Common Driving Insurance Terms Explained

Let’s face it, insurance is a dirty word and one that strikes fear and trepidation into the hearts of many young drivers and their parents purely and simply because of two main facts:1. You HAVE to have insurance to drive. Without it you are committing a crime and if caught (and remember the police can access to most information about most cars and whether they are taxed or not with just a quick check) you’ll not only face a fine of around £200, but will lose that hard earned licence.2. Insurance is EXPENSIVE. Especially if you are male. Females statistically have a safer driving record, so for now the insurance is cheaper. However, in December 2012, after rulings on sex discrimination from the European Courts insurance companies won’t be able to charge different rates based on gender. So insurance for the girls will definitely go up – but the question is, will it come down for the boys?If you are learning to drive thinking about how to find the best insurance is probably the last thing you want to think about. But you should – if only to start saving up! It should also influence the type of car you are dreaming about owning.For a first time driver understanding the terms insurance companies use can be confusing. This is a useful glossary of insurance terms that will help you think about the insurance that you will need for your first car.Insurance Groups
Insurance groups range from 1 – 50. The lower the group, the lower the insurance. The higher the group, the most your insurance will cost. There is a good online guide at Parkers which will show you what cars are in what group, and where you can check the group of the car that you have set your eye on.Insurance Premium
This is the amount you will pay for your insurance. You can normally pay the insurance either as one lump sum per year, or in monthly instalments. Although paying monthly may be more affordable for your budget, it will cost you more over the year.Comprehensive Insurance
Although you should read the small writing of the terms of your insurance very thoroughly, in general Comprehensive Insurance covers both the car you are driving and any vehicle, property or person who you damage. Comprehensive insurance is usually more expensive, although some insurance companies only offer this option. If you are hit by an uninsured driver then your insurance will cover the repairs to your vehicle.Third Party, Fire and Theft
Third Party is the basic insurance – the car you are driving is not covered, but anything you hit is. Fire and theft is often included, which means you are covered if your car catches fire or is stolen. You must have third party insurance as the very minimum.Claim
If you have or cause an accident and your insurance company is involved in paying for the damage to be repaired, or in any legal action, then you will have made a Claim. Sometimes if you have caused only minor damage to your car, or to someone else’s car. If someone, for example, bumps into your car and a light is broken, they will probably offer to pay for the damage to be repaired without going through an insurance company to avoid making a claim which will affect their No Claims Bonus. If the damage is more extensive this cannot be avoided.No Claims Bonus (NCB)
As a new driver you will not have any no claims bonus. You get this for each year that you drive without having to make a claim on your insurance. You should aim to make no claims at all, and hence build up your bonus to the maximum amount. This can be something like 70% off your premium after 7 years of claim free driving so building up your bonus will be worth a lot of money. If you make a claim you will lose all, or some of your NCB depending on how many years you have built up.Protected NCB
When you have built up a lot of no claims bonus you can pay a little extra each year which will mean you can make one or two claims (depending on the insurance company) without affecting your no claims bonus. Although the NCB won’t be affected, you will find your insurance goes up the following year as a result of you having had an accident. So it’s worth looking into exactly how much this extra protection will cost to decide if it’s worth having. In your early years of driving it’s probably not worth it.Named Driver
If the insurance is in your name you will be the Named Driver. No one else will be able to drive your car unless you add them as named drivers, and declare their driving history, and their ages and driving experience. Having older people, such as your parents as named drivers on your policy can reduce your insurance premium.You could be a named driver on your parent’s car if they drive a car that’s in a low insurance group, however you should check very carefully to make sure that their insurance will allow you to build up no claims bonus in your own right.It is illegal for your parents insure the car that you are the main or only driver of in order to lower the insurance premium. In this case you may find that in the case of you having to make a claim the insurance company will not pay out, and you might be sued for many thousands of pounds, as well as possible facing penalty points for effectively driving without insurance.Some insurance policies, mainly for older and more experienced drivers, allow them to drive your car under their own insurance without having to be named on your policy. It is your responsibility for making sure anyone who you let drive your car is properly insured to drive it, so make sure that they have checked their insurance documentation, and ask to see a copy if you, or they, are in any doubt as to whether they are insured.Smartbox, Coverbox etc.
Most accidents happen to new drivers in the age range 17 to 24, hence the high insurance premiums. Some insurance companies have come up with an idea to help new drivers be safe on the road, as well as giving them lower insurance premiums. The insurance company will pay for a box to be installed in your car out of sight. The box usually has various features which may include a GPS and gyroscope, and will measure things such as how well you keep to speed limits, how smoothly you accelerate, brake and take corners, and what time of day you drive (between 11pm and 6am are considered the most dangerous). There usually is an online dashboard to show how well you are driving, and sometimes a reduction in premium if you drive well!The last thing a teenager wants to do once they’ve passed their test and have shown their instructor the door of the car is to be constantly monitored on how well they are driving. But parents will appreciate that anything that makes a new driver more careful on the road is well worth having. And really, unless you are going mad and behaving dangerously on the roads, the smart box won’t have to affect your driving at all!Pass Plus
Another way of reducing your insurance premium is to take Pass Plus – a lot of companies will not only offer you a reduction now, but in every following year when you renew your insurance.Do I need to carry my insurance documents with me all the time?
Although it may be convenient to keep your documents in your car, if your car is stolen, so are your insurance details. It is useful to keep a note of your insurance company and policy number in your glove box.If the police ask you for your insurance and licence and you do not have them with you, you will be asked to produce these at a police station within seven days. Be sure you do – if you don’t produce them on time the police may proceed to prosecute you.So what do you do if you have accident?
Accidents happen – in bad weather you might hit a patch of ice; a car may come out of a turning without looking. You may swerve to avoid a dog or cat. However good a driver you are it is possible that an accident will happen to you. Never drive without insurance, as you can never know when you’re going to need to claim, or be claimed against!Your insurance company will give you advice as to what to do if you have an accident – make sure you read and understand this part of your policy, although you will hope this doesn’t happen. Most insurance companies tell you NOT to admit that you were at fault.If you have an accident which involves another person you will need to exchange insurance details with them. If you don’t (or the other person doesn’t) have these with you you should exchange names, addresses and telephone numbers. Make sure you write down the number plate of any other cars involved – especially if the accident wasn’t your fault – and also get the names, addresses, registration plate details and telephone numbers of any witnesses.

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Group Health Insurance Plan For Your Business

What is the cover offered on group health Insurance policy?Group health Insurance plans can be defined as an insurance coverage through an employer or other entity that covers all individuals in the group.Group health insurance is something that everyone wishes they had since groups get better rates than individuals when it comes to health care (insurance in general). Many people who are self employed or want the best rates incorporate to give the insurance company the look of a larger corporation and they try to obtain cheaper health insurance rates. Group insurance is discounted when compared to individual health insurance so getting on a group plan is a plus. Keep in mind that group insurance is just part of the equation. Deductibles, co pays, and other variables go into the rate you get, so individual health insurance or family health insurance may be just as affordable in the long run.A group health Insurance policy is an Insurance cover which is arranged by an employer for his employees. This type of Insurance cover enables the employer to pay only part of the premium for the Insurance policy covering his employees.Essentially Group health Insurance plan is an Insurance policy applied for by the employer to cover his employee’s medical expenses. Formerly an employer was expected to 100% employee benefits but now an employer only has to contribute just a part of the employee’s insurance premium.With the new law passed by Congress, the employee’s net expenses for the group health insurance policy have been greatly reduced.How can businesses benefit from this policy?It is a well known truth that group health insurance plans are greatly valued by employees, most employees even place group health insurance policy second after monetary compensation. Organizations who have in place such policies have confirmed that group health insurance policies have enabled them employ and retain the best hands in their business. Employers are not left out from enjoying the benefits of group health insurance plans; most employers have not yet purchased health for themselves. They stand to get a better and cheaper insurance plan if they purchase Insurance via a company than if they were to purchase an individual health insurance policy.A group medical insurance policy offers an additional special bonanza in the form of tax incentives for the employer and employees. For instance, as an employer you stand in a position to reduce your payroll taxes, but providing your employees with group health Insurance as part of a whole payment compensation package, thereby deducting 100% of the premium that you would have had to pay on a qualifying group health insurance plan. Also your employees would be able to pay their part of their monthly premium using pre-tax funds.Although an employer is required to pay some percentage of an employee’s individual premium, which ranges from 25% to 50%, depending on the state’s laws and the insurance company. Also, if the employee wants to extend coverage to a spouse or dependent, the employer may choose to pay a percentage of that cost, but is not required to do so. Without ant question group health insurance is the most affordable health insurance available today, so if as an employee you’re given that option, you should really consider it, Often, spouses and children can be included under such a plan.What are the factors you need to watch for a good group health insurance policy?Employers may choose to offer free-service insurance plans, preferred service supplier or a health maintenance plan. Available on the Internet are group health insurance instant quotes, most health insurance organizations also provide group health insurance quotes via their network of agents in addition of making it available for visitors to their offices.One of the factors an organization need to watch out for in a group health insurance policy is the bottom line. It is no more or less than simply this: group health insurance is less expensive than a couple of individual policies. This is the truth. But, it still is not cheap, in fact no health care program in America is.Employers may use the guidelines below to select a health insurance plan that meets your needs:Study the websites and brochures of the health insurance companies you have short listed to engage.Make a comparison of their services, costs and what they pay. Find out if there are services or illnesses that are excluded from the policy.Take notes of the starting and ending dates of the insurance policy.Check to confirm when the cover starts as some health insurance companies only cover you from your third payment.Stay away from policies that limit your choice as to whether you can choose a period to stay with them.And finally stay away from any group health insurance policy that only covers limited diseases.Employers are encouraged to choose Group health insurance plans that suits their needs, whether it is the preferred service supplier, traditional insurance cover or the health maintenance plan.