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Your February newsletter!
Welcome to the West Craven Insurance February Newsletter. This month, we provide some helpful advice to keep you updated with the latest industry changes.
We begin by giving you an overview of GoShorty, providing short term insurance for cars, vans and learners. Following on from this we look further into lettings property insurance and whether you should let your home insurance renew automatically.
To finish up this month's newsletter, we're offering you a guide to fleet insurance, and your insurance options if you're a freelancer. Last but not least, we cover the top risks for businesses in 2024.
We hope you enjoy this month's edition!
GoShorty
We offer Short Term Car Insurance, Short Term Van Insurance, and Short Term Learner Driver Insurance. Short Term Insurance is our specialism. It is the only type of insurance we offer and we are experts in the field. Cover from 1 hour to 28 days in an instant. Why use GoShorty?
- Temporary car insurance for drivers 18 to 75
- Temporary van insurance for drivers aged 21 to 75
- Temporary learner driver insurance for drivers aged 17 to 25
- Temporary under 21 car insurance for students and learner drivers
- We cover vehicles from £500 to £60,000 (some limitations apply)
- Cover available from 1 hour to 28 days for cars and vans (1 hour to 24 weeks for Learner Driver insurance)
- Easy to use online quote form, get short term cover in minutes
- All policies are fully comprehensive
- Can be used to cover business use on a private car
Whatever the reason, we can help you be on your way:
- Short term cover
- Emergency situations
- Borrowing a car or van
- You need to share a long drive or trip
- Using your car for a business trip
- Moving house or office
Get an online quote today with Simple Insurance.
How to manage a fleet of vehicles
Managing a fleet of vehicles is no mean feat. There are several components that are essential to running it successfully, including vehicle maintenance, driver training, and administration. Not least is fleet insurance, which is a legal requirement that protects your business from severe financial consequences.
Vehicle inspections
It's vital to maintain your fleet regularly, and the best way to do this is by creating an inspection schedule. Regular servicing and tyre inspections will not only keep your fleet running smoothly and on the right side of the law, but they will also prevent issues in claims disputes. Many businesses employ a fleet manager who will take care of this along with the fuel management of vehicles.
Driver checks and training
It’s important to check if drivers are compliant. It’s vital that they have the appropriate licence for each vehicle, from motorbikes to trucks. Regular drug and alcohol tests are also important. Many business vehicles are fitted with trackers to monitor driver behaviour, which helps lower insurance costs and manage overall fleet performance. Training your drivers on the latest regulations helps them become safer drivers.
Fleet management software
There can be huge benefits to utilising the latest fleet management software. Efficient route planning and monitoring every aspect of your fleet, from maintenance, vehicle location, and fuel management to security, all help keep your fleet on the right road and could reduce insurance costs.
Get the right fleet insurance
A fleet of vehicles is the lifeblood of many businesses. Keeping them, the people, products, and materials they transport safe is vital to protecting your business from disastrous financial consequences. It is essential to obtain a fleet insurance policy tailored to your business needs.
Benefits of fleet insurance
- Less admin: One renewal date means less admin when it’s time to insure your fleet of vehicles with one policy.
- It’s cheaper: Insuring a fleet is much cheaper than insuring each vehicle individually
- Convenience: All your drivers can be insured to drive any vehicle in the fleet.
Types of fleet insurance
Fleet insurance typically works in a similar way to car insurance and is broken into three levels: third-party only, third-party fire and theft, and fully comprehensive. Typically, you can insure a wide range of vehicles on a single fleet insurance policy, including trucks, cars, vans, and motorbikes.
Add-on
Tailoring your policy to the needs of your business or organisation will offer maximum protection against serious losses. Goods in transit insurance, breakdown cover, legal expenses, and trailer cover are a few examples of add-ons that could prevent thousands in costs
Tips on reducing fleet insurance costs
- Fleet size: The smaller the number of vehicles in a fleet, the cheaper the cost of insuring the fleet because fewer vehicles reduce the risk of a potential claim.
- Vehicle type: The replacement value, power, and fitted security of your vehicles will affect insurance costs.
- Fleet use: Every business is different; a taxi service belongs to a different industry sector than haulage, and the cost and policy details will reflect this.
- Drivers: Employing experienced drivers with clean driving licences will help reduce costs.
- Excess: Just as with your personal car insurance premium, the higher the voluntary excess, the cheaper the premium.
Final thoughts
Managing a fleet well in all aspects leads to cheaper insurance costs, and this is pivotal in keeping business moving in the right direction. Finding fleet insurance that best fits the needs of any business involves transparency, honesty, and a no-nonsense approach. This results in the right level of coverage and competitively priced policies that protect your business or organization.
Get a quote from our expert team today for all your insurance needs
Protecting your home as winter approaches
As we approach the end of the year, temperatures are dropping, and dark nights are drawing in. Winter can be a magical time of year, but it also comes with its hazards. For this reason, it is crucial to be well prepared for the festive season so that you can look after your home and avoid any potential problems. It is also critical to review your home insurance policy and add any coverage you believe is necessary to protect your home during the harsh winter season.
Damage
Although snow can create some magical scenes in the winter months, a large amount of it can cause significant damage to your home. When snow and ice accumulate on a property's roof, they become incredibly heavy and can cause structural damage. The weight of snow can also force tree branches to snap, which is especially dangerous if you live near big trees. Cold weather can also cause pipes to freeze and possibly burst, causing substantial property damage.
It is best to address any concerns regarding masonry, roofing, plumbing, windows, and doors as soon as possible. Waiting times for jobs like these increase as we move closer to winter, so it is best to schedule any of these repairs sooner rather than later.
Most home insurance policies will usually cover snow and ice damage, but it is crucial to double-check the details of your policy to avoid unwanted surprises and to understand the limitations of your coverage. Damage caused by a lack of general maintenance is unlikely to be covered, so it is important to take all necessary precautions to reduce the risk of property damage.
Heating
At this colder time of year, it is important to make sure that your central heating system is working properly. Because maintenance wait times are much longer in the winter, you should have your boiler examined before the cold weather arrives.
Depending on the policy you have, your insurance may or may not cover boilers and central heating systems. A standard home insurance policy is unlikely to cover your boiler, but there are specific policies that can provide coverage for your central heating systems. This will cover the cost of maintenance and repairs, but you should still carefully study the policy's terms and conditions to understand exactly what is covered.
Burglary
As the end of the year draws closer, maybe you're making plans to spend time with loved ones over the festive period or to escape the cold for a few weeks. If so, you should make sure your home is secure, as burglary rates increase over the festive period.
Firstly, it is key to make sure your doors and windows are locked, whether you are at home or not. Doorbell cameras allow you to see who is at your door without unlocking it, as well as alerting you when somebody has approached your property while you are not in the house. To make people think that you’re home even when you’re not, it is recommended that you leave a couple of lights on in the house. You should also avoid displaying expensive Christmas gifts, as these could attract burglars looking for easy targets.
Although a standard buildings and contents insurance policy usually covers your home in the event of a burglary, you should check the details of your policy so that you can fully understand the extent of your coverage. Insurance companies may ask you to take steps to protect your home in order to reduce the likelihood of a burglary.
If you have queries regarding your policy's coverage or want to ensure you're well-protected against winter-related damages or burglaries, it's a good idea to talk to your insurance broker.
Contact us today for more information
‘Inexpensive’ ways to protect your home as winter approaches
HEATING your home in the winter is a necessity for most Britons as temperatures are predicted to plummet over the next few weeks. But is your boiler up to it? Here's how to prepare and protect your system and avoid costly repair jobs.
Click here to read ‘Inexpensive’ ways to protect your home as winter approaches.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Have you sufficiently prepared your car for the spring season?
As the warmer weather sets in, days become longer and the evening skies are brighter, we know spring has arrived.
Throughout the winter, we’re all guilty of neglecting our cars’ needs. After all, spending time out in the cold, snowy weather, checking fluid levels, testing brakes and cleaning from top to bottom is not everyone’s cup of tea.
So, why not treat your car to its very own spring clean this month? Here are three things you can get started with.
Do you need new wipers?
The snow, rain, and icy weather that we encounter throughout the winter can mean that you need new wipers by the time spring arrives. If you notice your windscreen is streaky or still dirty after you have cleaned it, this may be a tell-tale sign that now is the time to invest in some new wipers.
Have you tested your brakes recently?
Signs that show your brakes may be wearing include squeaking or grinding noises when applying pressure to the brake pedal. Brakes can be professionally tested and fixed during a routine service, ensuring you, your family and your car are all safe!
Did you know that leaving your car dirty can cause damage?
With gritted roads and melting ice, your car can get particularly dirty during the winter. Now that spring has arrived, why not get your cleaning products out and make your car look new? Leaving dirt on your car can lead to micro-scratches and rusting paintwork – not something any car owner wants!
Is your car insurance policy up for renewal soon? Our knowledgeable experts are here to ensure you take out a sufficient policy that covers all your needs. Get in touch today to find out more.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Modern eco-homes: How much could it save you in the future?
The tides are changing for UK homes, and rather than relying on fossil fuels, millennials are transitioning to a more renewable way of living. With the cost of energy soaring to new heights in the midst of a climate crisis, homeowners are becoming more switched-on and opting for better insulation, high-emission boilers, and eco-friendly alternatives.
Since 85% of homes are still heated by carbon-heavy natural gas, the switch to renewable energy is heavily awaited by many. According to the Committee on Climate Change (CCC)*, the UK will not meet its climate change targets unless it eliminates most greenhouse gas emissions from homes, which currently account for around 14% of the UK's emissions.
In an effort to resolve this problem, some people are creating their very own eco-homes. This involves fitting low-carbon technology solutions to properties to make them eco-friendlier and more cost-efficient.
How much can you save with an eco-home?
Giving your home a complete green revamp is no cheap task, but when it comes to installing low-carbon energy-saving appliances around the house, you will eventually make your money back in savings on energy bills and the increased value of your home – while also doing your bit to help the planet.
According to data from TheEcoExperts*, by installing energy efficient appliances such as solar panels, roof insulation and double glazing, homeowners could save £1,863 each year – or £37,260 over 20 years.*
What’s more, using these low-carbon appliances could reduce your carbon footprint by 123.2 tonnes of CO2 over the next 20 years.*
How much can low-carbon technology increase your property’s value?
The next wave of first-time buyers will undoubtedly be seeking out greener houses that cost less to run. Eco-friendly features can increase a property’s Energy Performance Certificate (EPC) rating, and from April 2025, the government will enforce the requirement for all domestic tenancies to reach an energy efficiency rating of ‘C’ as a new minimum.
Alongside this, energy bills are set to continue rising, and the global focus on tackling climate change is likely to strengthen in the upcoming years. These two factors will dictate the impact that high EPC ratings have on house prices in the future.
Which products will save you money in an eco-home?
Solar panels
Solar panels are essential for any eco-home, as not only do they work effectively on their own, but they can also help power other low-carbon appliances such as heat pumps. According to The Energy Saving Trust, the average solar PV system costs around £4,800 and can save on average £530 annually* - that’s roughly £10,600 over 20 years.
Double glazing
Double glazing is becoming a must for most home-hunters, as its money-saving and eco-friendly benefits are ideal for keeping warm over the winter months.
The price will depend on the style and size of the window, as will the material of the frame. According to the Energy Saving Trust, swapping out single-glazed windows for A-rated double-glazed windows could save you £145 per year*.
Roof insulation
It’s widely estimated that a quarter of a home’s heat is lost through its roof; therefore, insulating this part of your property is vital if you want to save on energy bills.
Plus, roof insulation is much cheaper than many other home improvements – it typically costs around £530 for the average three-bedroom house.
Savings will depend on the type of property you live in – whether it’s a detached house, a bungalow, or a flat – but you can expect to save between £150 - £380 a year. This means you could earn your money back in savings within one or two years, and as a bonus, you could cut your carbon footprint by up to 11.6 tonnes of CO2 over 20 years.**
Summary
Eco-homes are still a growing trend, but with today’s fast-changing climate, it’s likely they’ll start to appear more frequently across the UK in the next decade.
If you’re thinking of creating your own eco-home, now is the perfect time to invest. The earlier you can start making lifelong savings and reducing your lifelong carbon footprint, the better. Even just taking green baby steps towards making your home eco-friendlier can make all the difference in the long run – you’ll slash your bills, help the planet, and keep your home cosy and warm over the winter.
To learn more, please contact us.
Energy Saving Trust*
The Eco Experts**
Should you let your car insurance automatically renew?
Letting your car insurance renew automatically may sound like an attractive option as you won’t need to put in any extra work, and you might be happy with the plan you’re on right now. However, this is one of the most expensive mistakes to make, as deciding not to seek out a better deal means your insurer can take advantage of your indifference and subsequently, hike up your premiums.
Without shopping around first, you could be missing out on endlessly cheaper deals on your car insurance, and there are countless other ways to drive that cost down even further. Here are our top tips:
Consider a telematics policy
Telematics car insurance bases your fees on real data about your driving behaviours, which can be recorded either through a black box fitted to the vehicle or a mobile phone app. As long as you’re a safe and careful driver, this is a great option for any age group, as telematics insurance can offer much lower premiums.
Limit your mileage
By limiting the number of miles you drive each year, insurers will see you as a lower risk, which will qualify you for cheaper insurance.
It’s pinnacle that you provide an accurate estimate of your mileage when getting a quote, as your policy becomes invalid if you’re dishonest.
Improve security
Consider installing security devices such as alarms, immobilisers, and locking wheel nuts.
You should always get a quote on how much your insurance would cost after these upgrades first, so you can weigh up whether the cost of these measures is worth the savings.
Increase your voluntary excess
Opt for a higher voluntary excess when you take out your policy, as it will lower the price of your insurance.
However, if you make a claim, you will have to pay the excess towards the cost of repairing or replacing your car, so make sure you are able to afford the excess just in case you do end up having to pay it.
Pay annually
A lump sum may seem daunting but paying monthly is a loan which comes with interest. This is why paying upfront is a substantially cheaper option if you have the funds to do so, and you won’t end up spending anything on borrowing.
Build up your no-claims bonus discount
Insurers reward drivers who are claim-free by discounting their premiums for cheaper insurance. So, keep driving safely and responsibly and you will see the benefits year-on-year.
Park with care
If you have a driveway or a garage, make sure you keep your car parked there overnight.
This will drastically lower your chances of your car being stolen or vandalised, and insurers may lower premiums as you’ll be seen as less of a risk.
Avoid modifications
Modifications of all kinds — whether they’re upgrades to styling, audio, or performance — could result in a large hike in the price of your insurance.
This is because features such as alloy wheels, body kits, and performance upgrades can make your car substantially more attractive to thieves, and your insurer will see your vehicle as a higher risk. Modified cars also tend to be more expensive to repair due to their expensive parts.
To find out more, please contact us.
Over half a million uninsured cars seized since 2018
Around 65,000 cars taken off drivers so far in 2022. More than 129,500 cars seized during 2020 pandemic. “Don’t take the risk” warns AA Insurance MD. More than half a million (542,370) uninsured cars have been seized since 2018 according to information collated by AA Insurance.
A Freedom of Information request to all 46 police forces across the UK discovered that so far this year 64,682 cars have been taken away from drivers for not having insurance. Despite the lockdowns and restricted travel throughout 2020, it saw the most uninsured vehicles seized with more than 129,652 cars taken off the road.
The Metropolitan Police took the most cars off the road with 62,900. West Midlands came second with 44,056 taken away and West Yorkshire completing the top three with 33,829 cars seized. More than 33,000 drivers in Scotland had their cars seized, compared to 22,700 Welsh drivers and 9,360 drivers in Northern Ireland. Kent Police did not respond to the request, while Cheshire Police advised that their systems could not easily determine how many cars had been seized for driving without insurance.
AA Insurance estimates there are approximately one million uninsured drivers on the road each year, however as the cost of living crisis deepens some drivers may be lured into driving without insurance. Gus Park, managing director for AA Insurance Services, said: “Every driver is worried about being involved in a collision, but worse still is the other party being uninsured. “With approximately a million uninsured drivers on the road each year, we believe it is right to protect our members with our Uninsured Driver Promise. This gives peace of mind to our customers should they be involved in a crash with an uninsured driver.
“Sadly, we know that when times are hard some people try to cut their costs, and one area people are tempted to chance it, is cutting out their motor insurance. However, these figures show that forces across the country are on the lookout and will take uninsured car away. “Don’t take the risk. Not only is there the chance of having your car seized, but the criminal and financial hardship is not worth the gamble.”
Should you let your home insurance renew automatically
Renewing your house insurance is essential. Without it, the costs of repairs can run into millions. It’s comforting to know that if somehow you forget to renew your policy; your house insurance will renew automatically. That’s right - you don’t have to do anything, and your home and its possessions will remain insured!
However, the catch is you could end up paying a lot more for the same level of cover by not shopping around. Whatever method you use; comparison sites, direct quotes or you’re married to an insurance broker, the truth is, while it’s not always the case, you will most likely end up paying over the odds.
Here are a few tips when renewing your home insurance:
It’s not always too late to change your mind
If your insurance automatically renews and you know it has cost you more money, remember the cooling-off period of at least 14 days. Sometimes longer, depending on terms, this will give you time before you must pay an expensive cancellation fee.
Shop around
A month before your policy expires shop around. Make good use of comparison websites, you are more than likely to find a better deal.
Haggle
If or when you find a better deal and your policy has not yet expired, ask your current insurance broker if they can match or at least improve on price. You might just be surprised at the answer! This is a proven method of driving down your insurance costs but beware you might not get the desired reduction in price.
Check the details
Always discuss and check the finer details of your policy. For example, your contents insurance policy may not always include bicycles stored in your shed, even if you have a contents insurance policy for your shed, as part of your home insurance policy. Don’t be afraid to ask lots of question of the broker to find out exactly what natural occurring events are insured. Flooding for example may not be covered.
Remember your excess
Check your voluntary excess thoroughly, different items and contents have different levels of excess. Equally, if there are items, for whatever reason, which are less likely to get stolen, damaged or do not hold much value to you, reduce the cost of your policy by paying a higher excess on these items.
Tailor your policy to suit your requirements
Almost anything can be insured so don’t be afraid to get a quote, if it exists chances are you can insure it.
Pay monthly
If you want to spread the cost of your insurance, pay monthly, but you will pay interest. A 0% credit card can give you a little more time to pay without paying what can be a substantially high interest rate.
Pay upfront
It might mean more money leaving your account on the day, but you will not pay interest on spreading the cost and if you find the right deal, you may find there is no need to finance the payments.
Consider multi-cover insurance
Bundling your house and car insurance can be cheaper than using two different brokers. However, it’s not guaranteed. It’s worth noting that if you do take this route just because you make a claim for your vehicle it does not mean an automatic hike in the price of your house insurance.
There are lots of options so set aside some time to examine them thoroughly, it could save you a lot of money.
4 Key Business Benefits of Fleet Insurance
In a world of rising inflation and shrinking profits, it is more critical than ever that small and big businesses find the tools and means to reduce costs and boost efficiency. Fleet insurance is one such tool that can make some areas of your business much more efficient to oversee while cutting down costs significantly. Fleet insurance can be purchased if you use more than one vehicle for your business. Fleet insurance can be used by a business in any sector as long as they own or lease at least two vehicles.
Here’s a closer look at four key benefits of fleet insurance for your business.
Greater Discount
Fleet insurance can save money for your business from the get-go by making available quantity-based discounts on your vehicles – it is cheaper than insuring each individual vehicle separately. Thus, the greater the number of vehicles operated under your business, the more the discount on your insurance costs.
More Efficient Admin
Keeping all your vehicles under a single policy is also a good way of simplifying some of your admin tasks. In case of big or small accidents, it’ll be easier for you to contact your insurance provider for help. Similarly, renewals and changes are also far easier when it’s all under one policy. A uniform fleet policy thus involves lesser documentation, lesser follow-up, and much more efficient admin.
Greater Safety
In the scenario of an accident, time can be of the essence. To help your employees and the business with replacement vehicle expenses and other costs, you’ll need your insurance to come through quickly and smoothly without a ton of hassle. Easier access to funds can translate into greater safety and security for your employees and you in the event of an unfortunate accident. A fleet insurance policy can thus help your employees, business, and you when you need it most.
Better Protection from Driver Turnover
A business can sometimes go through periods of high employee turnover. In such a scenario, having fleet insurance is even handier since you don’t have to keep trying to work out the policy for every driver leaving or any new driver joining the team. As long as you recruit drivers that meet the conditions of your insurance policy (such as a prior driving track record), you’ll be able to extend the policy to them without having to keep changing your insurance policy. Fleet insurance can make it much less expensive to operate your business vehicles while reducing the admin hassle. Fleet insurance is thus an important part of the risk and future-proofing your vehicles and your business.
Looking to make a switch to Fleet Insurance in your business? Get a quote today.
*eubusinessnews
Classic Car Insurance – Protection For Your Pride And Joy
If you own a ‘classic’ car, it may well be your pride and joy. It might hold sentimental value, it’s probably oozing automotive style, and it could well be a rarity on the roads. Chances are, it will certainly turn more than a few heads.
It is also likely to be worth a few quid, and it probably receives an awful lot of care and attention to keep it looking and performing at its best.
All this makes getting specialist insurance protection something of a no-brainer to protect your vehicle against damage and theft. So what should you look out for when buying or renewing classic car insurance?
What counts as a ‘classic’ car?
The word ‘classic’ tends to get thrown around a lot in today’s world, but as far as automobiles are concerned, it has quite a precise, official definition
According to the government (HM Revenue & Customs, to be precise), a car is considered ‘classic’ if it is:
- at least 15 years old and
- has a market value of £15,000 or more.
- But car insurance companies have their own set of criteria for determining whether a car is classic, depending on age, make and model (so you could even find you’ve been driving a classic car without realising it).
This matters because the cover provided by a classic car insurance policy will differ from a standard policy – more cover in some areas, potentially less in others, and with conditions attached relating to mileage and usage. And, in some case, the conditions imposed mean the premium for specialist cover might be less.
Getting Quotes
Is classic car insurance cheaper than standard car insurance?
Yes, it can be, because insurers tend to view classic cars as lower risk. They are not usually driven every day, they’re not typically used for school runs or driving to the shops, and they often have lower speed limits.
Owners of classic cars also tend to keep their vehicles in pristine condition and in a safe place such as a locked garage.
As a result, classic cars are less likely to be involved in an accident or stolen, and their owners are less likely to make a claim. Insurers reward this lower risk with cheaper premiums.
What does classic car insurance cover?
Classic car insurance provides the same cover as standard car insurance – you’ll be covered for the cost of repairs if your car is damaged in an accident, and you’ll be covered if your car is stolen.
Your third party liabilities in the event of your being deemed responsible for an accident that damages another person’s property or injures or kills them will also be covered, as will any of your medical costs.
But on top of this, you can also arrange extra cover for the following:
Restoration cover
It can take months or years to restore a classic car. If yours is being restored by a professional, they might already have cover in place to protect your car while they work on it. But if they don’t, or you’re restoring your classic car yourself, you can buy insurance to make sure it’s covered during this time.
As the vehicle is not on the road during this time, restoration cover will usually cost less than full insurance protection. But remember, even if your car is safely tucked up in the garage, it still needs to be insured.
Here’s what the government says on the matter:
You must have motor insurance for your vehicle if you use it on roads and in public places.
You do not need to insure your vehicle if it is kept off the road and declared as off the road (SORN). This rule is called ‘continuous insurance enforcement’.
If not, you could:
- get a fixed penalty of £100
- have your vehicle wheel-clamped, impounded or destroyed
- face a court prosecution, with a possible maximum fine of £1,000.
Track day racing
If you’re planning to drive your car around racetracks – even if only at a leisurely pace – you’ll need the appropriate cover against damage and accidents. Your premium is likely to be higher depending on how often you race or how many events you take part in each year.
Vintage car shows
Make sure you’re covered for dents and scrapes if you’re planning to display your classic car at fairs and shows. Third-party liability cover will also be included in case you damage someone else’s property or injure someone.
Driving abroad
Car insurance policies usually provide third-party cover to drive in the EU. But if you’re involved in an accident and you are at fault, you’ll have to pay for any repairs to your own car out of your own pocket. Asking your insurer to increase the level of cover to fully comprehensive could be well worth it.
Breakdown cover
Classic car insurance won’t always include breakdown cover as standard. If you don’t have cover, compare how much it would cost to include breakdown cover as part of your existing policy against the cost of buying a standalone policy.
Note that some providers won’t offer breakdown cover for classic cars due to their increased risk of breaking down.
Is there a mileage limit with classic car insurance?
Because classic cars are not usually driven every day, many classic car insurance policies will include a cap on the number of miles you can drive each year – staying within the cap can help keep the premium down. Always check this limit when comparing policies to ensure you’re happy it is high enough.
If, once you’ve bought your policy, you believe you will exceed your annual limit, contact your insurer as soon as possible to arrange an extension.
What does an ‘agreed valuation’ mean?
With an agreed valuation, your insurance provider pays out a pre-agreed sum if your classic car is written-off or stolen, rather than the market value. This can be a good option if your car is worth more than the average for a vehicle of a similar model and age.
You must agree this amount with your insurer before you buy your policy, and taking this option might mean you’ll pay more for your policy.
How can I lower the cost of classic car insurance?
As with standard car insurance, there are a number of steps you can take to cut the cost of classic car insurance:
Limit your mileage
Agreeing to an annual mileage limit on your policy will often result in a discount. Just make sure it’s high enough for your needs.
Improve your car’s security
Your car’s age may mean it doesn’t have adequate security features. Simple measures such as fitting an alarm and a tracking device and keeping your car in a locked garage can help deter thieves and keep a lid on premiums.
Avoid modifications
Cars with modifications can be harder to insure, and providers that do offer cover are likely to charge considerably more. Modifications are therefore best avoided. But if you do make any changes, be sure to inform your insurer at the time you do them (don’t wait until your policy is up for renewal) so that your cover remains valid.
Join a car club
Some insurers will offer a discount of up to 25% if you join a classic car club as they see this as proof you’re committed to driving safely and looking after your vehicle.
An annual membership fee will usually apply, but in return you could take advantage of specialist rates from spare parts suppliers, as well as invitations to various events and track days.
Does my classic car need an MOT?
Classic cars that are more than 40 years old do not require an MOT, providing you have not made any ‘substantial changes’ to the vehicle over the past 20 years. This includes replacing the chassis, body, axles or engine.
It is still wise to get your car checked by a mechanic on a regular basis, however, as it’s your responsibility to keep your car in a roadworthy condition. If you don’t, you could be fined up to £2,500, banned from driving, and receive three penalty points on your licence.
Browse our website to discover what Classic Car Insurance we can offer you.
*ForbesAdvisor
Does your HGV have the correct insurance?
HGVs are the lifeblood of your business. Heavy Goods Vehicles (HGV) are trucks over 3.5 tonnes, and not having the right insurance could put the brakes on your business with devastating financial consequences.
Click here to read Does your HGV have the correct insurance?.
100 UK Classic Car Insurance Statistics for 2023 - Facts and Stats
With classic cars continuing to be both a passionate hobby and a source of investment for thousands across the UK, the classic car insurance industry has risen in prominence throughout the last two decades.
Click here to read 100 UK Classic Car Insurance Statistics for 2023 - Facts and Stats.
Should you add personal possessions coverage to your home insurance?
You are having a wonderful day at the beach with loved ones, making the most of a rare blue-sky day. After an awesome swim, you feel invigorated and return to dry off. You look for your wallet and phone that you carefully stowed away at the bottom of your bag. You can't find them! Have they been lost or stolen? Are these items insured? It’s easy to confuse what is covered in your home insurance policy with what is not. That’s why it’s vital to check the details of your policy. You might assume that your personal possessions, such as your wallet, watch, jewellery, and other items, are covered by your home contents policy when you are away from home. But that’s not always the case.
What is personal possessions insurance?
Personal possessions insurance covers precious valuables that you carry with you when you are out of the house and going about your day. So, whether you are commuting to work on the train or enjoying a family day out, the precious things you take with you are covered.
What’s covered?
Pretty much everything you bring with you is covered. From your clothes, keys, jewellery, phones, laptop or tablet, cash, wallets, handbags, purses, camera, and sports equipment to your guitar or any other musical instruments that you may play!
Items that might not be covered
All insurers are different, so check your policy, because certain items may not be covered.
If items get broken while they are being used, they may not be covered. For example, if you break your tent while putting it up on a camping trip or tear the sail on your wind-surfing board due to an accident. Your bikes will also likely not be covered. Some insurers may require you to obtain a separate gadgets policy to cover electronic equipment like your phone or laptop.
Going abroad?
It could be that your home insurance covers you for a certain level of travel abroad, but that may not cover your personal possessions. So, it’s vital that you check with your insurer.
Who is covered?
Typically, everyone in your household is covered by this policy. So that means if a member of your family is out for the day and their wallet or purse becomes lost or stolen, they are covered. But again, always check the terms of your policy.
It’s never too late
Almost anything can be insured. Discuss your needs with your broker to find the right policies. Insurance can save you and your family from devastating levels of expense with affordable premiums. Talking to your broker allows you to get the right policies in the first place, with a true understanding of what you are covered for. This helps prevent confusion and expensive errors. Remember, insurance policies can be adjusted or modified at any time by contacting your insurance provider.
Contact us today to get a quote for all your insurance needs
Can improving your home invalidate your insurance?
Insuring your home is crucial, as it's likely your most valuable asset, and rebuilding can cost millions. Homeowners often seek to enhance their homes, from adding fences to full extensions or new bedrooms. It’s vital that you inform your insurance provider of any changes to your home. Making changes may not necessarily raise your premium or impact your policy. Yet, insurance providers vary, so it's crucial to verify, as inaccurate information could void your policy.
Don’t confuse building insurance with contents insurance
Buildings insurance covers the structure of your home, like walls, roofs, and floors, and often includes fixtures and fittings. Your mortgage provider will insist that you have this in place as part of their terms. Not to be confused with contents insurance. This is coverage against theft or damage to your personal possessions, typically anything that is not attached to the building.
Renovating your home adds value
Extensive improvements or extensions can increase the cost of rebuilding in case of damage. Even if you make improvements yourself, inform your insurer. The vast array of home improvements you can undertake is never-ending. From adding glass door walls, attic conversions, a conservatory, extensions, adding more bedrooms, a new kitchen, or an outbuilding for your business. Consider these scenarios:
You need to inform your insurer before renovations are carried out
If your property is exposed to the elements as a necessary process of alterations, you need to inform your insurance provider immediately. If you have temporarily moved out of your home and it becomes unoccupied, you may not be covered after a certain time period.
Adding a hot tub
After a long day at work, this is a nice way to unwind, maybe with a little drink. But if you get out, slip, or fall and injure yourself, or worse, if a guest or a member of your family suffers a serious injury, then you need to be covered.
High-value items
High-value wall art or paintings fall under contents insurance and are not defined as a renovation. That said, these items can easily be overlooked, and if they are of high value, you need to inform your insurer.
Starting a business from home
Starting a home-based business, whether in outbuildings or within your home, requires notifying your insurer. If a fire, theft, or accident occurs due to the equipment you use for your business, your home could endure significant damage. By neglecting to inform your insurer, you could cause thousands of pounds worth of damage and be unable to claim.
Take the right steps
- Inform your insurer
The first step if you are making changes or improvements is to notify your insurer before they start.
- Review your policy
Update your policy, and always read your policy details to check the terms of what you are covered for. If you are still not sure, get in touch; a quick phone call could save you thousands.
- Consider add-ons
Insurers offer valuable extras like legal coverage, protected no-claims bonuses, or bicycle coverage at competitive prices, providing peace of mind.
Final thoughts
It’s always better to be safe than sorry, and you need to notify your insurer if you make any alterations to your home. It’s also vital to take the time to talk to your broker, who can answer any questions or queries you have when it comes to finding the right policy for you.
Get in touch today for a tailored home insurance policy
Freelancers - what are your insurance options?
There are few things more satisfying than setting out on your own as a freelancer and being the master of your own fate, especially if you have a passion for your work, whether you’re photographing weddings or writing articles across different outlets in a particular industry.
Of course, one major drawback of striking out on your own is that you lose the protections and cover afforded to you by working for a company. There’s a thrill to being a freelancer when it comes to managing your own workload and deciding how each day will look, but when problems arise, it’s important to have appropriate cover to assist you.
With that in mind, we’ve compiled a brief list of insurance products that could help you rest a little easier!
Income Protection
This could be viewed as the most vital protection of all. Another consequence of going solo when it comes to freelancing is that you lose any financial help when you’re unable to work due to illness or injury. The absence of sick pay often hits freelancers hard, as your workload can’t easily be substituted to someone else and you miss out on opportunities as a result of being unavailable to pick up jobs at short notice. Considering that we can never foresee when we may need to take time off work, income protection is vital for freelancers to give them a backstop when they’re unable to run their business as usual.
Professional Indemnity
In a nutshell, this offers vital cover should you make a mistake that means a client of any sort loses money as a direct result of any advice or service that you’ve provided. Claims against you could run into the thousands and could mean that you’re forced to enter legal proceedings; professional indemnity helps to cover you in that eventuality, as well as being a frequent requirement from clients or companies before they enter into business with you.
Private Healthcare
This isn’t an essential purchase depending on your circumstances, but given the benefits, some freelancers choose to make use of Private Healthcare Insurance. For a start, you’re able to bypass NHS waiting lists; you’re also able to get treatment quicker and reduce the amount of time that you’re not working as a result.
Cyber
We’re living in an age where protecting client data has never been more important, and with GDPR offering more tools for members of the public to combat misuse of personal information, it’s especially vital that freelancers have appropriate cover in place. Cyber insurance protects you in the event of accidental data misuse or if your data is deliberately targeted; both circumstances could see you face claims for compensation from your clients, so the consequences for being without it are potentially huge for your work.
Office
This can range for office space insurance to contents insurance, so it’s important to decide what’s important for you when exploring this option. Should you wish to protect the space in which you operate, it’s worthwhile protecting it from damage and having valuable cover in place should valuable equipment used for work, such as computers, is stolen or comes to harm.
Public Liability
This won’t apply to all freelancers given that not everyone needs to interact with the public face-to-face as part of their work, but for those that have an office or work space that clients visit, public liability can cover you in the event of damage or injury sustained by a client, member of the public or third party whilst on your property. The most common example is if someone slips on a wet floor; public liability can cover potential legal costs as well as compensation claims that could be made against you.
Should you wish to discuss your freelancer insurance options, please don’t hesitate to contact us today!
The top risks for UK businesses in 2024
The Allianz Risk Barometer is an annual global report identifying the top corporate risks for the year ahead.
Click here to read The top risks for UK businesses in 2024.
A beginner’s guide to fleet insurance
Car breakdowns are inconvenient at the best of times, but for companies that rely heavily on travel for work, vehicle downtime can lead to serious loss of money and can affect both present and future potential business - if your customers decide to go elsewhere in the meantime.
In order to protect your ‘on-the-road’ business assets, we have summarised some of the key considerations that you need to bear in mind when you next take out a vehicle insurance policy.
What is fleet insurance?
Underinsuring or over-insuring your vehicles can cause any number of problems - most notably legal ones! - and yet finding the right policy for each and every one of your company vehicles individually can be time-consuming, expensive, and difficult to manage.
Fleet insurance policies solve this problem by offering companies the opportunity to protect all commercial vehicles under one policy with one provider.
This means that there is less administrative hassle, and only one policy renewal date necessary to maintain your vehicle coverage. A fleet insurance policy could also save you money as each car receives a discounted price.
Who could benefit from these policies?
These policies are not just suitable for companies with large car fleets. Any SME or small business with two or more company vehicles can acquire a fleet insurance policy. Regardless of whether you own cars, vans, motorbikes, taxis, minivans, or HGVs, your policy can be tailored to match your company’s requirements.
Furthermore, this flexibility is not solely restricted to company vehicles. You can also decide how you wish to handle insurance for different drivers working at your firm. Having a valid UK license is a prerequisite, of course, but you can create your own criteria based on age or other relevant factors. Placing an age restriction at 23, for instance, could help lower the cost of your overall cover.
Types of fleet insurance
When it comes to insuring your company cars, never opt for the cheapest cover! Whilst this may seem tempting at the time, you could leave yourself open to high financial loss further down the line.
As is the case with personal insurance policies, there are three main levels of coverage ranging from complete to partial cover. A comprehensive policy offers the highest level of protection, whereas third party, fire and theft offers mid-level protection, and third party only offers basic cover.
Another key consideration concerns the nature of your business and your vehicle usage. Whilst a tradesman would be better suited to a ‘carriage of own goods’ policy, a fleet of taxi's would need public or private hire insurance.
Be sure to speak to an insurance broker directly in order to secure the ideal policy to suit all of your business needs, as to do otherwise could leave you unprotected!
Contact us today for more information
Protect your investment: let property insurance
Protect Your Investment: Let Property Insurance
Investing in commercial property can be a lucrative endeavour, offering a stable income stream and potential for long-term growth. However, as with any investment, there are risks involved. One of the most effective ways to safeguard your investment and mitigate potential losses is through Let Property Insurance.
Let Property Insurance, also known as landlord insurance, is specifically designed to protect owners of commercial properties from a range of risks associated with renting out their premises. Whether you own an office building, retail space, or industrial property, having the right insurance coverage in place is essential for your peace of mind and financial security.
What Does Let Property Insurance Cover?
Let Property Insurance typically provides coverage for a variety of risks, including:
- Property Damage: This includes damage caused by fire, floods, storms, vandalism, and other perils. Having insurance coverage for property damage ensures that you can repair or rebuild your commercial property without bearing the full financial burden yourself.
- Loss of Rental Income: If your property becomes uninhabitable due to covered damage, Let Property Insurance can compensate you for the lost rental income during the repair period. This feature is particularly valuable for landlords who rely on rental income to cover mortgage payments and other expenses.
- Liability Protection: As a property owner, you could be held liable for accidents or injuries that occur on your premises. Let Property Insurance typically includes liability coverage to protect you against claims and legal expenses arising from such incidents.
- Legal Expenses: Dealing with disputes with tenants or pursuing evictions can be costly and time-consuming. Let Property Insurance often includes coverage for legal expenses associated with these matters, helping you navigate the legal process more effectively.
- Contents Insurance: If you rent out furnished commercial spaces, contents insurance can cover the cost of repairing or replacing furniture, fixtures, and other contents damaged or stolen from your property.
Why Let Property Insurance is Essential
Investing in commercial property is a significant financial commitment, and protecting your investment should be a top priority. Let Property Insurance offers peace of mind by providing financial protection against unexpected events that could otherwise jeopardise your rental income and property value.
Furthermore, many mortgage lenders require landlords to have adequate insurance coverage in place as a condition of financing. By securing Let Property Insurance, you not only protect your investment but also maintain compliance with lender requirements.
Finding the Right Coverage
When shopping for Let Property Insurance, it's essential to assess your specific needs and risks. Consider factors such as the type of property you own, its location, the number of tenants, and the value of your assets. Working with an experienced insurance agent or broker can help you navigate the complexities of commercial property insurance and find the right coverage at the best possible price.
In conclusion, Let Property Insurance is a valuable tool for protecting your investment in commercial property. By safeguarding against property damage, loss of rental income, liability claims, and other risks, insurance coverage provides financial security and peace of mind for landlords. Don't leave your investment vulnerable – invest in Let Property Insurance today.
Looking for a great deal on home insurance?
Should you let your home insurance renew automatically?
Renewing your house insurance is essential. Without it, the costs of repairs can run into millions. It’s comforting to know that if somehow you forget to renew your policy; your house insurance will renew automatically. That’s right - you don’t have to do anything, and your home and its possessions will remain insured! However, the catch is you could end up paying a lot more for the same level of cover by not shopping around. Whatever method you use; comparison sites, direct quotes or you’re married to an insurance broker, the truth is, while it’s not always the case, you will most likely end up paying over the odds.
Here are a few tips when renewing your home insurance
It’s not always too late to change your mind If your insurance automatically renews and you know it has cost you more money, remember the cooling off period of at least 14 days. Sometimes longer, depending on terms, this will give you time before you must pay an expensive cancelation fee. Shop around A month before your policy expires shop around. Make good use of comparison websites, you are more than likely to find a better deal. Haggle If or when you find a better deal and your policy has not yet expired, ask your current insurance broker if they can match or at least improve on price. You might just be surprised at the answer! This is a proven method of driving down your insurance costs but beware you might not get the desired reduction in price. Check the details Always discuss and check the finer details of your policy. For example, your contents insurance policy may not always include bicycles stored in your shed, even if you have a contents insurance policy for your shed, as part of your home insurance policy. Don’t be afraid to ask lots of question of the broker to find out exactly what natural occurring events are insured. Flooding for example may not be covered. Remember your excess Check your voluntary excess thoroughly, different items and contents have different levels of excess. Equally if there are items, for whatever reason, which are less likely to get stolen, damaged or do not hold much value to you, reduce the cost of your policy by paying a higher excess on these items. Tailor your policy to suit your requirements Almost anything can be insured so don’t be afraid to get a quote, if it exists chances are you can insure it. Pay Monthly If you want to spread the cost of your insurance, pay monthly, but you will pay interest. A 0% credit card can give you a little more time to pay without paying what can be a substantially high interest rate. Pay upfront It might mean more money leaving your account on the day, but you will not pay interest on spreading the cost and if you find the right deal, you may find there is no need to finance the payments. Consider Multi Cover insurance Bundling your house and car insurance can be cheaper than using two different brokers. However, it’s not guaranteed. It’s worth noting that if you do take this route just because you make a claim for your vehicle it does not mean an automatic hike in the price of your house insurance. There are lots of options so set aside some time to examine them thoroughly, it could save you a lot of money.
Looking for a great deal on home insurance?
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