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5 Sneaky Ideas For Cutting Car Insurance Costs

September 4th, 2021 Posted in Money Tips, motoring
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Car insurance is one of those things you hate to pay but can’t avoid. You need to have car insurance to drive your car on the road, but it can be painfully expensive. Certain factors influence the costs that can’t be changed by you at all. For instance, your age and gender will play a huge role in how costly your premiums are. Younger drivers tend to have higher premiums because they present larger risks, as do men. 

Having said that, there are plenty of other factors that can be influenced by you. Here are some sneaky ideas for cutting car insurance costs:

5 Sneaky Ideas For Cutting Car Insurance Costs - couple driving an old car
Photo by Rachel Claire from Pexels

Become a more cautious driver

Does this mean you have to drive everywhere at a snail’s pace? No, it means you start driving with a bit more caution and sense. Avoid speeding all the time, don’t get distracted while you drive, and certainly, never drive while under the influence. Cautious drivers have cheaper insurance premiums because, guess what, they get into fewer car accidents. Car insurance providers see this squeaky clean record, recognize the driver is not a risk, and provide a cheaper premium. 

Avoid making insurance claims

Speaking of insurance providers and car accidents, the number of claims you make will impact your premium. Claiming compensation will mean your premium increases. This is simply because car insurance providers don’t actually want to provide you with compensation. It’s money out of their pocket, so they’d rather not give it to you. To compensate for this, they will charge a higher premium for people that keep on making claims. In their mind, if they have to keep forking out cash, so should you!

Furthermore, insurance providers often give people a no claims bonus. Effectively, for every year you’re with the provider and don’t make a claim, you get a bonus, lowering the cost of your premium. So, what should you do if you get into an accident? Instead of claiming through your insurance, it is better to find compassionate car accident attorneys that can handle things for you. By making a legal case, they can help you get compensation while protecting your no claims bonus!

Drive less

The more you drive, the more expensive your car insurance will be. Yes, this sounds ridiculous, and it’s another insight into the crazy psyche of the insurance provider. In their heads, people who spend more time driving will have more opportunities to be involved in accidents. It kind of makes sense, but it’s yet another reminder that car insurance providers really aren’t your friends. 

So, if you drive less, you present yourself as a lower-risk driver. Therefore, insurance providers will give you a lower premium. The more miles you have on your clock every year, the more your premium will increase. If you work on decreasing these miles, the opposite will happen. 

5 Sneaky Ideas For Cutting Car Insurance Costs - blue Smart car image
Photo by Mike from Pexels

Change your car

Some cars are much cheaper to insure than others. This is down to a series of factors, such as how expensive the cars are to repair or replace. Sports cars are also very expensive to insure because they’re really fast and therefore more dangerous. The larger the engine, the more costly the vehicle tends to be to insure. 

On the other hand, smaller cars with less powerful engines are the cheapest cars to insure. This is because it doesn’t cost too much to repair or replace the parts, and they are generally lower-risk vehicles. 

Add another driver to your policy

This one is for the younger people out there who have just passed their test and started driving. You’re probably comparing insurance quotes and wondering how on earth you can afford anything. As a young and new driver, your premium will be expensive. 

To counter this, you can add another named driver to your policy if they are going to use the car as well. A more experienced driver will be able to lower your policy as the insurer goes oh, okay, there’s someone responsible driving this car as well. You can only do this if the other person is going to drive the car as well as you. It is a form of fraud to name someone else on your insurance policy if they aren’t driving your car. 

To sum it all up; drive sensibly, avoid making insurance claims, spend less time driving, choose a more suitable car to insure, and add another driver to your policy. Do all of these things, plus the obvious tip of comparing quotes from different providers, and you will cut car insurance costs. 

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How Do You Know If You’re Entitled To Compensation?

July 22nd, 2021 Posted in Money Tips
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It’s not uncommon for half-hearted fliers and spam emails to promise you the world in terms of the vague compensation you might be owed. This means that many people can tune out when told that they might be able to acquire compensation from a wrong they had experienced, or if managed outside of the realms of a binding contract.

But what if you actually are entitled to legal compensation following a wrongful dismissal, or when experiencing a minor car accident that wasn’t your fault? How do you know just how much money you need to claim for, how your insurance might work, or when you haven’t been given the service you were promised?

It’s a good idea to do that research, if only to make sure you don’t have to pursue this possibility any longer. But it may also be that with a little diligence, you realize that actually, yes, you do have a competent claim here.

But how do you get to that point? Let’s explore this topic, together:

How Do You Know If You're Entitled To Compensation? - person holding a fan of hundred dollar bills image
Photo by Alexander Mils from Pexels

Pore Through Your Contracts

It’s a good idea to pore through your contract if you think that an agreement has been breached. You might find, for example, that your landlord is supposed to give you a month (or perhaps even longer) to move out should they wish to renovate the space and rent it for more money. Yet thanks to poring through your contact, you realize the time allocation they gave you was more like ten days. That’s not acceptable. 

From reading through your contract, you may also realize that your landlord was supposed to put your apartment deposit into a protection scheme. Of course, they may have neglected this duty, too. Reading through those terms is how you might come to realize that your current landlord could owe you three times the cost of that deposit in damage. Make sure you’re always reading through everything you sign – it not only protects the person you do business with, but you’re also featured in that content, and some of the legalese is there to protect you, as well.

Collect Evidence

The moment you think that your rights or contractual freedoms are being infringed upon, it’s important to collect evidence immediately. This doesn’t mean you have to install spy ware in every room around you, and it doesn’t mean you have to start spreading office rumors or trying to catch someone in the act.

It does mean, however, slowly collecting everything that could be related to your case. Perhaps your boss is becoming a little too familiar in the emails he sends you. Perhaps you believe that you’re being mistreated at work, and wish to record this kind of questionable treatment. If you believe yourself in danger, seek immediate assistance, and quick referral to legal help could be justified. The quickest approach you can take in addition to that is to curate evidence. This can also help you ensure your suspicions are actually justified, and if not, you can refer to a proper authority to help you understand that.

Contact Professional Aid

It’s important to lay out your case thoroughly in front of a legal professional, who can then decide if your case is worth taking or not. But don’t worry, pro car accident attorneys are extremely adept at helping you feel calm, asking questions that help you reveal more of the story than the documents may show, and if they decide to take you on, they’ll be positively supportive in helping you acquire evidence.

Contacting professional aid can not only help you understand the right process of where to go now and how to put forth a claim that’s important to you, but this will also give you the peace of mind knowing that you’re not the only person considering what compensation you’re owed. Having experienced legal help in your corner can be the first bit of reassurance you may have had in a long while, particularly if they agree you should be entitled to compensation.

Read Through The Necessary Law

While legal help is profound in aiding you, some people wish to know if their compensation pursuits aren’t frivolous and what to do about them. Reading through the necessary laws, such as understanding what employment law might say about being let go in the manner you were, can help you understand with a little more nuance just where you stand in this tale.

With this advice, we hope you can more easily identify just how entitled to compensation you could be.

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How To Save Money As A Driver

February 25th, 2021 Posted in Money Tips
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Owning a vehicle of any kind, such as a car or a motorcycle, is a costly thing to do. You need to factor in costs for fuel, for insurance, for maintenance, for taxes, for parking, and sometimes for storage too. Yet for many people, it would be impossible to carry out their daily tasks – including heading to work – without a vehicle. The good news is it’s possible to save money when you’re a driver by implementing a few changes and paying attention to what you need to do. Read on to find out more.

How To Save Money As A Driver - car maintenance image
Image by Ryan McGuire from Pixabay

Maintenance 

One of the biggest costs associated with owning a vehicle is maintenance. Having your car or motorcycle tuned up at least once a year will ensure that it runs more smoothly and lasts longer, so it’s a good idea to have it done (and it might be a contractual requirement of your insurers or the company you are leasing or buying the vehicle from, so you must check this out). 

The problem is that paying out for this work to be done once a year and sometimes more depending on how many miles you drive is expensive, and when there is nothing wrong with your vehicle, it can seem like a waste even if you know that it’s potentially preventing a bigger problem in the future. 

To keep costs down when it comes to the basic maintenance of your vehicle, you can do it yourself. Even if you’ve never looked under the hood of a car and you don’t understand the workings of a motorcycle’s engine, you can learn what you need to know. You can also purchase any equipment or parts like BMW engine parts online, ensuring that you always have what you need. Of course, major repairs and more complicated jobs should be done by an expert, but the smaller stuff can be done at home for a fraction of the cost. 

Change Insurers

Another big cost for vehicle owners is insurance. It’s a legal requirement so you can’t go without (if you do you risk fines or even disqualification from driving), but it can cost a lot of money each year, even if you pay it monthly. The more claims you have made, your age, and even where you live can all have a bearing on the cost of your insurance, but did you also know that the cost is not set? In other words, you can shop around for a better deal when you need to renew your policy. 

If you choose to do this, you may well find that a different insurer will sell you a policy for much less than you’re paying right now. Remember, though, that you’ll need to ensure the level of cover is the same if you want a really good deal. 

Change Your Tires 

You might not realize it, but your tires might be costing you money. If you have uneconomical tires on your vehicle, your fuel consumption will be higher, and, simply put, that means you’ll be topping up the tank much more often. Switching your tires to more economical ones means that you’ll save a lot of money on fuel over the year compared to not changing the tires.

You might be put off from doing this because the tires you need to change to are more expensive, but the fuel savings should offset this issue, and since the tires should last for several years, will make you money in the end. 

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5 Smart Financial Practices That Can Improve Your Business

January 26th, 2021 Posted in Uncategorized
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One crucial thing to observe in managing your company is good financial practices. These can keep your business in healthy financial standing as every penny carefully invested adds to your net worth. Effective financial management involves planning, organizing, and controlling your assets. Economically running your business is even much more critical in this season of the coronavirus crisis, which has seen massive closures across several industries. Here are five smart financial practices that can improve your business.

5 Smart Financial Practices That Can Improve Your Business - calculator and finances image
Image by Steve Buissinne from Pixabay
  1. Know your day-to-day costs

The fact is that even the most lucrative business brands still face difficulties when they don’t have enough capital to cover their expenses, such as wages and rent. However, it is easier to run a business judiciously when you know your spending limits. Therefore, track your day-to-day costs for a reasonable amount of time and budget accordingly. 

  1. Get insurance for your business

Knowing that uncertainties abide in business, you may need to get insurance cover for your company. Most businesses sign up for insurance schemes because they cover the cost related to property damage and liability claims. And indeed, if you don’t have insurance, you may have to pay out-of-pocket for expensive damages and legal claims that are made against your brand. Insurance can save you time, money and protect your business. Even business owners like plumbers often have to get insurance due to the nature of their work. For example, a customer can claim compensation from a plumber if they cause water damage to a property. Do you need a plumber’s insurance? You can get a quote here and discover the many benefits.

  1. Ensure that customers pay you on time

Companies may run into major financial problems due to late payments from customers. To minimize the risk of non-payment or late payments, you need to clearly state your credit terms and conditions from the beginning. Issue your invoices on time and encourage your debtors to pay you accordingly. You can also look at how to use computerized credit management systems to monitor your customers’ accounts. 

  1. Boost efficiency and control your overheads

How efficient is your business? Boosting your productivity is one way to improve your financial wealth. You can further save money and energy by adopting changes in your business culture. Properly maintain your existing equipment and control your overheads. That’s a straightforward strategy to lower costs and effectively manage your finances. Areas to optimize your energy may include your heating and cooling systems, lighting, and office equipment.

  1. Spend conservatively

It can be tempting for founders to start spending haphazardly as soon as their business begins to earn them a little money. Unfortunately, this kind of behavior is counterproductive as it often leads a business to file for bankruptcy. You should rather try to spend less and save more. Hunt for discounts and find ways to minimize your large expenses. For instance, some utility companies provide rebates for business organizations that invest in energy-efficient equipment. Be smart with money, spend conservatively, and you will be rewarded greatly.

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Planning For Your Retirement: Steps To Take Now To Benefit Later

June 15th, 2020 Posted in Investment, Money Tips
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If you’ve got 20, 30 or 40 years of your working life left, you might not think that you need to start planning for your retirement yet, but getting started early is hugely beneficial. If you’re looking to lay down foundations, here are some steps you can take now.

Planning For Your Retirement: Steps To Take Now To Benefit Later - growing money against the clock image
Pixabay

Investigate pensions and employee benefits

If you’re employed, you may already be paying into a pension pot, which your employer is also contributing to. If this is the case, make sure you understand the terms of the agreement and you know how much you’re putting into your pension each month. Read the terms and conditions and consider increasing your contribution if you tend to have money left over at the end of the month. If you’re self-employed, it’s important to investigate the options open to you and to find a pension that works for you. If you’ve been paying into a private pension, read the small print carefully and make sure you haven’t been mis-sold a pension. SIPP claims are increasingly commonplace. If you were advised to move your money into an SIPP (self-invested private pension), and you believe you were given inaccurate or unhelpful advice, you might be eligible to claim compensation. 

Budget

Budgeting is one of the most effective ways to take control of your finances and it will stand you in good stead for years to come. With a budget, you can set spending limits, set aside money for your savings account and plan for the future. Use your budget to compare your income with your outgoings and calculate how much disposable income you have. If you have money left after paying your bills and household costs, you could transfer cash to your savings pot or to a retirement or an emergency fund. When you draw up a budget, make sure you include every cost, and try to use accurate figures, rather than estimates. Update your budget as you go. 

Clear debt

If you’re in debt, it’s wise to try and clear it as quickly as possible. If you have credit cards, for example, you might be paying a lot of interest, which makes it more difficult to get back into the black and start saving. Check all your accounts and balances and note down all your outstanding debts. If you’re paying back a loan or a mortgage, and you’re meeting the deadlines, carry on as normal. If you’ve got additional debts, which are costing you money in interest or late payment fees, tackle these as a priority. For those worried about money and spiralling debts, it’s wise to seek expert advice. There are solutions available if you’re anxious about missing payments, you’re falling behind with your rent or mortgage, or you’re resorting to using credit cards.

If you’re in your 20s, 30s or 40s, retirement may seem like it’s a lifetime away, but time flies. It’s never too early to start planning. Taking steps to clear debt, save money and boost your pension pot now will benefit you later. 

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