If you are driving a vehicle for private or for commercial use, you need to have the right motor insurance policy covering you. Not having one would mean exposure to penalties including seizure of the vehicle and in some cases disqualification of the driver from driving in future. The Road Safety Act passed in 2006 prescribes harsh sentences for those drivers who are involved in road mishaps and are found driving without any insurance.
If you have a vehicle that you don’t expect to get on the road, then you have to get the SORN or Statutory Off Road Notification. It won’t cost you anything to get this done but when you have to hit the road again, you would have to get the vehicle re-taxed by the DVLA.
So what are the different motor insurance policies quotes that are available for you:
a) The first one is the third party insurance. This is the cheapest and mandated by law for any driver to have. It offers financial protection to the person or vehicle you happen to hit during an accident while not covering damage to your own vehicle. Since you cannot predict what damage your own vehicle might suffer, it is better to go for a motor insurance quote that offers financial cover for your vehicle as well.
b) The third party, theft and fire insurance is a tad better in the sense it now offers financial protection to third parties as well as covers your vehicle as well for damage caused by fire or the vehicle gets stolen. You can get lower quotes if you can show that your car is always parked in a garage that is secure every night.
c) The comprehensive car insurance is the one that is all encompassing and also the most expensive. It offers you protection against all eventualities and that is irrespective of who is at fault. It can also include extras such as medical and legal cover as well as coverage for even some of the personal stuff in your vehicle.
The motor insurance quotes for each of the above mentioned policies will depend on factors such as:
• The vehicle model you are driving
• Parking location
• Age and previous driving history of the driver
• Place of residence
• Usage of the car and the purpose
• Claims history
• Extra driving qualification
• Absence or presence of car modifications
• Security devices installed
• Excess you are willing to pay
If you were asked to identify the single biggest difference between the modern financial market in the UK and its previous incarnations, then your mind would surely be drawn to the way in which technology has eliminated so many barriers to entry. Whereas leading financial institutions once dominated the market due to their depth of knowledge and the instant access that they had to international markets and commodities, technology and the development of online resources such as Killik & Co has afforded modern independent traders the same advantages.
While this may have created a level playing field for large corporations and single investors, however, the traditional financial products available through the financial market have remained unchanged. Take commodities, for example, which were historically trader by large financial institutions through agreements known as futures contracts. This allowed the parties to fix a price for a specific product and exchange at an agreed later date, regardless of any fluctuation in market value or standing.
The Emergence of Spread Betting: It’s Long Standing History as a Financial Concept
This type of derivative financial product is no longer traded in quite the same way, however, thanks largely to the introduction of spread betting. The application of contemporary spread betting practices is a source of some controversy among financial traders, as many consider it to tread a barely distinguishable line between gambling and serious commercial investment. Despite this perception, however, the principles of spread betting were prominent within historical financial markets long before they became associated with sports gambling.
In fact, the fundamental concept of spread betting and trading futures contracts based in exchanges emerged as long ago as the 1600’s. During this time, a trading market was established in Japan to redistribute or spread the risk associated with the manufacture and sale of rice. The subsequent development of the Dojima and Sakata rice exchanges were of significant importance for the nation’s wealth, and offered an insight into how spread betting principles could be applied to the commodities market.
The Bottom Line and how Spread Betting is applied in the Modern Financial Market
In the modern financial market, spread betting and contracts for difference are the modern representations of traditional futures contracts, and are becoming increasingly popular as trading vehicles. Not only do they allow traders to speculate on price movements across a range of financial products, but they also offer margin based returns that are not dependent on a rising market value.
While some governments and authorities still refuse to accept spread betting as a viable financial trading method, however, history suggests that it has been utilised within the fiscal markets for longer than they would care to remember. Given this and the fact that many investors now consider sports betting itself as an asset class, it is clear that spread betting is now an established part of the financial landscape in the UK.
Whether you’re saving up for a holiday, a new car or just a rainy day, putting a bit of money aside on a regular basis is the best way to achieve your goals without putting a strain on your finances.
Though you may think that you don’t have any cash to spare, by taking a quick look at the fascinating infographic created by MYJAR, we can quite clearly see where the country’s money is going and where savings can be made.
For example, if you live in London, there’s a good chance you could save a significant amount every month by cutting down on your takeaways. On average residents in the capital spend a whopping £221.63 on takeaways, while their neighbours in nearby Chelmsford splash out just £43.19 a month.
However, as southerners spend around £200 less on their annual getaway than those in the north, you may well be saving already when it comes to your holidays.
Once you’ve put the work in and saved up, one way to avoid depleting your savings is to take out a short-term loan from MYJAR anytime your pay packet won’t stretch far enough.
That way you can take the pressure off your finances and keep your hard earned nest egg intact.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
If you’re in the market to finance a new home, you might be facing more than just one mortgage loan option. This means some that have various interest rates, and some with various payment terms and lengths.
In order for you to choose the right one, you want to know the amount of years you’re planning on living in that home. The conventional home with a fixed rate mortgage will be typically designed for people intending on living there for no less than ten years. A fixed rate mortgage has proved to be the most popular of all the loan programs. This type of loan keeps your interest rate the same throughout the whole life of your loan.
Another type of loan is the ARM, ‘adjustable rate mortgage’ and has an interest rate that’s lower to start out, but then is subject to market fluctuations. But ‘interest only’ mortgages are the type of loan where you, as the homeowner, are allowed to make your payments just on the interest for a specific period of time. Once that time is up, then all payments will be applied to the principal. Then you have the ‘balloon’ mortgage loans, that offer you smaller payments to start out, but then have a large payment that will be due at the loan’s end.
If you plan on refinancing your current home or to apply for a mortgage, some lending companies will help in selecting what loan would be best for your situation. They have a pre-qualifying process where the applicants can see what they can afford. You need to know exactly what’s on your credit report. For you to get the good interest rates, you’ll need a good credit history with no previous bankruptcy.
Of course, even if you do have less than splendid credit, you still have loan options and programs specifically designed for that situation. There are FHA loans available that can provide you with flexible loan programs. Many times they can give you some lending options to get loans approved that many conventional lenders can’t approve.
The easiest way to locate a good mortgage loan is by going online and getting free quotes. You need to grab several quotes and then make some comparisons in regard to interest rates and terms. There are so many types of loans available today that it takes some digging around to see all the options and to find the one that best suits you. But it’s more than worth the time to know what you’re getting into before you sign that dotted line.
Is the UK becoming a nation of entrepreneurs? According to figures released by the Office for National Statistics (ONS) the sharp fall in unemployment announced this month has partly been driven by a large rise in self-employment. The number of self-employed people increased by 337,000 to reach 4.54 million and, according to the Federation of Small Businesses, small and medium enterprises employ more than 14 million people, accounting for 59.3 per cent of private sector employment and 48.1 per cent of private sector turnover.
If you’re looking to join this growing number of small business owners there are a number of things to bear in mind:
Find a niche
Market analysis and sector research can often bring up ideas for a new business but finding your niche could equally be more instinctive. You could, for example, stumble upon a gap in the market simply by noticing something that you would appreciate as a consumer that doesn’t appear to exist elsewhere. Business opportunities are often staring us in the face and just need someone to make them a reality.
Crunch the details
It’s not enough to simply have a grand idea. You will also have to construct a business plan and research the market to ensure that your idea is viable and will actually make you money in the long run. You will need a clear idea of the costs involved in starting your business and running it on a day-to-day basis, as well as a forecast of potential profits.
Secure vital funding
The amount of funding your start up will require will depend on a number of factors. A brand new window cleaning business might not require as much initial funding as a new product manufacturer but you might still need money for a van, ladders (or a water fed pole system) and to purchase the round itself.
There’s been a lot of controversy over the amount of lending banks are currently willing to give to new SMEs but there are also alternative lenders who specialise in business lending. If you are looking for new business loans for companies in chelmsford and elsewhere in the East of England, for example, Foundation East can offer tailored loans to suit your particular circumstances.
Another option could be to pitch to potential investors. In either case you will have to pay – either the interest on a loan or a share of your profits to investors – but this is a case of speculating to accumulate and can certainly pay off in the long run.