Interesting articles about insurance
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Travel Insurance will give you peace of mind

Have a look at these Interesting Travel Insurance Statistics

Travel Insurance is always a good idea as it makes it easier to receive health care in a foreign country, or to get your lost belongings replaced or even get you home should your travel plans be changed.

The Value of Travel Insurance is realized by more travelers

The latest figures available show that almost $2 billion worth of travel insurance products were purchased in 2010. Of the Insurance products purchased , 94 % are related to travel interruptions. Medical coverage and evacuation coverage was also popular.

Where is Travel Insurance bought?

Most people still buy their insurance from a traditional broker, but Internet purchases are increasing rapidly and made up almost one third of sales made in 2010. The Internet allows you to compare multiple quotes and therefore Insurance rates are possibly cheaper for policies bought online versus just speaking to one agent and have only one option available.

Safety and Health Cover make Travel Insurance a necessity to have

To be medically evacuated from a foreign country could cost up to $100,000 and even more. If you should end up in a country that is experiencing a disease epidemic it can be expensive as well as cut your trip short. Your existing insurance may not cover all your medical bills that you added up while on holiday. Costs for airline tickets, hotels and other accommodation may not be non-refundable. If that is the case, a good travel insurance policy is inevitable. This is the reason why 64 percent of travelers considered their health and safety cover as most important when deciding where to travel.

Why purchase Travel Insurance?

To buy Travel Insurance is wise if you are traveling a long distance for a business trip or just for a holiday. It is always comforting to know that you are taken care of financially, should something happen. You most certainly do not want to be stranded in a strange city without your luggage or suffering from a medical condition. If you are planning a trip, be sure to have your cover before you leave.


car insurance cars

Did you know these facts about Car Insurance?

Regarding your Car Insurance policy and the factors that affect your premiums, a few things you might not realize:

  • Personal items lost due to vehicle theft are not covered by your car insurance policy.  If you regularly have expensive items in your vehicle such as laptops and a GPS device, you should make provision to cover those expensive items. Keep photographs of those items.
  • Auto Insurance is tax deductible for business use.
  • If you purchase a low-risk vehicle, based on the cost of the vehicle, plus safety and theft data or a low-profile vehicle which is less likely to be stolen, your auto insurance rates will be lower.
  • Occupation affects your auto insurance rates.  Engineers get discounted rates and Teachers can also request occupational discount.
  • If you switch Insurance providers, cancel your old policy, or else your credit report will reflect cancellation due to non-payment.
  • Make sure your vehicle information on your Car Insurance is correct as little mistakes can make a big difference in your premium!
  • Affiliation with AA and other professional organizations will lower your premiums.
  • Your insurer may be liable to pay the insurance as well as sales tax or value added tax on your replacement car, if your previous vehicle was written off. Put in a request, as your policy requires that you be put in the same position you were before the accident, at no cost to you.
  • The colour of your car does not affect your payments.


Classic Car Insurance is a bit more expensive

Classic Car Insurance is a bit more expensive

For your vehicle to qualify for classic car insurance, it needs to fall in these categories:

  • Veterans – cars built on or before December 1904
  • Edwardian – cars built between January 1905 and December 1918
  • Limited editions

Not only the age of the car counts, but also the age, experience and driving history of the driver.

Your classic car must be stored in a highly secure garage.

Even if your car is a rare vehicle, it will not qualify for classic auto insurance coverage if you use it every day.




Not-so-common Insurance Categories

Most of us are familiar with the basic Insurance categories such as Life Insurance, Vehicle Insurance, Home Insurance and Health Insurance. However the following Insurance categories are comparatively unknown:

Crime Insurance

It is cover against criminal acts such as robbery, burglary and other forms of theft and also called “fidelity insurance”. Crime Insurance will allow a business to claim for employee theft and crimes which could cause financial wreck.

Commercial crime insurance covers money, securities and other property against:

1. Employee Theft

2. Forgery or Alteration

3. Inside the Premises – theft of money and securities, robbery or Safe burglary of other property

4. Computer Fraud

5. Funds Transfer Fraud

6. Money Orders and Counterfeit money

Terrorism Insurance

This covers property owners against potential losses and accountability that might occur due to terrorist activities.

It is a difficult product for insurance companies, as prediction of terrorist attacks are very difficult and the potential liability enormous. Therefore setting of premiums is difficult. The September 11, 2001 attacks resulted in an estimated $31.7 billion loss. Most insurance companies now exclude terrorism from property insurance.

Satellite Insurance

This is a specialized section of aviation insurance provided directly by about 20 insurers worldwide, since 2000.

It covers:

• Re-launching the satellite if a launch fails

• Replacing the satellite if it is destroyed, positioned in an improper orbit, or fails in orbit

• Liability for damage caused to third parties, by the satellite or the launch vehicle.

Interest Rate Insurance

This protects against increasing interest rates on a variable rate mortgage or loan as an alternative to re-mortgage onto a fixed rate.

Since there are no valuation fees, bank and legal charges, interest rate insurance can be cheaper than a re-mortgage. It protects from rising interest rates but if interest rates fall, the policyholder will get the benefit.

Kidnap and Ransom Insurance

It is designed to protect individuals and corporations in high-risk areas which include Mexico, Venezuela, Haiti, and Nigeria, certain other countries in Latin America, some parts of the Russian Federation, Eastern Europe and Central Asia, particularly Afghanistan and Iraq.

Often those who have this insurance are not aware, as it could be provided by an employer to protect the company’s assets.