Connect with us

Wealth Management

VOID OR VALID : 10 WAYS YOU COULD BE INVALIDATING YOUR CAR INSURANCE

Published

on

  • Being the named driver on your child’s car could invalidate your car insurance 
  • Driving with pets can have an impact on your insurance cover 
  • co.uk reveal ten ways to legally reduce your insurance

 

Car insurance prices have reached a seven year low1, with Covid helping to drive down the price, but it’s important to remember to be as accurate as possible when providing your personal details.

Providing false information or failing to update with changes of circumstance, whether accidentally or not, can invalidate your insurance, meaning your insurer is able to refuse to pay out for claims, or even cancel your policy. Some types of misinformation may even be classed as fraud and could see you end up in court.

That’s why CarParts4Less has shared ten easy to make mistakes that might be invalidating your car insurance.

  1. Lying about your main address

Car insurance premiums can vary depending on the postcode, as some areas have higher rates of thefts and break ins. It can be tempting to put down your home address as somewhere different to where your car stays every night  – a parents’ house while you are at university, for example, or at your house when you spend five nights a week living at your partner’s. However, doing so can mean your insurer can refuse to pay out any claims made, for example if your car is broken into in the location it actually resides.

Insurance companies have investigative departments (called special investigations unit, or SUI) dedicated to making sure information on your insurance and claims are correct, so while you may think you can get away with not updating your address, the likelihood is is that this will be found out when you make a claim.

  1. ‘Fronting’

Insurance for young drivers often costs more than groups deemed less of a risk, and one way some motorists try and get round these higher premiums is by having a low risk driver, such as a parent or partner, named as the main policy holder, and adding the real motorist as a named driver. If you get caught ‘fronting’, your policy will immediately be cancelled, and any claims denied. These cases are often taken to court, too, as it is classed as insurance fraud, with outcomes including fines of up to £5,000 and six points on your license.

  1. Ignoring your morning commute

There are three types of car usage that insurance covers; social only, social and commuting, and business. Social only insurance covers driving for social or leisure use; driving to and from friends’ houses, going to the supermarket, etc. The commute to and from work, or even to and from the train station, are not covered by this policy, so upgrading to a social and commuting is necessary, even if you only commute a few times a month. Insurance companies may dispute or refuse claims made during a commute if the policy is social use only, even if it is claimed to be only a one off.

If you use your car for work purposes outside of commuting, for example using it to get to meetings, or carrying equipment, you will need to get business cover.

  1. Not informing your insurer about any car modifications

Car modifications can affect your insurance premium for two reasons; if they increase the likelihood of an accident, or if they increase the likelihood of theft. Optional add ons for brand new cars, including something as simple and common as fitting in a SatNav, can impact insurance so it’s important to ensure these options are noted when applying for insurance. Your insurer will also need to be made aware of modifications that are made during your policy, as this may require a change in policy.

  1. Not informing your insurance company of minor accidents

In the case of small bumps or minor accidents where only cosmetic damage occurs, it’s common for motorists to have their car fixed without making a claim. However, even if you intend not to claim, it is important to inform your insurance of any damage received, as to not do so is a breach of your policy. This helps in the event that the other driver changes their mind and decides to claim, and also ensures damage is accounted for if you do need to claim after future incidents – damage which is inconsistent with a claim may mean that your claim is denied.

  1. Using more miles than you thought

Your annual mileage is one of the main factors used to calculate your insurance premium; the higher the mileage, the higher the cost. It’s important to be as accurate as possible when providing this figure, rather than just guessing, as it’s possible your insurance provider will decide not to pay a claim if your mileage is higher than what you’ve estimated. When working out how many miles you drive, don’t forget to include weekends away, weekly shopping, etc, and add some contingency miles – it’s better to be safe than sorry!

  1. Driving with pets

If you are driving with your pet in the car,  you are legally required to make sure they are secured. Unsecured pets can make a car more at risk of accidents, as they may distract the driver or even physically get in the way of driving. If you crash with an unsecured pet in the car, it’s likely that your insurance company will refuse to pay for your claim.

  1. Letting other people drive your car

While it’s possible for your friends or family to have insurance policies that allow them to drive other people’s cars, it is unlikely these policies cover damage to the vehicle in the event they are in an accident. It’s more than likely  that your own policy only covers vehicle damage that happens when a named driver is in the car, so while your friend can legally drive it, any accidents that occur may not be able to be claimed for.

  1. You’ve recently changed jobs

Your current occupation is one of the factors used to determine your risk profile, so it’s important to update your insurance company if you have changed jobs or occupations. Failure to do so many mean any claims made after a job change can be denied by your insurer.

  1. Charging for lifts

Some policies specifically exclude cover for car sharing, whether you make profit or not. For those whose policies do allow lift sharing, it may be void if you make a profit from giving lifts – many state you may only make enough to cover petrol and driving costs. Earning money from giving lifts can identify you as a ‘taxi hire service’, making a policy which does not cover this void.

It’s important to always read the terms and conditions of your car insurance policy, to ensure that you have not accidentally invalidated the policy. Keep your insurance provider up to date with any change of circumstances, regardless of whether or not you think it’s relevant, as some seemingly unrelated life changes can impact your premium.

 

Top 10

STOCK TRACKER TO OPTIMIZE YOUR SHORT-TERM GAINS

Published

on

By

When it comes to trading for short-term gains, there are many options to explore. For example, you could dive into technical analysis and trade based on data. Next to that, you could thrive on the sentiment of the market to get your gains. In any case, it is important to have the latest state of the market captured, including your holdings in that market. Having the best stock tracker could help you realize that. In this article, we will explore how a tracker can support short-term traders to increase their gains.

 

Connect with brokers for a holistic perspective

If you are an active trader, you probably hold stock at multiple broker accounts. For example, one broker could be leveraged for the US market while another broker has more favorable conditions to trade in Europe. With the best stock tracker on the market, you can integrate with these brokers through API and have an overview of all your holdings in real-time.

 

How does an API work

Since it concerns your stock holdings, you could receive this data sharing with some healthy skepticism. Do note that APIs are perfectly safe and only transfer data that is approved by the parameters defined by the broker. For example, you need to provide a special key to retrieve the data and can only retrieve information that is allowed to be retrievable. Often, this is limited to the holdings and quantity of the holdings.

 

Information on your trades

With API connections to brokers, and also a possibility to integrate with crypto brokers, you can also have an overview of transactions inside your stock tracker. This allows you to analyze your trades and up your game. For example, the tracker can indicate if the trade worked out well for you, or if it was better to hold on to the stock. You can analyze this information and continuously improve.

 

A proactive investment tracker

The power of an investment tracker can be found in the proactiveness of your portfolio. In the past, retail investors would combine their holdings into a spreadsheet and update those regularly. This has already started shifting with special macros that allow you to get real-time stock information from stock exchanges across the world, providing an element of automation. With a stock tracker, this is brought to the next level on two different dimensions.

Real-time data and push notifications

Naturally, the data of stock prices get updated automatically. Where it does become interesting is the notification setting possibility. For example, you could set a push notification when stocks gain or dip by a certain %. This allows you to be on top of your game, without the need to continue watching the market. In short: more freedom for you while your stock tracker is analyzing the market.

 

Relevant news

Especially when trading for short-term gains, market sentiment is essential. What will be the decision of the FED? How is a certain industry performing? Did you hear about that latest scandal? The best stock tracker also includes the latest stock market news, which can be provided through push notifications as well. For example, you can configure it to receive news that relates to your holdings for optimal coverage.

 

Continue Reading

Wealth Management

PRIVATE EQUITY – RESILIENCE LEADS TO OPPORTUNITY

Published

on

By

Philip Dakin (Managing Director) Restructuring advisory, Kroll.

 

As the UK enters the summer months and certainly at the time of writing, the vaccine roll-out looks to have had the impact needed to push COVID-19 off the news agenda and get the economy moving once more, the private equity market remains strong.

The core fundamentals that power the market remain. Not only is there a huge pent-up demand but also debt markets remain positive in terms of both leverage and the cost of financing.

According to Preqin’s 2021 Global Private Equity and Venture Capital Report, the global private equity market is now worth over $4 trillion1 . The UK, long the most developed private equity sector in Europe, remains at the centre of this trend. However, as we come out of lockdown there are two sides to this picture—the dry powder available to private businesses, and the impact the pandemic has had on private equity vehicles.

 

Philip Dakin

When Supply Meets Demand

COVID-19 has been without a doubt one of the biggest challenges ever to confront the economy. No more so than for the private sector. However, for businesses, both large and small, government support has been available in the form of loan schemes, the job retention scheme (aka furlough) and moratoriums on rent and HMRC liabilities.

While cash flow may look strong today, the rollback of government support will start within months, and for some, pressure on balance sheets will follow soon after. This is not to say that the financial pressures facing businesses will drive many into insolvency but dealing with an increase in working capital requirements is a challenge facing many business owners in the short term.

Potential changes to capital gains tax are also beginning to focus the minds of many business owners who may now see this as a time to invest or indeed sell.

For many, public ownership has fallen out of favour as an exit strategy, and selling to a competitor, especially in the current circumstances, can have its own business risks. The private equity market has been the beneficiary of a trend that has been happening for over a decade following the last great economic shock of 2008.

With the supply of investment opportunities looking healthy, what does the demand curve look like?

As mentioned previously, there remains a high level of market liquidity and a strong desire from funders to invest in quality businesses, with private equity funds—a continued firm favourite route—to market for institutions, family offices and high-net-worth individuals. In other words, there is lots of opportunity for investment and acquisition. This has already been demonstrated, with global M&A activity in Q1 2021 being at its highest for over a decade.

However, whilst there is plenty of dry powder, the stage at which a private equity fund was in the normal fund lifecycle when the pandemic hit, will have a potential impact on the success of that fund and its ability to raise its next fund. How the portfolio of investments within a fund have been managed through the pandemic and how they recover post-pandemic will be crucial.

 

Portfolio Resilience

PE firms themselves have faced their own unique issues as a result of the pandemic. Funds briefly stopped active transactions back in March 2020 as economies closed and people were ordered to stay home. All attention was instead focused towards an almost A&E “triage” assessment of their portfolio companies at the start of the pandemic, with origination and portfolio teams working together to support the management teams of their portfolios.

Many sponsor-backed companies struggled to access government-supported loan schemes, such as CLBILS and CBILS, ironically due to EU laws on state aid for “undertakings in distress.”

The typical private equity investment structure using quasi-equity debt instruments to fund investments being the root cause. However, most have taken advantage of the job retention scheme by furloughing employees and sought access to grants and the deferral of accrued HMRC liabilities to weather the storm. Needless to say, in some instances, this has resulted in a squeeze on working capital, and any top-up funding has had to come from existing lenders and/or equity injections from the PE houses themselves. The question now is how much of that dry powder has been utilised in supporting their portfolios to maintain a status quo for 12 months, and what impact does that have on their ability to make new investments.

But despite the uncertainty, many PE firms are adapting and keen to point to their funders’ patience and understanding in what has been a difficult period for the business world. Equally, there will undoubtedly be opportunities to acquire some assets cheaply as some corporates fail in the post-pandemic market. These may provide bolt-on opportunities for existing portfolio investments or create a new platform investment.

We are without a doubt entering uncharted territory, and unlike previous recessions, the pandemic may have long-term effects on consumer behaviour and business models.

Like all other markets, private equity needs to negotiate the current COVID-19-induced economic crisis. But the sector is immensely well placed to weather the storm because one of the key characteristics of PE is its ability to be nimble and respond quickly to changing trends.

 

Continue Reading

Magazine

Trending

Business24 hours ago

OUTSOURCING YOUR IT SOLUTIONS CAN SAVE YOU FROM COSTLY DOWNTIME

Amir Hashmi, CEO and Founder of leading IT and Cloud services provider Zsah, discusses why you need full-time professionals if...

Banking2 days ago

HOW TRADITIONAL INSURERS CAN USE TECHNOLOGY TO IMPROVE THEIR RELATIONSHIP WITH CUSTOMERS

The customer experience with insurance is anomalous, in that one is only required to engage with their insurer if things...

Business3 days ago

THE FUTURE OF CLOUD: HOW TO KEEP YOUR DATA SAFE

By Pete Braithwaite, COO of KIT Online Cloud services are inherently scalable, responsive and flexible. They offer huge flexibility –...

Business4 days ago

ETRADING SOFTWARE AND ARTIS HOLDINGS LOANS ELECTRONIC PLATFORM OPEN FOR BUSINESS

The Bids Wanted in Competition (BWIC) process completes on the WIC trading platform   Etrading Software, the independent, global provider...

Finance4 days ago

AIRBANK SELECTS YAPILY TO BUILD A FINANCIAL MANAGEMENT SOLUTION FOR SMBS

Airbank, a financial management solution for European startups and SMBs, has selected open banking infrastructure provider Yapily to help its...

Interviews4 days ago

COULD YOU PROVIDE US WITH SOME BACKGROUND ON YOUR CURRENT ROLE WITHIN THE FINANCIAL SERVICES SECTOR?

– Shanker Ramamurthy, Global Managing Partner – Banking at IBM, BIAN Executive Board Member   I lead the banking consulting...

Business4 days ago

IT COST MANAGEMENT: 10 STEPS BUSINESSES CAN’T IGNORE

By Matt Dando, Director, Strategic Business Value Consulting at Serviceware   In today’s ever-accelerating digital era, and as we recover...

Banking5 days ago

UNCHARTED TERRITORY: HOW OPEN BANKING CAN HELP BANKS NAVIGATE COVID CHALLENGES

Opinion from Rafa Plantier, Head of UK and Ireland at Tink The last year has propelled banks, businesses and consumers...

Finance5 days ago

AI AND HOW IT’S LEADING THE FIGHT AGAINST FRAUD IN THE FINANCIAL SECTOR

Geoff Clark, Managing Director, Aerospike EMEA Much like many other sectors financial institutions have accelerated their digital transformation projects since...

Banking5 days ago

HOW DIGITAL IS MAKING THE ‘IMPOSSIBLE’ POSSIBLE FOR FINANCIAL FIRMS

  By Lavanya Kaul, Head of Customer Success, BFSI, UK&I, LTI Article synopsis: Focused on the digital transformation of the...

News5 days ago

DANSKE BANK TO BRING DOMESTIC SCHEME, DANKORT, TO APPLE PAY

Danske Bank, Denmark’s leading bank, supported by Nets, will bring Dankort to Apple Pay Dankort is the preferred means of payment...

News5 days ago

TACKLING THE FORGOTTEN PLASTIC PANDEMIC: CLIMATE CHANGE

By Mark Taylor, Group CCO, Waterlogic   Last year the COVID-19 pandemic was, quite rightfully, at the forefront of all...

News5 days ago

CROWN AGENTS BANK ACCELERATES GLOBAL GROWTH AND EXPANDS INTO NEW MARKETS WITH MULESOFT

MuleSoft, provider of the world’s #1 integration and API platform, today announced that Crown Agents Bank (https://www.crownagentsbank.com)  is using MuleSoft to digitally...

Finance5 days ago

THE IMPORTANCE OF ACCURATE AND TRUSTED TIMESTAMPING IN FINANCIAL SERVICES

Richard Hoptroff, CTO, Hoptroff   Recent global financial regulations such as MiFID II require that all stock exchanges, credit institutions,...

Business5 days ago

HOW OPEN DATA CAN HELP FIGHT CLIMATE CHANGE

David Lais, Co-Founder and CPO at Ecolytiq – providing banks and financial institutions with the digital infrastructure for green finance....

Business1 week ago

NOW’S THE TIME FOR THE INFRASTRUCTURE SECTOR TO GET IR35 RIGHT

Matt Fryer, Head of Legal Services at Brookson Legal   The Government’s recently announced £650bn programme of infrastructure works is...

Business1 week ago

MAKING THE MOST OF RPA TO ENHANCE THE CUSTOMER EXPERIENCE

Standfirst: Capturing and analysing business processes should be a prerequisite for any implementation of robotic process automation, argues Dr Gero...

Banking1 week ago

FINTECHS AND BANKING POST-COVID

COVID-19 has forced businesses and society to adapt to new realities. From big-name Wall Street banks to up-and-coming financial technology...

Technology2 weeks ago

WHY AGILE TECHNOLOGY PLATFORMS ARE THE KEY TO EFFECTIVE INNOVATION

Sujit Unni,CTO, Paysafe   A main reason why platform technology can prove to be so effective for a business is...

News2 weeks ago

DIGITAL TOKEN IDENTIFIER REGISTRATION OPENS WITH ETRADING SOFTWARE

Top 100 cryptocurrencies can now be tracked authoritatively using new ISO standard   Etrading Software, through its non-profit division the...

Trending