Car Insurance FAQs

 

In this article I will answer som of the most common questions about car insurances.

  • Is it possible for me to insure a tailored or classic car? Who is going to provide insurance cover?

Yes, it is possible for you to insure a tailored car; however, as your car is a specialist one, not all auto insurance firms may want to offer coverage for it as it needs expensive replacement parts and skilled labor also, in case the car has an accident.

  • Can a tailored or classic car be modified?

It also needs skilled labor in the event that the car has an accident. Additionally, you need to obtain a special car insurance which is formulated particularly for tailored and classic cars.

  • How do I reduce the insurance premium of my car?

In case you want to reduce the insurance premium of your car, you need to handle a number of elements. Park your vehicle in the garage overnight, instead of letting it remain on the drive

Fix anti-theft devices that are accepted by insurance; for older vehicles, think of Third Party Fire and Theft. Get to know discounts provided by the insurance provider when asking for quotes.

Youthful drivers below 25 who are normally charged very high premiums need to have an additional driving course certificate.

  •  What Does Excess Mean?

This is the quantity you require to pay when you lodge a claim for loss or destruction to your vehicle. It is either compulsory or voluntary. In case another person is to blame for the accident, you might manage to recover the excess via legal cover. Your vehicle insurance policy can be used to get this cover.

If not, you will lose the excess. The sum you agree to submit to the firm is known as voluntary excess. It provides premium discounts. Normally, compulsory excess is imposed to youthful drivers.

As they have increased risk factors and the firms are not willing to insure them, to facilitate insurance they need to submit this payment.

  • What does legal cover entail?

It offers skill and help needed to recover uninsured losses like medical expenses, loss of earnings and extra payments if you were not responsible for this. It is accessible as an optional with majority of vehicle insurance policies.

  • Can my auto policy be cancelled by an insurance firm?

Yes, if you do not pay the premium or suspension or revocation of your consumer’s license occurs during an auto policy’s term, your auto insurance policy can be cancelled.

Also, if fraud or grave misrepresentation occurs when finalizing the insurance application, if you are accused of a crime or if alterations are carried out to the property which raises the risk of loss, your insurance policy may be cancelled by the firm.

You can find more information on these sites:

Axa

Insurance Terms and definitions

Non-english sites:

Bilforsikring

Versicherung

 

Kidnap and ransom insurance

kidnap insuranceOne of the more special insurances are kidnap and ransom insurance, also called K&R insurance. Have you ever thought about how ransoms of up to millions of dollars are paid? Read on about this rather unknown insurance.

Kidnap and ransom insurance is a type of travel insurance that serves as a protection for corporations against unexpected financial losses resulting from kidnapping, extortion and ransom demands of their employees. Although this policy is also offered to high profile individuals, tourists and their family members, most companies who are operating on kidnap prone areas purchase this type of insurance for their employees who represent their behalf. Kidnap and ransom insurance is not a popular policy in the previous years but recently, there were a lot of kidnapping incidents around the world thus, kidnap and ransom insurance is made available.

What is the purpose of kidnap and ransom insurance?

A kidnap and ransom insurance is a highly specialized travel insurance that focuses on providing assistance and funds to insured victims, in order to navigate the problem and meet the kidnapper’s demand. Individuals who have this kind of policy should not let anyone know, including their family members who are covered as well. Kidnappers are keen to individuals with such policies as they can easily arrange a kidnapping incident in a short span of time. Therefore, it is advised to keep mum on having this kind of insurance to ensure safety and make the policy readily available in case kidnapping takes place.

Nevertheless, most kidnap and ransom insurance policies have other coverages for financial loss protection. This includes a commercial liability coverage which covers the worker’s compensation, political risks like embargo and confiscation, auto liability, as well as medical related expenses.

Who needs a kidnap and ransom insurance?

The kidnap and ransom insurance is not an affordable policy to start with. The amount of coverage that most insurance companies provide is huge, considering the varied demands of kidnapers and the needs of the victim after the incident. This is why, kidnap and ransom insurance should be obtained by employers who have employees travelling frequently from the different areas of the world, especially on places where kidnapping is common. Employees who are covered by a kidnap and ransom insurance often also participate in a HEAT course before being deployed and may have guards or other kind of protections.

High profile executives or even those regular employees who are assigned on high risk areas should be covered by the kidnap and ransom insurance. Foreign workers who are mostly at risk for theft, robbery and forgery of overseas corporate assets should have their own policy as well. Having a kidnap and ransom insurance policy is the best way for corporations to protect their companies from financial losses due to extortion and kidnapping.

How much does it cost to have a kidnap and ransom insurance?

The cost for a kidnap and ransom insurance varies on several factors like the number of employees, countries of destination and chosen benefits or coverage. Every company who sends a high profile employee abroad should consider this kind of insurance in order to protect their selves financially and ensure that their assets are preserved even if a kidnapping incident took place. It is also important to understand the insurance policy in the first place because some companies do not compensate or cover kidnap and ransom incidences unless proven true and reliable.