How to Get the Best Home Insurance Deal

home insurance security

Purchasing home insurance is one of the best ways to protect yourself and your home against various damages. The cost of home insurance, however, is not the same. Comparing the coverage and prices offered by insurance agencies can help you get the best deal. The internet allows you to get price quotes in the comfort of your own home. Whether you are looking for additional coverage or a basic policy, an insurance comparison website can help you get the best deal for your home insurance.

How Insurance Comparison Websites Help

Insurance comparison websites allow you to look for insurance quotes anytime, regardless of your location.  You will also get more quotes from insurance companies vying for your attention than you usually would with the local agencies in your area. All you need to do is to spend a few minutes completing a basic questionnaire with your insurance data to get a quote from an insurance company. You can review those quotes and choose the one that best suits you. One of the best things about insurance comparison websites is that their services are completely free, so you don’t need to worry about spending anything.  There are also some things that you can do to get lower premiums.

Increase your deductibles

Raising your deductibles can help you get a reasonable quote. For instance, you can raise your deductible from £500 to £1,000 to save on your insurance policy. Just make sure that you can handle the amount you have to pay.

Buy a multi-policy discount

Getting a multi-policy discount can help you get up to 15% off on your home insurance. For example, you can get your home and car insurance from the same company.

Get enough insurance coverage

Purchasing the right amount of insurance coverage can also help you save on your policy. Avoid using the appraised value of your house as it includes the worth of the land it’s built on.

Take advantage of every discount you’re eligible to

Most insurance companies provide special discounts for senior citizens and non-smokers. Installing security systems such as CCTVs, burglar alarms, smoke alarms and deadbolts can also help you get a discount. These security systems protect your home against various threats such as fires and home invasions, which can help lower your insurance premiums. Ask a realtor or local building contractor about the amount it would cost to rebuild your house. Determine the value of your personal belongings and add in that number to your home rebuilding cost.

Visiting an insurance comparison site is one of the easiest and fastest ways to get the best home insurance quote. It allows you to compare the quotes offered by various insurance companies and get the best deal that fits your needs and budget. You don’t even need to leave the comfort of your own home or listen to an annoying sales pitch. All you need to do is input the required information and you will get a quote from the insurance company.

Read More

Motor Trade Insurance Policies and What They Cover

mechanic

Motor trade insurance policies also known as motor trade road risk insurance refers to an insurance policy that covers you while driving vehicles on the road. This policy is designed for individuals or companies dealing with a business in the motor trade. This can be anything ranging from car sales, garage, vehicle service and repair, vehicle breakdown recovery, delivery business among others. In simple terms, if your business requires you to have customer’s cars, motorbikes or vans in your custody, control or care, then it is a requirement by law to take up motor trader’s policy.
Motor traders policy differs from a private motor policy in that it specifies the driver only while private motor policy specifies the driver and the specific car, motorbike or van. Thus, as a driver, you are not required to take up insurance for any vehicle under your control or custody but one policy covers for any vehicle that you use for motor trade purposes. While this policy does not define the specific registration number of the vehicle, you are required to specify whether you own the vehicle, use it for trade purposes or simply under your care. This is important especially if you have several customer vehicles under your care or in instances where your stock is customer vehicles.
What trader’s policy covers
There are four main parties covered under motor traders insurance policies:

  • The driver specified in the policy. In most cases, this is the same person applying for insurance.
  • The vehicles owned by the driver specified in the traders policy or the spouse of the specified diver.
  • Vehicles of customers in your care, custody or control. This covers the vehicles only used for trade purposes or simply put those in respect of motor trade use.
  • Trade vehicles and this is mainly a requirement if you buy and sell cars.

Cover level
Cover level in regards to traders policy answers the question to what extend do you want to protect your vehicle or your customers vehicle. There are three different cover levels covered under motor trader’s insurance policies.
Third Party Only (TPO)
This is a minimum legal requirement to drive a car on the road in most states. TPO covers loss, injury or damage that is inflicted on a third party while driving. The definition of a third party refers to pedestrians, other cars or any other road user. Third Party Only does not cover you or your customer’s vehicles, thus incase of loss or damage to your vehicle or your customers, you will be forced to bear the losses individually. Although the premiums could be lower than for other cover levels, this cover is not recommended as an ideal trader’s policy since it defeats the whole objective of taking up an insurance, which is to restore your financial to the same level you were in before the loss or damage occurred.
Third Party Fire and Theft (TPFT)
This level is a better than TPO explained above. This is because on top of covering third parties, TPFT covers loss of your own vehicles or that of your customers due to fire or theft. This implies that if you lose your car or your customers in the event of a fire or burglary, then you will be compensated. The premium could be higher than that of a TPO but it is better since it provides an extra layer of security to a motor trader.
Comprehensive policy
This is one of the best levels of motor traders policy. The comprehensive policy as the name suggests covers third parties, third party fire and theft as well as accidental damage that occur to your vehicle or that of your customers. For instance, if the vehicle is damaged during servicing, the comprehensive policy will pay for the repairs.

Read More