Some Tips and Facts about Insurance Companies

Here are some tips for you. Firstly don’t get attracted towards monthly payments for your car insurance. It’s not as cheaper & manageable as it looks, it just seems so. Typically, they will charge you interest of 24% approx., it adds £50 to the normal car insurance cost.

In Britain more than 50 percent of the 26 million insured drivers pay monthly, & cumulatively this means, in unnecessary payments to insurance industry around about £624 million is being handed. It doesn’t matter whether you pay by cash or credit cards, spreading it over a year for 24% will be more expansive.

Secondly, do not accept a renewal quotation automatically, even if you have a significant no-claims bonus. In insurance industry there is no customer loyalty like things. In big companies by offering great discount everyone target new clients, as compared to existing clients some offer half price deals for same level of cover. You’ll see the difference by applying as a new customer from existing one.

Thirdly, as after a year your policy is up for renewal then you will have to pay higher premiums so don’t try to make a claim on small amounts up to £500. If you’ve made many claims then in some cases insurer may not cover you.

Fourthly, your level of excess should be as high a level as you can afford. This can also get your payment down considerably.
Fifthly, insurance premiums can be affected by job title, & most of the people don't even realize this. Some professions are not fine thought of by insurers - sales reps, journalists, & estate agents to name but a few. If you’re accurate about your job title you can reduce your premium. For example a news editor may pay £576 but a journalist may £600. On the other hand you must tell the truth. Any claim that is made by you would be invalidated by inaccurate or none disclosed information.

Sixthly, your insurance premiums can be reduced by security devices. The affect of security devices like vehicle tracking to your premiums can be calculated by companies that fit car security devices.

Next, as around half of insurer won’t provide insurance cover so avoid modifying or customizing & any that provides cover will certainly charge you more. If you really want to keep the cost down then do not pimp your ride.

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