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TEMPORARY INSURANCE CHANGE AND 10 OTHER WAYS BRITS MAY BE INVALIDATING THEIR CAR INSURANCE

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  • Brits risk invalidating their insurance due to upcoming changes
  • 10 things you need to be aware of before you embark on a summer road trip

Temporary insurance measures introduced to cover drivers during lockdown are set to end on 30th April 2021, meaning that drivers may risk invalidating their cover if they do not update it before then1.

Car insurance is a legal requirement for motorists, and your insurer needs to have accurate information about you and your vehicle in order for it to be valid. Providing false information or failing to update it can mean that your insurer refuses to pay out for claims, or even cancels your policy.

With lockdown restrictions lifting across the country, drivers may risk invalidating their insurance as their motoring habits revert to how they were before the pandemic. That’s why CarParts4Less.co.uk has shared 10 easy-to-make mistakes that might be invalidating your car insurance.

  1. Temporary insurance measures are changing your morning commute

The temporary insurance measures meant that drivers whose insurance usually only covers them for social use were able to commute to work, but soon this will no longer be the case.

Following the changes on the 30th April, you will now need to have business cover if you intend to commute to work. Without business cover, your insurance will be invalidated if you commute to work using social cover, as you were able to during the pandemic.

However, if you intend to commute to work using public transport and only use your car for social occasions, then social cover will be adequate.

  1. Using more miles than you thought

If you’re planning on driving for a domestic holiday this year, it’s a good idea to consider whether the trip will fit into your insurance plan. Many policies use your annual mileage as one of the factors to calculate your insurance premium; the higher the mileage, the higher the cost. Accuracy is important when providing this figure, so even though many drivers won’t have driven much over lockdown, if a long trip will take you over your estimate it’s best to contact your insurer in advance to check that you’re covered for it.

  1. Driving with pets

Our pets have become more of a lifeline than ever during lockdown and what better way to reward them than a dog friendly getaway but if you’re planning on taking your pet on holiday with you, it’s important to remember that 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. Not informing your insurer about any car modifications

Before preparing for a staycation, it’s common to install roof or bike racks so everything that’s needed for the holiday can be packed. However, some drivers may be unaware that these additions can be counted as modifications by some insurers and this could require a change in your policy. Before installing, contact your insurer to let them know of your plans.

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. For brand new cars, optional add ons, including fitting a SatNav, can impact insurance so it’s important to ensure these options are noted when applying for a policy.

  1. Lying about your main address

Insurance premiums 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 – your house when you’ve been staying at your partner’s over lockdown for example. However, doing so can mean your insurer can refuse to pay out, for example, if your car is broken into in the location it actually resides.

  1. Letting other people drive your car

Long journeys can be tough for the driver, and it may be tempting to swap drivers during the journey. If you are considering doing this on the way to your holiday destination, it’s vital that they are added as a named driver onto your policy.

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, and your policy may only cover damage caused when a named driver is behind the wheel. So while your friend can legally drive the car, you may not be able to claim for accidents.

  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 insurer of any damage received, as not doing so is a breach of 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 you are denied.

  1. ‘Fronting’

Insurance for young drivers often costs more than other groups, and one way some motorists try to 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 and classed as insurance fraud, with outcomes including fines of up to £5,000 and six points on your license.

  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 insurer if you have changed jobs or occupations. This is especially true at a time when many people have unfortunately lost their jobs and moved on to new employment. Failure to do so may 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 a profit or not. For those whose policies do allow lift sharing, it may be void if you charge people for journeys – many state that you may only make enough to cover petrol and driving costs. Earning money from giving lifts can identify you as a ‘taxi hire service’, voiding many policies.

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

 

Finance

A BRIEF GUIDE TO TRADING IN CRYPTOCURRENCY SECURELY

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Trading in cryptocurrency is becoming increasingly popular in the financial world. Crypto’s huge rises in value over recent months has encouraged many to consider it a valid and important way to invest their money. However, it can be tricky for someone new to the world of crypto to know how to start. The process of setting up can take a few days, but once you’re ready to go, it can be fairly simple to start trading.

 

Find A Crypto Wallet

To store crypto, you will need a cryptocurrency wallet. There are many wallets out there to choose from, in both software and hardware forms. You could choose a free to use software wallet, to begin with, and then invest in a more secure hardware wallet if you plan to hold amounts of crypto for the medium to long term. Hardware wallets typically cost anywhere from £50 to £150, so it is worth doing your homework and finding the right wallet for your needs.

 

Sign Up With A Brokerage

You will need an account with a brokerage service to begin trading. It would be best if you looked for brokerages that offer good security, an easy-to-use interface and plenty of cryptocurrencies to choose from.

You will need to provide some identification to open an account with a reputable brokerage, and it may take a few days to get your account verified. Therefore, it is vital to do your research and ensure that the brokerage you choose is legit before providing any personal information.

 

Get Help From Experts

Once you have your account up and running don’t rush to buy your first Bitcoin. As a beginner to the world of crypto trading, there are plenty of potential pitfalls, and talking to experts can go a long way to reducing the risks.

Check out Traders Of Crypto, a cryptocurrency community that provides expert, collective knowledge to those starting out with crypto trading. There you can find plenty of free guides to help you on your trading journey.

 

Choose Your Crypto

The next step is to decide on the crypto you want to trade in. There are thousands out there to choose from, with the most well-known being Bitcoin. The more popular the crypto, the more likely it is to remain stable, so it may help to start with Bitcoin for your first transactions.

Once you have some experience, you could branch out to smaller altcoins, though it is often wisest to keep most of your trades to the bigger coins.

 

Make Sure You Have The Capital

You will need sufficient capital to buy and trade cryptocurrency. You can add this to your brokerage account, typically by bank transfer or debit card payment. It is crucial to keep in mind that the value of crypto frequently changes, so ensure that you are spending only what you can afford.

 

Start Trading

You can start by either trading cash for crypto or crypto for crypto. However, keep in mind that there may be brokerage costs for each trade, so you should choose your trades wisely.

 

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SKILLING AND METROPOLITAN X PARTNER TO OFFER ADVANCED TRADING EDUCATION PROGRAM

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Skilling, a Scandinavian fintech providing online trading on a wide range of world markets, has announced a strategic partnership with the trading education and empowerment institution, Metropolitan X Group, which is set to establish and propel valuable trading education for its clients.

 

Metropolitan X Group, whose universal mission is to provide financial research and trading education to traders of all levels, has developed a training program that delivers a well-rounded curriculum through innovative theoretical-practical learning webinars. The program offers live trading sessions providing real-time analysis and commentary on market events. Together with live social market updates and insights, the Metropolitan X Group equips its student-traders with the tools and skills they need to analyse, evaluate and trade the markets effectively and with greater success.

 

This is Skilling’s first education-focused partnership and it marks a significant step forward in Skilling’s plan for trader education and its investment in upskilling traders. The education program is expected to open aspiring traders up to new possibilities through personalized learning and create in them a deeper understanding of the markets.

 

“Client education is a priority for Skilling. We want to empower our traders with market knowledge and trading education so that they can navigate any market environment more successfully. We are very excited to be providing top education through Metropolitan X Group’s trading and advanced learning programs and are excited to see traders utilise these newfound skills on their trading platforms,” said Michael Kamerman, CEO of Skilling.

 

By partnering with Metropolitan X, Skilling can deliver top-tier education from experienced trading professionals that will help clients improve their investing knowledge, and develop deeper market insights to be fully apt and equipped to identify better trading opportunities in the markets.

 

“We are excited to partner up with a broker that believes education is the key to success in this demanding market. Together we shall provide traders with the necessary tools and knowledge to tackle the ups and downs of trading. Traders taking advantage of our shared services with Skilling will receive exciting exclusive market insight like no other,” says Sebastián Hernandez, Director of MetropolitanX.

 

The power of this evolving partnership demonstrates Skilling’s firm positioning on trader education leadership and will drive success through strong growth in more educated and skilled new customers taking on the markets.

 

“There are undoubtedly both inherent opportunities and risks in trading and investment. Investor enthusiasm has shown it has the ability to storm the markets through organized online trading communities and unprecedented access to hundreds of instruments. This underpins both the scale and power of today’s individual traders, making it vitally important that individuals have the necessary education and also the right tools at their disposal to make smarter trading decisions,” said Michael Kamerman, CEO of Skilling.

 

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