Credit Card and Personal: A Tale of Two Loans

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Before the advent of credit cards, consumers could rely on personal loans to access shot term credits relatively easy. But what exactly is the persona loans? It starts by borrowing a fixed amount of money for a fixed period of time. What differentiates one loan from another are the interest rate and fees. This type of financial product was never too exciting for the banks because its nature is simple, transparent with expected gains. And then the credit card hit the stage.

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Five Reasons To Get Car Insurance

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Car insurance seems like an extra cost that insurance companies add on to take more money from you. In fact, as many as one out of seven car owners forgo insurance because they cannot be bothered with the cost. No matter how insignificant it seems you never realise the consequences until you find yourself in a jam and need a way out. If you are on the fence and don’t know whether to go for insurance or not, here are five reasons you should get your car insured.

It’s The Law

And breaking the law is not what you want to be doing. No matter what part of the world you call home, driving uninsured incurs either massive fine and community service or even jail time, depending on the severity of the situation. Okay, you might never be in a car accident in your life, so you may never get caught. However, all it takes is a police officer to notice that your insurance has expired, or there is no sticker on your vehicle and you will soon find yourself on the way to the cop shop.

It Gives You Peace Of Mind

There is no doubt you are a capable driver, but there are plenty of other drivers who are not. All it takes is for one of these bad drivers to crash into you, and you are in plenty of troubles; you don’t have to do anything wrong. Still, even if you are in the right car insurance is essential. All you have to do is ring them, and they will guide you through the process, or they will pay out for you if the other party doesn’t have insurance. There are millions of road traffic claims every year and insurance gives you peace of mind that you won’t go uncompensated if anything does happen.

It Saves Time And Hassle

Accidents happen and you need the expertise of your insurance company when they occur. Working with another person’s insurance company is a complicated and extremely difficult process, and you would be very naïve to do it on your own. Plus, insurance companies can help you find a repair shop and settle the problem as quickly and as fairly as possible.

It Saves You Money In The Long Term

It might cost you in the short term, but car insurance saves you money if the worst does happen. There are millions of accidents every year, and unfortunately you could be one of them. If you don’t have car insurance, you are the one who has to pay for the damage. So, if it comes out of your pocket, it is going to cost you a lot more than your insurance premium every year.

Supplements Health Insurance

If you don’t have sufficient health insurance, car insurance can help you out if you are injured in a car accident. Some policies cover dental work, rehabilitation and funeral costs for your family.

It might seem like another ploy, but car insurance is essential especially if you find yourself in a car accident that wasn’t your fault.

 

What are the Benefits and Drawbacks of Life Insurance?

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Life is packed full of difficult decisions, and whether to take out a life insurance policy is one of the biggest and most difficult. Here are the benefits and drawbacks of taking out a life insurance policy.

Benefits

No one likes to think about what might happen should they die. But it’s the kind of thing that you should give some thought to. So, what are the main benefits of having life insurance cover? For me, the main reason for getting life insurance is the peace of mind it provides you with. You won’t need to be worrying about how your family will cope after you’ve gone because you know they’ll get some money to take care of themselves with. This money will never be enough stop the grief, but it can make the whole process a lot easier for them.

A lot of policies also give an option that allows money to be paid out in the event of the diagnosis of a terminal illness. Again, you don’t want to think about something like that happening to you, but having the money to ease the situation can be really help if that’s what happens.

Taking out a policy doesn’t have to cost the Earth either. If you shop around and compare as many deals as possible, you’ll be able to find yourself a good deal. If you’re looking to take out other forms of insurance policy too, you could save even more money by opting for combined insurance. This means your policies will be bundled together.

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Drawbacks

There are some drawbacks to take into consideration before you make a final decision on the policy though. Life insurance isn’t necessarily a good idea for everyone; it depends on your individual circumstances. For example, life insurance is made much more costly if you have a pre-existing medical condition. The insurance company will want to assess you and then they’ll decide if they want to offer you a policy and at what price. If you’re in a high-risk group, the costs will be higher.

Your family might not need the money either. If you are already relatively asset rich, that can be passed on to your family in the event of your death. This means that an insurance policy could be a waste of money for you. It’s a better option for people who don’t have much to pass on to their relatives. And if you don’t have any children, a policy is probably a waste of time for you.

You should also think about if you can afford to pay the monthly costs involved in taking out an insurance policy. It can be expensive, and you don’t want to be struggling to get by just because you want to pay for the policy. A lot of people would argue that life is for living and life insurance is a poor way to use your money while you are alive.

Conclusion

Like a lot of financial matters, your decision is entirely dependent on your own circumstances and concerns. If you don’t have much to pass on to your family and are worried about how they will get by should you pass on, life insurance could be a good idea.

How Much Should You Spend On a New Car?

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Are you in the market for a new car? Whether you’re upgrading to a new vehicle or buying your first car, shopping for a new car can often be a stressful and challenging experience.

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The Essential Guide to Insurance for First-Time Landlords

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There are so many people deciding to become landlords for the first time nowadays. But the ones that succeed will be the ones that get everything right – including the insurance. Here’s your guide to landlord insurance.

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What You Need

Every landlord needs landlord insurance. It’s not enough to get an ordinary home insurance policy; you need one that’s tailored specifically for landlords. If you have an ordinary policy and the something happens to the property, the insurer probably won’t pay out.

There are lots of landlord insurance policies out there so make sure you compare them to find the best. Below, I will discuss some of the essential cover that your policy should include. Remember, cheaper doesn’t necessarily mean better.

Building

Every landlord insurance will cover your building. Your building is probably the most valuable asset you have, so it needs to be covered. Typical landlord insurance policies will cover damage to your property sustained in instances such as fires, floods and storms.

This is the very minimum you should expect from your landlord insurance policy. But read all the small print and make sure you’re getting exactly what you expect to from the policy. I wouldn’t recommend using a policy that only covered your building though, read on to find out what else you should have.

Contents

Contents insurance covers all the items in your home. This is especially important for landlords if you’re renting out a property that’s fully furnished. You’re going to be putting a lot of trust in the tenant, so it’s nice to have the peace of mind offered by contents insurance.

Even if you’re renting out an unfurnished property, it can be a good idea to have an insurance policy that covers contents. You’ll have light fixtures and doors in the property at the very least, and content insurance will cover these items.

Malicious Damage

No landlord wants to think about the possibility of having their property damaged by a tenant. These things do happen though, unfortunately. You can never fully trust a tenant if you don’t know them, so make sure you’re covered for malicious damage.

Another thing you should do is do your best to find good tenants. You could use a company like London2let to act as a middleman between you and the tenant. That way you’ll have more security. You should make sure you get references from potential renters too.

Loss of Rent

Being a landlord can be a precarious job. To start with, you’ll probably be heavily reliant on incoming rent to cover your mortgage costs. So, you’ll be in big trouble if, for some reason, you suffer a loss of rent.

A lot of policies will cover loss of rent. Cheaper policies won’ do though, that’s why you need to weigh up the pros and cons of every insurance policy before you take on out. If the tenant refuses to pay or the house becomes uninhabitable, this part of the policy will cover you.

Being a landlord can be a great way of making money, but you can only do that if you first get the right insurance in place.

 

3 Essential Insurance Policies You Will Require During Your Life

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Nobody likes to think about bad things that “might” happen during their lifetime, but it is not a good idea to simply hope for the best. Like it or not, there are lots of unexpected events that might manifest in the future, and so you need to prepare for every eventuality. That often means taking out various insurance policies and saving as much money as possible. We’re going to highlight three of the most essential insurance types you might require during your life throughout the course of this post. We will explain each in layman’s terms and draw your attention toward what might happen if you don’t have them in place. Thankfully, most insurers will allow you to pay in monthly installments, and so none of the policies listed below should break the bank.

  • Home insurance

There are so many reasons you might need home insurance that it would be impossible to list them all on this page. However, some of the most common ones relate to damage and theft. There is no getting away from the fact that criminals are everywhere, and they might break into your home at some point in the future. If that happens and you do not have a suitable insurance policy, you could lose out immensely. Those of you who live near to rivers and lakes will want to get one just in case the weather causes flooding. The last thing you want is to lose everything without the right cover.

  • Life insurance

Life insurance is vital if you want to make sure your loved ones are cared for after you pass over to the other side. People who don’t have life insurance policies in place risk leaving their family in a terrible financial situation. That is especially the case if something bad happens before you have paid your mortgage. It is entirely possible that your partner would have to sell the family home in order to make ends meet. You don’t want that, and it can be avoided if you simply look online for the best life insurance deals. Claybrooke life insurance quotes and those available from other companies will give you an idea of the cost involved. You just need to make sure you can afford to make the payments. Also, reading the small print will let you know how much cash could be paid out after you die.

  • Car insurance

As most people should be aware, it is illegal to drive on the roads in the UK without appropriate car insurance. Doing so means you are not only breaking the law, but you are also acting in a responsible manner. To find the best deals on car insurance, you will want to visit one of the many popular price comparison websites. Just search Google, and you should find lots of specialist domains that highlight the best deals given your situation. Failing to have car insurance could mean you get a criminal conviction if you are involved in an incident on the road. Don’t make that mistake. Get a good policy today.

So long as you are aware of all those insurance policies, you shouldn’t experience too many issues as you make your way through life. As we said only a moment ago, it’s not nice when you have to think about all the things that could go wrong, but failing to do so could put you in a bad situation.

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An Expert Guide To Finding The Right Home Insurance For You

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Everybody needs to have a comprehensive home insurance policy. If you have yet to find the right insurer for you, it is time to start looking. There are many ways that you can get the best policy for you. You need to protect your home so that you know your items, and the structure is secure. If you think that you can risk it and hope that nothing will happen, you are wrong. Instead, you need to get the perfect policy to suit your situation.

Use comparison sites to find the best deal

The first thing that I should mention is comparison sites. You can usually get the best deals if you use one of these sites to get quotes. Despite that fact, it is also worth knowing that some home insurance policies are not on those sites. You should also do some research yourself to ensure that you know about all the best deals. If you haven’t got all the right information, there is no way you can make the right decision for your home.

Cover your contents and structure together

If you can do so, it might be best to get a comprehensive policy that covers bother contents and the structure of your home. That way, you will only have to pay one sum of money, rather than two. It will also mean that it is simple to understand any excess or premiums that you have to pay. You should talk to your insurer about all these payments. See whether you can pay the annual fee for the insurance in one lump sum. Doing so might save you money, in the long run, which will be a massive help.

Ask about the insurance premiums

You need to know about the premiums you will pay on an annual basis. If you have never taken an interest in this aspect of insurance before, now is the time to do so. You should ensure that you ask the policy provider what the premiums will be. In reality, you want to reduce the premiums as much as possible. That way, you can make sure that you aren’t wasting your money for no good reason. When it comes down to it, you should ask so that it is 100% clear. That way, you can make some real savings.

Renew your coverage on an annual basis

Each year, you should seek to renew your coverage policy. Sure, it takes effort to look for a new policy, but you ought to know what’s out there before you decide to stick with your original agreement. If you can find a better deal somewhere else, you need to go for it. You can haggle with your current provider and see whether they will give you any reductions. Much of the time, you can find great introductory offers from providers, which will mean that you can cut the cost of your insurance.

Ask your neighbors about their quotes

If you live in a district with many residential houses, you need to talk to your neighbors. If you can find out what policy they have, you might be able to get a better deal. In general, your policy should cost a similar amount to that of others in your area. Insurers tend to rate the region when they offer unique insurance agreements. You should talk to your provider and see whether you are in the right category at the moment. That way, you won’t pay over the odds.

Remember, you have to put the work in if you want to get the best possible policy for you. If you follow this expert guide, you can save loads of cash.

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Andrew Filer

 

Financial Necessities for any Driver

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As a driver, you’re going to find that you have a lot more expenditure in your life. And you’re going to need to get used to this as quick as you can. You’ll have more responsibility in your life and the freedom to enjoy independence. But with this will come extra costs that could harm you and your finances.

To get around this problem, you need to make sure you’re aware of the kinds of costs you can expect to face. Once you’re aware of what the costs are you’ll be able to take measures to combat them. Or at least prepare for them and adjust your finances to accommodate them. Here are some of the most important financial necessities you can expect to encounter as a driver.

Car

Of course, it goes without saying that you’re going to need a car. But you’ll be surprised how many people take this for granted. If you do, you’re going to end up shelling out far too much money. What you need to do is set yourself a budget that you can afford. Now, these days it’s unlikely that you’ll be able to afford to buy a new car. The cost of living’s so expensive, and a car adds to this. Instead, you want to get yourself a used car. Visit http://www.carcogroup.co.uk/ and have a look through the selection they have. You want to pick something trendy and dependable like a Rover. Make sure you take your time to pick the right car, so you don’t regret the decision in a few months time.

Petrol

One of the biggest expenses, when you’re a driver, is the cost of petrol. It seems to go up year after year, and it’s showing little sign of slowing down. Account for petrol costs when you work out your cars running costs. You could try to cut down on the cost of petrol by changing to a cheaper type of petrol. Another way is to try to get a more energy-efficient car. But the easiest way is going to be to make your car more fuel-efficient. This means things like making it lighter and keeping windows closed to cut out wind resistance.

Insurance

Another of the depressing expenses you’re going to encounter is the insurance premium. The word insurance sends a shiver down the spine of most drivers; and for good reason. The entire process can be a nightmare. It’s stressful, expensive and time-consuming. But there are ways to make sure you can get the best insurance policy for you. One of the key ways is to go online and make use of price comparison websites. These do the hard work for you, comparing and contrasting car insurance.

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Maintenance

You’re also going to need to take into account the fact that you’ll have to stump up cash for maintenance costs. When you own a car, you’re going to find that the car will inevitably break down or need some kind of work. There’s not any way around it. So you’re going to need to budget for this. Try to go for maintenance checks as often as finances will allow. This way you ensure no major issues develop, because those will cost you a lot.