Showing posts with label car insurance uk. Show all posts
Showing posts with label car insurance uk. Show all posts

Wednesday, August 14, 2013

Is Car Insurance Calculated the Same the World Over?

UK drivers have enjoyed some reductions in their car insurance premiums over the past few months, which has been caused by new gender neutral policies, as well as by ongoing competition within the insurance sector. However, there can be some significant differences between car insurance policies around the world, which are often the result of varying regulations and levels of risk. How car insurance policies and premiums are calculated are also determined by local circumstances for drivers.

In the UK, the average cost of car insurance is currently around £1,100, although this can vary quite considerably once age and location are factored in. Younger drivers still tend to pay a lot more than older drivers, while those over the age of 55 can also suffer from increasing premiums. Decisions are made on insurance calculations from your past driving history, the kind of car you drive, and whether you’re doing everything you can to keep a car safe.

The level of risk attributed to a car insurance policy can rise and fall depending on different countries and their general insurance policies. In the United States, for example, the cost of insurance is different from state to state, and can be as high as $2,500 on average in Michigan, through to $995 in Vermont. Michigan also issues driver responsibility fees, and has a high proportion of uninsured drivers, which pushes up premiums.

The cost of car insurance can also be considerably different in countries where third party liability insurance is not mandatory; this is the case in South Africa and New Zealand, where the larger number of people without any form of insurance means that some individual policies can end up being large. Other factors that can affect insurance premium calculations can include limits of no claims discounts, which in France can be a maximum of 50 per cent of the policy’s value.

There are ongoing efforts, however, to standardise insurance costs and calculations. The EU Motor Directive of 2009 imposes rules over third party insurance across European member states, as well as practices for compensation and minimum claims. How rates and premiums are calculated still comes down to individual insurers, though, who can choose to be stricter or more lenient depending on their target market. Specialist insurers can be more relaxed, for example, about providing reasonable cover for kit cars or to drivers with spent criminal convictions.

Similar rules apply in Asia, where car insurance can range from the competitive policies and specialist rates of an insurer like Direct Asia in Thailand, through to China’s combination of nationalised and private insurance. Average calculations and the level of risk calculated across different drivers can consequently be affected by how much of a stake governments have in keeping insurance rates low, and the competitiveness of individual companies to offer low rates to customers.

Author Bio

Paul Taylor is a freelance blogger covering car insurance from around the world. He recommends that drivers check out www.directasia.th for more information on low cost insurance. When not looking for deals, Paul enjoys camping tours and caving.


Friday, June 28, 2013

How to Choose The Right Car Insurance

When it comes to selecting a car insurance provider, it is important to compare and assess the many factors that are in play. It can be daunting to sort out all of the factors as each company claims to give the most discounts, the best rates, and the best customer care or perks. Selecting which company to go with can involve abundant amounts of research, but not many people know what to look for. 

FindTheBest, an unbiased, data-driven comparison search engine, has developed some tools that may help you with your car insurance search. This post will breakdown some of the most important factors used to compare car insurance companies and will educate you on how to select the best fit for you. Please feel free to test out the interactive tools included below, as they can help you narrow down your search results and create side-by-side comparisons for insurance companies that fit your needs best.

Comparison Factors 


1. What You’re Currently Paying 


Although it may seem obvious, it is easy to overlook what you’re paying now and exactly why you are paying that amount. This should be your first step in selecting a new auto insurance provider. Understanding your rate is essential to buying car insurance. Every year your car insurance company sends out a comprehensive policy breakdown that shows what you’re paying and what you’re getting for your money. If you do not know where this document is, you can request a copy from your insurance agent. This step is essential in your hunt for a new car insurance provider and will help lead you in the right direction to what you are ultimately looking for. 

2. Amount of Coverage You Actually Need 


You now understand what you are currently paying for, but what coverage do you really need? You must answer question like, how much is your car actually worth? How much do you drive? Do you have long commutes or can you walk to work? Car insurance covers more than the cost of the car, it covers liability such as medical fees and legal fees. It is also important to understand the deductible. A higher deductible can be a headache if you actually get in an accident, but can eventually save you money long-term. If you rarely get into accidents, it would be wise to lower your premium and set aside funds for emergencies to cover the deductible. 

3. Hidden Fees 


Insurance agents will tell you all about the great discounts you can receive, but rarely do they divulge the hidden fees. These fees require a little more research than usual. Car insurance providers tend to charge you more if your marital status is either single or divorced. The easiest way to identify these fees is to run a free quote, and then running a second free quote with a changed marital status. If the quote is different, you know there is a hidden fee. Other examples of hidden fees include, the type of car you drive, where you live, where you work, and your credit rating. 

4. Best Deals Offered 


FindTheCoupons, a FindTheBest site, was created to make your life easier. Finding a coupon for car insurance should take no longer than a few seconds of your time. FindTheCoupon can help you find great deals on car insurance companies and will further assist you in finding the best fit for your next provider. This resource will allow you find affordable car insurance and provides user reviews for the coupons offered. 

5. The Car You Drive





One of the biggest factors that car insurance companies consider when determining your rate is the type of car you drive. It is often assumed that your rate is correlated to the value of your car, but it is also related to how likely your car will inflict damage on another vehicle, or how likely your car is to get stolen. 

Other factors include how safe your car is and how much repair costs would amount to. It might be wise to keep this in mind when shopping for your next car. Some car insurance sites provide lists of cars and how much they cost to insure them. As long as you do your research on safety ratings you should be in the clear. 

It is always smart to consult with your agent if you need any questions answered. Searching for your car insurance provider can be a tricky topic and with the tools and tips provided in this post, you will be able to find and compare the best insurance options available.



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