Why Car Owners Should Consider Third Party, Fire And Theft Cover

South America is one of the few countries where the law does not require vehicle owners to purchase car insurance. Some drivers rely on the Road Accident Fund, paid for through a fuel levy, to provide compensation for any accident damage they happen to receive. Experts in the industry, however, advise against depending solely on that type of cover.

Lenders require all individuals who finance their vehicle to purchase a comprehensive policy before they take possession of the car. Drivers who own older model cars may not need the full protection offered by comprehensive insurance but they should explore other options. Third party claims can have a devastating effect on someone without sufficient cover.

A comprehensive policy is the most expensive because it covers everything. Limited liability is the least expensive insurance available and offers protection only against claims by others if the insured is at fault for the accident. Individuals with this type of policy are responsible for damage to their own vehicle.

Third party, fire and theft cover falls between comprehensive and limited liability. This type of insurance is a good option if the vehicle is older, paid off and is not worth much. It will pay for a third party claim against the insured in addition to theft and damage caused by fire. Just like with limited liability, drivers must pay for damage to their own car.

Car theft is more common in South America than most people realize. Even older cars are at risk because thieves can make a lot of money selling rare parts. Simply installing a car alarm or some other type of anti-theft device is not enough to deter a determined car thief.

Some people may mistakenly believe that fire cover is a waste of money. This may be true if the car is new but older cars frequently have electrical problems and are prone to overheating. Both problems can cause a fire, which is capable of destroying the vehicle within a matter of minutes.

When searching for a suitable policy consumers should shop around to ensure they receive the most cover for the best price. Many companies make it simple for drivers to receive auto insurance quotes online. It is worth the effort to request quotes from several companies and compare premiums and benefits. Individuals who need more information can speak to a qualified agent to review the various options available to them.

Get details about the benefits of having fire and theft insurance coverage and information about a reputable provider of online auto insurance quotes, now.

Tips for Getting Affordable Car Insurance

When it comes to cutting costs, car insurance is one area where you need to keep adequate coverage even as you look for lower prices. There are many ways to do this. The key here is to know how to get discounts and rewards and how to invest wisely in the purchase you make. You need this type of protection to handle those financial "what if" situations that there is no way to predict. However, you do not have to overpay to get this type of coverage.

Compare Your Options

The single most important thing to do to save money on car insurance is to compare your options from multiple providers. There are significant differences between companies. One of the most common mistakes people make is sticking with the same company every year. There is no discount involved in this for most providers. However, many companies will offer you a significant discount if you make the switch to a new provider instead. That should be your goal.

Ask for Discounts

When it comes to finding affordable policies, a key step to take is in asking for the discount. Discounts are common in this industry. You may save money by asking for a good driver discount. If you have a safety device on your vehicle, this could cut down on your costs. Are you driving a car with anti-lock brakes? That could save you money as well. Ask the professional about the options available to you to save money. If you do not ask, chances are good they will not provide it to you.

Multiple Policy Discounts

Yet another way to save a substantial amount of money is with a multiple policy discount. These policies allow you to lump together the coverage you need for several vehicles into one policy. That way, you save money. If you have multiple vehicles, getting them all from the same provider will save you money. Additionally, if you need multiple types of policies, such as homeowners and car policies, getting them from the same provider will cut the costs. It is more affordable for companies to insure multiple policies for the same person or household. Ask about this type of discount as well.

Of course, being a good driver will help to save you money on car insurance as well. Companies want to work with individuals who maintain a good driving record because it lowers their risk. Additionally, as a vehicle owner, it is essential to hold onto policies and not to allow them to expire. This will cause your rates to jump significantly. Find a provider you can trust that offers the lowest possible price for what you need.

When thinking about switching your Cincinnati OH car insurance company, consider both price and range of coverage, as well as any possible discounts. Visit the following to find out more about the different options available: http://www.bobshropshire-sons.net.

What's Affecting Your Car Insurance Premium?

You might THINK you know enough about car insurance, but you'd be surprised to know that that might not be entirely true. In fact, you might not even be entirely aware of the factors that affect your premiums. We're going to discuss some of these factors to help you make an informed decision.

Age

Believe it or not, teenagers are usually always surprised about the high premiums that they are charged when buying individual policies. This is because insuring young, inexperienced drivers poses as a high risk to an insurance carrier. Since these drivers are young, chances of them meeting with an accident are higher, which is why insurance companies charge them high premiums. To save some money, teenagers should consider getting added to their parents' policy as a listed, licensed driver. Car insurance premium rates decrease as you near 25.

Deductible

Not everyone knows this but, increasing your deductible helps reduce your premium rates. It's quite simple, really. The higher your deductible, the lower your premium and the lower your deductible, the higher your premium. So if you want to reduce your premium rates, you know what to do.

Paying for minor damages yourself

There are always chances of you meeting with minor accidents. Light collisions, fender benders, scratches here or there are very common. Fixing these damages might not cost a lot, but people tend to turn to their insurance companies to pay for them. What they might not realize is that filing a claim results in an increase of auto insurance rates. So if you can, you should consider paying for fixing minor damages yourself.

Carrying collision coverage on an old car

You might think you're being safe and cautious, but are you really? If you ever thought about it, you'd realize that it might actually cost more to fix your car (in the event of an accident) than what it's currently worth. Carrying collision coverage on an older car might actually end up being a lot more expensive and you should consider dropping it if your car is more than 10 years old.

Bundling insurance or insuring multiple cars

Did you know that insurance companies offer discounts to people who buy multiple policies from them? For instance, you could get a discount for bundling your home and auto insurance or even if you insure more than one car with them. It's always a good idea to find out the different kinds of discounts insurance companies offer before deciding on anything. Some discounts to enquire about are: discount for bundling car and home insurance, multi-car discount, low-mileage discount, good student discount (beneficial to young drivers), defensive driver discount, discounts offered for installing security and anti-theft devices to your vehicle etc.

It's important to keep a look-out for better rates, so make it a point to re-evaluate your policy periodically. Shop around for rates offered by other companies every once in a while, stay informed and you should have no problem with your car insurance.

Bethany Collins is a mother of two who works from home and lives with her husband. She is voracious reader and always looks out for happening topics related to personal finance. She specializes on subjects related to car insurance and uses her spare time to write on topics related to classic auto insurance and discount car insurance rates etc.

Lesser Known Facts About Auto Insurance

You might think you know all there is to know about auto insurance. Think again. DO you?

Let's find out.?

Personal belongings lost in theft are not covered by your auto insurance policy?

It so happens that in most theft claim cases, you hear of people complaining about how their insurance agency hasn't paid for their lost belongings. What they don't realize is that your auto insurance policy does not cover these items; your homeowner policy does. So for instance, if you have expensive items in your car, like GPS navigation systems, DVD players, mobiles, laptops etc, you should consider carrying a rider to cover them.

Auto insurance is tax deductible for business use

If you use your car for business purposes, determine the amount of time that you use your car for it. Let's say you use the car for business purposes 20% of the time, then 20% of your auto insurance may be deductible. It may be beneficial to take reimbursement on mileage. Speak to your insurance company about your options.

Affiliation with professional organization could lower your insurance rates

If you are a part of a professional organization like the american association retired persons, make it a point to mention it to the insurance company. You could get a discount for being a member of such an organization.

If your friend wrecks your car, YOU will have to file a claim

Insurance covers the CAR and so, if a friend driving your car wrecks it, you are going to have to file a claim with your insurance company to pay for the damages. Also, as a result of this claim, chances of your premium rates going up are high.

Your credit score affects your premium rates

Not many people know this, but your credit score affects your premium rates. For instance, if your credit history is good, insurers take you to be a responsible, reliable adult who will pay his or her bills on time. Car insurers are generally of the opinion that people with poor credit scores are more likely to pay late bills or skip insurance companies more frequently.

Color does not determine insurance rates

While a number of factors such as age, location, credit score, driving history, safety devices installed on your vehicle etc determine insurance rates; the color of your car is not one of them. This is a myth that most people believe and use it as a reason to refrain from buying cars of certain colors. Color has no effect on your insurance at all, so rest easy!

Auto insurance companies in some states are required to pay for sales tax when you make a claim on a totaled vehicle

Sales tax and registration fees are should most likely be covered. If you have to make a claim on a totaled vehicle, chances are that you will be paid the sales tax and registration fees that you paid for that vehicle by the insurance company. This is NOT a requirement in every state, though, so you should check with your local DMV just to make sure. Also, another thing to keep in mind is that the taxes will be paid on the value of the vehicle at the time of the accident, not at the time of purchase.

Keep these pointers in mind the next time you're in the market for auto insurance and you'll be glad you did.

Bethany Collins is a mother of two who works from home and lives with her husband. She is voracious reader and always looks out for happening topics related to personal finance. She specializes on subjects related to car insurance and uses her spare time to write on topics related to classic auto insurance and home and car insurance etc.

Bet You Didn't Know This About Automobile Insurance!

There are some things you feel you might never know enough about. Automobile insurance is one of them. While there's plenty information on the Internet about automobile insurance, you'll be surprised to find that ONE thing you didn't know about. Here are a few such things we could think of about automobile insurance.

Your credit score affects your premium rates

Not everyone knows this but your credit score plays an important role in determining your premium rates. Basically, if you have a poor credit score, chances are your premium rates will be high. Similarly, if you have a good credit score, you premium rates will be low. Insurance providers are inclined to believe that people with poor credit history are less inclined to pay their insurance bills on time.

Being loyal to your carrier is fine, but keep an eye out for better rates

Being loyal is one thing, but most people tend to buy insurance and forget all about it. What they forget it that insurance companies have increasingly gotten more and more competitive about their rates. Insurance companies offer competitive rates, exciting discounts, great services, package deals etc to attract customers and there's no reason why you shouldn't make the most of that. It's best to keep an eye out for better rates; shop around every once in a while and enquire about the rates with different companies.

Not informing your insurance company about life changes

As mentioned earlier, several factors affect your insurance rates. Amongst these, a life change is one of them. Let's say for instance, your get divorced or you retire or your teenaged son gets his driver's license. These factors can affect your insurance rates. It's best if you make it a point to inform your carrier if and when a significant change takes place in your life. Re-evaluate your policy on a regular basis to make sure you still have a package that works best for you.

If switching companies, cancel your former policy

We've seen that people think switching companies is just a matter of stopping payments on your former policy. This is a big mistake! If you don't cancel your former policy, the insurance company could report you to the credit bureau for not paying your dues. This could damage your credit score. Furthermore, this might get added to your record and could very well be used as a reason for a new provider to turn down your insurance application.

Paying your automobile insurance premium in full is cheaper than monthly installments.

This might come as a surprise to many, but when you break up your payments into installments, car insurance companies tend to charge an administrative fee. The more you divide these payments in installments, the more these 'administrative fees' add up. And when you do the math, you'll realize that what you once thought to be a cheap policy can cost you a whole lot more. Ask your carrier about these administrative fees and if it's feasible for you to pay your premium in full, up front, then you should.

Car insurance doesn't have to be a tricky subject. Keep your eyes and ears open and you can do no wrong!

Bethany Collins is a mother of two who works from home and lives with her husband. She is voracious reader and always looks out for happening topics related to personal finance. She specializes on subjects related to car insurance and uses her spare time to write on topics related to classic auto insurance and auto insurance.

Auto Insurance - What They Don't Tell You

I think we can all agree when I say that auto insurance is an intricate subject. You can never know too much and that's the scary part. In fact, you might not even be a first time buyer to realize that you don't know enough. But that's okay. We're here to help you understand it just a little better.

Personal belongings in your car are not covered by auto insurance

You hear about this often. A car gets totaled and personal belongings in the vehicle get destroyed. Or your car gets stolen and along with it, you lose your laptop, mobile phone etc. People think that their auto insurance covers these losses, but in reality it's your homeowners insurance that pays for this. Carrying a rider can be a good option if you are one to travel with expensive equipment.

If you pay in advance, you'll save some big bucks

Most people find it convenient to pay their car insurance premiums in monthly installments. What car insurance companies don't always tell you is that they charge you a small 'administrative fee' along with your monthly installments. These administrative fees add up over a period of a few months. As a result, you end up paying more than the original amount of your policy. To avoid this, when getting auto insurance quotes ask your insurance provider about their administrative fees and if possible try to pay your premiums annually or every six-monthly.

YOUR policy covers your vehicle, even when you lend it to someone

Say you lend your car to your friend or relative and he/she meets with an accident, it is YOUR policy that pays for these damages. Not your friend or relative's insurance, but yours that pays for the accident. Think twice before lending your car to someone. Always make sure you lend it to a responsible, licensed driver.

Always choose a higher deductible. You'll be glad you did.

Did you know that a higher deductible results in lower premiums? Well, they do. But here's the catch. Don't set an extremely high deductible in hopes of paying a low premium. You don't want to set an amount so high, that you are unable to pay it in case of an accident. Set a reasonably high amount that you can comfortably pay should you meet with an accident.

Review your policy annually

At the time of signing the papers, you might have thought that you had the best possible policy. While that might be true at THAT time, things change and with time, so does an 'ideal policy'. Life changes such as getting married; retiring, adding kids to your policy etc could affect your premiums, so it is advisable to review your policy, make sure you still have the right kind of coverage to fit your needs and see if there's anything that's happened in the last year that could affect your premiums.

Armed with this knowledge, you're just a little bit wiser and will know what to do next time when buying insurance. Safe driving!

Bethany Collins is a mother of two who works from home and lives with her husband. She is voracious reader and always looks out for happening topics related to personal finance. She specializes on subjects related to car insurance and uses her spare time to write on topics related to classic auto insurance and online home and auto insurance etc.

Don't Get Spooked Out Over Your Finances This Halloween

The frightful season is upon us and the New Year is vastly approaching so it's important to get your finances in order and not let finance issues spook you out.

Protecting your income can be a scary issue to tackle but there are things you can do to minimise the negative experience.

Firstly look at your incomings and outgoings. Then ask yourself what you would do if you fell ill or were injured and as a result unable to work. Unfortunately, self-employed professionals do not have the financial backing of sick pay from an employer so how would you pay your bills?

Income protection insurance can be one way to protect yourself, and it's not as scary as you may think. Income protection insurance provides a regular tax-free income until you are well enough to return to work or retire.

And as your finances are vital to how you live your life, you'll be pleased to know it's not as expensive as you might think. What you pay completely depends on what you can afford and what you need. For example, cover for a 30 year old self-employed professional earning £30,000 a year and receiving a monthly income of £1,650 if unable to work, would cost just £37 a month.

Income protection claims can also be settled quickly and insurers may pay out from the first day of absence, providing you with help as soon as you need it.

But finding the right provider can seem like a daunting and frightening process.

Here are our top tips on how to find the right insurer:

1. Look at their claims rate. You need to make sure the company you choose will pay out your claim. Take a look at their claim pay out rates to see how often they pay out. A good insurer will pay over 90% of claims.


2. Do they give you extra? Mutual societies will give you extra by paying you a percentage of the profits once your contract has come to end which can be a handy little nest egg for the future.


3. What occupations do they cover? Look at their terms to make sure they cover your occupation. Also check out the illnesses and injuries they cover to make sure you will be protected for what you want.


4. Does the insurer meet your needs? Do you need an immediate income? If so, choose a policy that doesn't involve a deferment period.


5. Get independent advice. Gain independent information and advice from an Independent Financial Advisor or from companies who specialise in Income Protection. You can also find out more about Income Protection from consumer body Which? They have also recently updated their information on income protection to give consumers more in depth knowledge so it may be handy to take a look to help make your decision easier.

So this Halloween, don't get spooked out over your finances. Follow these steps to ensure a fright free winter.

David Thompson is CEO of dg mutual - income protection specialists who have been helping self-employed professionals to protect their income since 1927.

dg mutual paid out 99% of Income Protection claims for the fourth year running in 2011 and over 60% of claims within one week. As a Mutual Society, dg mutual has no shareholders but instead pays out a share of the profits to all members. http://www.dengen.co.uk/live/news/news.asp

Stay Secure With Income Protection Insurance

Life is indeed full of surprises. The sad thing is, not all of these surprises are good. Sometimes, we have to stop working as a consequence of accidents, sicknesses, and traumas. To keep your finances secure during these unfortunate times, you will need income protection insurance.

Why is this important?

1. Mishaps, illnesses, and injuries are already difficult times for you and your family. Not being able to work and receive your salary makes these circumstances a lot worse. In cases wherein other members of the household are relying on what you earn, their future can be put at risk.

2. Most of these regrettable events require a lot of hospital and other health-related expenses. Since you are no longer getting your regular wages, tendency is you would have to use up your personal savings. This can hinder you from reaching other personal goals and could also prevent you from meeting your basic needs and obligations.

What can the insurance do for you?

1. The solution to the possible problems mentioned above is the income protection insurance.

2. This plan keeps you safe by making sure you still receive your wages even if you are not fit enough to meet employment demands.

3. Depending on how much you decide to pay, this can cover as much as seventy percent of your monthly earnings and as well as the expenses related to the accident, illness, or trauma.

4. You also have options on how long you wish to be covered. Some can protect you up to the time you could get back to the workplace, while others can even sustain you up to retirement age in case you end up with an irreversible disability that makes it no longer medically safe to function again.

How can you find the right plans?

1. Approach different providers so they can give you plan options depending on factors such as your employment status, health history, position in the family, age, and sex.

2. The amount you are willing to pay will determine what percentage of your salary you will be able to receive in case of regrettable events. Consider the minimum sum you must have in order to satisfy all of your basic needs and obligations.

It is wise to be prepared for all kinds of situations that may come our way. Use the information mentioned above to help you in your decisions. You may also seek the aid of financial advisers in case you are having a hard time analyzing your financial needs.

The author writes for http://www.mercurywealth.com.au which provides information regarding Income Protection Insurance.

Auto Insurance - What They Don't Tell You

I think we can all agree when I say that auto insurance is an intricate subject. You can never know too much and that's the scary part. In fact, you might not even be a first time buyer to realize that you don't know enough. But that's okay. We're here to help you understand it just a little better.

Personal belongings in your car are not covered by auto insurance

You hear about this often. A car gets totaled and personal belongings in the vehicle get destroyed. Or your car gets stolen and along with it, you lose your laptop, mobile phone etc. People think that their auto insurance covers these losses, but in reality it's your homeowners insurance that pays for this. Carrying a rider can be a good option if you are one to travel with expensive equipment.

If you pay in advance, you'll save some big bucks

Most people find it convenient to pay their car insurance premiums in monthly installments. What car insurance companies don't always tell you is that they charge you a small 'administrative fee' along with your monthly installments. These administrative fees add up over a period of a few months. As a result, you end up paying more than the original amount of your policy. To avoid this, when getting auto insurance quotes ask your insurance provider about their administrative fees and if possible try to pay your premiums annually or every six-monthly.

YOUR policy covers your vehicle, even when you lend it to someone

Say you lend your car to your friend or relative and he/she meets with an accident, it is YOUR policy that pays for these damages. Not your friend or relative's insurance, but yours that pays for the accident. Think twice before lending your car to someone. Always make sure you lend it to a responsible, licensed driver.

Always choose a higher deductible. You'll be glad you did.

Did you know that a higher deductible results in lower premiums? Well, they do. But here's the catch. Don't set an extremely high deductible in hopes of paying a low premium. You don't want to set an amount so high, that you are unable to pay it in case of an accident. Set a reasonably high amount that you can comfortably pay should you meet with an accident.

Review your policy annually

At the time of signing the papers, you might have thought that you had the best possible policy. While that might be true at THAT time, things change and with time, so does an 'ideal policy'. Life changes such as getting married; retiring, adding kids to your policy etc could affect your premiums, so it is advisable to review your policy, make sure you still have the right kind of coverage to fit your needs and see if there's anything that's happened in the last year that could affect your premiums.

Armed with this knowledge, you're just a little bit wiser and will know what to do next time when buying insurance. Safe driving!

Bethany Collins is a mother of two who works from home and lives with her husband. She is voracious reader and always looks out for happening topics related to personal finance. She specializes on subjects related to car insurance and uses her spare time to write on topics related to classic auto insurance and online home and auto insurance etc.

Reinsurance Companies

Reinsurance companies exist so they can perform risk management services. This is because insurance companies normally insure a portion or either the entire sum of their insurance case against loss. This is a routine method to help reduce loss because a loss of premium or because of high payouts for insured customers. A great way to think of reinsurance is as insurance tailored for insurance companies. Essentially, the method of reinsurance allows companies to spread the risk so each company does not have to incur the loss dependently.

In a downturned economy, where businesses are fighting to survive, the business to business industry who typically serves as support, are undeniably affected by the turmoil of their clients. As more and more businesses close their doors, and in turn, their own service needs, those organizations selling B2B products and services who rely on their business are having to find alternative means to maintaining profits and combating dwindling contracts. From basic office needs such as supplies or tech support to HR details such as employee safety and health, few everyday matters escape the menacing squeeze of a tight economy.

Industries such as insurance start to feel the tightening grasp, as customers and client accounts look to cut costs by switching providers, or have to close accounts altogether, insurance providers must react with risk management techniques to help stifle the blow. When insurance companies can no longer depend on a full client roll to balance out the hefty risk and potential expenses that comes along with dealing in the insurance industry, forward-thinking organizations look to risk management advisors for unique ways to disperse expenses to keep themselves afloat.

A proactive measure known as reinsurance, these companies help to soften the risk blow by acting as an affiliate to a number of policies. For a small fee, the reinsurance companies underwrite a given policy and in the event the original company saves face in the event that the policy has to be paid out. Used also in times of booming business, reinsurance companies can work with the providers to take over policies in an effort to help make financial space and reorganize corporate structure. Used to expand an insurance providers ceiling, reinsurance companies allows the provider to take on more clients and revenue without the lingering policy cash out.

In times like these, the sector helps insurance providers cut costs by outsourcing some claims to risk management companies, and when combined with offsetting client and risk limits, the move is a way to maintain revenues. The providers are able to continue claiming premiums on an extended amount of clientele while lowering overhead and operations costs, as well as deflecting risk. Reinsurance companies allow insurance providers to continue growing their business even in the toughest of times.

Frances Keim enjoys writing about the reinsurance industry and provides detailed articles about reinsurance companies and how insurance policies are transferred. If you would like to learn more about how you can find a professional reinsurance company make sure to read my other articles.

Maybe It's Time To Get Serious About Health Insurance?

Perhaps you have recently changed jobs; your new job does not have an inclusive life/health insurance option, unlike your old one. Or maybe you have never bothered with life/health insurance? None of us are getting any younger; perhaps you have just married or even have a little one on the way. The truth is that it is always a good time to get some health insurance, whatever your age or marital status. This small guide will show you some of the options and a few reasons why this is a wise avenue to be taking.
Is it Simple?
Most things related to insurance seem very complicated, and they needn't be. Let's look at a guide to the main four categories of health plans for insurance.
Indemnity Insurance
Indemnity is the oldest form of health insurance; it will look after your basic needs but will come with a limit. If you need extensive surgery and the cost is very high; then the chances are that your indemnity policy will not cover you. It may well cover a percentage, please check the limits and options available to you when looking at this type of policy.
Health Maintenance Organization Insurance
With this type of coverage you will able to relax knowing that most of your health issues will be covered. But you will be restricted to hospitals and doctors that are connected to your health plan. The policy is not expensive and is a good option should you prefer it.
Preferred Provider Organization
This will also look after your health worries but you will need to make a small payment for every visit you make. You need to check the list of preferred providers; if they meet your approval than you should consider this option.
Point Of Service
The POS plan gives you more options in comparison to the already discussed possibilities. It can be operated much like the HMO plan; whereby you need to make a small payment for each visit. Or you can choose to treat the POS like an indemnity plan if you require a wider list of hospital and doctor choices.
Coverage
This is a very important factor to be considered when looking at health insurance plans. You need to carefully read and compare the amount of emergency care that is catered for. Some plans will pay for all of the care; others will only foot the bill for fifty percent. Usually the cheaper plans will pay for a smaller percentage of emergency care. And let's be honest, the emergency care was probably the main reason you are looking for a health plan in the first place.
Is There a Best Time To Get One?
The best time to get a health insurance plan is when you don't actually think that you need one. You may feel very fit and healthy; you exercise regularly and do not smoke or drink. But you never know when something untoward may happen to you, or your loved ones. So please do not leave it too late, why not start looking straight away?

Say I Love You With Insurance

Deluxe Godiva Towering Box of Chocolates: $49.95
Romance bouquet with red roses: $79.95
Forever love diamond knot pendant: $1,199.00
I love you: Priceless.
Yes, the love that we receive from those that are closest to us really is priceless; however, the gifts that we give to them do have a monetary value. The National Retail Federation estimates that the total sales of Jewelry and watches will exceed four billion dollars this year, that's a seven percent increase or last year.
Now, I don't know of anybody that will mention the word "insurance" as they look into their lover's eyes and hand over some treasured item that they hope will somehow express what words can't say. However, if an expensive gift is stolen or lost one of the first things that many people think about is insurance. Insurance can certainly make the loss of an expensive item a little easier to take, at least from a financial standpoint.
Most homeowners polices, whether they be renter's policies or homeowner's policies, include coverage for jewelry and other expensive items; however, the coverage is usually limited to between one thousand and two thousand dollars. Make sure that your jewelry is properly insured: purchase an endorsement to your homeowner's policy; these are also referred to as floaters. There are even a few companies that offer very broad coverage for personal items as a standalone policy. Generally these policies are not expensive and offer the broadest coverage available.
Yes, I know that insurance is not a "romantic" topic, but it is an expression of two things: concern and responsibility. Those two feelings really are an expression of what love is: concern for one's welfare and taking responsibility - insofar as you are able - for it. Now, I'm not going to go so far as to say that you should give your loved one and insurance policy for Valentine's Day, I do want you to still have a loved one at the end of the evening, but perhaps the most loving and least romantic thing you can do is to make sure that everything is properly insured, so that your loved ones financial needs are taken care of at the most inconvenient and stressful times in their lives.

The Dos and Donts of Jewellery Valuations And Insurance

For a lot of people the subject of insuring their jewellery only arises when they make a significant purchase, for example an engagement ring or special watch. At these exciting times it's very easy to sideline the paperwork or opt for the easy, but far more expensive solution, of taking out the single item policy offered by the retailer.
Assessing Your Valuables
at the forefront of your mind, then now would be a good time to assess all your valuables, new and old, and arrange for the relevant valuations, together with making sure you have adequate insurance cover in place. Below are a few do's and don'ts to help steer you through:
Jewellery Valuations and Insurance - Do's

• Get your jewellery valued and use an expert. In the event of an insurance claim, the responsibility is yours to prove worth and ownership. For your own peace of mind and to enable any future claims to be processed smoothly, it is well worth getting an expert valuation. Look for a Valuer registered with a regulatory body such as The Guild of Valuers and Jewellers (GVJ) or The National Association of Goldsmiths (NAG). Members have all the necessary equipment and knowledge to carry out a professional valuation, including training in gemmology.


• Insist on detail. If you're using an expert from the GVJ or NAG then this goes without saying, but if not, make sure whoever is undertaking the valuation provides you with a highly detailed, typed description of your pieces, including everything from weight and dimensions to hallmarks, settings and types of precious gems. The more details the better, particularly if your items are stolen and the police retrieve them, it will speed up the return to you. Alongside a detailed description, all good Valuers will provide photographs of your jewellery as well.


• Kill two birds with one stone and get your Valuer to inspect your jewellery for damage and provide a condition report. It is always a good idea, especially with rings, to get an expert to check for loose stones, damaged claws etc. regularly, plus in some cases insurers will ask for this to be carried out before they will insure particular items.


• Get it done regularly. Opinion is varied whether jewellery should be valued every two or five years. It depends on the size and value of the collection and whether you are insuring new for old, all risks etc. With many policies being purchased online there is no longer a broker on the phone reminding you a valuation is due, so if in doubt, get it done.

Don'ts

• Don't keep your jewellery, proof of purchase or any valuation documents in the same place. In the event of theft you are simply helping the thief to sell your goods. Make sure you keep them safe and separate. It is also a good idea to install a safe in your home; both for your own peace of mind and in some cases it can help reduce your premiums.


• Don't forget or put it off! This is important especially if there is any value invested in your jewellery collection. The sentimental attachment to pieces can make loss or theft very difficult to deal with, the last thing you need is to be sorting out problems with the insurance company or worse yet, fail to get any financial payout to replace your items.


• Don't get your jewellery valued far away and certainly never aboard. You will be insured for replacement based on prices and rates in your local market, so don't expect a valuation you had done when you bought the piece on holiday to hold much water.


• Don't assume that your household policy will cover it. In many cases it will, but you should always check. Many insurers will ask for items over £1,500 to be listed and may increase premiums accordingly. It is also common for standard policies to include a £10,000 limit on valuables. Read the small print or check with your insurer if in doubt.

Important Tip On Jewellery Insurance
Always get the correct level of jewellery insurance cover for you valuables, especially if you are including pieces on your home and contents policy. Remember that to underestimate the value can have repercussions in the event of a claim. If your jewellery collection is valuable it may well be worth considering high value home and contents policy. Very often this offers a competitive solution, with the increase in cover far outweighing the increase in premiums. They can now be purchased easily online through companies who specialise in high value insurance cover for homes and possessions.

Highworth Insurance provide a range of high value home and contents insurance cover, including jewellery insurance cover and insurance for watches and other valuable pieces. Their team of handpicked specialists are able to provide bespoke insurance quotes to meet your requirements.

High Net Worth Clients: The Problem With Being Underinsured

Most insurance agents realize that there are affluent families who have failed to adjust their insurance programs to protect their assets. They often choose their insurance agent and carrier early on while they are still building their wealth. They become complacent, and don't really think about the need for a valuable high net worth insurance policy, rarely taking a close look at those choices made so long ago.
They continue to place their home, auto, watercraft, valuable collections, and umbrella liability insurance with the same carriers year after year, not realizing that they are not specifically structured to meet their needs. This is a problem that may remain unnoticed until their house burns down, or they get sued, at a cost of millions of dollars.
Fortunately by considering seven simple questions from a survey of 600 independent insurance advisors designed to identify the key areas where families are likely under-insured or missing savings opportunities, they can understand the need to invest time in re-examining their current situation.
If the answer is "no" to any of the questions listed below, there is the likelihood of risk. Those persons should strongly consider a consultation with an independent insurance agent or broker experienced in dealing with affluent families.
Ways to tell if a person is under-insured or over paying
1. Ever considered purchasing umbrella liability coverage, or chosen a coverage amount that matches present net worth and future employment income stream?
2. Will current homeowners policy pay to rebuild the home with similar quality materials and craftsmanship no matter how much it costs?
3. Has an insurance agent discussed any recent expansions or upgrades to the home?
4. Is there a significant amount of artwork, oriental rugs, antiques, and other collectibles owned that are insured with a valuables policy and reviewed to account for any change in their value from year to year?
5. Does the insured currently have at least $1 million in uninsured/under-insured liability protection, and does it apply to more than vehicular accidents?
6. Has employment practices liability insurance been purchased for employed household staff such as a nanny, caretaker, or chef? How about workers compensation for domestic help?
7. Does the insured presently serve as an unpaid board member of a not-for-profit organization and need directors & officers liability coverage? (The organization's insurance program may not fully protect certain individuals from liability lawsuits brought against it.)
In addition to reviewing whether there is sufficient coverage, it might also be a good idea to consider raising homeowners and auto policy deductibles to help reduce the cost of this insurance. Other factors include consolidating homeowners, valuable collections, auto, watercraft, and umbrella liability policies with a carrier that offers a package discount. High net worth insurance offers a variety of choices. Discuss with an insurance agent all the safety and loss prevention devices in the home and any automobiles, which may help to increase savings on a policy as well.

Will My Home Buildings Insurance Cover Extras Like My Holiday Home and Car?

Buildings insurance and its inclusions and exclusions can be a bit of a challenge to understand at times. It is important to be clear about what is covered and what is not and whether or not one needs additional coverage or a package of options to be assured that should a problem arise one will not have a large monetary loss. Typically when one has buildings insurance it covers their existing home that is occupied by themselves, not a holiday home that is empty a good deal of the time or is used by others, not contents, not a vehicle and not property that is let out or used by others. There are, however, ways to obtain coverage for all sorts of instances by purchasing a package or bundle of plans all at once.
What Buildings Insurance Covers
These plans generally cover the rebuilding of the structure of one's home from the walls to the roof if there is a loss from fire, storms or floods, crimes against the property, vehicle collision into the building and subsidence or sinking into the ground. Most have a maximum payout that can be upgraded for a fee. This coverage can have inclusions added to it to cover home contents, lost keys, accidental damage, such as your making a hole in the ceiling when trying to walk in the attic, the need for accommodations during repair periods up to a specific limit, underground and glass structures, and outbuildings like a storage shed. Even increased water meter fees can be covered up to the limits set forth in the policy should pipes burst due to a weather or other emergency. Your holiday home, vehicles, rented out properties and any specifically excluded by the policy is not covered.
Extra Coverage that can be added
Extra coverage for items such as a holiday home can sometimes be added to an existing insurance package. Other times a separate holiday home policy must be purchased. Taking this policy together with the policy that covers one's home may afford one a discount. Taking contents coverage along with buildings coverage can also get one a bundled discount and more complete coverage. Often one can get separate policies for a holiday home, landlord properties, or vehicles all from the same company and many times these will be offered at a discount because more than one policy is being written through the same company. These are sometimes featured as bundled policies and it is often the most affordable way to insure multiple properties.
While your buildings insurance on your home will generally not cover a holiday home or car, there are still ways to get that important coverage in order to protect against large losses and cash payouts in the event of an emergency, disaster and many other types of losses. The best thing to do is to sit down with an insurance agent who can offer a package or bundle of various policies all for one discounted premium.