How Driving Licence Insurance Can Save you Money

If you were asked to list your most highly prized possession, it's likely your driving licence wouldn't make the top 10. Yet, when you consider all that it enables you to do, it might be worth a little reconsideration.

Having a driving licence affords a level of independence and freedom that previous to, would not have been possible. Whether it's popping to the shops at a moment's notice or not having to rely on train times to dictate your daily plans, it's safe to say that your little pink card makes life a whole lot easier. 

So what are you doing to protect it?

With life's everyday demands and stricter sanctions on speed limits, it can be all too easy to tot-up points on your licence. These can, in turn, lead to a driving ban. In the UK last year, 92,136 motorists were disqualified from driving (IAM, 2014) emphasising that licence loss is very much a reality.

If you were at risk of losing your licence how would you cope?

The legal fees involved in a motor prosecution defence can be eye-wateringly expensive, not to mention stressful. And if you were disqualified as a result, adapting to your new circumstances can be difficult. Without the freedom to drive away at a moment's notice, you'd have to rely on taxis and public transport to get from A to B. In time, the daily cost of travel can really mount up, an added expense you could do without.

The great news is that there are many insurance products out there specifically designed to give disqualified drivers a helping hand. Some insurers for example, offer a disqualification benefit, providing monthly instalments to the insured during their disqualified period. This benefit can be used to finance alternative transportation costs, providing a clever way to combat post-ban bank-balance woes. 

Typically, these policies also include much more than just a disqualification benefit, offering services such as motor prosecution defence to try to prevent your disqualification.

Always in the hands of a trained professional, motor prosecution defence provides another way to save money by side-stepping unexpected legal costs, helping to evade or at least reduce the effects of your prosecution. Insuring your driving licence will help ensure that, whatever lies in the road ahead, life can drive on smoothly.

To learn more about how to get driving licence insurance, visit Best Price FS. Included in their Gold Motor Legal Protection policy, they provide Disqualification Benefit and Motor Prosecution defence, all starting from just £54.75 a year.

One wonderfully simple way to get cheaper Life Insurance Quotes online

Buying life insurance can be costly, so if there’s an easy way to cut costs it makes sense to take advantage of it. After all, we’re only human.

One of the easiest ways to shrink the size of your premiums is to source insurance through a commission-free broker.

Simple? Yes. Obvious? Perhaps. Well-known? Unfortunately not. It’s a simple money saving strategy that so many fail to take advantage of, but here’s why you should…

Commission is the money-maker for brokers, the main culprit that drives up the cost of what should be an inexpensive product. The inflated price of the policy often forces people to sacrifice quality in order to afford the premiums, meaning that you don’t get the deal you deserve. Going with a commission free broker (also known as discount brokers) however, means that your hard-earned cash will get you the best quality product possible.

An example

To put this into perspective, here’s a real example using Discount broker Best Price FS’s comparison service.

Pete is a 33 year-old non-smoker who’s after individual, level term cover of £125,000 for 30 years. If this policy was bought directly from the cheapest insurer charging commission, a guaranteed £125,000 payout would cost:

• Per month: £8.90
• Per annum: £106.80
• Life of term: £3204

If the same was purchased with a commission free broker it would cost:

• Per month: £7.02    (£2.88 saved)
• Per annum: £84.24 (£22.56 saved)
• Life of term: £2527 (£677 saved) 

Savvy savings

As the example shows, you can save a considerable amount from buying through a discount broker. Although Pete’s £2.88 a month saving doesn’t seem like that much,  the worth of savings made over the full term (£677) is indisputable. What’s that saying again – ‘look after the pennies and the pounds will look after themselves’? It couldn’t be more evident here.

The general public have been fairly slow on the uptake regarding this money-saving tip. A recent YouGov survey reported a significant misconception of commission rates by consumers, perhaps explaining why so few factor it in when buying. On average 24% of the product’s price goes straight to the broker, but it doesn’t always have to be this way, not if you choose to venture down the commission-free route.

Cost effective?

When you choose to buy through a commission-free broker, you’re asked to pay a small initial fee. And while this may seem like their cunning way to sneak away with some commission, it simply provides a means of processing the policy. It’s true – you’re likely to pay out more initially than if you opted for a commission-based policy, but compared to guaranteed savings in the long term, it’s worth the initial spend.

Just make sure you’re not being taken for a ride, the cost of processing is relatively minimal, and in reality this should be no more than £20. Anything above this and you may want to consider looking elsewhere – for the same policy from the same provider, it pays to shop around for the best price broker.

With your new policy in place and the savings stacking up, you’ll be happy you did. And this is a disposable income you wouldn’t have otherwise had, so a great use for this extra cash could be on something for all the family. This way, you can still enjoy the best, even if you’re planning for the worst.

So if you’re after high quality but cheap online life insurance quotes, choose Best Price FS. A discount broker with a difference. To be directed to our main page, click here.

Recovering your Uninsured Losses

Being the innocent party in a motoring accident can be a very costly experience, and while insurance policies typically cover the majority of the expenses that we experience, they don't usually cover every eventuality. This is where the abundant advantages of Motor Legal Protection comes in, and in particular the Uninsured Loss Recovery it provides. 

What is Uninsured Loss Recovery?

Uninsured Loss Recovery is a feature of wider insurance policies, and covers the out-of-pocket expenses accrued by individuals following an accident that wasn’t their fault. It’s also referred to as Legal Expenses Insurance and is often purchased alongside a new vehicle insurance policy – some policies include it automatically, but it’s more likely that you’ll have to pay an additional premium for it. This motor legal cover is a relatively cheap form of protection but can prove invaluable if you find yourself dealing with unexpected expenses not covered by your insurance policy.

As this cover is not a legal requirement, it’s easy to overlook its true value until after an accident. Therefore, to put this into perspective, consider the following scenario…

An example

Mr. Cole stops his car at a roundabout. Another car, going too fast, drives into the back of him. The rear of Mr. Cole’s car is badly damaged and he is left injured.

Mr. Jones is driving the other car and is at fault. While his insurance will pay for the damage to Mr. Cole’s car, there are many other expenses incurred for Mr. Cole. Following the accident Mr. Cole is shaken. He is able to pull his car to the side of the road but it then needs to be towed home, which he has to pay for. Mr. Cole, after dealing with the accident, has to book and pay for a taxi home and arrange a visit to his doctor. He is self-employed and this causes him to lose half a day’s earnings. He ends up paying for extra phone calls in relation to the accident, paying for public transport in the short-term and then eventually hiring a car to use until his vehicle has been repaired. In addition, he has his own policy excess to pay.

Mr. Cole wasn’t the one that caused the accident but he’ll feel the financial effects. In addition, Mr. Jones’ insurers will try to avoid accepting Mr. Jones’ liability, potentially delaying any payout that Mr. Cole is due.

The alternative

After a non-fault accident, you can claim compensation to cover your costs, but you’ll have to initiate this process and negotiate a figure yourself. However, with the everyday demands of life, few of us would be able to devote the time and effort that would be required. With motor legal protection, a legal representative would do this for you, not only offering expertise and efficiency but also the peace of mind that, in a non-fault accident, your uninsured losses would be recovered.

No-win, no-fee services are often the first port of call for those without any form of motor legal insurance, and while they can help you recover some uninsured losses, these companies show a bias towards claims for injuries. As well as this, they tend to accept cases based on their likelihood of success rate, and even if your claim is successful, a significant portion of your payout will go to them.

Having motor legal protection cover would eliminate the need to navigate any of these rocky routes, firmly placing you in the driving seat.

Added comfort

It’s important to understand that Uninsured Loss Recovery of motor legal protection isn’t just helpful for the financial benefits. After an accident, it’s comforting to know that professionals are shouldering some of the stress and frustration by chasing claims on your behalf. You’ll be able to recover physically and emotionally from the accident without concerns about your financial situation, easing out your transition back to life as normal.

If you want to learn more about Uninsured Loss Recovery and Motor Legal Protection and how it can benefit you, visit Best Price FS.

Motor Legal Protection: Giving Young Drivers the Green Light

We’ve geared up our motor legal protection to put the brakes on insurance rates, and we’re giving young drivers the right of way.

It’s certainly not news to anyone that young motorists receive a lot of bad press when it comes to accidents on the road. Recent findings by the RAC Foundation showed that one in five will have an accident within six months of passing their test. Regardless of who is at fault, these figures emphasise that it is now more important than ever for drivers aged 24 and under to seriously consider safeguarding themselves with the cover provided by motor legal protection.

Comprehensive Cover

Motor legal protection is designed to help you recover your losses in the event of a motor-related accident that wasn’t your fault. The policy will pay lawyer fees up to £100,000 to help you recover any uninsured losses (such as claims for personal injury, vehicle repair costs, car hire charges, loss of earning and any policy excess).  An increasing trend amongst young people is to opt for the most basic level of car insurance, third-party cover, to reduce the soaring premiums they’re faced with. Motor legal protection provides a savvy way of increasing your level of cover on top of this, all without breaking the bank.

Car Hire for All

At only £6.75 a year, Best Price FS offer you this security as well as unlimited vehicle hire for a non-fault accident. And for only £13 more, our Silver Package will provide you with a hire car for up to 14 days, even if you are at fault. We know that an accident can cause a lot of stress, so we’ve designed our cover to keep you, our customer, on the go. What’s more, this vehicle hire is available to all, regardless of age, and will provide you with at least a like-for-like car in non-fault cases.

Cranking up Confidence

A One Poll survey conducted in 2013  highlighted the lack of confidence many young motorists feel after passing their test. 29%reported feeling completely unprepared to drive alone after passing their test, and considering the statistics stacked against them, it’s no surprise many feel this way. Our motor legal protection can help relieve some of this anxiety and leave you knowing that, should you be involved in an accident that was not your fault, you’ve got the best cover around.

Competitively Priced

Many customers don’t actually understand the benefits of having motor legal protection, seeing it more as a costly add-on pushed by their insurance providers. Often, this can be true: some companies will charge you as much as £30 for this service. Buying it as a stand-alone product instead gives you a far greater opportunity to shop around, and you’ll find our cover ticks all the boxes. Not only is it the most affordable out there, you’ll also be getting an exceptional quality product, a feature that is all too often sacrificed when paying so little.

Coulda, Shoulda, Woulda

No-one likes to spend unnecessarily, especially on the less exciting things like insurance products, and managing money when you’re young can sometimes seem like an impossible task. But hindsight is a wonderful thing, and I'm sure many of us have regretted not taking out insurance before it was too late. With the peace of mind provided by our cover, at least you’ll know that you won’t be stung by any unexpected fees. Departing with your initial couple of quid may seem like a bit of a drag, but compared to the amount you’d have to fork out without this cover, it’s a no-brainer.

So switch on, sign up, and start saving with Motor Legal Protection from Best Price FS today.

8 Major Income Protection Myths Debunked

Insurance products aren’t the easiest of things to understand and income protection insurance is no exception. With cumbersome key facts booklets and the media citing stories of context-specific consumer-insurer battles, it’s no surprise that many people misunderstand exactly what it is and what it specifically offers.

Outlined here are eight major income protection myths demystified, so that next time you hear something about income protection, you’ll be able to separate fact from fiction.

Myth 1: It doesn’t pay out

Provided that the policyholder has kept up-to-date with their monthly premiums, and has given truthful personal information from the outset, claims are nearly always paid out. In fact, last year, according to the Association of British Insurers, UK insurance providers paid out over 91% of successful claims. If you’re still unconvinced and want to double check specific insurer payout rates, most of them now provide easily-accessible claim statistics on their websites.

Myth 2: It’s too expensive

This myth is purely subjective. If you were a smoker in a high risk job and wanted a very high level of cover, your premiums would, of course, be costly. For the majority however, income protection is affordable and can cost as little as 30 pence per day. If you want significantly lower income protection insurance quotes, consider buying through a commission free broker or by extending your deferral period – the amount of time between a claim being made and the money being paid out. Premium rates are calculated based on your age, health, smoker or non-smoker and occupation, so if you’re serious about cutting the costs of premiums, it may also be beneficial to adopt a healthier lifestyle.

Myth 3: It’s a waste of money

When it comes to ill-health and injury, people can feel a sense of invulnerability, and so it’s all too easy to see how this kind of myth circulates. But ask anyone who’s used their income protection policy, and they’ll be the first to debunk this notion. If you were unable to work due to illness or injury, the monthly instalments provided by income protection could become invaluable, affording reassurance that bills, loan repayments, and any other expenses could continue to be financed during your time off work.

Myth 4: It isn’t necessary if you receive benefits

Statutory sick pay and other benefits tend to pay no more than £400 a month, which for most, would not cover the rent or mortgage. An income insurance policy however, would pay up to 75% of your usual income, comfortably covering the costs of your living.

Some employers will provide a more comprehensive benefit than statutory sick pay. Therefore, it’s important to check if this applicable; as this may mean that your deferral period can be extended which can, in turn, lower premiums.

Myth 5: It’s the same as PPI

Although they may sound similar, income protection and payment protection insurance (PPI) are not the same products. PPI insures a specific loan repayment, whereas income protection is designed to cover a portion of your income. If you found yourself unable to meet your mortgage repayments due to ill health, PPI would be on hand for this, but what about all the other inevitable expenses? This is where income protection comes in.

Myth 6: It’s not necessary if you have critical illness cover

Whilst critical illness insurance is important, unlike income protection, it would not pay out if you were unable to work due to injury or if you developed a non-critical illness. For this reason, income insurance may be worth considering along with critical illness cover, as this would cover a wider range of eventualities.

Myth 7: It’s not for you if you’re self-employed

Self-employed people can get income protection insurance, but be prepared to provide the relevant documentation. If you’re self-employed, your income may be more variable, so it would be beneficial to regularly review your policy to ensure that you’re covered for the amount of money you require.

Myth 8: It takes too long to apply

Whilst this may have been true in the days of dial-up-internet and telephone brokers, thanks to user-friendly websites, it is now easier than ever to search, compare and buy income protection policies.

If you’re interested in buying Income protection and want the best deal possible, consider using a commission free broker like Best Price FS to compare income protection insurance quotes.

Life Insurance, Smoking and Saving Money: your questions answered

When it comes to life insurance and smoking, there's a lot of unanswered questions, read on to find out the facts.

Does smoking affect my life insurance quote?

Yes, smokers tend to pay more for online life insurance quotes compared to their non-smoking counterparts. This means that in the UK, there are approximately 10 million individuals (ASH, 2014), who are paying more for their premiums simply because of their choice to smoke.

Why do smokers have to pay more?

As expected, heath is a major factor that is taken into consideration when taking out a life insurance policy. It is a sobering reality but smoking is associated with many health-related problems. Recent statistics released by ASH show that every year, over 100,000 smokers in the UK die from smoking related causes, accounting for over one-third of respiratory deaths, over one-quarter of cancer deaths, and about one-seventh of cardiovascular disease deaths. For this reason, insurance companies view smokers as high-risk customers who are more likely to claim on their life insurance or critical illness policy and this risk equates to higher premiums for these smokers.

How much will smoking raise my premium?

Smokers’ premiums will vary depending on the insurance company, lifestyle variables, age and health but on average the cost is often double compared to non-smokers.

Using Best Price FS's online quote service, consider the following example for Pete, a 39 year old, male, admin working seeking life insurance quote for 25 years and £100,000 of cover:

If he was a smoker it would cost:      £14.86 per month

If he was non-smoker it would cost:  £7.77 per month.

If Pete was a non smoker, he could save £2,127 over the life of his policy.

How do life insurance companies define smokers?

Most insurance companies define a smoker as someone who has used a tobacco product in the past 12 months. It doesn't matter if you smoke from a pipe, cigar or cigarette, 10 times-a-day or occasionally, in the eyes of the insurers, if you're a smoker, you're a smoker: the health risks are the same.

Can I get away without telling them?

If you smoke, you should be honest from the outset and respond to the insurer’s questions truthfully and accurately. It's in your best interest, because if you're discovered to have been deliberately deceptive, (validated through medical records and medical examinations) the claim is likely to be denied.

Do e-Cigarettes count?

In recent years, electronic cigarettes have experienced a surge of popularity with approximately 2.1 million adults in Great Britain currently using them. Although e-Cigarettes do not contain any tobacco, they do contain Nicotine. According to the Association of British Insurers there is “a lack of medical evidence as to any long-term health benefits” regarding e-Cigarettes and added that “an insurer is increasingly likely to ask if the proposer is using nicotine products, as opposed to what is the weekly tobacco consumption”. Therefore to be registered as a non-smoker, individuals should be tobacco and nicotine free for over 12 months, including e-Cigarettes, nicotine patches and gum.

If I've quit, how soon can I see my premiums reduce?

To qualify for non-smoker premiums, you must be tobacco and nicotine free for over 12 months. As soon as you reach the year, contact your insurer and they'll do the rest! Though, at this point, it may be advisable to compare online life insurance quotes with other companies to see if there are any cheaper alternatives available on the market.



If you're interested in purchasing high-quality, affordable life insurance, visit Best Price FS today.

Four Forward-Thinking Ways to Lower Life Insurance

In a time of tight purse-strings, each and every one of us is looking to lower our monthly outgoings. Life insurance should be no exception: the value of being covered by a policy should be more evident now than ever, but that doesn't mean you should be sacrificing quality when cutting costs.

These four forward-thinking ways will help send you on the path to getting cheap life insurance, leaving more money in your pocket.

Tip #1: Go commission free

Commission is how insurance companies cash in on your policy, and this often hidden cost essentially inflates the price of a product. Why not burst their bubble and start getting more for less?

Buying through a broker offering commission free life insurance is an easy way to save over the long term. While you’re normally asked to pay a small, initial fee, this will be a one-off, and will work out cheaper compared to a commission-based premium. This way, you’ll have the satisfaction of knowing that your money is getting you the best quality cover available.

 

Tip #2: Be a cynical shopper

While a new cuddly toy may be just the thing you’re looking for, free fountain pens and reduced gym memberships are superficial rewards designed to catch your eye.

Although you’ll enjoy these perks initially, chances are you’ll be paying for these in the long run in some way or another, usually in the form of higher premiums. I’m certainly not telling you to say no to a free lunch, but don’t be drawn in by these offers unwittingly. Be insurance-deal detectives and do your research: some companies may be offering the same cover for a cheaper price in the long run, although minus the meerkat.

 

Tip #3: Set the right term

Mapping out your long term financial plans is part and parcel of the search for an insurance policy to suit you. Why take out cover for a 30-year period when you know that in 25 years’ time your outgoings will be greatly reduced?

Generally speaking, most people take out life insurance to last until they’ve paid off the mortgage, or until the children leave home. The financial stability following such milestones means that insurance cover may not be such a necessity. Therefore, working out just how long you need to be covered for can be an easy way to ensure unnecessary spending.

 

Tip #4: Stay on the ball

Lifestyle choices affect how insurance companies view you and your risk factor, and so changes for the better could save you a few quid.

You may finally give up smoking, lose weight, or even pack in sky-diving; either way, it’s most definitely worth letting your insurer know. They’ll expect you to provide evidence of these changes, so make sure you’re able to do so, but asking for a reconsideration could be a really easy way of curbing costs.

These tips will set you on the right path, so that next time you compare life insurance quotes, you’ll know how to get the most for your money.

Do I Need Motor Legal Protection Cover? (on my car insurance)

Buying car insurance can be a costly affair and no one likes to buy more than necessary. With so many insurance add-ons, it’s difficult to determine exactly what you need, but motor legal protection should be a staple in everyone’s insurance spending.

Motor Legal protection is designed to cover your legal expenses in the event of a motor-related accident that wasn’t your fault. While its importance may be difficult to understand initially, if you were to find yourself in an accident, you’d soon be thanking yourself for taking out this cover. Factoring in the numerous expenses of phone calls, car repair and vehicle hire, it’s easy to see how the financial burden of an accident can balloon before your very eyes. There are many more additional costs that you might need to consider, and that’s not forgetting the financial impact of any essential time you may have to take off work. Your hard-earned income can take a hit from this range of expenses, but all of these can at least be minimised with a good motor legal policy.

The benefits

Many customers don’t actually understand the benefits of having motor legal protection, seeing it more as a costly add-on pushed by their insurance providers. While this can be true, there are affordable products out there designed to cover the costs of such things as:

• Vehicle repair and recovery
• Personal injury
• Hire vehicle
• Loss of earnings
• Policy excess
• Medical bills
• Legal expenses

Any good policy should provide you with enough for these essential expenses, with £75,000 being the typical cover offered.

Essential?

Although it isn’t a legal requirement to have motor legal protection, when you consider the alternative, you can see how beneficial it is to invest in motor legal protection to fully shield oneself from all motor-related eventualities.

Consider the following scenario:

Mrs. Davies stops her car at a set of traffic lights. Another car, going too fast, drives into the back of her. The rear of Mrs. Davies’ car is badly damaged and she is injured.Mr. Barnes, the man driving the other car, is at fault. While his insurance will pay for the damage to Mrs.Davies’ car, there are many other expenses that Mrs. Davies will incur. She is forced to pay out for the car-towing fees, a hire car until her car is fixed and a considerable policy excess. Her injuries necessitate a visit to the doctor and because she is self-employed, this causes her to lose half a day’s earnings. Mrs. Davies has not got motor legal protection. Uncertain if she is permitted to claim back these expenses and daunted by the prospect of chasing up her claims, she decides not to claim and is left out-of-pocket.

In the above scenario, had Mrs. Davies taken out motor legal protection, she would have felt reassured in knowing that a legal professional would have chased her claims on her behalf, and that her expenses would have been reimbursed with ease.

Everyone is entitled to claim back any uninsured losses; however this tends to require a lot of effort. You would personally have deal with every single aspect of your claim and although achievable, it would necessitate a lot of time, patience and determination.

The benefit of having motor legal protection makes the process of getting back to the position you were in prior to the accident hassle-free. Motor Legal Protection will make life easier for you as a driver, providing you with that important peace of mind in knowing that your uninsured losses will be recovered by a professional in any accident that wasn’t your fault.

Why buy?

All too often, it is only in hindsight that we see the real value of this kind of policy. The mere £20 it can cost pales in comparison when you consider the alternative posed by the hassle of “no-win, no-fee” services. Market research suggests that the main reason people do not buy motor legal protection is because they feel it is too expensive, an unnecessary expense that can be spared. Granted, some motor legal protection policies can be unnecessarily expensive, with high-commission often pushing up the prices. However, for those prepared to shop around, there are some extremely competitive, high-quality, low-cost options available on the market.

It can be easy to see motor legal protection cover as one more unnecessary expense, but the benefits certainly outweigh the cost. Find out more about Motor Legal Protection Cover here