Second Car Insurance
Buying a Second Hand Car? 19 Tips to Avoid Getting Your Fingers ...
Now look under the bonnet and look for the VIN Number (it could also be on a plate on the inside edge of one of the front doors). Compare the VIN number with the number on the Registration Document and check that the number stamped on the car has not been interfered with. This will help to ensure that the car hasn’t had its identity changed. Ask the owner whether the car is subject to any outstanding finance. Take notes of what he/she says. Then, when you get home, get on the Internet and check out the information provided with RAC Vehicle Status Check. Go to the RAC’ web site. Click on “Car Buying” and then “Vehicle Status Checks”. The Status Check will cost you ฃ24.99 but it will confirm whether the car has outstanding finance. Best to be safe – without this Check you could find out that a finance company actually has a prior title to the car. Try to ensure that the car hasn’t been “clocked”. (Clocked means that the mileometer has been wound back to show a lower mileage.) The average annual mileage is around 12,000. Be wary if the wear and tear on the car looks greater than you would expect from the mileage. The wear on the driver’s pedals is usually a give away. Then ask when the tyres were last replaced. Does the wear on the tyres look about right? Insist on test-driving the car for at least 10/15 miles. You need to get the car fully warmed up and drive it in varying conditions. Incidentally, don’t forget to ensure you are insured to drive it! Don’t assume that your own insurance policy will cover you for driving someone else’s car. Check your policy before you leave home. If the seller claims that his insurance covers you, ask to see his policy – a bit of a pain but better safe than sorry! Last of all, make sure you’re insured from the moment you drive the car away. The Police can now impound, and ultimately scrap, your car if you’re driving it...
You are here: Analysis Columnists Is the insurance industry self-destructing?
For reasons I cannot really point to, I have not commented on the insurance industry in the four years since I have been the chief economics commentator here. But now, some ill-thought advertorial and stories in the national dailies last week, has finally forced my hand.
First, the story: The chief regulator of the industry announced to hapless journalists that it projects income of N1 trillion for the industry by 2012, just next year here. Meanwhile, income in 2010 was just over N200 billion. We will come to this later. Second, and you can only imagine how totally shocked and dismayed I was when I saw an advert on third party and comprehensive car insurance of the whole industry on the pages of newspapers. The advert listed virtually all the insurance companies where consumers can pick up valid insurance policies. No problems. Also, it listed the addresses and all the information a consumer may need. No problems also. However, the insurance regulator now committed an economic faux pas when it stipulated prices for third party motor insurance and comprehensive insurance policies for different categories of vehicles.
90 Second Finance Series...The Economic Bias of Home and Auto Insurance ...
Tim Maurer is a financial planner, educator and author in Baltimore, Maryland. He also tends to be a little verbose. So I challenged him to ...
Second Car Insurance- News
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