How Far Back Can I Claim My PPI? A Question On The Minds Of Many

At present there is the ongoing scandal of insurance mis-selling (this has been going on in the UK for a number of years and there are cases of miss sold PPI dating back more than 20 years), this is a financial scandal that has been raging for more than a decade with a number of different ppi claims companies’ handling claims for customers (in some cases claimants have hired their own independent solicitors or even pursued a PPI claim themselves).

When it comes to payment protection insurance claims (PPI claims for short) some examples of important questions on peoples minds at the moment are questions such as “how far back can I claim PPI?” Expanded Meaning: “how far back in time can my payment protection insurance policy be before I’ll be unable to make a claim for compensation?”.

The reality is: with a PPI claim there is officially no formal time limit (some people have successfully claimed compensation from miss sold insurance policies dating back over a decade).

However there is a complexity: Something which is known as the “six year time limit”

Six Year Time Limit?

This is basically the statutory time limit for which banks and other financial corporations have to keep a record of payment protection insurance policies.

If your claim is dating back to longer than six years ago this does not necessarily mean that you will have issues with making a PPI claim, what it means is that it is possible that the company that miss sold the PPI to you in the first place has no record of your PPI policy.

What Happens If They Have No Record Of My PPI Policy?

There are ways around this, the most obvious way is to check if you have any of the original paperwork that goes with your original PPI policy, if not, this is not necessarily an issue, there may be other ways to prove you paid into a PPI plan, this is more a matter for expert PPI solicitors to look into rather than something to make speculative estimations on however.

Rest assured: people have successfully reclaimed PPI on policies that go back much longer than six years, so as stated above this does not necessarily pose a threat to a potential claim at all.

How About If I Have My Original Paperwork?

If you have your original paperwork there is no problem, you have supporting evidence to prove you paid into a PPI policy and thus you have a solid foundation to find out whether or not you have a valid PPI claim.

Many PPI Claims companies can help you claim PPI even if you don’t have the original paperwork, one example of such a company is: this company who are known to be actual “PPI solicitors” which gives them additional abilities to facilitate your claim, however there are also other PPI companies’ that can handle your PPI rebates, a simple search will reveal a number of companies that can handle your case for you.

You also have the option to handle the claim by yourself and save having to pay any commissions out to claims management firms, however this can be a lengthy process and may require more than just patience, (many PPI claims end up having to be submitted to the financial ombudsman service and pursued further should the banks try to reject a claim.) However, on the balance it is possible also to claim PPI without the use of a solicitor or a claims management company.

The PPI Scandal is one of the largest scale mis-selling scandals of all time, there are funds allocated to compensate members of the public who have experienced this kind of mis-selling so it is advisable to at least make enquiries if you have a suspicion that you have had PPI on either a loan, credit card, mortgage, or other financial arrangement.

Final Tip: If you do intend to claim compensation it is sensible to claim as soon as possible due to the fact that there is a deadline being implemented by the FCA meaning that any outstanding PPI claims will need to be submitted before the deadline of August 29th 2019, so submit your case as soon as possible.

Making Sense of Car Insurance

What Kind of Car Insurance Do You Need?

insuranceRegardless of the vehicle you drive, you need car insurance. The level and type of insurance purchased should be designed to meet your individual needs. How much you pay for insurance will be determined by many factors including the age and type of your vehicle, your driving record, your age and place of residence, and how many miles you drive annually.

 

Liability Insurance

This type of insurance will cover damages and injuries of another person in the event you are responsible for an accident. The accident is the result of your actions, and you are responsible. This coverage will pay for costs associated with repairing property damage and any medical bills associated with injuries caused by the accident. The majority of states require drivers to have a predetermined amount of liability insurance. Insurance experts agree it is best for an individual to have more than their state’s required minimum amount of liability insurance. The reason is simple. If a person doesn’t have enough insurance to cover all the damages and medical bills after an accident, they may have to make up the difference out-of-pocket.

 

Uninsured/Underinsured Coverage

Most states require their drivers to have car insurance before operating a vehicle. Unfortunately, not all people follow these laws and may drive vehicles with low coverage or no car insurance at all. The majority of states do require drivers to have liability insurance. In many cases, the minimum amounts for liability insurance will not pay for all of the damage or medical bills that result from an accident. This means if someone is found legally responsible for an accident, the victims may not get any payment or the payments they do receive may not be enough to cover all of the damage and medical bills associated with the accident. When this happens, a victim who is either uninsured or underinsured will have their accident expenses covered.

 

Collision Coverage

This coverage is designed to pay expenses associated with repairing your vehicle after a collision. In a serious accident, the vehicle can be totaled. This means the costs associated with repairing the vehicle will be more than the estimated value of it. In this situation, collision coverage will pay the policyholder the value of the vehicle that was totaled. If a person drives an older car, it may not be worth having collision coverage on their vehicle. This will depend on the value of the vehicle. Should a person have an expensive vehicle that is fairly new, collision insurance coverage may be important. It is designed to repair a vehicle into the same condition it was prior to any damage from the accident. If a vehicle is purchased by a loan from a financial institution, collision coverage may be required as part of the loan agreement.

 

Comprehensive Coverage

Cars can be damaged by more than just accidents. A car may get significantly dented during a hailstorm, the driver may hit a deer, or the vehicle could get stolen. Collision, as well as liability coverage, were designed to cover a vehicle in case of an accident, but don’t account for other situations. In some states, this type of insurance is considered costly. When a vehicle has certain anti-theft devices as well as tracking devices and more, this could lower the amount of money required to have comprehensive coverage.

 

Personal Injury Protection Coverage (PIP)

The medical bills and damage costs associated with any accident can become excessive. When a person has PIP coverage, the medical bills of the driver and passengers will be paid no matter who is determined to be responsible for causing the accident. PIP coverage is not offered in all states.

 

Getting Car Insurance

Once a person has determined the type of insurance they want, as well as the level of protection, it is time to begin shopping. Go online or speak with a licensed insurance representative to obtain free insurance quotes.

4 Things to Think About to Choose an Insurance Agent That’s Worth the Money

Insurance may not be something you think of when setting your budget. It’s something people usually buy because they’re preparing for the worst. When unexpected circumstances arise, insurance policies bring welcome peace of mind, making them good investments no matter how much money you have. Besides choosing the correct type of insurance, it’s also important to work with a suitable insurance agent. There are several things to consider when selecting one, whether you are buying insurance for the first time, or switching to a new agent.

Area of Expertise

homebuyers_2Many insurance agents offer various types of coverage from a single office. For example, you may be able to work with a single provider to get insurance for your car, home, and business. Before getting serious about starting your search for an agent, take time to explore the kinds of insurance that are available, and learn about the types that are relevant to you. Then, narrow your search by focusing on insurance agencies that provide the kind of coverage you need.

Customer Satisfaction

It’s also smart to speak to potential insurance agents and ask them if you could get references from clients they are working with currently, or have assisted in the past. It may not be possible to get those references, but even if you have difficulty, that doesn’t mean you won’t be able to get a general idea of whether customers have been happy with the service they’ve gotten from a certain agent.

The internet is an excellent place to look for insurance agency reviews. Sometimes you can even learn about customer satisfaction by browsing the respective social media pages. If you’d rather not just pick an agent based solely on online reviews, ask people in your circle of friends if they could recommend an agent for you to meet.

Geographic Relevance

Many insurance agents help people in more than one state. Whether you decide to do business with a professional who works in one area or several, make sure that provider understands the area in which you live or work. For example, if you live in Virginia full time, it probably wouldn’t be smart to work with a Denver insurance agent, or to search in the state of Colorado at all. But if you reside in Virginia, have a branch of a company in Denver, and need business insurance, it makes sense.

Familiarity With the Industry and Coverage Options

An experienced insurance agent may make clients feel more at ease, but experience should not necessarily be your deciding factor when choosing a provider. It could be said once an insurance expert becomes familiar with his or her industry and the associated products, it doesn’t make a huge difference whether that person has nine years of experience or just one year. When speaking to an agent, try to gauge whether the individual seems to have a working knowledge of the available coverage and is able to help you budget for the required policies. If so, you should feel confident about beginning a business relationship with that professional.

Besides keeping these four things in mind, remember it’s usually not wise to get your insurance from a friend or relative who works in the industry. You may need to bring up personal matters with your insurance professional, and might not want to disclose them to people you know socially or through your family.

3 Helpful Ways to Compare Auto Insurance Quotes

How do you get the best car insurance rate? Do you ask your insurance provider or stick with your current package and hope for the best? Here are three ways to get you started when shopping for competitive auto insurance quotes.saving on your car

 

Shop Around and Compare

 

  1. Rethink your policy, says Bankrate. Many policyholders don’t make a savings on their car insurance rates because they’re loyal to the company they know and trust. In some cases, this means paying a higher premium. In the short term, it’s less hassle to stick with an insurer you’ve had for years. But in the long term, sticking with the same company isn’t the best for your finances. With hidden fees and charges, it can be hard to know exactly what you’re paying for.

 

Review every detail of your policy, and once you have, start exploring other options. Don’t get boxed in simply because you think it’s better to stay with the same insurance company. That only works if your rates stay constant or if you’re satisfied with the service. If you’re starting to have problems with both, then it’s time you started looking elsewhere.

 

  1. Shop around. If you’re thinking about getting a new policy with a different insurance provider, then start looking 60 days before your current one expires. Just make sure that when you do ask for a quote from another insurance company, they base the quote on your current coverage. If you’ve got a pretty excellent record so far—no driving accidents, consistent payments, etc.—then you should have a better chance at getting a lower quote.

 

However, your policy’s expiration date shouldn’t be the only reason to ask for a new quote. If you’ve gone through major changes in your life lately, then you need to check with your insurance provider for a new quote. For instance, did you just get married? Car insurance rates are typically lower for married drivers. So if you declare your marital status, that could get net you a lower insurance quote. However, if you’re finally adding your teen driver to your policy – still a more wallet-friendly than them getting their own policy – then you’ll need to be prepared to shell out more for the additional costs.

 

  1. Use comparison portals. The best way to get the insurance premiums you want is to compare car insurance quotes with sites like CoverHound. With an insurance comparison portal, you can easily get an idea as to what the average rates are in the market for the coverage you’re looking for. You can save time and money just by using comparison sites. Instead of going from one site to another, dialing an exhaustive list of numbers and needing to organize all that information to stack them up against each other, you can have it done for you. Eliminate the legwork and still find a policy that agrees with your budget and needs.

 

You can do something to change your monthly premiums – so look around. Today is a new day, filled with smarter financial decisions about your car insurance.

Looking Ahead: Five Types of Insurance That Save You Big in the Long Run

Insurance is a necessity to safeguard your assets. In the event of a car accident, fire, or medical emergency, having insurance is a way to make sure you don’t have to cover the costs yourself. So what kind of insurance policies should you have? These five types of insurance are important for everyone.

Looking AheadAutomobile Insurance
At least some level of auto insurance is required in all U.S. states, but you should consider purchasing more than the minimum liability insurance. If you are involved in an accident that causes injury or property damage, you could face an extremely costly lawsuit. Even if you are a phenomenal driver, accidents do happen and you will want to be insured. Choosing to skimp on your auto insurance saves a small amount of money in the short-term, but it could potentially cost you a lot more money in the long run.

Homeowner’s or Renter’s Insurance
Protecting your home or apartment is equally important. If you are a homeowner, replacing your home after a tragedy could be disastrous for your finances – the cost of insurance is miniscule in comparison. In addition, if your home is financed through a home mortgage, you may be required to purchase homeowner’s insurance. If you are renting, insurance is equally important. Even if your landlord doesn’t require you to purchase renter’s insurance, there are many other reasons you should open a renter’s insurance policy. For example, in the event of a fire in your apartment building, your landlord’s insurance policy will only cover the structural building. If your possessions are destroyed, being uninsured means you will have to pay the entire cost of replacing your property.

Health Insurance
Many young, healthy individuals neglect to purchase health insurance, but unfortunately this can have detrimental financial consequences in the future. A medical emergency or serious illness can rack up thousands of dollars in medical bills, and being uninsured means that you will have to cover these bills on your own. Furthermore, many health insurance companies can negotiate discounts with healthcare providers for their policyholders – meaning you also save money on your regular doctor’s visits and prescriptions. Check out healthcare.gov to get going.

Long-Term Disability Insurance
Nobody wants to think about the possibility of needing long-term disability insurance. It’s easier to think, “Oh that will never happen to me!” However, it would be a safe practice to have disability coverage that will allow you to continue your current lifestyle if you are unable to work.

Life Insurance
In the event of your death, you want to safeguard the financial security for the people who are dependent on you. If your parents, spouse, or children would suffer financially after your death, take out a life insurance policy that will replace the amount of your income. In addition, do not forget the cost of your burial, which can be an unexpected hardship.

Many people neglect their insurance needs. Buying insurance isn’t exciting, and it can be easy to think insurance is something you’ll never need. However, in the event of an emergency, you’ll be thankful that you planned ahead and purchased insurance.

Three Tips for New Landlords

For those with the financial power becoming a landlord can be a lucrative scheme, bringing in a sizable income on a regular basis. However, the life of a landlord is not always as straightforward as many believe.

With a little research and knowledge of the trade, landlords can ensure that they are seeing a solid return without putting in a large amount of regular work. Here, we take a look at three tips for new landlords to ensure that they are smart with their money and are able to get the most from their investment.

Low Maintenance Properties

Whether you’re keen to buy new for minimal hassle or are looking for a project to work on prior to letting, landlords should not overlook the importance of buying a low maintenance property. A property which requires regular work will not only prove costly over time but will cause disruption to your tenants and will detract from the letting value of that property as a result. A low maintenance, recent build will ensure that your time as a landlord runs as smoothly as possible.

New Lanlords

Insurance

While it can be tempting for new landlords to keep costs to a minimum, there are a number of purchases which a smart landlord will never bypass. Insurance comes pretty near the top of this list. New landlords are advised to seek a landlord insurance quote in the early stages, to reduce the chance of having to fork out to meet the cost of any unexpected developments. For an Axa landlord insurance quote click here.

Tenancy Agreements

Those looking for an investment which requires just a small portion of their time might be keen to skip the process of issuing tenancy agreements. Whether you are familiar with your tenants prior to their move or not, it always pays for a landlord to deal inside the law, making use of contracts to ensure payment of rent and other key issues. Simple tenancy agreement forms are available on most high streets and will clarify the finer points of your tenants’ stay in more concrete terms than an oral agreement.

Discover Different Options on your Home Insurance

home insuranceWhen you’re looking at home insurance quotes, there are different optional extra features that you can include in the cover. Although this will increase the price of the premiums over the year, these offer different potential benefits and are worth considering for a small extra cost per month.

Generally, the optional extras are peace of mind features, and the main ones available for contents insurance are home emergency cover, personal possessions cover and accidental damage cover.

  • Home emergency cover is for those unexpected problems in the home such as a boiler breaking down or a hot water tank flooding. These are things you can’t prepare for, but that need fixing immediately when they happen. The extra cover will mean that a tradesman is sent out by your insurer
    to carry out repairs in a short time frame and that the cost of  labor  and parts will be covered up to a ceiling amount. Although you may not need to use the home emergency cover it can be reassuring to know that you have it in place.
  • Accidental damage cover is to insure against damage caused by the policy holder or their family. It’s for those unexpected spills, like a cup of coffee over the computer keyboard or a glass of red wine on a cream sofa. It’s also for things like your toddler pushing the TV off its stand or a family heirloom off the mantelpiece. It depends on how accident-prone your household is whether you’ll think this is a useful addition to your home contents policy.
  • One thing that some people aren’t aware of until it’s too late is that contents insurance only covers your possessions while they are in your home, not when you’re out and about. The way around this is to take out personal possessions cover which means that whatever you take with you will be insured. This is really useful if you take valuable items like a laptop or video camera out with you regularly. You need to decide whether this is worth getting. Bear in mind that you will still have to pay an excess before any claim.

Whatever level of contents home insurance you are looking for, you should get a number of quotes to make sure you are getting the best deal. If you are a member of a trade union like Unison, you will find that some insurers offer preferential rates for trade union members. Make sure you check with each company that you get a quote from as this could make a significant difference to the cost of your premiums.

If you’re looking for the cheapest cover available, it’s probably best to take off any extra features like home emergency cover, but it’s worth thinking it through as the small amount of extra premium costs could pay for themselves many times over if you ever needed to use the additional feature on your policy. If the pipes burst and you  didn’t have to pay for the clean-up, you’d be very glad you had home emergency cover!

photo by ell brown

At What Age Should You Consider Life Insurance?

life insuranceIf you have been considering getting life insurance, then you may be wondering if it is actually worth it. You may think you are too young, or you may even think you are too old. You may wonder if anyone would benefit from you having life insurance.

There are obviously many things to consider. And while many people ask at what age they should consider life insurance, there is no concrete answer. Getting life insurance will depend entirely on your situation.

In your twenties

If you’re in your twenties, it’s unlikely life insurance is your top priority. You may worry about getting a good degree, getting and keeping a job, or paying the bills month to month, or you might just worry about how to get rid of a hangover and that awful curry stain on the carpet in your rental apartment.

However, there are many reasons why you could need life insurance in your twenties. If you buy a house or start a family, then having life insurance should definitely be on the agenda. If you have huge student loans or credit card debts, then life insurance could also be a good idea.

When you start a family

As previously mentioned, having a family means it’s usually a good idea to protect yourself with life insurance. Choosing a policy from an insurer like Suncorp Life Insurance means you can protect your family, should something bad happen to you.

This could mean a payout to help cover bills such as funeral expenses, and it could keep your family afloat during tough times when you’re no longer there to provide an income.

When you buy a house

Again, when you make a big purchase like a house, you need to protect those you may leave behind from the financial burden of your mortgage. A life insurance payout could help to pay off your mortgage, leaving your family with less financial stress.

When you start accruing certain debts

Debt can often be a part of life, but unfortunately, it can be left to your family to pay off your debt should you reach an untimely demise. This could mean student loans, credit card debts, car loans, personal loans, and so on, all left unpaid. Life insurance could help cover these costs and pay off debts.

When you have people that depend on you

While we have already talked about children depending on you financially, there can be other people who depend on you as well. This could be a non-working partner, an elderly relative, or someone who needs specialist care or medical treatment. The loss of your income could cause problems to these people who rely on you, and getting life insurance could mean their financial protection is assured.

Whatever your age or situation, it could be worth finding out more about life insurance. Life insurance policies can be adjusted and tailored to suit your budget, and to suit your needs. Find out more about life insurance Australia with Suncorp, by visiting their website, or calling up one of their friendly customer service agents.

photo by StockMonkey

Factors Which Affect your Auto Insurance Rates

auto insurance ratesIt is not a new thing to hear someone say that he had been misguided into buying costly auto insurance. Sometimes it is exactly the other way around and you hear them say that they should have gone for a better coverage, meaning that they should have spent a little more up front. Now, this is really sad because there is good, reliable help available from established companies which provide easy online guidance and well-analyzed quotes. There are some typical factors that usually affect the auto insurance rates, and it may be useful to run through some of them.

Some of these factors are personal or individual based. These would take into account the specifics of your automobile(s) with respect to the type and age of the vehicle, miles done, servicing records, accident history, safety and security equipment installed, its classification in terms of generally established safety car standards, and so on. In this case, the greater the safety rating of the car, the cheaper it must make your insurance. The personal category of factors would also consider the age, ability, track record, of the persons who are being covered and others who may be anticipated to drive or travel in the automobiles being covered for. So the lesser the people covered, cheaper will be your insurance; and similarly it will cost lesser for the more able and proven drivers. This category can be further effective in controlling the rates, especially if you buy form good companies, which offer special training to equip you in these criteria, or have discount generating partnerships with other organisations of which you may be a member of.

Another category of factors that will affect your auto insurance rates is based on geographical range of the running of the automobiles. There could be states with laws that demand a wider range of factors to be covered for. There may be areas of greater risk that your automobile runs in, risks that could be connected with thefts, or accidents or social unrest, and so on.

Lastly, it will depend also on the flexibility that the insurance company itself is able to accommodate. For example, some companies can help you out with attractive packages that will cover other insurance needs with your auto insurance.

photo by chris waits

Should You Take the COBRA or Get Private Health Insurance?

cobra insuranceHealth insurance can be difficult to obtain under the best of circumstances. But if you lose your health insurance due to the loss of your job, circumstances will be less than the best.

At that point, you’ll have a choice to either extend your employer coverage under a COBRA provision, or to obtain a private health insurance plan of your own. There are advantages and disadvantages to going either way.

Cost

The single biggest reason why most people don’t take the COBRA plan upon termination is cost. While you are employed by the company, the cost of the health insurance plan is tolerable primarily because the employer pays at least part of the monthly premium. Once you are separated, you must pay the entire premium yourself. In addition, once your company plan converts to COBRA, an administrative fee in the neighborhood of 15% can be added to the monthly premium.

The advantage of having a private plan is that you can negotiate a lower premium. You can take a plan that has a higher deductible and/or one that omits certain coverage types, such as prescription drug coverage or dental and vision.

As a rule, cost considerations will usually favor going with a private health insurance plan.

Continuity of coverage

Continuity of coverage is important if you are in the middle of treatment therapies at the time of separation from your employer. By taking the COBRA plan, your ongoing therapies are covered by your plan. If you have to change to a private plan, the new plan will almost certainly exclude ongoing treatment.

Continuity of coverage makes COBRA the winning choice.

Pre-existing conditions

If you have to apply for private health insurance your application can be denied due to pre-existing conditions. Insurance companies can turn you down for any of number of reasons, including a previous episode with a major illness, certain ongoing therapies, and even a history of too many claims. Private health insurance may not be an option when you leave your employer.

Since COBRA represents a continuation of an existing health plan, your acceptance is guaranteed. In addition, since employer plans are group plans, your acceptance into the plan was certain as part of your employment and ignores pre-existing conditions.

When it comes to pre-existing conditions, COBRA is the clear winner.

Temporary vs. permanent coverage

If you’re facing the prospect of having to choose health insurance because of the loss of your job, one of the most important considerations will be how long you expect the period of unemployment to last. COBRA will only provide coverage for a period of up to 18 months. Should you not replace COBRA with another employer-sponsored plan, you will have to obtain permanent insurance once COBRA expires. Whatever advantages COBRA has, it will never be more than temporary coverage.

If you’re fairly certain that your unemployment will last more than 18 months – or might even be permanent – you should seek to establish permanent health insurance with a private plan as soon as possible.

The reason that you want to do this quickly is because you want to make sure that you are in good health at the time you apply for private coverage. If you decide to wait out the 18 months that you are eligible for COBRA, you could risk a medical event that will make you un-insurable.

Have you ever opted to take the COBRA plan upon the loss of a job? How did it work for you?

photo by vectorportal

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