CHEAPEST CAR INSURANCE COMPANIES | A SIMPLE APPROACH TO HAVING A CHEAP CAR INSURANCE

There are so many car insurance companies who offer cheap plans. What we should consider is that cheap plans should be able to cover up our needs at a cheap rate. Most of these insurance companies that offer cheap plans may likely not include the basics of your needs thereby leaving you with a choice to increase your premium. But there are so many factors to be considered in order to arrive at a cheap rate but FIRST let’s discuss some factors to consider when looking for a cheap car insurance company.

FACTORS YOU SHOULD CONSIDER WHEN SORTING FOR A CHEAP INSURANCE COVERAGE

1   Have a clean driving record

A) A driver without a clean driving record can increase your monthly premium by approximately 30-40%

B) Most of the insurance company provides a discount if your driving history is positive

2 A discount after retirement: Some insurance company provides discount to retired drivers

3 There are benefits which some insurance company offers to persons who have more than one vehicle thereby a reduction in your insurance premium of each month

4 Your deductibles should be increased because this will help you save some huge amount of money in a year and reduce every tendency of financial incapability when an event occurs (accident) before your insurer will payout your claim.

5 Cheap car insurance rates are mostly offered to those who fall between 25- 55 years as they are considered as to be the safest drivers (more than teenage and elderly drivers).

6 Combining all your Insurance policies in one insurance company can help you save a lot therefore leading to a cheaper rate and reduction in hassles.

7 It is likely that this has already been your first factor; that is “compare before buying”. It is advisable to compare the price on different insurance companies, do your thorough research and find the one that suits you most.

8 Patience is a key factor: Every insurance company will want to guarantee you that they will offer the cheapest price you can ever think of but a patient person will carefully look into various price of different insurance company and outline the benefits as this will help you get a cheaper rate.

NOTE:  What you feel is cheaper for you may be costly for another depending on what you want from the insurance company.

These factors are applicable to all countries as it is regarded as a general factor irrespective of the legal system

In the United States we can say the cheapest car insurance company is the GEICO and Nationwide….

Note: The editors pick is not based on sponsorship or favoritism as at when writing this article but on true research and findings…..

CHEAPEST CAR INSURANCE COMPANY IN USA

In California,USA, these are the cheapest insurance companies: (Treating California as the biggest insurance company)

State               Company                 Rate

Anaheim        GEICO                    $1124

                      Nationwide              $1176

Aliso Viejo    Century National     $ 840

                      Nationwide              $1008

                      State Farm               $1104

  

Alameda        GEICO                   $1042

                       Nationwide            $1176

Alhambra       GEICO                   $1385

                       Nationwide            $1488

                       Century National   $1500

For Los Angeles:

Also for Los Angeles, GEICO still becomes the cheapest car insurance company. Insurance coverage are quite expensive in Los Angeles which averages at $ 2, 257 for age range of 30 years to 40 years.

In San Diego:

GEICO, Nationwide, State Farm, Grange insurance annual rates cost as low as $1,446 on average

In San Jose, CA

The mean annual premium from these three insurers was $1,163 bed on our findings which is about 49% cheaper compared to others.

In San Francisco, CA

The cheapest car insurance rate starts with Century National, GEICO, Nationwide, Grange Insurance and State Farm with an average of $1,288 a year to insure a car.

In Oakland CA,

In Oaktown the GEICO, Century National, and Nationwide averages at $ 943- 49% lower than the overall cost in the city

In Anaheim, CA

It averages at $1239 a year for auto insurance about 42% less than Anaheims city wide cost of $1760 (GEICO, Nationwide and Century National)

Coverage Type         Minimum                     Limits

Bodily Liability       $15,000 per person/    $50,000 per person/

                                 $30 per accident         $100 per accident

Property Damage $5000 per accident        $50000 per accident

Uninsured/Underinsured                           $50000 per person/

                                                                   $100000 per accident

Uninsured/Underinsured

Motorist Property                                       $50000 per accident

Comprehensive Collision                           $500 deductibles

But this listed above are based on cheapest car insurance companies and it is likely you might not get 100% satisfaction from the insurance company. So we came out with the best Insurance companies based on high level of service offered and customer’s satisfaction rating thus:

       I.   Eric                    Best Overall Company

     II.   State Farm          Best Large Company

  III.     Progressive         Best Company after getting into an accident

  IV.     USSA                  Best Company for Military families

    V.    Metromile           Best company for low Mileage drivers

  VI.    The HartFord       Best Company for handling claims

VII.     Liberty Mutual    Best for the shopping experience

In the UK

Insurance in the UK is quite expensive to purchase.  I would say it’s better to just look at some certain factors and determine by yourself which would be the cheapest car insurance companies. It will be so broad that you may get tired of reading this article but quickly am gonna give quick rundown of what you should know and do before purchasing a car insurance in the UK and this is also applicable for anyone looking for a cheap car insurance coverage and this will actually help you to determine the cheapest of car insurance companies.

CHEAPEST CAR INSURANCE COMPANIES IN UK

1 Direct Line Car Insurance

2 Admiral Car Insurance

3 By Miles Car Insurance

4 Debenhams Car Insurance

5 Insure Daily Car Insurance

6 Day Insure Car Insurance

7 Curva Car Insurance

8 Collingwood Car Insurance

9 Aviva Car Insurance

10 Sheila’s Car Insurance

11 Saga’s Car Insurance

12 Age Co Car Insurance (over 50’s ONLY)

13 Churchill car insurance

STRESS LESS TIPS:

1 GoCompare Car Insurance     348.79 a year

2 Money Supermarket’s Car Insurance  348. 45 a year

3 Direct Line Car Insurance    348. 34 a year

CHEAP CAR INSURANCE COMPANIES IN CANADA

1 Intact Financial Corporation

2 TD Insurance

3 Aviva Canada

4 State Farm Mutual

5 Wawanesa Mutual Insurance

6 RBC Insurance

7 Co-operators Insurance

8 RSA Canada Group

STRESSLESS TIPS

1 Ex Calibur Insurance Company

2 Ask Avenue Insurance Company

3 Loan Estate Insurance Company

   
Check in Kanetix.ca

CHEAP CAR INSURANCE COMPANIES IN AUSTRALIA

1 SGIC Insurance

2 Allianz Australia Insurance

3 Difford Truck Insurance Australia

4 Apia

5 1300 Insurance

CHEAP CAR INSURANCE COMPANIES IN NIGERIA

1 Aiico Insurance Plc

2 NAICOM Insurance

3 Custodian Insurance

4 Linkage Assurance

5 Oasis Insurance Plc

6 Lasaco Insurance

Useful Tips: FULL CAR INSURANCE COVERAGE

Feel Free To Use The Comment Section for Suggestions, Queries or Updates

LIFE INSURANCE TERMINOLOGIES | LIFE INSURANCE TERMS SHOULD KNOW

LIFE INSURANCE TERMINOLOGIES FOR NEWBIES

As we all should know insurance have some terminologies that are very necessary in order to understand how you handle or take cover for insurance. Novice can never understand the full dept of insurance without knowing some of these terminologies. What are terminologies “Terminologies are words used in a particular field or subject of study. 

Terminologies is the combination of specific words within a specialized discipline or profession. Every profession has its terms when practicing like the Doctors, Lawyers, and even the insurance companies (Insurers). Terminologies or terms are words or expressions used in the perspective from which the writer, speaker (person) is trying or introducing a particular topic or field.

 Having an idea of what terminologies are, let’s now relate it to our topic of study which now relate it to our topic of study which is “Life Insurance Terms”. Life insurance terms are words used in the insurance world. In much broader explanation, life insurance terms are expressions or words used in relating to life insurance that vividly explains what an insurance expert, insurance company or broker may likely use speaking or carrying out its duties, functions, or responsibilities to a second party who might likely not understand it. Never to worry, the purpose of this article is to widely explain some life insurance terms you ought to know in case you want to opt in for any life insurance policy or just want to have a knowledge of it but first, in any case you don’t have an idea of what insurance is check here “What is Insurance”

Yes, you now understand what insurance is and what we mean by life insurance terms so let’s kick this article rolling by explaining the common life insurance terms you should know about and why you should know them. Thus:

1)    Policy Holder: Who is a policy holder? A policy holder is the person who comes up with the idea of having a life insurance policy and pays the premium. Yea, guess you aren’t confused on what premium is, we shall be discussing that as you read on. the policy holder as rightly said is the person who purchased the life insurance policy and in most cases, this person is not the life assured as the life assured is the third party. 

     For example a policy holder can be a father of three children on a wife then he decides to take up a life insurance cover for his children and name them as his beneficiaries, when he eventually dies, payments based on premium purchased will be paid to the beneficiaries.

2)    The Insured Person: If you noticed, we made mention of life assured, yea, life assured is also referred to as the insured person. The life assured or the insured person is for whom the life insurance policy is expected to cover in case of untimely death. Life assured at most cases is not the policy holder as the life assured is the bread winner. Let’s take for example a man purchases a life insurance cover and pays the premium, he then makes the insurance company to understand that if he dies, his wife should be the beneficiary legally, he has made his wife the “Life Assured”

3)    Nominee:This is the legal heir in which the sum assured and the benefits attached to the premium is been paid by the insurance company when death finally occurred on the policy holder. The policy holder specifically stipulates or nominates who will be paid the sum assured, it could be his wife or children or just a person on all his children. So when he finally dies all payments are made to the nominee without any default by law.

4)    Sum Assured:The sum assured is the amount of money the insurance company will pay to the nominee or the insured person. In other words, sum assured is the amount of money that the insurer (Insurance Company) agrees to pay on death of the insured person. When carrying out a life insurance coverage, there will definitely be a place where you will be asked the amount for purchase of the premium, so it is left for you as the policyholder to choose the amount based on your purchased premium . In technical terms, sum assured is the term used for the total amount that the insurer (insurance company) agrees to pay on death of the insured person (as the case may be)

5   The duration of the policy:  In case of life insurance coverage, it is expected to last for the period of 1-100years or probably a whole life (unto death) but this depends on the type of life insurance plan. When entering an agreement with the insurance company, you should check where the duration period is been stipulated. N normal basis, it is not expected to fall below the age of 80 years.

6    Premium: Premium is the amount the policy holder pays in order to make claims against the policy holder for payments to be made to the nominee peradventure a death occur is known as premium. In other words you need to pay certain amount of money either monthly, quarterly, or whole some to the insurance company will pay certain amounts to the beneficiaries or nominee. Premium differs as policy also differs, the higher your premium the higher the coverage/claims to be made.

7    Rider: What is a rider? In case where there may be addition al cost then coverage’s will be added so in other words a rider is a provision of an insurance policy that amends the coverage or items. Riders help policyholders create insurance products that will meet specific areas of their needs. For example in the case of illness, an accelerated death benefit on a life insurance policy would ensure the insured dies, the beneficiary receives a reduced benefits. Some policy holders have special desires that are not necessarily covered by standard insurance policies. Insurance company offers insurance riders to customize policies by adding similar types of additional coverage. The similar types of additional overage include:

1 hospital cash

2 Premium wavers

3 Cover for critical illness

4 Accidental death benefit Rider

5 Accidental total and permanent disability benefit order

8) Death benefit: This is very common when it comes to life insurance plan. You must have heard about death benefit when trying to purchase life insurance plan or making enquiries on life insurance plan or probably comparing life insurance quotes. Death benefit is what the insurance company pays to the beneficiary or the nominee incase the life assured eventually dies within the duration of the policy. Don’t be confused or rather don’t get it twisted ; you might be wondering if the death and sum assured are similar or different, both death benefit and sum assured are the same but in the case of death benefit you get the sum assured and likely get extra benefits which may include rider benefit that is if there is any.

9    There’s what we call the grace period: Grace period is also called the renewal period. If you were unable to pay the renewal premium for your policy before it expires, the life insurance company gives the policyholder certain number of days in other to pay for the renewal premium. The premium renewal is usually an estimated period of 15 days for a monthly premium and 30 days for an annual premium of which if the policyholder could not pay or refused to pay within this grace period, then the policy is forfeited. Some life insurance company may offer more extension period or renewal period above 15 days for monthly and 30 days for yearly period. So you should always try and get notified of the actual periods when such occurs.

10 Surrender Value: This is when the policyholder informs the life insurance company that he/she will no longer be able to carry on with the plan. This is most effective when the policyholder informs the insurance company before the maturity age of the plan. Upon a notification relieved by the insurance company pays a certain amount to the policyholder, this amount paid is called surrender value. So read the terms and conditions of the insurance company most especially the plan you opt in for, okay, let’s say you have read the terms and conditions and the plan you opt in for offers surrender value another thing you should take note of is how much will it be when you opt out of the plan or discontinue with the plan.

11 Paid-up Value: Perhaps you as the policyholder have decided to discontinue the plan by refusing to pay the premium after the grace period. There will be an option offered by the insurance company to convert your policy into what is called reduce paid-up policy. In this policy, the sum insured are payable to the amount of premiums paid. If there are other benefits attached the sum insured payable then these benefits will be attached to the reduced sum insured which is now the paid-up value.

12 Revival Period: This period is quite similar and a little bit different from the grace period. In the grace period, the insurance company offers extensional time for which the policyholder should be able to renew his/her plan after the original time period has expired but the revival period is an additional period after the grace period in which the policyholder decides to continue with the plans, the insurance company will provide an option of re-activating the expired policy. This revival period is not just done anytime the policyholder desires but an interest to continue with the plan must be a specific period after the grace period expires. That period in which the policyholder decides to continue with the plan is called revival period. In order to continue with the lapsed policy, the insurance company will send a request to a team of underwriters (see below for underwriters) for approval and only when such approval is accepted then the policy begins to run again.

13 Underwriters: before any issuance of insurance policy, there are certain team members called underwriters who evaluate the risk involved in insurance. After risk evaluation then it ends with settlement of claim which is the claim process. So before re-instating your lapse policy, these underwriters evaluate your plan and in return inform the insurance company to re-issue the plan to the policyholder.

14 Exclusions: if there are anything not covered by the insurance company based on your plan, it will be well written in the statement of the policy. That is upon buying a life insurance plan; you should read the “Exclusions” section of the plan. “Exclusion means not covered by this plan”, so if certain things written in the exclusion section was what happened, then the insurance company will not pay any benefit. Some things like this are found in the Exclusion section e.g suicide, intentional hazards which later led to death.

15 Tax Benefits: All life insurance premiums are eligible for deductions. It also depends on the legal system of the country. In some countries, tax are not deducted from any payments to the nominee on life insurance policy while in some countries payments are tax deductibles only the benefits are tax free.

16 Claim Process: When a death occurs on the life assured or the life assured dies during the policy period, the nominee or beneficiary needs to make a claim in order to receive the death benefit as mentioned in the policy.

     

   

See More on LIFE INSURANCE HERE

THE REASONS AND IMPORTANCE OF HAVING TRIP CANCELLATION

 TRIP CANCELLATION: BENEFITS

There are different types of travel insurance that can be very needful to you as a traveler or tourist or a business person, so how do you know which policies are right for your trip? We have to understood five common types of travel insurance that can help you protect yourself when you travel.

Trip cancellation and Trip interruption: This can occur for numerous reasons, including illness, death of family member, natural, disasters, or on stability in your destination country, if you do not purchase trip cancellation insurance and any of these situations occur, you can risk of losing up to 100 percent of the money you’ve invested in your trip. and this can be a large amount of money especially with international travel. 

Trip cancellation and interruption insurance reimburses the non-refundable pre-paid travel arrangements, if you must cancel your trips before departure as a result of a covered unforeseen death, injury or illness prior to your departure date. Trip cancellation applies after you have purchase your plan but before departure. Then same reasons are covered for both trip cancellation and trip interruption for the most part.

These tips will help, if you should go for travel insurance or not: Benefits of Travel Insurance

• When you are over insured and no one likes to waste money that way.
• 
  
• Understanding how travel insurance works will help you know if you should go for it or not.
• 
  
• Are you traveling outside your home country where your insurance from home won’t cover you for accidents then travel insurance could be of necessity
• 
  
• If you are taking a last minute trip in the US. You probably don’t need travel insurance. Since you have not concerned with trip cancellation or interruption coverage and if within the US, you’re for any emergency medical situations.

In summary, trip cancellation and interruption means every arrangements or plans towards traveling been canceled due to certain reasons which have been mentioned in this article. The travel insurance policy covers certain areas by which the trip cancellation and temptation is mostly effective and thereby all fulfillment towards this article. The travel insurance policy covers certain areas by which the trip cancellation and interruption is mostly effective and thereby all fulfillment towards this will be carried out by the insurance company therefore keeping you away from financial loss or unforeseen emergency situations.