Insurance World

A question often asked is whether or not securing your car will help to reduce your UK car insurance premiums. Will this is certainly a factor you need to discuss with your car insurance company, you should note the following:

Steering Wheel Locks

While steering wheel locks may deter thieves from steeling your car, the fact is that most UK car insurance companies will not allow for the fact that you have one to affect the level of your car insurance premium. In short, if the thief is a professional, steering wheel locks are not much of a deterrent.

Immobiliser

If your car has an immobiliser system inserted – such as the Thatcham Category 1 – then you should be talking to your UK car insurance company about ways to reduce your car insurance premium. Indeed, as a security extra on the car in itself, your car having an immobiliser is likely to be the only factor your car insurance company will be willing to listen to when discussing ways to reduce your annual car insurance premium.

Garage

26 percent of all car theft in the UK last year took place right outside the front door of the car owner! So, if you have the ability to lock your car away at night in a garage, then mention this to your car insurance company as there is a very good chance that this will cause you to have a reduced car insurance premium! Remember, however, that if you arrange to have a car insurance discount based on the fact that you’ll be locking your car away all night, you’ll need to make sure that’s exactly what you do – otherwise, if your car is stolen from in front of your house – you may find that your car insurer will not pay out!

Location

64 percent of car crime in the UK last year took place in the neighbourhood of the car owner! In most cases, these were inner city areas. Where you live, and the crime rate in your area, will have a major influence on the car insurance premium you are quoted. So, if you are being quoted a very high UK car insurance premium, it might be time to consider moving!

And finally…

Obviously securing your car is more than just about reducing your car insurance premiums – it is about making sure no one steals your personal belongings. To this end, keep in mind that 90% of car crime in the UK is opportunist car crime, so make sure you minimise the chance that your car will be stolen by keeping your car safe and secure at all times.

As we work our way through life, time and experience answer a lot of questions, yet somehow, a few linger – such as life insurance. For many people, life insurance remains one of the enduring mysteries of adulthood: Do I really need it? How much? What kind? Who should I get it from?

“Determining how much life insurance you really need, and what kind is best for you, doesn’t have to be complicated,” says Patty Reiners, assistant vice president of marketing for Ameritas Direct, a division of Ameritas Life Insurance Corp. “You can begin by asking yourself some basic questions.”

* If I die tomorrow, will my life insurance cover my family’s debts?

“First, the amount your family receives must at least be adequate to pay off your personal debts such as credit cards, mortgages, student loans, etc., so you don’t leave them in a hole financially” says Reiners. “Totaling up those debts gives you a starting point to determine the most basic level of death benefit amount your family will need.”

* Will my life insurance protect my survivors’ current standard of living?

“Will your family be able to maintain their current lifestyle – stay in your house, keep kids in school, or your spouse at home?” Reiners says. “This can include extras like vacations or anything you think is important that they not have to give up for financial reasons. If your surviving spouse will likely be retired, look at your existing sources of retirement income and consider how much death benefit may be needed to bridge the gap between income and expenses.”

* What will my children need?

“Next, if you have children still at home, consider how much additional money they will need to get them to a successful adulthood,” Reiners advises. “Special opportunities such as club sports, camps, school and travel opportunities take money. Funding for extra education activities, trade school, college or even graduate school needs to be taken into account. Whatever your goals or plans for your children, they will require money to make them realities if you’re not there to fund them.”

* Do I have any special considerations?

Are you currently taking care of an elderly parent or a child with special needs? Your life insurance can help ensure they continue to be cared for if something happens to you. Do you own a business that you would like to see continue to operate? Life insurance can provide a buffer or financial support during the transfer and learning curve of new leadership. Is there a charity or organization that relies on you for support?

*What kind of life insurance should I look at?

There are two basic types of insurance to help you meet your needs: term and permanent. “Term is the most common,” Reiners says. “Term policies offer lower annual premiums, and a definitive cost for the amount of coverage.”

“Term can be right for people who want coverage for a very defined need or time frame,” Reiners says. “It’s a good choice for people with limited resources but who want to ensure income replacement. Plus, most term policies can be changed to permanent insurance at any time the policy is in effect.”

“With permanent insurance, you pay more than is needed to cover the cost of the policy. The extra builds up as cash value,” Reiners advises. “The cash value can provide flexibility, emergency cash, extra income, and can grow tax-deferred.”