Cheap Car Insurance ? Car insurance: The basics

Cheap Car Insurance ? Car insurance: The basics

Cheap Car Insurance ? Car insurance: The basics

At its most simple, car insurance covers you if your car is stolen or involved in a road accident. It also protects other road users if you cause damage to their vehicle or property.

The cost of insurance – your premium – is based on how much of a risk insurers perceive you to be. For example, if you are a youngster ready to hit the highway after just passing your test, or you have had more than a prang or two, you will pay more.

However, if you can prove you are not a risk by keeping accident-free and storing your car safely, you will pay much less.

How does car insurance work?
Excesses: What are they and how do they impact claims?

Not to be confused with living the high life during the festive period or a long afternoon at the local all-you-can-eat buffet, an excess – in the insurance sense – is the amount you pay towards any claims you make.

For example, if your excess is £250 and you have an accident that causes £1,000 worth of damage to your vehicle, you will pay £250 and the insurer will stump up the rest.

Be careful when deciding your excess. The larger the excess the cheaper the premium, but a large excess may leave you out of pocket if you need to claim.



Root Insurance launches a new car insurance company

Root Insurance launches a new car insurance company

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Root Insurance launches a new car insurance company
Root Insurance launches a new car insurance company


Alexander Timm has been working in the insurance industry since he was 14. While that’s strange enough, what’s even weirder is that Timm really loves the work.

He’s so enamored of the business that he’s founded his own insurance company, Root Insurance, to remake the process of applying for — and insuring — drivers.

There’s a lot happening in the sleepy world of insurance that’s making it possible to drive costs down and provide better results for policyholders, says Timm.

The founder of Columbus-based Root has spent his entire life working on insurance. He began working at Nationwide Insurance right out of college and has launched Root to take the negative lessons he’d learned from that experience to create a different kind of insurance company for users.

“Although we had these noble goals… we weren’t adequately using machine learning and algorithms,” Timm said. “At first I tried to change it from the inside, I wasn’t really able to make any progress.”

So last March, Timm began talking to Drive Capital, the Columbus-based venture investment firm and managed to secure $3 million in initial funding.

With that capital, the company began the lengthy process of applying for approval to issue insurance in Ohio. Today, the company is officially launching its services in the state and will then begin to roll out across the rest of the country.

Drive subsequently put in another $4 million behind the company, which along with a debt facility for Silicon Valley Bank has given the company the cash it needed to develop.

Root has already applied for approval in Illinois and intends to be in ten more states by the beginning of 2017. The company hopes to be nationwide by the end of next year.

Unlike other insurers, everything Root is doing is handled on smartphones. Users can download the app, scan their drivers’ license and Root’s software automatically updates the insurance application with the necessary personal information.

Root’s iPhone app then takes data from the accelerometer and other sensors on the smartphone and gauge an applicant’s driving skills.

“For the best 30% of drivers we cut the price [of insurance] in half,” says Timm. “For the best 70% of drivers we’re the cheapest in the market.”

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Timm says that on average, Root, can save 20% on the typical insurance policy. The lowest premiums the company has issued are $12 per month. The company’s policies are reinsured by Munich Re, Maiden Re, and Odyssey Re.

As technology continues to advance, Timm predicts that the insurance industry will be ripe for additional new entrants. “We also saw this big data come in and suddenly sensors were on everything,” said Root’s chief executive. “We’re going to have to start using people’s data to actually help them.”

Eventually, Timm wants to issue a single, simple contract for insurance. “You just buy car insurance and you get $1 million of coverage,” Timm proposed. “We want to make it the fairest simplest product.”

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Alfa Romeo 4C 2018 New Car

Alfa Romeo 4C

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Alfa Romeo 4C
Alfa Romeo 4C


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Alfa Romeo 4C

This is a sexy, mid-engined Italian exotic carved down to affordable scale, and it’s available as a coupe or with a targa top. Powered by a 237-hp turbo four and weighing less than 2500 pounds, its zippy power-to-weight ratio matches its zippy steering ratio; sadly, only a six-speed automatic is available. The 4C practically anticipates road challenges, but the seats are tight, there’s almost no luggage room, and it’s so low it’s tough to get out of—none of which matters once behind the wheel.

Alfa Romeo 4C Generations Explained
Major redesigns occur every five years or so; not much changes in between. Dividing them into generations provides more meaningful distinctions in the shopping process.


How to compare Car Insurance in United Kingdom (UK) ?

How to compare Car Insurance in United Kingdom (UK) ?

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Car insurance is not all about price…
Getting the right cover is the most important thing, and then you should look for the cheapest policy.

Choose the right level of cover
There are three levels of car insurance cover you can choose from in the UK:

Fully Comprehensive

Third party, fire and theft

Third party cover only

Here is what each level protects you against, and how to choose which is right for you.

Should you add extras?
You can customise your policy and extend your cover by adding extra benefits. These include:

Legal cover – here is how to work out if you need it

Breakdown cover

Cover for lost or stolen keys

No claims protection

Cover for driving abroad

Here is a full list of the car insurance extras that could be worth adding to your policy.

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