Drivers are being warned not to tighten their purse strings when it comes to purchasing car insurance. The credit crunch has left many feeling worried, and therefore are cutting back on policies they think they do not need.
These warnings came after a study found that nearly half of UK residents are planning to save money by spending less on financial products, whilst 2% are planning to cut their car insurance.
However, the British Insurance Broker’s Association stated that cancelling car insurance policies is not the answer, as it is a legal requirement.
A spokesman stated: “If you are going to review your insurances there are some that you should keep and some that you perhaps don't need.”
Car Insurance Source
~~~~~~~~~~~~~
Car insurance is important. You'll never know when you will need one so better keep your insurance if you have one
Thursday, October 30, 2008
Tuesday, October 28, 2008
A car insurance product
What is it? A car insurance product which the promoters say could significantly reduce a person's premiums.
Pay As You Drive from Real Insurance allows qualified motorists to pay only for the kilometres they plan to travel.
What are its features? Pay As You Drive allows motorists to cover their vehicles based on how far they drive. Motorists can buy kilometres and are covered until they complete that distance. Anyone driving less than the average for people with the same insurance profile should pay less than they would for traditional comprehensive car insurance. Those who qualify get comprehensive car insurance with a minimum annual premium and purchase insurance for the kilometres they expect to cover in that vehicle. Unused kilometres never expire -- they can be transferred year to year or be refunded and customers who are about to run out of kilometres can apply to purchase additional kilometres. Pay As You Drive reminds customers when they may need to top up their kilometre balance with a sticker for their windscreens and SMS messages to their phones. People who have not made a claim against any of their Pay As You Drive policies for three years in a row receive 10 per cent of the total premiums paid in that time. Similar insurance products overseas require policy holders to have their vehicles equipped with monitoring devices. Pay As You Drive in Australia relies on the customer reporting the odometer reading of the vehicle insured.
What are the advantages? Pay As You Drive is suited to people who drive to and from the train station or work close to home and perhaps use their cars on weekends. It also suits those who have a second or third car.
What are its disadvantages? Pay As You Drive is not for everyone. It works for people who drive less than average. Motorists who drive a lot are actually being subsidised by traditional car insurance, so Pay As You Drive won't work for them. Pay As You Drive is available only to drivers over the age of 25.
What does it cost? Pay As You Drive claims cost savings of "up to 60 per cent on car insurance per annum". A 29-year-old Parramatta man who owns a Mitsubishi hatchback would typically pay $981 a year for insurance, but if he only drives 5000 kilometres, he would pay $316 per year with Pay As You Drive.
Car Insurance Source
~~~~~~~~~~~~~~~
Another "budget" car insurance for us. Check out this site for more car insurance options.
Pay As You Drive from Real Insurance allows qualified motorists to pay only for the kilometres they plan to travel.
What are its features? Pay As You Drive allows motorists to cover their vehicles based on how far they drive. Motorists can buy kilometres and are covered until they complete that distance. Anyone driving less than the average for people with the same insurance profile should pay less than they would for traditional comprehensive car insurance. Those who qualify get comprehensive car insurance with a minimum annual premium and purchase insurance for the kilometres they expect to cover in that vehicle. Unused kilometres never expire -- they can be transferred year to year or be refunded and customers who are about to run out of kilometres can apply to purchase additional kilometres. Pay As You Drive reminds customers when they may need to top up their kilometre balance with a sticker for their windscreens and SMS messages to their phones. People who have not made a claim against any of their Pay As You Drive policies for three years in a row receive 10 per cent of the total premiums paid in that time. Similar insurance products overseas require policy holders to have their vehicles equipped with monitoring devices. Pay As You Drive in Australia relies on the customer reporting the odometer reading of the vehicle insured.
What are the advantages? Pay As You Drive is suited to people who drive to and from the train station or work close to home and perhaps use their cars on weekends. It also suits those who have a second or third car.
What are its disadvantages? Pay As You Drive is not for everyone. It works for people who drive less than average. Motorists who drive a lot are actually being subsidised by traditional car insurance, so Pay As You Drive won't work for them. Pay As You Drive is available only to drivers over the age of 25.
What does it cost? Pay As You Drive claims cost savings of "up to 60 per cent on car insurance per annum". A 29-year-old Parramatta man who owns a Mitsubishi hatchback would typically pay $981 a year for insurance, but if he only drives 5000 kilometres, he would pay $316 per year with Pay As You Drive.
Car Insurance Source
~~~~~~~~~~~~~~~
Another "budget" car insurance for us. Check out this site for more car insurance options.
Sunday, October 19, 2008
Beware of schemes that work to defraud auto insurance companies
by Anhony Parenti
Auto insurance fraud is an enormous problem in the United States and one that costs drivers millions of dollars each year. Unfortunately, some people do not realize the severity of this crime and are mistaken that insurance fraud is harmless and acceptable.
Insurance fraud can be as simple as misrepresenting facts on insurance applications, inflating insurance claims, or as serious as staging crashes and submitting false claim forms for injuries or damage that never occurred.
Staged auto crashes have become one of the safest white-collar crimes nationwide and New Jersey incidents rank among the highest. Automobile insurance fraud is a multibillion-dollar business and conservative estimates are that at least 30 cents of every premium dollar goes toward false claims. The insurance industry says phony claims can amount up to $10 billion each year.
One scam involves "squat' collisions where suspects purposely cause a rear-end collision at a stop sign or traffic signal. The suspect driver maneuvers the "squat' car into a position ahead of a selected unsuspecting victim, often a lone person driving a newer-model car. The suspect then brakes abruptly in front of the victim, causing a rear-end collision. As a result of the collision the driver and his passengers all claim injuries. In New Jersey, the operator of the striking vehicle in a rear-end collision is usually deemed to be at fault for either following too closely or driver inattention.
Another popular scam is known as a "swoop and squat.' The faker works a highway with a partner in another vehicle, carefully singling out victims in new cars. They look for distracted drivers whose minds may be elsewhere during commuting hours. Once they select a victim, one car maneuvers ahead and the driver of the "swoop" car cuts in front of the "squat' car, giving the driver reason to stop suddenly. The "squat' driver will suddenly brake hard, later claiming he had to do so to avoid an idiot who cut in front of him with no warning. Invariably, the victim of the scam says perhaps he was following too close and his insurance company pays the faked personal injury and property damage claim.
The best way to avoid being a victim of such scams is to drive defensively. If a vehicle suddenly darts in front of you slow down and increase the distance between vehicles. If you feel multiple vehicles are setting you up, slow down and pull over to the side of the road. If you are involved in a crash, make notes of what happened and of the condition and identity of the other driver and vehicle. Get identification and descriptions of the driver and all occupants. If a collision seems to be set up, immediately advise your insurance company and the local police department. Always drive safely.
Anthony Parenti was Chief of Police in Fanwood for 22 years. He recently retired as director of Stamler Police Academy. He is a past president of the New Jersey Traffic Officers Association and a past president of the New Jersey Association of Chiefs of Police. He has been an advocate for traffic safety since 1967.
Car Insurance Source
~~~~~~~~~~~~~~~
Thanks Chief Parenti for this useful information.
Auto insurance fraud is an enormous problem in the United States and one that costs drivers millions of dollars each year. Unfortunately, some people do not realize the severity of this crime and are mistaken that insurance fraud is harmless and acceptable.
Insurance fraud can be as simple as misrepresenting facts on insurance applications, inflating insurance claims, or as serious as staging crashes and submitting false claim forms for injuries or damage that never occurred.
Staged auto crashes have become one of the safest white-collar crimes nationwide and New Jersey incidents rank among the highest. Automobile insurance fraud is a multibillion-dollar business and conservative estimates are that at least 30 cents of every premium dollar goes toward false claims. The insurance industry says phony claims can amount up to $10 billion each year.
One scam involves "squat' collisions where suspects purposely cause a rear-end collision at a stop sign or traffic signal. The suspect driver maneuvers the "squat' car into a position ahead of a selected unsuspecting victim, often a lone person driving a newer-model car. The suspect then brakes abruptly in front of the victim, causing a rear-end collision. As a result of the collision the driver and his passengers all claim injuries. In New Jersey, the operator of the striking vehicle in a rear-end collision is usually deemed to be at fault for either following too closely or driver inattention.
Another popular scam is known as a "swoop and squat.' The faker works a highway with a partner in another vehicle, carefully singling out victims in new cars. They look for distracted drivers whose minds may be elsewhere during commuting hours. Once they select a victim, one car maneuvers ahead and the driver of the "swoop" car cuts in front of the "squat' car, giving the driver reason to stop suddenly. The "squat' driver will suddenly brake hard, later claiming he had to do so to avoid an idiot who cut in front of him with no warning. Invariably, the victim of the scam says perhaps he was following too close and his insurance company pays the faked personal injury and property damage claim.
The best way to avoid being a victim of such scams is to drive defensively. If a vehicle suddenly darts in front of you slow down and increase the distance between vehicles. If you feel multiple vehicles are setting you up, slow down and pull over to the side of the road. If you are involved in a crash, make notes of what happened and of the condition and identity of the other driver and vehicle. Get identification and descriptions of the driver and all occupants. If a collision seems to be set up, immediately advise your insurance company and the local police department. Always drive safely.
Anthony Parenti was Chief of Police in Fanwood for 22 years. He recently retired as director of Stamler Police Academy. He is a past president of the New Jersey Traffic Officers Association and a past president of the New Jersey Association of Chiefs of Police. He has been an advocate for traffic safety since 1967.
Car Insurance Source
~~~~~~~~~~~~~~~
Thanks Chief Parenti for this useful information.
Saturday, October 18, 2008
MILEMETER – FIRST IN THE NATION TO OFFER “AUTO INSURANCE BUY-THE-MILE
People who drive less, pay less for insurance.
DALLAS – October 15, 2008 – MileMeter, a licensed auto insurance carrier based in Dallas, has enabled Texas to become one of the first places in the world where drivers can buy auto insurance by the mile. With this revolutionary insurance product, people who drive less, pay less for insurance. The company launched the new concept of auto insurance today in Dallas and invited consumers to go to www.milemeter.com to learn more.
Designed for customers who drive up to 10,000 miles per year, this fair and affordable car insurance option can save an average of 10 – 40 percent on most policies. Drivers who will greatly benefit from MileMeter insurance include car poolers, stay-at-home moms, urban professionals, those who use mass transit or who work-from-home, or for households that have more than one vehicle that aren’t driven frequently.
“MileMeter is fair, affordable and sensible. With our pay-by-mile program, customers who drive the least, have the most to gain,” explains Chris Gay, Founder of MileMeter. “Our goal is to make buying car insurance simple, accessible and rewarding.”
Customer Benefits of MileMeter
Cost – Average policyholder (who fits criteria) will save 10 - 40 percent per vehicle, some will save more. Additionally, multiple drivers in a household can also be covered for a single vehicle.
Convenience – All purchasing, including quotes and renewal options can be done quickly, online.
Customization – Cost and terms of the policy adjust to fit each policyholder’s individual situation.
Cash savings – Insurance by the mile gives you another way to offset the rising price of gas. If you’re trying to buy less gas, now you can also buy less auto insurance.
Environmental and social impact – MileMeter rewards those who drive less. MileMeter customers will reduce our environmental impact on society with less taxation for road maintenance and construction, less transportation congestion, less demand for parking lots, fewer traffic injuries, and fewer tailpipe emissions.
DOWNTOWNDALLAS President and CEO John Crawford said, “DOWNTOWNDALLAS is thrilled to welcome yet another new company to the Central Business District, particularly one with an urbanistic business model and mission like MileMeter. The concept of incentivizing the public to drive less with lower auto insurance premiums is very much in line with our mission to create an authentic “live, work, play” environment that encourages people to walk more and drive less!”
Simple Concept – How MileMeter Works
To obtain MileMeter’s “buy-the-mile” auto insurance, consumers can go to www.milemeter.com and follow a simple, five-minute process which will provide an immediate quote. If consumers want to purchase MileMeter’s policy, they simply use a credit card or their Amazon.com payments account.
Consumers buy coverage, in advance, in increments of as few as 1,000 miles and as many as 6,000 miles in any six-month period. When their odometer reaches the end of that increment, they will renew as needed, without tracking devices. Any unused miles expire after six months.
The cost per mile is dependent on geography and the driver’s age as well as vehicle and coverage level, there is no difference in rates for women versus men or renters versus homeowners. However, MileMeter CEO Chris Gay says most many coverages are under five cents a mile.
“Paying for auto insurance when a car is sitting in the garage just didn’t make sense to me,” Gay noted. “Obviously, cars need insurance for how many miles they are driven, not how many weeks or months they are owned.”
While Gay’s logic for creating a new model for auto insurance seems obvious, it took more than five years to develop its business model, for state regulations to permit the new approach and for investors and backers to sign on.
Amazon.com named Gay and MileMeter a 2007 finalist in a national entrepreneurship contest which drew 900 entrants. The company was rated for its sound business model and ability for rapid expansion. All the pieces finally came together to allow the Texas launch.
“MileMeter will eventually expand strategically to other states, as elected officials and insurance regulators understand and respond to the customer benefits of ‘by-the-mile’ insurance,” Gay added, noting that auto insurance is highly regulated at the state level and there is a resistance to change traditional insurance.
Car Insurance Source
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sounds like a "budget" car insurance, interesting for young drivers. Let's go take advantage of this auto insurance.
DALLAS – October 15, 2008 – MileMeter, a licensed auto insurance carrier based in Dallas, has enabled Texas to become one of the first places in the world where drivers can buy auto insurance by the mile. With this revolutionary insurance product, people who drive less, pay less for insurance. The company launched the new concept of auto insurance today in Dallas and invited consumers to go to www.milemeter.com to learn more.
Designed for customers who drive up to 10,000 miles per year, this fair and affordable car insurance option can save an average of 10 – 40 percent on most policies. Drivers who will greatly benefit from MileMeter insurance include car poolers, stay-at-home moms, urban professionals, those who use mass transit or who work-from-home, or for households that have more than one vehicle that aren’t driven frequently.
“MileMeter is fair, affordable and sensible. With our pay-by-mile program, customers who drive the least, have the most to gain,” explains Chris Gay, Founder of MileMeter. “Our goal is to make buying car insurance simple, accessible and rewarding.”
Customer Benefits of MileMeter
Cost – Average policyholder (who fits criteria) will save 10 - 40 percent per vehicle, some will save more. Additionally, multiple drivers in a household can also be covered for a single vehicle.
Convenience – All purchasing, including quotes and renewal options can be done quickly, online.
Customization – Cost and terms of the policy adjust to fit each policyholder’s individual situation.
Cash savings – Insurance by the mile gives you another way to offset the rising price of gas. If you’re trying to buy less gas, now you can also buy less auto insurance.
Environmental and social impact – MileMeter rewards those who drive less. MileMeter customers will reduce our environmental impact on society with less taxation for road maintenance and construction, less transportation congestion, less demand for parking lots, fewer traffic injuries, and fewer tailpipe emissions.
DOWNTOWNDALLAS President and CEO John Crawford said, “DOWNTOWNDALLAS is thrilled to welcome yet another new company to the Central Business District, particularly one with an urbanistic business model and mission like MileMeter. The concept of incentivizing the public to drive less with lower auto insurance premiums is very much in line with our mission to create an authentic “live, work, play” environment that encourages people to walk more and drive less!”
Simple Concept – How MileMeter Works
To obtain MileMeter’s “buy-the-mile” auto insurance, consumers can go to www.milemeter.com and follow a simple, five-minute process which will provide an immediate quote. If consumers want to purchase MileMeter’s policy, they simply use a credit card or their Amazon.com payments account.
Consumers buy coverage, in advance, in increments of as few as 1,000 miles and as many as 6,000 miles in any six-month period. When their odometer reaches the end of that increment, they will renew as needed, without tracking devices. Any unused miles expire after six months.
The cost per mile is dependent on geography and the driver’s age as well as vehicle and coverage level, there is no difference in rates for women versus men or renters versus homeowners. However, MileMeter CEO Chris Gay says most many coverages are under five cents a mile.
“Paying for auto insurance when a car is sitting in the garage just didn’t make sense to me,” Gay noted. “Obviously, cars need insurance for how many miles they are driven, not how many weeks or months they are owned.”
While Gay’s logic for creating a new model for auto insurance seems obvious, it took more than five years to develop its business model, for state regulations to permit the new approach and for investors and backers to sign on.
Amazon.com named Gay and MileMeter a 2007 finalist in a national entrepreneurship contest which drew 900 entrants. The company was rated for its sound business model and ability for rapid expansion. All the pieces finally came together to allow the Texas launch.
“MileMeter will eventually expand strategically to other states, as elected officials and insurance regulators understand and respond to the customer benefits of ‘by-the-mile’ insurance,” Gay added, noting that auto insurance is highly regulated at the state level and there is a resistance to change traditional insurance.
Car Insurance Source
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sounds like a "budget" car insurance, interesting for young drivers. Let's go take advantage of this auto insurance.
Friday, October 17, 2008
Petrol price falls below a pound
The price of petrol has fallen to below the pound mark for the first time since December last year. In summer this year, prices for one litre elevated to beyond £1.10 and £1.20, for unleaded and diesel fuels respectively.
Supermarket and petrol providers, ASDA and Morrisons were the first to lower the prices to 99.9 pence per litre and it has been said that other petrol providers including BP will follow suit. This may be of great interest to car insurance customers as the cost of motoring can drop quite immensely.
The car insurance provider, the AA said that the ‘price war’ would work in favour of millions of motorists, with two car families be able to save around £40 per month on fuel prices from the price cuts, compared to their costs in July this year.
Edmund King, the AA president said: “We suspect that these new prices are right on the edge, if not below the point that retailing petrol remains profitable. This will be hard for other retailers to match.”
The lower fuel prices have also rippled out to airline travelers as the lower fuel prices have meant lower airline tickets, with some long-haul journeys falling from £218 down to £192.
Car Insurance Source
~~~~~~~~~~~~~~~
Sounds interesting for car insurance customers. I wonder if the car insurance companies would also make some price cuts due to this.
Supermarket and petrol providers, ASDA and Morrisons were the first to lower the prices to 99.9 pence per litre and it has been said that other petrol providers including BP will follow suit. This may be of great interest to car insurance customers as the cost of motoring can drop quite immensely.
The car insurance provider, the AA said that the ‘price war’ would work in favour of millions of motorists, with two car families be able to save around £40 per month on fuel prices from the price cuts, compared to their costs in July this year.
Edmund King, the AA president said: “We suspect that these new prices are right on the edge, if not below the point that retailing petrol remains profitable. This will be hard for other retailers to match.”
The lower fuel prices have also rippled out to airline travelers as the lower fuel prices have meant lower airline tickets, with some long-haul journeys falling from £218 down to £192.
Car Insurance Source
~~~~~~~~~~~~~~~
Sounds interesting for car insurance customers. I wonder if the car insurance companies would also make some price cuts due to this.
Subscribe to:
Posts (Atom)
