may want to opt not to carry collision insurance as well which can save you and additional 20%.

Check around to make sure you are getting the best auto rates you can. Online auto insurance shopping has taken the guess work out of purchaseing insurance and you can very quickly see if you are being hosed. So if your insurance is coming due now is the time to start shopping!.

Cheap Online Auto Insurance Advice

By: wealthsuccess
Looking for cheap car insurance is as easy as going on line in search of quotes on insurance rates.
Many companies offer discounts on car insurance for educators, scientists, and engineers who are generally known to be good drivers.
If you take the steps mentioned above as you make an auto insurance comparison, you should be able to get a good picture of what will be the best choice for you and how you can get cheap car insurance rates too.
Saving money is something that we all like to do and you can actually save quite a bit of money with car insurance if you are well-informed and do your homework.
When shopping around for cheap car insurance online, make sure your search is a thorough one.
Cheap car insurance is offered by companies to drivers who have a squeaky clean record and have never made a claim in all their years of driving.
Another popular way to track down a cheap car insurance quote is over the phone.
One of the easiest, quickest, safest and cost efficient ways to save money is getting cheap auto insurance rates.
While we may not be able to drive our teenagers every where they need to go for the rest of their lives, there are several ways we can get cheap car insurance for our teenagers.
By implementing some or all of the above rate reduction items, you may successfully find 'cheap car insurance for your teen.
Understand that other factors such as the type of car you drive, years of driving experience, geographic location, your credit history, driving record, occupation, and marital status can affect your car insurance costs.
Sometimes it’s not the insurance company preventing you from finding the cheapest deal – the problem might just be the car you’re driving.
And, don’t forget, the best way to lower your car insurance premium is to drive safely.
It's often suggested to get at least three car insurance quotes before making a decision, but that is more like the minimum actually.
Sports Car Insurance provides detailed information about sports car insurance, exotic sports car insurance and more.
View our Recommended Cheap Car Insurance Company, a simple site that has an easy to fill out application.
How could you pay less for your insurance? John Jonas is an internet entrepreneur with interests in insurance, working from home, and family websites.