Latest Insurance Articles

How older bikers can keep insurance premiums down

Sun, 15 Nov 2009 13:41:23 -0200

More older people are revving up their motorbikes to enjoy the economy and thrills of two wheel riding with born-again bikers now accounting for around a fifth of all motorcyclists. Often they're older people who have taken to the road on two wheels for the first time, or for the first time in decades.

The phenomenon has grown as those in their forties and fifties have found themselves with more money as their salary has improved or children have left home. It means many are finally able to afford the bike they dreamt about as a youngster, whether it's a Harley, Triumph or other classic. But could they also be paying over the odds for insurance cover by not comparing enough providers?

Young bikers are forced to pay a premium for insurance because of their inexperience and the risk of riding a bike. It's not just a perceived risk: government figures show that motorcyclists make up just one per cent of total road traffic, but account for around 19 per cent of all Great Britain's road user deaths.

But, let's face it, older people in general tend to be more careful riders and less likely to have an accident. Touring bikes are more popular than sports bikes with older people, for instance, so the riders are less likely to be speed freaks.

But with many mainstream insurers they are also penalised simply for being bikers, with little regard being paid to their experience and passion for biking.
The good news for experienced bikers is that this outdated attitude is beginning to change and insurers are creating special policies aimed at older riders, with Saga being the latest to do so.

Its motorcycle insurance was launched last month and is available exclusively to people aged 50 and over and protects against loss, theft or damage to motorcycles and includes 60 days EU cover for those planning a European biking tour. Born-again bikers can also pay extra for personal accident, legal expenses and helmet and leathers cover.

Finding specialist insurance rather than simply sticking with a well-known brand can yield great savings for bikers. Some big name insurers think motorbike insurance is too risky and steer clear of it. But there are a number of companies and brokers which focus on motorbike riders, including Bennetts, Hastings, eBike Insurance, Just Motor Cycle Insurance, MotorCycle Direct and AA Motorcycle amongst others.

The key though is to find the right policy at the right price, which doesn't mean always buying the cheapest.

Cutting the cost of cover doesn't just mean shopping for a bargain, but knowing what you need and finding the best value deal to suit your requirements.
If you can keep your bike locked away in a garage, for instance, that can considerably cut the cost of insurance. Theft is one of the biggest problems for bike owners - some 35,000 bikes are stolen each year and only 15 per cent are ever recovered.

If you don't have a garage, it may even be worth renting one. It'll keep your bike safer and reduce insurance premiums, which could make it well worthwhile. Other security will also help. Fit an insurance-approved lock and alarm, immobiliser or data tag identification and tracking system and tell your insurance provider about these.
Another good idea is to complete an approved advanced riding course. It'll cut cover costs but also improve your riding skills. Courses are run by organisations such as The Institute of Advance Motorists and the British Motorcycle Federation.

Other than that you can reduce insurance costs by agreeing a higher excess, or having more than one vehicle with the same insurance provider. Do several of these things and premiums should fall to a reasonable level, which will allow you to then enjoy your new-found or reacquainted freedom of the road.

Unemployed? What You Need to Know about Health Insurance

Thu, 29 Oct 2009 16:41:30 -0200

If you're unemployed, you don't necessarily have to go without health insurance. Individual, short-term, and COBRA coverage are all potential options for some unemployed people. Read on to find out what you need to know about each of these health insurance types...

SHORT-TERM: This kind of coverage is often one of the least expensive options for unemployed people, although individuals with existing illnesses or other major medical problems may not be able to obtain it. Short-term policies usually last for 6-12 months, but may be as long as three years. They can be desirable for unemployed people who expect to eventually find another employer that provides health coverage.

COBRA: This type of insurance is offered to some people after losing employment or other status that entitles them to coverage (such as when a child covered under a parent's employer-based policy becomes an adult). COBRA plans tend to be difficult for unemployed people to afford, but they do guarantee acceptance so pre-existing conditions don't prevent coverage.

INDIVIDUAL: This kind of medical insurance costs slightly more than an equivalent short-term policy, but makes it easier to remain insured for years to come. Some policies include access to a tax-free Health Savings Account (HSA). Individual coverage is desirable for unemployed people who expect to become self-employed or find a job that doesn't provide health coverage.

Although medical insurance remains too expensive for numerous unemployed people, it is worth looking at the different options available to know if it's possible to remain insured using funds from unemployment benefits or other sources of income.

Health Insurance for College Students

Tue, 27 Oct 2009 00:55:26 -0200

As August progresses, the summer draws to a close and schools open. And for parents sending someone off to college, there's the rush of buying comforters and dorm-room snacks, laptops and window fans. The car is loaded, the textbooks are bought, and kids are scheduled into school for the year. But before unloading that final car-load (indeed, before even setting off for school) parents should do some research about the university health care system that will be protecting their child in case of sickness or accident.

These days, there is no avoiding the health care crunch, and colleges and universities face the same struggles to find affordable health insurance that all of us face. As a result, university health care isn't all that it is cracked up to be; parents may remember their own days on campus and the care provided by a university health system. While certainly health-care providers on campus try hard, the demand is great and often exceeds available resources.

The biggest mistake a parent can make in sending a child off to school is to expect the university to completely cover all of a student's needs. This begs the question: what extras are needed to ensure full coverage for a college student?

A few things to keep in mind, for every parent:
• Don't wait till a child is sick to find out that they aren't covered. As your student leaves for school, investigate the coverage they will get with their university enrollment.
• Student health insurance coverage may be mandatory, but that doesn't mean it is comprehensive. What does this mean? While parents are likely assessed an often minimal fee for a semester's health care (typically $200-500) that coverage may not be all a student needs. For example, some plans max out at $5000 of coverage.
• School health centers can provide great "basic" health coverage, but for hospitalization, serious disease, or even an unfortunate accident—they are not able to cover your student's bills even though the payments you've made may have convinced you otherwise.

A solution to make up the shortfall, for the unfortunate situation of an accident or serious illness, is to carry a high-deductible (thus, more affordable) plan, in addition to the university's policy. Parents may be able to get an individual, high-deductible plan for their child (covering hospitalization or extreme illness, but not day-to-day health care—which can be adequately provided by an on-campus health center). Many parents are also able to carry a child) on a family health insurance policy until he/she is 25. Parents should investigate their own plans.

While asking questions, it's a good idea to be informed about the coverage of that university plan. Parents should ask if the plan covers health care when a child is home on break from school and what the penalties are for being out of state (if they are attending an out of state school). Parents should determine in-network vs. out-of-network fees, prescription fees, and the like. And one simple step: parents should encourage students to visit the doctor and refill any prescriptions prior to leaving school on summer break!

For information on health insurance options in Florida, and to compare quotes from leading companies, visit http://echealthinsurance.com.

Health Insurance Options for Non-Full-Time Workers

Tue, 27 Oct 2009 00:21:28 -0200

One of the new realities of this economy—rumored to be back on track but with unemployment rates higher than they have been for some time—is that many workers are taking on some freelance work (or seasonal employment) as they wait for the right full-time position. Especially in Florida, seasonal employment provides a paycheck and often some diverse experience that can be very interesting. Job coaches warn against taking beneath the levels of experience a worker has attained, but the reality is that there are bills to pay. Sometimes, a job completely "off track"—such as bartending or any hospitality work, childcare, creative work—can pay the bills and distract one from a constant job hunt. However, one thing that both freelance or seasonal options often do not provide is an option for health insurance.

Freelance employees, or seasonal workers, who reason that their situation is short term, may think that because a full-time job is on the horizon there is no need to investigate health care options.

This is a mistake. Even the healthiest amongst us can have an accident at any time and those facing hospital bills without any health insurance can find the results catastrophic; indeed, mounting health care costs, for even a short hospital stay, can quickly and decisively wipe out a bank account of hard-earned freelance money.

There are some solutions out there. In New York, for instance, an enterprising long-term freelance worker started a "Freelancers Union" with benefits including health insurance, retirement savings plans, and dental/vision coverage; the concept has since spread to other states and there are options to take part in group coverage, for those who are a long-term freelancer, part-time or freelancing "for now". Those who take advantage of such plans have the benefit of more reasonably priced insurance and often find that such an option gives them more flexibility; they need not jump on the first job offer than comes along, merely to secure health insurance. For someone accustomed to a freelance lifestyle and being their own boss, this can be a valuable resource.

Furthermore, short-term policies are available for those confident in finding a full-time job fairly quickly, or for those expecting a change of life (i.e., getting married and securing health insurance through a spouse). This is, as well, a great option for seasonal employees, who may be in Florida only through the winter season and who then plan to migrate north for the summer. Instead of bearing the risk associated with no health insurance, those who partake in "seasonal policies" are able to have the piece of mind of full coverage.

Important to consider in such plans: those who have a history of good health may save some money by choosing plans with higher deductibles and lower monthly premiums. It is important to set aside, in an account that remains untouched, the amount to cover that higher deductible health insurance in the case of an emergency, but such an option can have a dramatic savings in creating a policy.

Also, those who choose such plans should make a list of their doctors or inquire what networks their regular doctors participate in. The savings for staying in network can be dramatic, and in researching plans it is important to inquire about the options and costs for doctors "in-plan"—as well as prescription coverage, hospital visits, and even extras such as vision and dental.

In short, as the economy evolves, the options for both short term and seasonal workers will also continue to evolve. To compare policies side-by-side, workers should visit sites that offer competition between some of the largest providers (not just one company's site)—for instance, visit http://echealthinsurance.com. By looking for plans that cover shorter-term situations, workers can be covered, reasonably—which saves money for everyone in the long-term.