Insurance, Claims & Accidents

Though most people look for discounts and ways to save on their premiums, one of the easiest ways to save is by choosing the right payment method when paying for home insurance.  How you pay can make a huge difference in your premiums.  You have several options with most insurers, but only a few will save you money.

Payment Plan

Unless absolutely necessary, avoid monthly payment plans for home insurance.  Insurance companies make a profit from your premiums by investing them.  If you are paying monthly, the company doesn’t receive as much interest.  Instead, they tack on interest or an additional fee, which varies by company, for each payment.  If you must use a payment plan, try to use a quarterly or biannual plan.  The fees are typically less.

Credit Card

If you want to pay in full, but want to save on fees and interests, use a low interest credit card.  The money you save by paying in one lump sum makes up for the credit card interest.  This only applies if you can pay the amount off within two to three months.

Pay in Full

The best way to save on your home insurance premiums is to pay in full each term.  Since the insurance provider makes more interest off of premiums paid this way, the total cost is less than paying monthly.  This lets both you and your provider benefit.  They show their appreciation for the extra profit by offering a small discount.

Given the availability of free health care on the NHS what are the actual benefits of private health insurance?

While the NHS does strive to bring care as quickly as possible, the resources are limited particularly in the current economic climate.  There are many instances in life when waiting on results and treatment can be a long, painful process; health cover provides a prompter service.  You and your family can enjoy the comfort of knowing that in difficult circumstances you are guaranteed a swift response to test results.

Whereas under the National Service there may be limited bed spaces in hospitals, private care will make a far wider choice of hospitals available in much more comfortable surroundings.  The added assurance of private rooms equipped with en suite bathrooms are a soothing aid to the recovery process.  Added to that, the specialists and consultants look after your needs with increased dedication, emphasising individual care and doctor-patient interaction.

Other perks include AXA’s devoted cancer support telephone, Bupa’s 24-hour nurse health line offering medical guidance or Aviva’s offer of 40% gym membership discount all aimed at maximising customer services.  Another very significant benefit is the access to groundbreaking drugs and equipment that the NHS can no longer afford.

There is an increase in specialised treatments for cancer, stroke and heart conditions including some essential cover packages from leading health insurance providers.  If you are diagnosed with any of these terrible conditions the benefits of reduced waiting times, faster diagnostic tests, access to sophisticated equipment such as MRI and CT scans will ease stress through an extremely difficult period.

In today’s world health insurance is increasingly becoming a necessity rather than a luxury.

Many people may think that public liability insurance is just another form of insurance and yet another cost to add to their business accounts.  However, they may not consider the impact that a costly claim could have on their business, if they have no insurance to cover its cost.

For example, a plumber has carried out some work on a client’s house, including fitting a new heating system.  One of the pipes bursts, and the house is flooded, causing damage.  The client could make a claim against the plumber for the damage caused.  The cost of this could be very costly – without insurance, the plumber would have to pay himself.  However, if he had public liability insurance, the insurance would cover any damages awarded to the client so the plumber would not have to pay.

Public liability insurance works by covering any awards of damages made to a member of the public, arising out of an injury or damage caused to their property caused by you or your business.  It may also cover any legal fees, costs, expenses and hospital treatment.

Every business has many different risks.  However, if you visit the premises of members of the public or they come to yours, you should take out public liability insurance.  You should seek advice from a broker on the British Insurance Brokers’ Association website, who will be able to consider all the risks you face and advise you on the best policy for you.  Any insurance policy you take out should be with a member of the Association of British Insurers.

Many of today’s travellers choose to book their flights, hotel and transfers separately, rather than opt for a package deal that includes everything.  This makes it harder to insure against cancellations or if something were to go wrong with one aspect of your holiday – a closed airline, for example.  However, it is possible to protect your holiday even if it’s not a package deal.

Scheduled Airline Failure Insurance

It’s possible to purchase scheduled airline failure insurance in addition to your normal travel insurance.  This means that if for some reason a flight is cancelled, you will be offered either a refund or an alternative flight.  Sometimes this is included in the standard policy, while other times it’s sold as an addition.  It’s important therefore to check the policy details carefully.  When sold as an add-on, scheduled airline failure insurance usually costs between £4 and £7, depending upon whether you’re covering yourself for a single trip or annually. 

Supplier Failure Insurance

Supplier failure insurance is particularly important when booking your holiday in separate parts, and will protect you if your airline, accommodation supplier or tour company goes out of business.  There’s usually an excess to pay when making a claim, but in order to save you from having to eat the cost of a lost holiday, the extra cost is likely to be worth it.

There are several different types of pet insurance: lifelong cover, individual condition cover and annual cover.  Lifelong cover tends to be more expensive, but both long and short-term medical treatments are included.  Lifelong cover policies renew each year and there are no exclusions.  This means that the policy covers any conditions or injuries that occur after the insurance was taken out, as well as existing conditions.

The premiums for lifelong cover will rise as the animal ages, and the policy excesses will also increase when your pet reaches a certain age.  Lifelong cover policies have a maximum amount that can be paid out each year for the treatment of any condition. 

Individual condition cover is for short and medium term treatments and is less expensive than lifelong cover.  Individual condition cover pays the policyholder a maximum amount for each illness or injury claimed for and there are no time limitations for making claims.  Once the maximum amount for a particular condition has been paid, that condition will be excluded from the insurance policy for that pet in the future.  As with lifelong cover, individual condition cover premiums will increase as the animal ages.

Annual cover is beneficial for insuring against accidents and short-term health issues, but it does not cover longer-term treatments.  Annual cover offers insurance for one year from the diagnosis of a certain condition.  When the policy renews the following year, that condition will be excluded from cover.  Again, as the animal ages the premiums will increase.

Insurance premiums can be very expensive for new drivers, particularly if you are under the age of 21.  A method of reducing the cost of your car insurance is by insuring someone as a named driver on an existing policy.  This means that the named driver can benefit from the discount of the existing policy owner’s no-claims bonus.

As an inexperienced driver you can either add a more experienced driver to your own existing policy, or you can be added to the existing policy of a more experienced driver.  There are benefits to both methods.  The benefit of the former method is that you can make a saving, but you can also build up your own no-claims bonus for following years.  When adding someone to your policy, the best type of person to add is a professional female over the age of 30 who has considerable driving experience and no previous driving convictions.

Alternatively you could be added to the policy of a more experienced driver as a named driver.  In the short term this method is much cheaper.  However, it’s best to shop around to find an insurance company who offer the chance to build up your own no-claims bonus for future years. 

Additionally, it’s important to be honest.  It’s illegal to say you’re just a named driver on a car when you are in fact the main driver/user.  If an insurance company establishes that you’re the main driver when you make a claim, it is most likely that they will not pay out.

If you currently have a home insurance policy, the need or desire to cancel your coverage may arise.  You can cancel your coverage at any time, but you may incur penalties or fees for doing so.  Depending on your situation, you may be able to cancel with no penalties, but without any refunds, or you may be able to receive a refund for the unused portion of the policy term.

Why Cancel?

If you’ve chosen a home insurance provider, why would you need to cancel?  If you notice problems with the provider, such as the company raising premiums or going bankrupt, you may want to find a new provider before you coverage term ends.  It may be as simple as finding a much better deal on home insurance coverage.  Another reason may be because you need a different type of policy than the current provider offers.

Penalties

Check your home insurance policy carefully.  Details about any early cancellation fees are listed with the policy itself.  Penalties are also incurred when you file a claim and then cancel.  If you are planning on cancelling a policy, it is best not to file any claims during the term you cancel in, if possible.

Receiving a Refund

If you haven’t filed a claim, but your home insurance policy term is still active, you may be able to receive a refund for that unused period.  Some insurers only offer refunds early in the term, while others offer refunds up to the last few months.

Health insurance is a compelling topic that is becoming more popular as the national provision of health services becomes more fragmented and the opportunities for private healthcare increases. 

Many companies are now eager to seek private healthcare insurance for their employees to maximise the employee’s efficiency and ensure that they can recover from sickness as quickly as possible.  One of the reasons that private healthcare has become popular is that it ensures a level of service above that which the state provision alone will provide.  Whilst there are many different private healthcare insurers who offer a range of services for their healthcare products, many have similarities. 

Common features include prompt access to appropriate treatment without the cumbersome inconvenience of waiting lists.  Some healthcare insurance may provide extensive coverage of facilities for widespread conditions such as cancer.  Another feature that many insurers offer is quality treatment from specialists and consultants within the field.

A straightforward claims service aimed to reduce the potential hassle in the event that you are unwell is another benefit.  Some provide a guarantee of facilities that are clean and sterile, reducing the patient concern of post-operative complications such as MRSA.  Some healthcare contracts will also offer access to groundbreaking drugs that have not yet been approved by the state system.  Not every insurer features all of these benefits, although many do.  In the event that questions arise about the specific coverage provided by insurance, the insurer should be contacted.  It is important to read the full policy and ask questions about anything that is unclear.

If you’re planning to engage in winter sports or other adventure activities when you travel, then you may wish to find an insurance policy that appropriately covers any accidents that could occur.

Winter Sports Travel Insurance

Skiing and snowboarding are becoming increasingly popular excursions among holidaymakers.  However, these winter sports also carry risk, and each year many people who take part in them suffer accidents.  If you break a leg when skiing in the United States and you are without insurance, this could set you back as much as £70,000.  Insurance is therefore required to cover you for any injuries that may occur when taking part in winter sports. 

Most insurers will sell winter sports insurance as an add-on to standard insurance.  The cost of the add-on will be calculated considering such things as whether you are mono-skiing or cross country skiing.  It’s important to be completely honest with the insurers regarding the activities in which you will be taking part.  If you are injured doing something you did not declare to the insurer, you may not be covered.

Adventure Travel Insurance

If you’re going on an adventure holiday that will involve riskier sports such as rock climbing, you’ll need to make sure your insurance covers these activities.  Much like winter sports travel insurance, the insurer will usually sell adventure travel insurance as an add-on to a basic policy.  The exact cost will be dependent upon how dangerous the activities that you will be participating in are.

Are you preparing to build a house and intend doing the contracting and some of the work yourself?  You will need insurance, of course, to cover the house, but you will also need to make sure the construction process is also covered.  Home insurance can be purchased that will cover you for a number of incidents that can occur while constructing a property.

You will need home insurance liability to cover any member of the public that wanders onto your building site and is injured.  The structures that are already present must be covered and the mortgage lender, if there is one, should be mentioned as a party of interest.

The materials used in the construction of the building will need to be insured and there are provisions for covering materials as they are being transported from the supplier to the site.  The building and the construction work can be covered by Contractors All Risks (CAR). 

Any employees that are working on site will need to be covered.  Also in this category should be included anyone else that is hired as a sub-contractor, for example electricians or plumbers.  Keep in mind that even friends or family, who want to lend a hand, even for just an hour or two, must be insured.  If anyone is injured on the site, no matter what their relationship to you, can and most likely will, sue you for medical expenses and more.  In such cases you will be classified as an employer.