| Sabtu, 14 Februari 2009 |
| Annual Travel Insurance |
After you've bought single trip holiday insurance once too often, it can be tempting to turn to annual travel insurance instead. The benefits seem numerous - less cost, less hassle, and many optional extras - yet committing to an annual travel insurance policy isn't to be done lightly. You need to make sure it is the right policy for you, and that you can get it at a price that saves you money. These are a few of the questions that you should ask yourself before buying annual travel insurance...
Do You Need It?
Travel insurers are always trying to persuade people to shell out for annual travel insurance, and with good reason - it's usually the best deal. But it isn't for everyone. Be honest with yourself - it may not be possible to predict exactly how many holidays you are going to go on, but try and have a rough estimate in mind. Figure out approximately how much it will cost you to get single trip insurance for each of these holidays, and then do the math. If you are likely to make big savings on annual travel insurance, then it makes sense to buy it. If you are only going to manage one or two short holidays in the year, it might be worth buying insurance for each individual trip.
Of course, it is also worth remembering that annual travel insurance will cover you for numerous trips you might not bother getting insured for usually (weekend breaks and so on), and can offer you the peace of mind of constant year round cover. You may well consider it worth paying a little more for this privilege.
What Are the Extras On Offer?
...and are they actually of use? It's easy to be seduced by all the free extras that are packaged with many annual travel insurance policies, but it is important to be realistic - free golf insurance isn't any good to you if you've never set foot on a golf course! Look out for genuinely useful deals - free winter sports cover if you are a keen skier, free child cover if you often travel with your family, and so on. If a slightly more expensive travel insurance policy offers extras that are going to save you money in the long run, that may be the one to go for.
Have You Read the Small Print?
It goes without saying that shopping around is the best way to go with annual travel insurance, and comparing the best deals via online comparison sites is a great way to get an idea of what policies are out there. But before you choose the one with the lowest price, take a very careful look at its terms and conditions.
Different travel insurance policies will have different levels of cover. Look very carefully at the terms and conditions of key policy areas. Under what circumstances will the policy refund you if you cancel a holiday? What level of cover is offered for your money and personal possessions? How high is the level of medical cover? What sports and activities does it cover? How about legal fees?
If the price is right and the cover is good, it is well worth buying annual travel insurance - but make sure you get the deal that is right for you.Label: Difference Between Regular and Nominated Driver in Car Insurance Context
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posted by centerbiznews @ 16.37  |
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| Jumat, 13 Februari 2009 |
| Difference Between Regular and Nominated Driver in Car Insurance Context |
The Ombudsman for Short-Term Insurance says that consumers have a duty to disclose relevant information and any material changes in circumstance, to their insurers to avoid the possibility of having their claim repudiated or the policy cancelled.
Consumers must be aware of the difference between a "regular driver" and a "nominated driver" in terms of an insurance policy as there is a distinct difference. Most car insurance policies are underwritten on the basis of either of these descriptions and these concepts are used to assess the risk associated with the insurance of a particular vehicle and the premium to be charged. The identity and profile of the driver of a motor vehicle is obviously an important factor in determining both the risk and the premium.
Policies that are underwritten on a "regular driver" basis usually allow the insured to use their own discretion when allowing others to drive the vehicle. These drivers can be any person with a valid, non-endorsed driver's license. The regular driver would be the person who uses the vehicle most frequently and more than any other driver. The regular driver may not necessarily be the owner of the vehicle. The secondary driver may not be a person that drives the vehicle on a more regular basis than the "regular driver". It is vitally important that consumers correctly identify the regular driver on their policy in instances where more than one person will drive a motor vehicle, as failure to do so could result in the repudiation of a claim based on misrepresentation or non-disclosure and the policy can be declared void from inception.
A "nominated driver" policy, on the other hand, only gives cover to persons who are actually nominated and recorded as a nominated driver on the policy of insurance. Any person who is not nominated and recorded, as a nominated driver on the policy schedule will not be covered in the event of a claim.
The Ombudsman says that consumers should take heed of the fact that if a vehicle is incorrectly insured or incorrect information is furnished to an insurer concerning either a regular driver or a nominated driver; this can result in a policy being declared void from inception, or the insurer having no liability to compensate for any loss or damage.
If the "regular driver" changes or the place of residence changes this could affect the risk of the insurer and it is for this reason that they should be notified immediately such a change takes place. It stands to reason if you consider the difference between a parent, living in a small country town who is noted as the "regular driver" according to the policy, when in fact the car is driven on a daily basis by a young university student living in the centre of Cape Town. The risk exposure is substantially higher and the premium would be adjusted accordingly. If the insurer is not made aware of the change when it occurs and afforded the opportunity to re-assess the risk, then the insurance company can not be held liable in the event of a claim.
If consumers are in any doubt as to whether their motor vehicle is correctly insured or not, they should seek professional advice from a licensed broker, insurance advisor or attorney prior to taking out the policy. This will avoid many problems that could arise at a later stage.Label: Difference Between Regular and Nominated Driver in Car Insurance Context
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| posted by centerbiznews @ 00.44 |
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