• Breakdown Cover

    What Does a Good Car Insurance Policy Look Like?

    When you are in need of car insurance, it is important to know what a good policy generally looks like. Not everyone has the same needs when it comes to this type of insurance, but there are a few basic things to keep an eye out for. When you are shopping around, it is important to look for certain features. These features can make your life a lot easier in the event that something bad happens to your vehicle. You shouldn’t make a decision on a policy until you have considered these things.

    Breakdown Cover

    While breakdown cover is generally an add-on feature that you have to pay extra for, it is certainly worth the money. When you have breakdown cover you won’t need to worry about what you are going to do if you suddenly blow a tyre or your battery dies while driving. You will have a number that you can call up in these situations to get help.

    You will find that breakdown cover such as this from RAC can help you when you are stranded on the side of the road because of some problem with your car. If the technician that is sent out to your vehicle cannot fix the problem, you will be towed to the closest garage. This keeps everything very simple so you don’t have to stress at all.

    Lost Keys

    If you lose your car keys or get them stolen, your policy should pay for new ones. The last thing you want in this situation is to worry about spending money on new keys, so you should spring for this extra feature. It won’t cost you a lot more money, and you will definitely be glad for it at some point in the future.

    New Car Replacement

    In the event that your car is stolen and cannot be recovered, your insurer should replace it without any out-of-pocket cost to you. There is absolutely no reason why your insurance provider shouldn’t cover this, as it is fairly standard. It is still something that you should ask about when examining your options. Not all car insurance companies offer new car replacement as a standard feature, but most of them do.

    Accident Transport

    If you are involved in an accident, it is important to have an insurance policy that will provide you and your passengers with transportation away from the scene. This is one feature that is typically classified as an add-on, so keep that in mind. It is certainly worth paying the small additional amount for when you consider how convenient it can be.

    24/7 Helpline

    The insurer that you choose should ideally have a 24/7 helpline that you can call if you ever have any questions or issues that you need addressed. Take the time to find out what kind of customer service each insurance company has. Chances are you will eventually need to speak to a representative, so make sure that they are going to be friendly and helpful.

    Legal Expenses

    It is highly recommended that you look for a car insurance policy that offers help with legal expenses in the event that you get into an accident where someone else is at fault. If you get sued by the other party, you could end up losing thousands of pounds without the proper cover. This is not a standard part of most policies, but it is worth paying extra for. Legal fees can wipe a person out, especially with a car accident.

    Driving Abroad

    If you tend to drive abroad sometimes, it is a good idea to have an insurance policy that will provide you with cover wherever you go in Europe. There is a European Cover option for breakdown cover that you should take some time to look into. You can most likely get cover for individual trips, and it’s usually pretty cheap to do so. This cover will provide you with the peace of mind you need no matter where you go.

    Courtesy Car

    Anyone who has ever been without their car for any reason knows how inconvenient it can be. If your car is in the garage, it’s always good to have insurance that will provide you with temporary car hire. While it is usually only for a day or two, it can still be extremely helpful. You won’t have to worry about finding someone who can lend you their car until you get yours back.

    Whenever you are looking for a new car insurance policy, it is important to consider all of these features. These are some of the more important things that make up a good insurer/policy. The more you look into each of these things, the easier it will be to choose a policy that will prvide you with adequate cover.

  • Retirement

    Biggest Retirement Mistakes to Avoid

    If you want to save enough for retirement, it is important that you know which mistakes to avoid. These mistakes can cost you a lot (quite literally) down the line, so it’s very important that you are aware of them. A lot of young people in the UK aren’t very focused on their pension, but it’s something that everyone should be concerned with.

    Using Your House as Your Pension

    Some people believe that that they can eventually sell their house and live comfortably off the profits for the rest of their life. The fact is that this is a horrible plan, and it’s one that you are very likely to regret. Unless your house is worth millions of pounds, you shouldn’t rely on this as your primary plan for retirement.

    There is a good chance that if you have lived in your home for long while, you won’t want to sell it. Even those who turn a nice profit from selling their home probably won’t make enough to live off of for more than a couple of years.

    Putting Off Saving

    A lot of people also put off putting money into their pension plan because they think they have all the time in the world. Those who do this will one day realize that they should have started earlier, and it is now too late. You can never start putting money towards retirement too early. This will help you to live a comfortable life when you are older, so don’t delay.

    Ignoring Sound Financial Advice

    If you get sound advice from a finance professional, you always want to take it (or at least consider it). These people know more than you about finances, so you shouldn’t ignore what they have to say. In fact, it is a good idea for most people to hire a financial adviser to help them sort out their pension plan. This assistance can go a long way towards helping you out much later in life.

    Relying Solely on State Pension

    You shouldn’t rely solely on your state pension to help you live comfortably through your golden years. While this money can certainly help, it probably won’t be enough once you retire. It’s also important to keep in mind that you won’t be able to touch any of this money until you are at least 65 years old. If you sit down and do the math, you will discover that your state pension plan won’t give you a whole lot each year.

    Underestimating How Much Money is Needed for Retirement

    Another all too common mistake that people tend to make when it comes to planning for retirement is underestimating how much they will need to live. At some point you should sit down and figure this out, because it will help you with knowing how much to save early on.
    Once you have run the numbers, you will probably find that you are not currently saving enough for your retirement. This can be a very sobering and eye-opening experience, and it is quite necessary. You want to be prepared for any expensive surprises that come your way so you aren’t stuck in a bad situation you can’t do anything about. You may end up needing to take out loans to cover your costs which would be far from ideal.

    Not Tracking Your Pension’s Performance

    You definitely need to check on how your pension is performing on a regular basis so that you will know if any changes need to be made. Those who ignore their pension pots will find themselves in a very bad situation when they are older. There are a lot of different ways to improve your pension, but you have to know how it is doing first. Certain charges can quickly deplete your pension, so make sure that you follow this advice.

    Not Diversifying Investments

    Take the time to see what your pension investment options are like so that you can choose the right ones. It’s not a good idea to play it safe all the time, because you won’t get much from doing that. Those who spend some time doing this research will benefit tremendously. The right investments can go a long way towards securing your financial future.

    Final Thoughts

    Saving for retirement is an incredibly important thing to do so, you shouldn’t take it lightly. If you want to live a happy and comfortable live when you are older, you will need to avoid these mistakes altogether. The sad fact is that many people who end up with nothing by the time they are a senior citizen could have avoided it by following some simple tips years prior. It is highly recommended that you get started with putting money into your pension plan as early as possible. You should also take any professional finance advice you can get, because it can help you in a number of ways.

  • Business

    Advantages and Disadvantages of Incorporating Your Business

    Incorporating your business is a big step to take, so you will need to spend some time looking at the benefits and drawbacks associated with it. When you incorporate, you are turning your business into an independent legal entity of its own. Before you make a final decision, you will need to get all of the facts. This isn’t always the right way to go, as it all depends on what your specific needs are.

    Advantages of Incorporating

    There are quite a few advantages that come with incorporating a business, including:

    The Liability Stays with the Company itself

    In the case of a sole trader, the owner of the business is responsible for any wrongdoings. With limited companies, the business itself retains the liability in most cases. This means that the directors are not liable (most of the time). Directors have their own responsibilities to the company, and it is important to know what they are.

    Increased Credibility

    There is no question that incorporating your business will instantly boost your credibility. People tend to take these companies more seriously, so it will be easier to get customers. Sole traders can certainly do well on their own, but it’s usually more of a struggle. When you incorporate your company, you will be given a registration number that anyone can get on the web. A lot of people trust limited companies more than sole traders, so you should keep that in mind.

    Tax Savings

    One of the main reasons that so many people decide to go from being a sole trader to a limited company is because of the potential tax savings. You could save a lot of money over the years by choosing to incorporate, but your exact savings will depend on your business. You should consult with your accountant before making a decision based on this benefit alone.

    It is Easier to Raise Capital

    When your company is incorporated, you can raise funds for new equipment and other things by offering shares to investors. This can be a very effective way to get the money you need to expand your business.

    Your Business will Endure After You Are Gone

    If you are a sole trader, your business vanishes the second you are no longer around. If you choose to incorporate, you can pass your business on to someone else through a will. This is a comforting thought to some, but it might not matter to you at all. You should take this into consideration when trying to make the right choice.

    Disadvantages of Incorporating

    Some of the drawbacks that can come with incorporating your business include:

    All Your Documents Are Available to the Public

    When the incorporation process is complete, all of your documents will be available to the public. This includes how much your company makes, mortgage charges and your CS01 confirmation statement. All of these documents can be downloaded online in the form of a PDF file. Those who want to keep this information private should think twice about incorporating.

    Compliance Requirements

    There are some extra compliance requirements for incorporated companies that don’t apply to sole traders. You will have to fill out and submit certain forms each year to be in compliance with various laws and regulations. This can be somewhat of a pain, but it’s not a huge drawback. You will definitely need to know which specific forms you have to submit so you aren’t in violation of any compliance laws.

    Responsibilities for Director

    The director of the company retains full responsibility for the actions of their business. There are certain consequences that come with not fulfilling these responsibilities that you should be aware of before making a final decision either way.

    The Paperwork

    There is a ton of paperwork required to incorporate a business, and the whole process can be quite a pain. This reason alone is enough to deter many people from going this route each year. You should not make a decision until you know exactly what this process entails, because it might change your whole perspective on the issue. If you decide to go ahead with incorporating your business, you should try to get help with the paperwork from a professional. The more assistance you have, the smoother everything will go.

    Should I Incorporate?

    When it comes to deciding to incorporate your business or remain a sole trader, you have to take a number of factors into consideration. You should consult with a financial professional so you can make the best possible choice. Your accountant will be able to provide you with more insight into this decision so you don’t make a horrible mistake. It is crucial that you do your research beforehand so you can do what is best for your business as a whole.