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Your Questions About Car Insurance Groups 1

July 31, 2013

George asks…

How much will it cost to insure the new Audi A1?

It’s got a 1.2 TFSI 86PS engine and good safety features. It starts at like 13,000GBP. How much will it cost a 17 year old male?
DON’T GIVE ME CAR INSURANCE WEBSITES ITS NOT EVEN OUT YET.

Administrator answers:

There are many factors which are used by the insurer to calculate the risk and so the premium they charge for car insurance – these are mainly;
1 Age and sex of the policyholder (who must be the Main driver, and registered keeper) and that of any additional drivers.
2. The cars age, mileage, value, insurance group, security and the companies own claims history for that vehicle
3. The occupation of the policyholder and any named drivers
4. The claims history of any drivers
5. The licence details of drivers (endorsements, length of time held)
6. Where the car is normally kept overnight (is it the policyholders address? On road is more expensive than on a drive which is more expensive than in a locked garage.
7. What use will the car be insured for, social and domestic is the minimum but if commuting and use for the policyholders business or their employers business is added the price increases. If used to commute where is the car to be parked when there – on road or in a car park.
8. Does the car have any modifications from the standard factory fresh condition like alloy wheels or performance enhancements – some insurers will refuse to cover modified cars, some will increase the price and some will cover them but only for return to standard.
You need to tell the full truth about everything asked and inform them of any changes to any of the details disclosed as the policy goes on – failing to do that can render it null and void.

Some younger drivers consider putting the car and insurance in a parents name with the parent as a fraudulent main driver and them as an occasional named driver to cut the premiums. This common scam is called “Fronting” and is an illegal act which can get parent and son/daughter into a lot of long lasting expensive troubles.

Most insurers offer a monthly payment scheme and most need about 15% up front to start the cover. The scheme is usually in the form of a loan and so interest is charged – this can be as much as 25% APR. This is usually at rate which is higher than most credit cards even charge so look at other ways to borrow the money to spread the cost if possible as it will be cheaper.

With a few minor differences these are the questions you will be asked before being given a quote. Not having supplied these details on Yahoo Answers, and who would, it is impossible to give a guess of a price for you to within even £1000 for a younger newly qualified driver.

Linda asks…

How much would insurance be for a ’69 mustang for a 17 year old with a 3.6 gpa?

Yeah, I really want a mustang but my parents are killing me about the insurance. So i want to find out how much it really is so I can tell them if i can pay for it or not. I really want this car, I know alot about cars so i’m not an idiot , i know what i’m doing. I just need to know. Thanks alot.

Administrator answers:

Be prepared to pay at least $1,200.00 every six months, if not more — and that’s IF your parents will have you added to their policy. If not, be prepared to pay at least $2,000.00 every six months. Why? Two reasons: (1) A 1969 Mustang is a sports car, and insurance for sports cars costs more than any other vehicle. (2) You’re only 17, which places you in the highest risk group for insurance purposes.

Paul asks…

How much would my car insurance be?

I’m 17 and I want a Toyota mr2 gt or a 2004 ford mondeo any estimates?

Administrator answers:

£5000 to £12000 a year at 17

There are many factors which are used by the insurer to calculate the risk and so the premium they charge for car insurance – these are mainly;
1 Age of the policyholder (who must be the Main driver, and registered keeper) and that of any additional drivers.
2. The cars age, mileage, value, insurance group, security and the companies own claims history for that vehicle
3. The occupation of the policyholder and any named drivers
4. The claims history of any drivers
5. The licence details of drivers (endorsements, length of time held)
6. Where the car is normally kept overnight (is it the policyholders address? On road is more expensive than on a drive which is more expensive than in a locked garage.
7. What use will the car be insured for, social and domestic is the minimum but if commuting and use for the policyholders business or their employers business is added the price increases. If used to commute where is the car to be parked when there – on road or in a car park.
8. Does the car have any modifications from the standard factory fresh condition like alloy wheels or performance enhancements – some insurers will refuse to cover modified cars, some will increase the price and some will cover them but only for return to standard.
You need to tell the full truth about everything asked and inform them of any changes to any of the details disclosed as the policy goes on – failing to do that can render it null and void.

Some younger drivers consider putting the car and insurance in a parents name with the parent as a fraudulent main driver and them as an occasional named driver to cut the premiums. This common scam is called “Fronting” and is an illegal act which can get parent and son/daughter into a lot of long lasting expensive troubles.

Most insurers offer a monthly payment scheme and most need about 15% up front to start the cover. The scheme is usually in the form of a loan and so interest is charged – this can be as much as 25% APR. This is usually at rate which is higher than most credit cards even charge so look at other ways to borrow the money to spread the cost if possible as it will be cheaper.

With a few minor differences these are the questions you will be asked before being given a quote. Not having supplied these details on Yahoo Answers, and who would, it is impossible to give a guess of a price for you to within even £1000 for a younger newly qualified driver.

David asks…

What does the average American spend on health bills from smoking?

I would like to know how much an individual spends on kimo therapy and radiation, with and without insurance. As well as any other expenses.

Administrator answers:

Not very much. The only actual medical bill that you could get from smoking is if you burnt yourself, and normally you just put some salve on it at home, so there are no medical bills to speak of.

You are obviously basing your question on the false assumption that smoking causes cancer. This is a flawed premise for many reasons….I’ll hit on just a few.

1. There is no way to factor other ‘known causes’ of cancer. If you will remember, everything from buttered microwave popcorn to cell phones cause cancer.

2. There is no way to factor out lifestyle in ‘proving’ that smoking causes lung cancer. If you look at smokers as a group, there are too many shared characteristics that could contribute to cancer….lack of exercise, poor nutrition, general lack of desire to be healthy, hours spent in front of the TV.

3. (This one ties into #2 in ways) Cancer HAS BEEN PROVEN TO BE GENETIC! Also, there is a greater than not chance that if your parents smoked, you will also. These facts can greatly skew any ‘scientifc’ conclusions from looking at population.

4. Cause and effect….if smoking causes cancer, then there will be a direct, definite correlation, across populations, of the number of smokers and the incidence of lung cancer. Well, guess what?!?! There ISN’T! The CIA world fact book will tell you this. You can check to see how many smokers there are per capita for a particular country, and then compare that to the LCDR (Lung Cancer Death Rate). Japan has one of the highest smokers per capita numbers, yet one of the lowest LCDR’s…..I am no scientist, but that is all I need to know.

So, the answer to your question (in the spirit that it was asked) is a big whoping goose egg…..0.00……ZERO!

One other point – a better question might be – How much does the average American spend on health bills from car exhaust?

See, I’d much rather be locked in a garage with a carton of burning cigarettes than a car that was running…..auto exhaust is a much worse enemy than cigarettes!

John asks…

How much is inusurance likely to be for my son on my fiat punto in group 4 insurance?

The 2004 1.2 fiat punto is my second car for short trip out and about, wondering how much it is likely to be to get my son insured on it, cheapest possible, just for getting to college and back… thanks

Administrator answers:

You have two choices here.

You can wait for random guesses from people on here who know nothing about you or your son, such as how old he is, how long he has been driving, how many points he has on his licence, where you live, what type of coverage you have, what your occupation is, how many years NCB you have…..

Or you can ASK YOUR INSURANCE COMPANY, who will give you an accurate answer.

Richard asks…

How can one turn a million dollars into REAL income?

Whats the best strategy for a lump 1,000,000 tax free sum and turn that into wealth and residual income? Real estate? Investing? Market? Banks? Business? Foreign curency? Ive read so many reports Id love to get someones insight thanks!

Administrator answers:

First of all, their is no “Best” Strategy. There is strategies depending on the amount of risk your are comfortable with and how much annual income you would like to make. Assuming you want to have a relatively safe and consistent stream of income, this is what I would do:

1. Put all money either in treasury bonds or a bank account. This serves two purposes. First, it “freezes” your money. This is important because it gives you time to think about your future and assuming you are not a financial expert, give you time to learn as much as you can about the different ways you can invest (there is no time limit for this: take as much time as you need, and helps you not be tempted to be an impulsive spender (Cars, diamonds, ect..). Secondly, it allows you to make some interest off your money while you think.

2. Personal Finance Planner. This can be done several ways, but either you find someone that you can trust to help you manage your money, or do it yourself.

3. Diversify. You are going to want to invest. Diversification helps protect you from one of “those” days, where the market crashes, a terrorist attack happens, ect. You should not just invest in one thing (Going back to diversification). Bonds,stocks, real estate, are the three that I feel most comfortable with.

With bonds, you should have a “basket” ( a group of bonds) that are highly rated (No less than an A rating). Certain types of bonds (corporate and municipal) can be tax free. This is what a lot of financial advisors that help the uber wealthy (celebrities, athletes, ect) do for their clients (You can use Merrill Lynch, Charles Swab, Goldman Sachs).

Stocks. This is where it can get interesting. First and foremost. If you do not want to pick your own stocks, and want to have someone else manage your portfolio (mutual funds, hedge funds,ect.), you need to be an educated client. As I said earlier, learn as much as you can about the subject.

Assuming you are picking your own. You should have no more than 5 stocks, that you do at least an hour of homework per stock per week (Jim Cramer). This allows you to get to know your stocks intimately, and not get overloaded. I personally agree with the majority of his advice, so I the essence of saving space, read his books, and draw your own conclusions. Personally, with the way the market has been acting, you should consider some constant dividend paying stocks (shown to beat the market).

Real estate. This has everyone scared out of their mind. This should not be taken lightly, and should be considered after you have a decent annual pay from stocks or bonds, and again have decided if you want to do this by yourself, or have help.. It has become a buyers market.

I personally like the buying apartments route, because my father owes several, and I know how the system works, but everything from single family homes to parking lots work well. The basic idea is that you don’t really want to buy property outright. It strips you of to much capital (money) that could be put to better use. You want to find real estate that will pay for itself over a period of time.

Apartments fit into this description, where you receive monthly rent from tenants. The goal is to have the rent pay for all of your liabilities (insurance, mortgage, house maintenance, paying (if you choose to have someone do this for you) a property manager) and still have money left over for you to to as you please with it (buying more property with it never hurts).

In conclusion I offer some pieces of advice.

1. If you want to get wealthy, keep yourself from getting poor.

2. Knowledge is power. The more you know, the less you can be fooled my thieves wanting to trick you out of your money, and the more control you can have over your money. Learn as much as you can.

3. Be careful with trust. When you have become educated on these investing ideas, you are more knowledgeable about what is going on with your money, and can be a better client. Don’t trust just one person with all your money. Diversify (as in people helping you invest your money). Be consistent in checking up on whoever is managing you money on a regular basis and make them tell you everything that is going on with your money (how they are investing it, what they are investing it in, how much money they are putting into it..) and have them explain anything you do not understand. If a money manager tells you something is not important, or that you don’t need to know it, fire him/her and hire someone else.

4. Use common sense. Simplicity is best. Don’t invest in complicated schemes that you don’t understand. Same goes with stocks, bonds, and real estate. If you can’t understand what it is, how it works, or how it can make you money, don’t invest in it.

5. Don’t get greedy. Pigs get slaughtered.

Good luck and if you need clarification, feel free to email me.

Ps. If you really are investing 1 Mil and do make money, feel fre

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