Debt Consolidation UK

Understanding Car Insurance Discounts

admin — Thu, 24 Apr 2008 14:17:47 +0000

Trying to save money wherever you can is important to us all. Car insurance should be no different. Do not assume that your agent knows everything about you and your vehicle.

Drivers should take advantage of all discounts that many providers offer, that can significantly reduce the cost of car insurance. Understanding discounts and how they can affect auto insurance premiums can help smart shoppers make better decisions about their coverage and possibly save themselves some money in the process.

Read below to identify possible discounts that could help you save on auto insurance this year. Other than discounts, there may be some other ways for you to save on your insurance premiums. We will go over several discounts that can help with your current situation.

First, there are discounts for Auto Safety features. Certain states will give you discounts for anti-lock breaks. Make sure you know if it is two or four wheel anti-lock break vehicle. Automatic seatbelts and airbags are frequently discounted on your insurance premiums. In most states, a defensive driver class discount may apply. If the principal driver usually 55 years old or older has completed an approved defensive driving class a discount could apply. Keep in mind that most states will only approve this class if it is voluntary meaning that it was not the result of a violation or infraction.

Some insurers will give you a discount for having multiple vehicles. In some cases, this will only apply if you have two or more drivers. If you have a clean driving record, meaning you do not have any tickets, accidents or suspensions in the last three years (some companies require five years) then you could be eligible for a safe driver’s discount.

Many companies will reward you with staying with the same insurance company for many years without any accidents reported. They will offer you a renewal discount. It makes sense, you have carried insurance with a company for several years, and have not had an accident, your insurance company likes you and wants to reward and keep your business. Some companies honor you with a discount if you had prior limits on your previous policy. They discount you because they understand you are a better risk.

Conversely, if you do decided to change insurers a proof of prior insurance discount may apply. Most insurers request at least 6 months of consecutive insurance from the previous insurer. If you are a full-time student who meets certain grade requirements and are unmarried and usually under 25 years of age (some states the age is 21) you could be eligible for a good student discount. If you own a home, including condominium, town home, or mobile home, which is used as a principal residence, a discount could apply. Military personnel either currently active or retired from any branch of the US military a discount could apply. If your vehicle is equipped with an anti-theft device, a discount could apply.

You could lower the cost of your insurance in other ways.
For people who own older cars, it may not be necessary or cost-effective to protect them with collision and comprehensive coverage. By comparing the book value of your vehicle and the premium that the insurer has offered, you may find that it cost as much for the insurance as it does for the vehicle. If the car is worth less than $2,000, you will probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you.

In addition, keep in mind that the type of vehicle you buy could greatly affect your premium. A flashy red sports car is usually going to cost more to insure than a mid sized sedan. This is also true of vehicles that are on the list of most stolen. There are many ways that policyholders can save on their insurance. Knowing more about auto policies and premiums can help consumers take advantage of less obvious discounts while ensuring that they have the appropriate protection for their vehicles. The last way to save is to assume more risk. If you chose higher deductible on your Personal Injury Protection or Comprehensive and collision coverage will lower your premium as well. The deductible is the amount of money you have to pay before your insurance company begins paying the rest.

Understanding how discounts affect your insurance rates is important to save you money.

£345 billion worth of savings available to UK mortgage holders through offsetting

admin — Mon, 18 Feb 2008 15:38:03 +0000

UK mortgage holders could potentially save an average of £70,000 each using offsetting. Research from Intelligent Finance (IF) has shown that UK borrowers could save a total of £345 billion.
Offset mortgages were introduced in 1997 but initially seen as a niche product; however they are popular in Australia. Cammy Amaira, Director of sales at IF said:
“In Australia, the popularity of offset has a lot to do with mind-set. Australians value home ownership as much as we do, but they don’t want their mortgage to take over their lives, making offset their ideal choice. “

Lets have more 25 year mortgages - Chancellor Darling

admin — Sun, 17 Feb 2008 15:40:50 +0000

Alistair Darling has called for 25 year fixed rate mortgages to become the norm. Darling believes these mortgages will give homeowners more security. He said:
“For many households, particularly those on low incomes, fixing the level of mortgage repayments for several years makes real sense. It can also contribute to wider macroeconomic stability.”
The only major UK lender that provides 25 year mortgages is Nationwide. After announcing the launch of their 25 year mortgage in March 2007, it sold out in five weeks.

Interest rates set to fall to 4.5% by year end

admin — Sat, 16 Feb 2008 15:41:38 +0000

Interest rates are set to fall to 4.5% by the end of 2008 according to research by Global Insight. The financial research company also believe rates will drop further to 4% by mid 2009.
Howard Archer, Chief European and UK Economist for Global Insight said:
“We currently forecast interest rates to fall to 4.5% by the end of 2008 and to 4% by the first half 2009. This is based on our assumption that the UK will avoid recession, but will see extended below trend growth.”
On top of falling interest rates, the company also believes the UK’s GDP growth will be limited to 1.8% between 2008 and 2009 - the equal weakest performance since 1992.

Manchester is the place to get on the property ladder

admin — Fri, 15 Feb 2008 15:42:53 +0000

First time buyers in Manchester can pick up a city centre flat for £100,000, according to Savills. This makes vibrant Manchester more affordable than other cities such as London.
Tom Rogers, residential investment consultant at Savills said:
“There is a lot on offer. The market is going through a little blip at the moment but as far as property prices go, I think they are quite fairly priced in Manchester. A one-bedroom apartment is still quite affordable and that’s city centre living. You won’t get that in London.”
Manchester has recently gone through a period of redevelopment and is still growing. According to manchesterfacts.com Manchester will see $4.9 billion worth of construction in the next ten years.

Fraudsters see credit card fraud as victimless

admin — Thu, 14 Feb 2008 15:44:57 +0000

According to research from card protection firm CPP, credit card fraud is so high because it is seen as a victimless crime. Criminals believe that the only losers in credit card fraud are the credit providers. Danny Harrison of CPP said:
“What happened in credit card fraud is moving more and more in to becoming what’s viewed as a victimless crime because the fraudster sees that it is the bank that pays and not the individual. In the majority of cases that’s true.”
Mr Harrison warns consumers to be careful with their cards and immediately report if a card goes missing.

First time buyers still able to invest

admin — Thu, 14 Feb 2008 15:43:49 +0000

First time buyers will still be able to make that first step on to the property ladder, despite the recent credit crunch. It is true that fewer lenders are offering 100% mortgages, but this is a result of lender prudence rather than the door being closed on first time buyers.
Research from Moneyfacts shows that 11 lenders have stopped offering maximum mortgages since December 2007, but lenders are still supporting first-time buyers. Darren Cook of Moneyfacts said:
“It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, they are not sure what is going to happen so they are being a bit prudent.”

Homeowner should look to pay off their mortgages early

admin — Wed, 13 Feb 2008 15:45:50 +0000

Mortgage experts John Charcol has advised mortgage holders to take advantage of the recent drop in the base rate and pay off their mortgage early. By paying off their mortgages at the same rate as before the cut, homeowners could improve their quality of life. Katie Tucker, spokesperson for John Charcol said:
“For many people, the mortgage is what dictates when you can retire. By paying it off even a few years early it can make a different to your quality of life not only because of age, but because of the money you free up to spend on other things.”

Romantic Brits spend an average of £70 on their valentines

admin — Tue, 12 Feb 2008 15:47:01 +0000

Research by Paypal shows that Brits will spend £1.6 billon pounds on Valentine’s Day, an average of £71.25 each. A third of people will spend £50 and £99, a figure that rises to 44% among 18-24 year olds. On top of this 22% of survey respondents plan to spend between £100 and £249. Cristina hole, spokeswoman for PayPal said:
“It would seem that romance is far from dead as almost half of Brits will be splashing out a massive £1.6 billion this week.”

Landlords positive about 2008 rental market

admin — Fri, 08 Feb 2008 15:48:47 +0000

Landlords are positive about the rental market in 2008. On top of this, according to the National Landlords Association more than a quarter of landlords expect to expand their portfolios over the next five years. Chairman David Salisbury said:
“The chances are that, in the coming months, there will be increasing demand placed on the private-rented sector and well managed portfolios can only serve to benefit both tenants and landlords alike.”
There is increasing demand and income from rental properties; recent figures from Paragon Mortgages show that rents increased by 19.4% in 2007, with an 8.1% rise in the last quarter.