posted by admin on May 24

Nobody wants to be tracked while they are driving – but now young people are begging to!

The Co-Operative Society have come up with a great way to find out how safe their new drivers are – and charge them accordingly; by using what they are calling ‘Smartbox’.

Now normally we don’t want to give too much information away about ourselves if we can help it – but when we can be rewarded for our behaviour (and there is money to be saved) we don’t mind!

For example, many people changed to metered water in the UK recently so that they only paid for the water they used – showing that they were using less than the average person. However, water-wasters stil aren’t being penalised as they are only paying the ‘set rate’ still.

But with car insurance it is different! You pay more money for insurance if the insurance companies know that you are more likely to cause them trouble. The equivalent of charging people a huge amount for their water if they don’t commit to a meter to show their exact usage.

How It Works:
Well, young drivers are much more likely to have an accident in their car if they drive too fast, drive irresponsibly and drive in the dark – so their premiums are set high to cover the costs of repairing cars if they drive irresponsibly fast at night!

photo credit: thienzieyung

However, many young drivers don’t drive like that – but are statiscally within the same group – and you can’t take their word that they will behave behind the wheel. So in comes the Smartbox.

Basically, this device is fitted discretely in the vehicle and wired up to the cars electrics – like a black box of sorts – and records various details about driving speed, acceleration as well as having GPS facilities and a slock to record time of day.

Add all of this collected information together and they can tell when, where and how the car is being driven – and reward of penalise as necessary.

The machine can’t lie – so it can easily sort the wheat from the chaff so to speak!

Why Would You Do It?
If you have ever tried to get a car insurance quote when you are young and a new driver – you will know why you would be willing to be ‘recorded’ by the Smartbox: car insurance can be – and regularly is – over £1000 per annum. Way too expensive for most youngsters.

So, why not show that you can be a responsible driver in exchange for massive savings over the year?

All the data collected can be viewed online with the Co-Op, detailing which areas of driving you are very good at and letting you know the areas where you could improve your driving. It isn’t just about the money – it is about creating safer roads for the driver and all other road users.

Literally as you drive safely to and from work or college every day you are saving money – and it can be many hundreds of pounds over the year and into your next years premium too.

And, due to the tracking set up for the driving skills – your car is also tracked if it ever gets stolen!

If I was faced with the choice (and I know I am a good driver) – I would fit one!

posted by admin on May 5

Not as many people as I thought have any idea that you can insure your pet dog, cat or rabbit – as well as almost anything else we have as pets, including horses, lizards, parrots and gerbils!

I recently overheard a conversation where a girl relayed that after her dog got run over outside her house, the vet asked her if she had insurance and she had all but laughed in their face – it was only when the bills started coming in (totalling more than $700 and still rising) that she stopped laughing.

Is it Worth It?
Many others who have heard of it think it is a gimmick or a waste of money – ‘why pay someone else a set amount every month when I can just put some aside myself?’ Well, in the UK if your dog causes a road traffic accident, the owner is liable for up to $2m for each human injured as a result, not including costs for the damaged car or cars involved. Think you have enough savings for that???

All insurance policies create the same reaction – ‘do I really need it?’ – ‘nothing went wrong with our last pet/holiday/car…’. Can you afford that risk? Policies for cats and dogs range from around $9 up to $60 depending on a whole range of factors – but beware – they don’t all cover the same things!

Search For the Best Deal for You. 
So because all policies are different, don’t just grab the first one you see, or the cheapest for that matter – read up on the following details and see which areas are worth more to you, then focus on the best policy for your pets AND your pocket. What factors are relevant to you?

Existing Illness or Injury – If you pet has an existing injury or known illness that has recieved or is currently receiving treatment for, this may not be covered on all new policies.
New illness or injury – Check if the policy premiums go up after each new claim.
New Policy Time Window – Find out if your pet is covered immediately for cover, or if it has to wait for a period of time before cover begins (to make sure you don’t take out the policy when your pet is already ill).
Multiple Pets – Do you need to insure more than 1 pet in your household, as some policies will offer a decent % saving.
Excess Amount – Check that the amount of each claim you have to pay is not too high, otherwise you will never owe your vet enough money to bother making a claim – check your vets costs for the common illness and treatments, like loose stools – cut to the foot – ear infection, and compare the excess amount.
Payment Type – Some policies will pay everything through your vet with you just paying the excess amount to begin. Other policies make you pay for all of the treatment first – then send you a check after.
Other Benefits – Many policies will offer discounts for pets that are micro-chipped or spayed/neutered – also with indoor cats and other restricted animals. However, some policies will charge more for certain breeds of dog, for example, where those breeds are susceptible to hereditary conditions – so if your pet is (for example a bulldog is prone to skin complaints, a German shepherd to digestive upsets, a Labrador to elbow dysplasia, etc) check policies out for this specific detail. Some companies also offer discounts for people who work in certain professions which is worth looking in to.
Third Party – if your dog is likely to come into contact with people, vehicles or other animals, it may be worth getting (or at least investigating) third party cover incase of an incident. Sometimes this is included on you household policy so make sure you don’t pay twice.

Other things to look out for in a policy include the following:

• Alternative Medicines and Holistic Treatments Cover
• Accidental Death of Your Pet (specifically for pure-breed dogs and cats)
• Advertising and Rewards for Lost Pets
• Cattery or Kennel Fees (if you are hospitalised)
• Special Diets (in the case of long term medical conditions; diabetes, kidney failure, etc)
• Pet Holiday Protection (at home and abroad)

It really is worth having with vet bills on the increase. Even if you only make one or two claims ever – it would still have been worth it. Imagine you were that girl at the start who had to make a choice to treat her dog for as long as it took as whatever the cost, or to have her pet euthanized or a leg amputated to save money.

Is that decision really worth the price of a meal out?