Financial Trend Blog

Theres something strange in the neighborhood. Who ya gonna call? Credit busters! The reality is that banks and credit card companies have suddenly taken to increasing interest rates and reducing the credit limits on existing lending facilities. According to the figures, nearly half the US banks reduced the limits on credit cards in the last quarter of 2008. The result is easy to see. Whether you are a good or bad borrower, your credit score is dropping. Why should this happen? One of the more important factors in setting the score is the ratio between the amount you borrow and the amount available to borrow. If the amount of credit is reduced, you are closer to your limit. This makes you look like a bad risk and the score falls. This would be true if you were recklessly increasing your borrowing, always close to the maximum allowed. But there is something seriously wrong with the formula for calculating the score when the customer has done nothing wrong. Its hurting the good customers more than the bad because there is serious collateral damage. If credit scores were only used by banks for internal purposes, customers might weather the storm. But employers, landlords and, most importantly, insurance companies also use the scores to decide who is a responsible and reliable member of the community. According to the Society for Human Resource Management, half the nations employers routinely use credit scores when recruiting. The majority of insurance companies use scores when setting premiums for driving on the road. For some reason these companies have never been able to explain, they believe that people who have poor credit scores cannot drive safely on the roads. This is odd. If people cannot afford to replace their cars, they probably drive more carefully to reduce the risk of an accident. California, Massachusetts and Hawaii already have laws banning the use of credit scores for auto insurance purposes. A number of other states are proposing legislation to limit or outlaw the practice. As an aside, Maryland has a ban in place for home insurance purposes. In addition to its general unfairness, the use of credit scores is also potentially discriminatory. The problem is that people who have low incomes tend to have low scores. This concentrates poor scores among some minority groups. Civil rights campaigners suggest that African American and Latino drivers with low credit scores face unlawful discrimination on the basis of race or ethnicity. Naturally, the auto insurance companies deny this but, citing commercial confidentiality, refuse to produce any detailed data that would allow the issue to be settled one way or the other. As a result, the poor and disadvantaged are left with the feeling they are being victimised. What is interesting in all this is that insurers continue to be profitable in the three states where credit score use is banned, suggesting that the continuation of the practice is based on convenience. A computer can take data, apply a formula and produce a premium. If human beings had to look at files and make decisions, this would be more expensive and eat into profits.

A number of factors should be kept in mind to maintain the car security. These factors not only help one keep the car secured but also recover it after it has been stolen. Factors like having an alarm in the car, engraving the car's VIN number on its windscreen, an anti theft protection and many such features helps one ensure car security. Buying a combined insurance policy for all the cars is a more sensible and cost reducing affair that one could implement.

Finding competitive insurance which still provides you with sufficient
cover to meet individual taxi or minicab driver’s needs can seem a bit of a mine field!

The Internet has made the process very easy.

By filling in an online form insurance companies will provide insurance
quotes within a few minutes. Using an online broker who specialises in taxi
insurance can save a lot of time as they carry out the researches for you.

There are some key factors which can help reduce the cost of taxi
insurance premiums.

Taking out a Third Party Only is the least expensive insurance option.

This provides the minimum
legal insurance requirements for driving in the UK. This level of insurance is the
most basic.

Now-a-days auto insurance is mandatory for everyone and it is obvious that each person wants to buy the right kind of auto insurance for his or her vehicle. As for the convenience of customers, many insurance companies give a tool on their sites that ask for filling up some basic information about their vehicle and themselves. As a result of this, one can get various insurance quotes.

On the other hand, the insurance quotes are not always 100% correct, but it is correct enough to a great extent which helps one to make the right decision about which auto insurance rightly meets his or her needs and budget. But, how are these simple auto insurance quotes are advantageous for someone? Let’s take a view of some advantages of auto insurance quotes comparison and why it is so important for one.

Searching for auto insurance quotes online is a cakewalk. But searching for the cheapest of the auto insurance rates, now, that can be a bit more difficult. The tips that are provided down here will help you in finding the lowest quotes and in turn saving you maybe a few hundreds on your auto insurance quotes.

1. Provide all necessary details- you need to supply the information regarding your zip code, safety measures you have taken for your car, marital status and miles commuted in a year or else the insurance companies will automatically quote a higher auto insurance rate for you. Give them all the details to ensure that you get all the discounts that you should get.

These days’ insurance companies are in boom as because of the amendment in the law all of the automobile owners have to get their vehicles insured by a certified auto insurance company. This is a new addition made to the legal requirements for driving a vehicle.

There are various reasons that why this amendment has been made:

Usually people get their driving license in their teenage, which is the highest risk category for the road accidents. It has been seen that in road accidents usually these are the teenagers who usually get involved. After insurance if that car meets an accident and in case any casualty happens then the major support which one get is the money backup which sometimes becomes the major issues. As in the insurance policies not only the vehicle but the owner also get an accidental as well as death cover, along with that all the expenses like car repair and fines to be paid in court (if any) are taken care by the insurance companies.

By agreeing to join the military, one also agrees to take up the many risks that military service comes with. And while risk is an inevitable part of military life ? and indeed life at large ? there are various steps one can take to manage the risk. One of the most widely accepted risk management strategies is taking up insurance.

The risky nature of all military undertakings means that military insurance has to be tailored differently from insurance for the general population. Ordinary insurance companies used to have difficulties with military insurance due to the many facets it come with. As it were, the reality of military risk is such that it cannot be adequately covered by the actuarial modeling used in designing the ordinary insurance packages. This creates an obvious need for specialized military insurance. Consequently, a number of companies specializing in military insurance have come up. One of the leading companies that offer such specialized military insurance is Abacus, which is particularly well known for its services to the united Kingdom military.

Car insurance is one thing that every person is required to have in order to protect from the extra burden of cost that on may be put under otherwise if involved in any sort of trouble associated with cars or is involved in an accident. Hence one should be covered by the right sort of car insurance in order to protect one from the mishappenings.

In order to achieve the above stated thing one should research for the right companies and choose the best from the lot.

Sometimes, people think that whether there is any advantage in applying for the online auto insurance, and the answer is yes, there are a number of advantages in online insurance. Apart from the fact that it is very much convenient and easier so as to get a quote for online auto insurance.

A very much valid reason is listed that why it is so much easier task and why a person should take the advantage of it.

Business companies usually spend a large amount of money in getting prospects, and being an unknown to such prospects, they only pay the amount that took them to get them, especially these insurance companies. So, the price paid by the people is also affected by the cost, which is used to get these prospects, which is generally high in the competitive sectors. But, people are generally concerned with the savings that they can do.

If you are in need of car insurance policy and you really want to save a lot of money than just make a comparison between all the different insurance companies, agencies and providers. If you are in need of low rate insurance policies by a good insurance company, agency or provider then just go online and check the quotes of a number of insurance companies, agencies and providers.

You can get the answer of each and every question of yours on these sites very easily and also very instantly. Auto insurance is really very easily available online for all the fifty states and that too very fast. The Internet is very truly the easiest and also the fastest way to get insurance for your automobile from the best insurance company, agency or provider.