Lowering The Cost You Pay For Automobile Insurance

You need to shop around for your vehicle insurance just about every year to discover essentially the most competitive quotes on provide. While basically renewing along with your existing insurance enterprise could be an less difficult option it is actually unlikely that the price you're supplied represents value for money.

Vehicle insurance firms alter their pricing methods all of the time so if you're deciding on to automatically renew you can be missing out on sizeable savings. This is especially accurate if you have been renewing using the exact same provider for two years or extra.
Save time and funds on your car insurance

One thing that constantly rings accurate, even so, is this: the far more you incorporate on your motor insurance policy, the a lot more highly-priced it will be. There are actually all manner of additions to your policy that insurers will supply; it's as much as you which you are prepared to pay for.

As such, it is prudent to decide cautiously what or not you definitely need to have the following policy attributes:
Optional extras that raise the expense of vehicle insurance

Courtesy vehicle: although a courtesy vehicle is extremely handy if your auto is unavailable, check the modest print. Some insurers charge much more to deliver 1 (and will also charge you to insure it) and some will only deliver a courtesy auto in certain situations.

Legal protection: In case you have an accident that's not your fault, legal protection delivers the chance to recover any uninsured losses from the responsible driver. You are going to generally be offered between £50,000 and £100,000 worth of legal cover - but bear in mind ultimately, whether the case is deemed winnable by the insurer or not determines if the cover is granted.

Breakdown assistance: Should you be already have a separate policy for breakdown cover (some banks give it with premium accounts, for example), it is worth checking that you simply are not over-insuring yourself or paying too much for protection you will not use.

Overseas cover: Many auto insurance companies will only cover you under TPFT terms whilst abroad; some breakdown cover policies also do not apply even though overseas. This can normally be added to the policy, but it will expense.
Other policy selections to consider

Excess: The more excess you pay, the lower your premiums - up to a point. There is a tipping point exactly where the increased excess no longer reduces your costs. Also be cautious to think about the mandatory (or compulsory) excess also - some car insurance organizations provide low cost premiums by attaching the savings to a high excess which you have to pay in any claim just before the insurer will get involved.

Repairs: Some insurers will automatically authorise repair quotes by recognised and recommended garages. Often this may not be the least expensive quote, and as such by shopping around and obtaining prices for the function you are able to save funds on the repairs.

No-claims: What takes place if the price of an accident which is not your fault can't be reclaimed (as an example, if the at-fault driver does not have any automobile insurance)?

Some providers will cancel your no-claims consequently of this, though other people won't touch it. Also, for a modest cost you are able to defend a no claims discount, allowing you to help keep the discount even should you be responsible for a claim. Also, for anyone who is a named driver on a policy, can you transfer that to a policy under your personal name?

Payment: Whilst yearly payments are a larger initial outlay, they are less costly overall than monthly payments, some insurance businesses charge interest when you select to pay monthly which can further raise the overall expense of your policy.

Greater inequality

My Facebook survey showed that 86% of the respondents prefer to have "modest income with greater income equality" instead of "high income with greater inequality".

In this Facebook note, I have made a few suggestions on how to achieve greater income equality - high marginal tax rate on the very rich, minimum wage policy and unemployment benefit.  Without these measures, like in Singapore, we will have a high Gini index. We have to implement these policies, like most advanced countries, to reduce the Gini index and to reduce the stress of living in Singapore.

Solving the housing problem in Singapore

I suggest the following approach to solve the housing problem in Singapore.

HDB should build a large number of flats for rental at affordable rentals that are lower than the current market rates. I suggest the rentals be set at the following level.

• 4 room flat $1,200 per month
• 3 room flat $900 per month
• 2 room flat $600 per month

These flats are to be built in the new towns and have modest finishes. They are to be given for rental to Singaporeans, with priority for those who have served National Service. It is easier and faster to build flats for rental - as the tenant is less fussy on their requirements, compared to a family who has to spend a large sum of money to buy a flat. 

The rental rates can be adjusted yearly based on the change in median income.  The above rental rates are lower than the current market rates, and can be considered as a subsidy to make it easier for Singaporeans to provide affordable public housing.

Renting has its advantages. It gives flexibility to the family to choose a flat that is close to the place of work or to move to a new rental flat when they change their job. By living close to the workplace, the worker will educes the time and cost of travelling and traffic congestion.

Families who rent the flat can invest their spare savings in shares or real estate investment trusts or other suitable investments and do not need to tie their investments to the home that they occupy. 

When Singaporeans know that they can have a flat that is available at a reasonable rental, they do not need to panic and rush in to buy a property at its inflated price. This will help to stabilise the property market and preserve the value of the HDB flats that have been bought earlier, i.e. does not cause a drop in their values.

We also need to allow the use of CPF savings to pay towards the rental of the flat (up to certain limits), similar to the use of CPF to buy a flat. I do not know how to handle this tricky issue. I hope to get some views.

Tan Kin Lian

Best This Week In Personal Finance | Yes, I Am Cheap

Posted by Sandy on September 4th, 2011

This post is late.? I know, I know.? I literally drove all night to get home.? I left my rental home at almost 3am and got home after 6am and literally crashed into bed.? I apologize for the lateness. Anyway, it?s time to bring you the best posts about personal finance that I found this week.

1. Wealth Informatics had a post entitled, Where to Get Free stuff : Mega Guide to Freebies.? You guys know how much I love free stuff.? You should not only visit this page, but bookmark it and visit it often.? No boobs needed to score free stuff.
2. Boomer & Echo wrote 4 Reasons Why I Don?t Use A Mortgage Broker.? I didn?t use one when I purchased my investment property because I do not have a mortgage.? I guess that they can be useful, but here is a counterpoint to using one.
3. Untempler wrote 3 Ways To Tell You Are Paying Too Much For Car Insurance. If you have a car it?s always a good idea to have insurance but that doesn?t mean that you have to overpay.? I shop around every time it?s time to renew my car insurance and sometimes rates would have changed enough to warrant a switch.
4. If you don?t have enough money, prioritizing what to pay is a must.? That?s why I liked What Debts and Bills Should You Pay First If You Run out of Money over it Invest It Wisely. I know that lots of people are playing this juggling game these days.? How many balls can you have up in the air at once?
5. Okay this last one isn?t about money, but it?s so useful that I couldn?t help it:? Make your own multi-surface cleaner by Miss Thrifty is something that we can all use?if you ever clean your house.? I?m a fan of replicating cleaning products if possible, especially since I have my own version of Oxiclean

I included all of these blogs because they have something in common: they have all been nominated for a Plutus Award.? This award is the Oscars of independent personal finance blogs. ? I?m honored to have been nominated and now selected as a finalist in both the Frugality and Debt blog categories.? If you have a moment, please go over to the site and vote for me!? I appreciate your votes.

Have a wonderful Labor Day weekend!? I?ll be chowing down on burgers and barbequed goodness on Monday.

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Please feel free to leave a comment, or trackback from your own site.

Source: http://yesiamcheap.com/2011/09/best-this-week-in-personal-finance-7/

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Your 5-minute guide to car insurance

Your car insurance rates are based on a few factors you can't readily change -- your sex, age, marital status and where you live -- and many that you can -- your credit scores, what you drive, how well you drive and how much coverage you buy.

Here's how to get the best deal.

First, let's review the basics. Details vary from state to state. (See "Shopping for auto insurance.")

    Liability insurance pays for injuries and property damage caused by a crash if an insurance adjuster determines you were at fault. It does not cover your injuries or those of other people on your policy, or damage to your vehicle. State minimum requirements provide inadequate protection. Buy no less than $100,000 per person, $300,000 per accident and $50,000 for property damage, or no less than $300,000 if your policy has a single limit. You are personally liable for claims that exceed your coverage, so buy even more if you can, and consider an umbrella policy.

    Uninsured/underinsured motorist protection covers injuries to the occupants of your car -- and property damage in some states -- if the other driver has no insurance or too little.

    Collision insurance pays for damage to your vehicle in an accident. If your car is totaled, you'll get what the insurer considers the pre-crash market value of your car, minus your deductible. To get a general idea of what that may be, check the Kelley Blue Book private-party price or visit the Web site of the National Automobile Dealers Association. You can pay extra for replacement-cost coverage for newer cars.

    Comprehensive insurance covers theft of your vehicle and noncollision damage to your car, as well as animal collisions. You may be eligible for lower rates if your vehicle has anti-theft and tracking devices.

    Medical or personal-injury protection provides coverage for you and your passengers, regardless of fault. You may not need this insurance if you have good health insurance.

    Twelve states have no-fault insurance, which generally covers the insured person's injuries and property damage no matter who is at fault.

    Consider gap insurance if you owe more on your car than it's worth.

Reduce your rates
The company you select and the coverage you buy can greatly reduce your rates.

    Shop around. Check rates online at InsWeb.com, call companies, and consult an agent through the Independent Insurance Agents & Brokers of America. Rates vary greatly depending on a company's operating expenses, history of claims and formulas for setting premiums. Check a company's financial status and consumer record. The last thing you need is to go cheap and then find it's all but impossible to file a claim.

    Increase your deductibles on comprehensive and collision coverage to an amount you can cover out of pocket.

    Consider dropping both if you own your vehicle outright and the combined annual cost for that coverage is more than 10% of what you would get if you car were totaled. (See "Dump the insurance on your clunker.")

    Ask your insurer about all available special discounts.

    If you're switching insurance companies, do it in writing. Your credit scores will suffer if you're canceled for nonpayment.

Control yourself
Your behavior on and off the road has a bearing on your rates.

    Pay all bills on time. Your premiums are based in part on your credit scores or an insurance risk score based on your credit reports. (See "The new math of car insurance.") TransUnion's TrueCredit will provide your auto insurance risk score for $9.95.

    Drive defensively, and avoid distractions such as text messaging or talking on a cell phone. One speeding ticket may not raise your rates, but an accident you caused probably would -- generally by 40% of the company's base rate.

    Don't drink and drive. (See "DUI: The $10,000 ride home.")

    Don't lend out your car. If your friend wrecks it, your rates will go up. If your uninsured friend wrecks your car, you'll be liable for claims exceeding your policy.

The type of vehicle you drive affects your rates.

    Check the cost of insuring that sports car before you buy it. You'll pay higher premiums for a vehicle with higher collision-damage costs or that's attractive to thieves. Use MSN Money's comparison tool. And no, it doesn't cost more to insure a red car.

    High-tech items are more expensive to replace after a crash.

The deal on discounts
Factors such as age, how much you drive, where you live and, sometimes, what you do for a living affect insurance premiums. You can take some steps to get a better rate.

    If you get married, you'll get a discount and benefit from combining policies. (See "Paying too much for car insurance?")

    People 55 and older get a discount for taking a driving class.

    Adding your newly licensed teen to your policy will increase your premiums 50% to 200%. One way to reduce costs: Buy a beater and list your child as the driver. Teen drivers can get discounts for drivers ed courses or good grades. (See "Cut the cost of insuring your teen driver.")

    You may get a discount if your child attends college away from home.

If you wreck your car
If you've been in a collision, tell your insurance company for your own protection, even if injuries are not readily apparent. Informing the company doesn't mean you're filing a claim.

    If you disagree with the value assigned to your totaled vehicle, provide quotes from local dealers and proof that your vehicle was well-maintained. (See "12 secrets your car insurer won't tell you.") Still unsatisfied? Your options are mediation, arbitration and, finally, a lawsuit.

    Twenty-eight states require insurance companies to pay the sales tax on a replacement vehicle, based on the settlement value of your totaled car. Request it, as well as registration and title fees, wherever you live.

    In 14 states you can get payment for the "diminished value" of your damaged car.

    If the driver at fault in a crash is uninsured, consider "stacking" or collecting on all of your policies that have uninsured/underinsured motorist coverage to fully cover the damage, unless state law prohibits it.

    Body shops may be tempted to cut corners to meet insurance companies' pricing requirements. Check Assured Performance Collision Care for qualified repair shops. (See "7 things auto-body shops won't tell you.")

    If you cause an accident, does your policy require you to pay the difference between generic and original-equipment manufacturer parts? If someone else caused the accident, request original-equipment parts for your repairs.

Car Insurance Guide

If you have any questions at all about what to do in order to get the right car insurance policy, how to keep your premiums as low as possible or what to do if you're involved in an accident and need to make a claim, our car insurance guide is a great place to start.

Here at moneysupermarket.com we're dedicated to driving down the cost of your motor insurance, and we've covered some of the most common questions and concerns encountered by our customers in the following pages.
An introduction to car insurance

Of all the financial products owned in the UK, car insurance is one of the most common. The reason for this is simple: to drive a vehicle on the road legally it needs to be insured, and with 26 million cars on our roads, that's a huge number of people insuring a vast number of vehicles.

Most of these people are given the chance to review their policies each year, allowing them to switch to a different company should they desire based on price, and the quality of service provided. Theoretically this should mean that everyone knows everything there is to know about insuring a vehicle, but this is not necessarily the case.

Many people simply allow their policy to renew itself each year when it expires, potentially losing hundreds of pounds by not shopping around for a more competitive quote or only changing insurer when rising car insurance prices become particularly noticeable

Save time and money on your car insurance

Unfortunately, the reverse is also true on occasion: Many people take out extremely cheap car insurance, only to find out that the policy isn't as comprehensive as they initially thought - and these people often don't find out about this until they make a claim, by which time it's too late.
Finding the right car insurance policy for you

The first thing anybody considering a new car insurance policy should do is shop around. If you're looking for the best car insurance deal, our price comparison tool allows you to get quotes from more than 100 insurance companies in the UK in order to help you find the best deal possible - but remember the cheapest car insurance policy may not necessary be the right option for you..

Knowing the ins and outs of how car insurance policies work could save you even more money, as well as making sure you are receiving the correct services and level of protection from your insurer. This guide will help you to do just that, as well as answering some common questions about insuring a car.

These questions range from the factors that affect your premium, how you can make your premiums cheaper, and what to do in the case that you need to make a claim on your policy.

The guide also contains a jargon-buster, which explains some of the terms which you may have heard but not understood when buying insurance - terms such as TPFT, fronting, and named drivers.

Whilst we'd love our guide to answer all your car insurance questions, there are simply too many. So, should you have any further queries that aren't addressed in this guide, please pay a visit to our car insurance forums - we have a large and active community on hand to help, as well as our own industry experts who will be able to answer any questions you might have.

Cheap Car Insurance From Aviva

Today Aviva Car Insurance, formerly Norwich Union, is one of the most recognized names in the car insurance market. Its history dates back to 1797 when the Norwich Union Society for the Insurance of Houses, Stock and Merchandise from Fire was formed.

Now the company is under the umbrella of the Aviva Group, formed after the merger in 2000 of Norwich Union and Commercial Union. It is the 5th largest insurance company in the world, with over 50 million customers in 28 countries. It is the largest insurance company in the UK. Besides selling car insurance, Aviva also has numerous other insurance and financial services.

Although the practice of insurance has changed almost completely since the foundation of Norwich Union, Aviva has continued to set the pace on innovation. For example, they were the insurers who introduced Pay As You Drive, (PAYD), which uses mobile phone technology and GPS to track a car’s mileage and relay it back to the office. This information is then used to determine a rate of insurance fee and the money is deducted from the customer’s account.


Save up to 20% on Comprehensive Car Insurance Online!
Aviva Car Insurance Services

Aviva insures classic cars, antique cars, and modern cars, offering discounts and cash backs on many of its policies. It offers Comprehensive cover, third party fire or theft, and third party cover. There is even Aviva Temporary Insurance.
Transparent Pricing Policy

The insurance quotes are based on using a transparent pricing policy and their website allows a customer to compare their various prices and products. The quotes are customized to suit individual differences, taking into account such factors as mileage, experience, and number of cars a customer wants to insure.

For example, if a customer has low miles, many years of driving experience, and intends to insure more than a single car, he or she will receive generous discounts that will considerably lower the premium.
Named Drivers Can Earn A No Claims Discount

With the Comprehensive cover plan, a named driver is eligible to earn a No Claims Discount. This allows someone sharing a car whose name is on someone else’s policy to begin to build their own insurance records.

Aviva allows them to create an insurance history despite not having their own car or their own insurance policy.
Uninsured Drivers Promise

The Comprehensive cover protects an insured person should they be involved in a collision with an uninsured driver. If the accident was not the fault of an insured driver, his or her No Claims Bonus will remain unaffected. In addition, the insured driver can claim back any paid excess.
Accident Recovery

In the event of an accident, Aviva will recover a customer’s car and take it to an approved garage for repairs. The repairs made at the garage will be protected by a three year guarantee. Aviva will also take the driver and passengers home.

In addition, the customer will be offered a courtesy car until their own car is repaired and on the road again. If the accident was not the fault of the Aviva insured driver, the driver is protected by legal cover for damages, medical expenses, and uninsured losses.
Sign Up Bonus

A new customer who purchases a twelve month policy directly from Aviva and who has had four or more years of a No Claims Discount with their current provider is eligible for two months of free insurance. Moreover, if they made their purchase online, they can save up to 20 percent.
Saving With Aviva

Aviva have calculated that on average, customers can save as much as £212.21 by switching over to them from another car insurance company.
Save 20% on Aviva Car Insurance

Some of the features of Aviva car insurance include:

    Up to 20% online discount
    Up to 70% no claims discount*
    No claims discount for named drivers
    Multi-car discount
    Unisured driver promise – don’t lose your no claims
    Change or renew your policy online


Save up to 20% on Comprehensive Car Insurance Online!

Aviva car insurance is flexible, so it can meet your individual needs, giving you the cover you want at a competitive premium. To see if Aviva car insurance can offer you the best deal on your policy, get more information and apply online, or compare quotes from other leading car insurance providers using our FREE car insurance comparison service.