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Pet insurance guide

To help you decide if pet insurance is right for you, we've compiled a short guide that explains what it is, how it works and how you could save money but still find the right cover.

What is pet insurance?

Pet insurance helps to cover the cost of veterinary treatment in the event of an insured pet falling ill or being injured in an accident. Some pet insurance policies will also pay out if a pet dies, is lost or stolen or causes injury to a third party or damages a third party's property. Far from being limited to cats and dogs only, many pet insurance companies will cover smaller pets too, such as rabbits - and even exotic pets, such as chinchillas and parrots.
Why do I need it?

Pets are a big part of our lives, so when they fall ill or are injured providing the best health care for them is important. With the advances in veterinary medicine, treatments are now available that were once reserved for humans, making once fatal conditions in animals now treatable. Veterinary practices also have access to much more sophisticated equipment than they did in the past, making it possible to detect and diagnose problems that would once have gone untreated. Inevitably, these types of treatments and diagnostics come at a price, leaving some pet owners faced with a difficult choice. For this reason, many opt to take out pet insurance as not only does it provide valuable peace of mind against spiralling vets fees, but it also allows them to fully explore all available treatment options.
Pet insurance policies in more detail
Some pet insurance companies will allow you to choose from a range of excess amounts when you take out the policy – the higher you set the excess, the cheaper your premiums are likely to be. However, remember to always set the excess at an amount you can comfortably afford should you need to make a claim.
What about pre-existing conditions?
A pre-existing medical condition is one for which a pet actually received care, treatment or veterinary advice before the cover came into effect. Most pet insurance companies will be willing to insure the pet, but will exclude the pre-existing condition from the cover.
Is pet insurance available for older pets?
Pet insurance companies typically treat dogs and cats aged eight and over as 'older pets'. Whilst cover is available for older pets, premiums are usually higher than for younger animals as they are considered to be at a greater risk of illness, particularly long term illnesses that are associated with age. Some pet insurance companies are still able to offer competitive premiums by increasing the policy excess or requiring that an additional contribution is made towards any claims. Where this is the case, it is usually a fixed percentage of the amount of the claim.
If you are looking to insure an older pet, the level of cover is important. Therefore always shop around and compare policies by features as well as price.

When comparing policies always compare on policy features as well as price, that way you can be sure you are getting the right cover for your needs. Spending a little more, rather than simply choosing the cheapest policy, may offer better value for money – but remember to check the excess on any policy you’re interested in before you buy. If you don't, you may have a nasty shock when you come to make a claim

Dental Insurance guide

Are you the one who grinds teeth while sleeping? Is the surface of your teeth facing some problem? If yes, you might be at risk of a serious dental problem. Thus, dental insurance is a total must that can keep your dental health in a good condition. You might be well aware of the fact that paying some visits to the dentist can cost you huge amounts. So it is imperative to find an affordable dental insurance plan that not just suits your requirements, but is affordable as well.

You can have a word with your current dentist in order to see if the professional provides some kind of insurance policy. In various cases, the dentist’s clinic is linked with an insurance firm that can save you great amounts. Being a part of some group dental scheme is a great option as you can get various treatments covered at reasonable rate. If you are not so sure about the best dental insurance plan for your needs, you can refer to your dental care professional to seek advice. In all, various dental clinics recommend affordable and cheap dental plans for the patients. In circumstances where a person does not have enough funds to buy a dental insurance policy, dentists will suggest them to use the discounted dental offers. These plans are in fact identical to the PPO or Preferred Provider Organization.
Moreover, before you search for the best dental insurance plans available, you need to evaluate your dental requirements first. Ask yourself whether you require the maintenance plan or the comprehensive one. In case you have a tendency to face big dental problems, it might be nice for you to opt for the comprehensive plan as such a kind of scheme covers all the expenses of major dental treatments. But you have to consider that the premium for such a comprehensive policy is a bit higher than you generally pay for the maintenance program. In case you are featured with a limited budget and don’t even require much repair, it is recommended that you choose the maintenance plan as this can offer you the regular checkups and annual cleanings for free of cost.

You can even enjoy a discount on your dental plan. Check with your dentist and see if he or she offers any discounted schemes. Basically what actually happens is that the dentists offer you a discount when you get the work done. The benefit attached is that you save some amount and the dental professional gets his or her money the same day without waiting for an insurance company to pay for their work. In short, using a good dental insurance can save you huge amounts that you might spend on regular visits and treatments.

Bike insurance guide

Go for recognised security features

Motorbikes can be a real target for thieves but if you go for industry-approved security measures, many insurers will chop a further 10% off your premiums.

But what are these approved steps? Most insurers want to see that your security devices, such as immobilisers, heavy duty locks and ground anchors, are Thatcham approved.


Motorcycle insurance is required by law. It is to make sure people can cover the costs of any riding related damage or injury. For example if you crash your bike into someone else, motorcycle insurance will pay for the repairs to the other vehicle.
The most important part of looking for a suitable insurance policy is understanding what cover you need and what type of risk you are to an insurance company.
An insurance company will look at a number of factors to determine what type of risk you are i.e. how likely you are to make a claim on a policy, such as:
your riding history (have you a number of prior claims or convictions which may make you a greater risk?)
the area in which you live (is there a lot of vehicle crime in your area?)
the type of bike you ride (is it a high-performance bike?)
Almost every piece of information you are asked when you get a quote will have some influence on the cost of your bike insurance.
Motorbike insurance is there to offer both financial cover and peace of mind for you and everyone else on or about the road.
How do insurance companies protect the victims of uninsured riders?
Even though by law you have to have motor insurance, you can guarantee that somewhere there is someone on the road without insurance cover.
In 1946 the Motor Insurers' Bureau was created. It ensures victims of untraced or uninsured motorists are compensated for their losses. All motor insurers must be members of the bureau and contribute to its funding.
The Bureau has a database with details of private and fleet motor insurance policyholders. The police can access the database and see whether or not motorists have current insurance during spot checks, or at the scene of an accident. The Motor Insurance Database is currently run by the Motor Insurers' Information Centre.
When an uninsured or untraced rider injures a third party or damages their property, the third party should receive compensation from the Motor Insurers' Bureau.
If a motorbike is stolen and the thief damages property or injures someone, the insurance company for the bike will be liable to pay the costs involved.

Documentation or paperwork

When you purchase your motorbike insurance, your insurance company will send you documentation to prove you are legally insured to ride on the road. You'll have to show proof of insurance for example if you get stopped by the police for any reason. The law currently gives you seven days to prove your valid insurance cover to the police.
You should receive the following documents from your insurance company:
Cover note
A cover note is a temporary certificate of insurance which is usually issued to allow either a broker or insurer time to complete their paperwork before they issue the full certificate. It usually lasts for 30 days.
Certificate of insurance
This is the document that proves your legal motor insurance cover as required by the Road Traffic Act.
Schedule and/or policy document
The schedule and/or policy document sets out the full the terms and conditions of your insurance policy.
Remember! You should always read all the documents sent to you, firstly to check that the level of cover you agreed with the insurance company is correct and to also make you aware of any policy exclusions. It is your responsibility to be aware of the exact cover you have agreed. If you have any concerns or queries, contact your broker or insurance company.

No claims discount

For every year you're insured and don't make an insurance claim you will build up a no claims discount. The amount of discount you receive can vary but could be from around 30% discount the first year, increasing to around 60% for your fourth year.
If you make a claim on your policy and your insurance company can't recover their costs, it will affect your no claims discount even if the accident was not your fault. It is a 'no claim' not a 'no blame' discount.
Should you have a claim which is considered to be your fault then you will lose some of your no claims discount. The amount of discount you lose will vary from one insurance company to the next.
Bike insurance and optional extras
Sometimes you want some extra cover on your insurance, which isn't included in the policy itself, for example you may want breakdown cover. This extra cover is known as an optional extra or ancillary product and can be bought with your insurance policy.
Legal assistance or protection
Also known as legal cover or Uninsured Loss Recovery, legal assistance helps cover legal costs following an accident where a third party was at fault.
Legal professionals will deal with your case for you and try to recover any losses on your behalf, for example medical losses, loss of earnings or recovering your policy excess. They will also make a claim for compensation for you if you are injured.
How bike insurance quotes are calculated?

Insurance companies take lots of factors into account when working out what to charge you for your motorbike insurance, which is why they ask so many questions. They work out what type of risk you are to them (how likely it is that you will make a claim on your policy) and charge you accordingly.
They will look at:
Claims history

If you've made a claim on your motorbike insurance in the last 5 years, you must tell your insurance company about it. If an insurance company has had to pay out for a claim, they will see you as a greater risk to them and charge you more for your policy.

Having made a claim doesn't necessarily condemn you to paying huge sums for your motorbike insurance though. Just run a quote through Gocompare.com and we'll bring you prices from the most competitive motorbike insurance companies in the market.

Riders

An insurance company will ask for information about who will be riding your bike, including their riding history, age, claims and convictions history etc. Adding a rider under 25 who has a speeding conviction and has previously crashed their bike will certainly increase your insurance costs compared to letting a 40 year old with a no claims or convictions ride your motorbike.

Riding convictions

It stands to reason, the more riding convictions you have, the more you will be charged for your insurance – someone who speeds habitually may be seen as having more chance of being involved in an accident and so will cost their insurance company money.

insurance ordinance 2000 pakistan

The President of Pakistan had promulgated the Insurance Ordinance, 2000 on 19th August 2000 repealing the Insurance Act 1938. The objectives of this ordinance are said to be:
* To regulate the business of the Insurance industry.
* To ensure the protection of the interest of insurance policyholders.
* To promote sound development of the insurance industry.
The new ordinance has divided life insurance business and non life insurance business into following classes:
LIFE INSURANCE BUSINESS:
1. Ordinary Life Business.
2. Capital Redemption Business.
3. Pension Fund Business.
4. Accident and Health Business.
NON-LIFE INSURANCE BUSINESS:
1. Fire and Property Damage Business.
2. Marine, Aviation and Transport Business.
3. Motor Third Party Compulsory Business.
4. Liability Business.
5. Worker’s Compensation Business.
6. Credit and Surety-ship Business.
7. Accident and Health Business.
8. Agriculture Insurance including Corp, Insurance.
9. Miscellaneous Business.
A public company or a body corporate can start insurance business in Pakistan. A certificate of registration as insurer will be obtained within six months for life business and non-life business separately. The registered insurer will meet the requirements of minimum paid up capital, statutory deposits, solvency, requirements, and reinsurance: arrangement appointment of auditors and to comply with Provisions of this Ordinance.
A registered insurer shall have to pay an annual supervision fee to SECP at the rate of Rs. 1 per thousand of gross premium written in Pakistan during the calendar year with a minimum of Rs. 100,000.
For sound and prudent management fit and proper persons with appropriate experience and qualification will be employed to conduct their duties with due diligence and skill. The minimum paid- up-capital required for registered insurer is as under:
LIFE INSURANCE BUSINESS: 150 MILLION RUPEES.
1. 100 Million Rupees will be attained up to 31st December 2002.
2. 150 Million Rupees will be attained up to 31st December 2004.
NON-LIFE INSURANCE BUSINESS:. 80 MILLION RUPEES.
1. 50 Million Rupees will be attained up to 31st December 2002.
2. 80 Million Rupees will be attained up to 31st December 2004.
Every insurer will maintain a minimum deposit equal to 10% of its Paid-Up-Capital with State Bank of Pakistan. The deposit in excess of amount required can be asked for with permission from SECP for refund.
REINSURANCE ARRANGEMENTS
The insurers will maintain assets in excess of liabilities to meet solvency requirement as per this Ordinance. Insurance companies will maintain adequate reinsurance arrangements.
The insurers will submit the quarterly returns on the prescribed form to SECP. The auditors shall be appointed by the commission to audit the accounts of insurer’s. Actuary report for life insurance business shall be necessary. If any return is considered inaccurate or defective the Commission can call for further information, call upon insurer; examine any officer of insurer (or decline to accept the return).
If an insurer is likely to become unable to meet liabilities the commission can investigate the affairs of an insurer. If necessary the services of an auditor or actuary can be hired for investigation by the commission. The Commission has the power to prescribe maximum level of acquisition costs and management expenses.
For corporatization of public sector insurance corporation the National Insurance Corporation, has been converted and registered as National Insurance Company Limited. The Pakistan Insurance Corporation will be converted and registered as Pakistan Reinsurance Company Limited. These Corporations will be converted into public limited companies within a period of one year from the issuance of this Ordinance. These will continue to conduct their present business until the Federal Government ceases to hold a controlling ownership interest in them.
There are provisions for appointment of agents and brokers. The brokers should have obtained license from the commission. The requirements of Paid-Up-Capital, statutory deposit professional indemnity insurance and other matters are to be prescribed by the Government for registration of brokers.
The Commission should license the persons acting as insurance surveyors. A person can apply for a license after fulfilling the following conditions:
* The person is a company with a prescribed minimum share capital.
* The person carries professional indemnity liabilities.
* The person should be a member of the approved professional Association.
* The Person complies with the conditions to be prescribed.
In addition to Authorized the Commission will register surveying Officers according to the prescribed procedure.
Special provisions have been laid down for protection of policyholder’s interest. The Government of Pakistan will appoint the insurance Tribunal and the Insurance Ombudsman. This Ordinance also provides for appointment of administrator and winding-up of an insurer. The penalties for offence against the Ordinance are also prescribed.
This ordinance has almost changed the insurance structure of Pakistan. Wide-ranging powers have been granted to the Federal Government and SECP. This will promote sound development of insurance industry. New types of insurance will be introduced in the country like credit Insurance and Crop Insurance etc. The culture of Insurance Broker will be introduced in the market. The small insurance companies may amalgamate with large companies or those may be converted into broker houses.
The process of implementation of new insurance law is very slow. In fact the new law is the outcome of the findings and recommendations of the National Insurance Reforms Commission which worked in 1988-89 and presented its reports in 1990. Under the Capital Market Development Programme the ADB supported Pakistan and consultants were engaged in 1997. The consultants presented the draft bill of Insurance Act, 1999 in July 1999. At lasts on 19th August 2000 the President of Pakistan Promulgated the Insurance Ordinance, 2000 repealing the Insurance Act, 1938.
Almost all the sections of this ordinance are to be implemented by forming insurance Rules and Regulations. For this purpose the Federal Government and SECP have been given wide-ranging powers. The Federal Government through notification published in the official gazette, can make rules to carry out the purpose of this ordinance. The powers of the Federal Government have been delegated to SECP who can make rules required to be made under the ordinance. The SECP has also been authorized to make Insurance Regulations required for implementation of this Ordinance.
The formation of Insurance Rules and Regulations are necessary to implement the Insurance ordinance 2000 in letter and spirit. The SECP has published in Gazette of Pakistan a Draft Notification in February 2002 with the title of "Draft Insurance Rules, 2002" for information of all persons likely to be affected and notice has been given that these draft Rules shall be taken into consideration after 30 days of its publication in the official Gazette. The SECP will consider any objection or suggestion received from any person in respect of this draft before expiry of the said period.
Draft Insurance Rules although have been prepared and hoped to be finalized and implemented within a period of one month. However still the Insurance Regulations are required to be made.
In the recent past the economic environment for trade and industry was sluggish, unemployment was on rise, inflation and price spiral was soaring, exports were stagnant, imports were rising and number of sick industries was shooting up. In such conditions the stock markets of the country were not attracting investments both foreign and local. So, it was difficult for insurance companies to generate further capital.
On analysis of 39 insurance companies registered at Karachi Stock Exchange, only 9 companies have the capital more than the amount required as per Insurance Ordinance, 2000. There are other 22 companies, which have Paid-up Capital as required for brokers. Ihese companies can easily convert themselves into brokerage houses or they can also make mergers.
However, now the economic environment of the country is changing. The foreign exchange remittances have been increased and the exchange rates have been stabilized. The sick industries are being revived through CIRC (corporate and Industrial Restructuring Corporation). The public and private sectors are expected to be involved in the reconstruction of Afghanistan. The Motorway and other highway projects are being completed. The construction of the third seaport at Gwadar has also been started. Foreign investments are also anticipated.
SUGGESTIONS;
These economic activities will obviously generate business for insurance companies. To meet the future requirements of the country the following suggestions are made:
* The Insurance Ordinance 2000 should be implemented completely. For this purpose the new Insurance Rules and Regulations should be finalized and enforced in the country without further delay.
* New reinsurance companies should be established in the private sector to increase the capacity for retention of more and more business within the country.
* Establishing R&D division under the IAP should carry out the Research and Development work.
* To provide sound and prudent management for insurance companies technically qualified and professional people should be employed. The Insurance Institutes should be reactivated. The Associationship and Fellowship of Chartered Insurance Institute, London and Chartered Property and Causality Underwriters, USA must be recognized as the basic qualification for sound and prudent management of insurance companies.
* As per WTO requirement there should be no restrictions to market access. For this purpose the foreign insurers and reinsurers should be encouraged to come and invest in Pakistan. With broad equity basis our insurance Companies will be fully competent to compete with them.
* The surveyors having technical qualification should only be allowed to join this profession so that quality work could be provided the limit for settlement of claims on self-assess-ment basis should not be more than Rs. 5,000 to Rs. 10,000.
* All the hisurance companies should jointly create awareness among general public about the essential requirement of insurance in the day-to-day life of each individual and business houses.

* As it is very expensive for Pakistani people to get training and higher education from U.K. and U.S.A., our own public and private educational institutions should take initiative to provide higher education in insurance. However much of the burden lies on the shoulders of Pakistan Insurance Institute to start its own recognized professional insurance degree.

Business insurance

Generally when you seek to take out Business Insurance you will build a tailor made policy including all of the aspects that are of relevance to your business and the work that you carry out. A case study example is below

Mr smith runs a small joinery business and has his own workshop, he employs 2 other people to assist him. He wants to know about the types of Business Insurance available to suit his business needs so he obtains a quotation where he may be asked:

The category which best describes his business - Construction/Building trade
The exact occupation within this trade - Joiner
Does he have a secondary trade or occupation that he needs cover for - In this case no but if he was also to implement or fit his products in the homes of his customers he would need a different package to include this.
Where exactly the business is located - address can be a factor that effects the premium
What type of business is being run - Mr smith is a Sole Proprietor but he could for example be a partnership or a limited company
What sort of premise does the business work from - As stated Mr smith has a dedicated workshop but he could work from home