Insurance
Can I Switch Highway Tax to a New or Second-hand Automobile?
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The straightforward reply to the query, ‘can I switch street tax to a brand new or second-hand automotive?’ is not any. This has been regulation since 2014 when new laws got here into power saying street tax was not transferable between house owners of a automotive. It’s subsequently important that you simply tax your new or second-hand automotive earlier than you drive it away. This text will let you know precisely what to do to drive legally and keep away from incurring any penalties and fines.
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What ought to I do once I purchase a car?
As quickly as a automotive is bought, the DVLA (Driver and Car Licensing Company) have to be knowledgeable. This have to be carried out by the vendor as they full the ‘new keeper’ part of the V5C certificates and ship it to the DVLA. You, as the brand new proprietor, retain the inexperienced part of the certificates. This can be accomplished shortly on-line by telling DVLA that you simply’ve bought, transferred or purchased a car.
Can I switch automotive tax to the brand new automotive?
Whereas automotive house owners have been beforehand in a position to carry over any remaining months of tax to a brand new car, that is now not the case – the vendor can’t switch it. Most significantly, you can’t drive the automotive till you tax it, and you can’t tax it till you purchase the automotive. In case your automotive shouldn’t be taxed, your insurance coverage could also be invalid. Not solely are you liable to be fined for not having tax, however should you’re concerned in an accident, or have your automotive stolen, chances are you’ll be fined for not having insurance coverage and even face a prison conviction.
As a result of that you must tax the automotive earlier than you drive it, you want the brand new keeper part of the V5C on-line. It will permit you to tax the automotive instantly. You are able to do this on-line, over the cellphone, or at a Publish Workplace.
Keep in mind that should you’re a disabled driver otherwise you personal a basic automotive, you may be eligible for street tax exemptions. Learn our blogs to seek out out extra.
Taxing your automotive on-line
To tax your car on-line, you have to one of many following paperwork or items of knowledge once you apply.
- The 16-digit reference quantity in your car tax renewal letter (V11)
- The 11-digit reference quantity in your log guide (V5C)
- If you happen to’ve simply purchased the car, you may provide the 12-digit reference quantity in your new keeper complement (V5C/2).
Some older automobiles have reference numbers of fewer than 12 digits. If yours is like this, you need to contact the DVLA.
Taxing your automotive by cellphone
In an effort to tax your new car by cellphone, name the DVLA’s automated 24/7 service. The method ought to take not more than 5 minutes. The quantity is 0300 123 4321 (textphone 0300 790 6201) and calls are charged on the native price.
Sadly, you gained’t have the ability to pay by direct debit over the cellphone – you should pay through your credit score or debit card. To do that you have to the identical info you’d when making use of for tax on-line (see above).
Taxing your automotive on the Publish Workplace
First, make sure the Publish Workplace department you propose to make use of nonetheless taxes automobiles, as many now not do. If you happen to’re undecided, you may search for which companies are supplied by your native Publish Workplace branches on-line. Alternatively, your native Publish Workplace will have the ability to let you know which department to go to.
Make sure you take the next documentation:
- Accomplished V11 reminder, V5C or new keeper complement (V5C/2)
- The proper cost or a debit or bank card (see under)
- MOT take a look at certificates (have to be legitimate when the tax begins)
- Insurance coverage certificates or cowl notice (Northern Eire solely)
Can I tax my automotive with out a V5C or V11 reminder?
Sure, however you should apply for a brand new V5C on-line or through submit (you may get a kind from the Publish Workplace) first. This may take 4 to 6 weeks and can price £25.
If you happen to’ve misplaced your log guide and that you must get one other one, learn out weblog to learn how to do that.
How a lot tax will I pay?
First-year tax charges for brand new automobiles are based mostly on CO2 emissions in g/km and differ from the usual price. For instance, a brand new, high-performance automotive such because the Alfa Romeo Giulia Quadrifoglio prices £2,015 for the primary yr of tax however comes right down to the usual 12-month price of £165 thereafter.
Normal charges may range for brand new automobiles, starting from round £30 per yr to round £540 – relying on energy and emissions.
Used automobiles have already had their first-year tax paid so you’ll solely pay the usual price when shopping for a second-hand automotive. Most used automobiles registered on or after 1 April 2017 have a normal price of round £165.
Automobiles registered earlier than 1 March 2001 fall into two tax bands – engine sizes above and under 1549cc. See the desk under to work out the tax you’ll pay.
Automobiles registered after 1 March 2001 and earlier than 31 March 2017 are cut up throughout 13 tax bands (A-M) based mostly upon CO2 emissions.
The easiest way to work out the particular quantity of tax you’d pay for a selected mannequin is to make use of the Car Certification Company’s on-line instrument. By placing within the age of the automotive, the mannequin, its gas sort and transmission, the instrument will let you know the quantity of tax you should pay per yr.
What ought to I do when promoting a car?
If you happen to’re promoting your automotive, you should let the DVLA know by returning the related portion of the V5C. Failure to take action will lead to a £1,000 high-quality. Any full months nonetheless left in your street tax will likely be refunded routinely. For instance, should you promote your automotive in mid-January and your tax runs out in the course of March you’ll get one month’s tax refund.
Transferring possession of a car
Generally folks may have possession of a car transferred to them – for instance, a guardian passing their automotive to a son or daughter. On this case, people are nonetheless not allowed to switch tax remaining on it. Deal with this example as if it have been a purchase order and register the switch with DVLA utilizing the V5C.
As per a purchase order, you’ll obtain a refund for any remaining full months left on the car tax when possession is transferred. It’s possible you’ll wish to bear this in thoughts when selecting the date you switch possession.
Do I’ve to tax my automotive if it’s not on the street? (SORN)
SORN stands for Statutory Off Highway Notification. It’s a declaration that you should make to the DVLA in case your automotive shouldn’t be in use on public roads. Declaring your automotive as SORN signifies that you gained’t have to pay tax or insurance coverage on your car, however you would possibly nonetheless wish to take out SORN insurance coverage to guard your automotive whereas it’s laid-up.
You can not switch a SORN once you purchase, promote or switch a car, so you should inform the DVLA that the automotive is off the street by making a SORN. If you happen to cease taxing or insuring your automotive however haven’t declared it SORN, chances are you’ll face a high-quality. That is the case even when you have a brief delay in renewing your insurance coverage coverage.
Can I purchase or promote a automotive with out the log guide?
In brief, sure, you might be nonetheless in a position to promote or purchase a automotive with out a log guide, but it surely isn’t advisable to take action by the DVLA.
It’s possible you’ll legally promote the automotive with out your V5C (log guide) as it is just used as proof of registration and never proof of possession. Nevertheless, you have to to provide the possible purchaser a invoice of sale, together with all the knowledge they would want to use for a brand new log guide utilizing a V62 kind.
The explanation why the DVLA doesn’t advocate it is because shopping for a automotive with out a V5C may be suspicious in some circumstances. Being in a rush to promote a automotive may elevate some issues as to why the vendor is searching for a fast sale.
Are you able to tax a automotive with out a log guide?
You’re unable to tax a automotive with out a log guide, as you have to the 11-digit reference quantity. If you happen to’re the brand new keeper of the automotive and also you don’t have a V5C in your title, you should use your inexperienced new keeper slip to tax the automotive utilizing the 12-digit reference quantity.
insure my new or second-hand automotive
Fortunately, insuring your new or second-hand automotive is the simplest step in getting a brand new car, particularly once you communicate to the consultants at Adrian Flux. Whether or not your automotive is new or second-hand it would want an reasonably priced automotive insurance coverage coverage.
We offer aggressive insurance coverage quotes for automobiles of all ages and situations. Our greatest offers are solely out there over the cellphone – 81.5% of all prospects receiving a web based quote in August 2022 may have obtained a less expensive quote over the cellphone.
Name 0800 369 8590 for a swift no-hassle quote or guide a callback at a time that fits you.
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Fixed Annuities Explained: Pros, Cons and How They Work
When it comes to financial planning, retirement planning is essential. There are several investment options available in the market, including fixed annuities.
In this article, we will delve into the basics of fixed annuities, their advantages and disadvantages, and how they work.
What Are Fixed Annuities?
Fixed annuities are a type of investment contract between an individual and an insurance company.
An individual makes a lump-sum payment or several payments to the insurance company. The insurance company promises to provide a fixed interest rate and regular payments to the individual for a specific period.
Types of Fixed Annuities
There are several types of fixed annuities, including:
- Immediate Annuities: This annuity type provides regular income payments immediately after the individual makes a lump-sum payment to the insurance company.
- Deferred Annuities: This annuity type provides regular income payments at a later date, either after a specific number of years or when the individual reaches a specific age.
- Fixed-Indexed Annuities: This annuity type provides a fixed interest rate plus additional interest based on the performance of a stock market index.
Pros of Fixed Annuities
Fixed annuities have several advantages, including:
- Guaranteed Income: Fixed annuities provide a guaranteed stream of income for a specific period.
- Stable Returns: Fixed annuities provide stable returns compared to other investment options in the market.
- Tax-Deferred Growth: Fixed annuities provide tax-deferred growth on the investment until the individual withdraws the money.
Cons of Fixed Annuities
Fixed annuities have some disadvantages, including:
- Low Returns: Fixed annuities provide low returns compared to other investment options in the market.
- Limited Flexibility: Fixed annuities have limited flexibility when it comes to withdrawing the money before the end of the contract period.
- Inflation Risk: Fixed annuities do not account for inflation, and the purchasing power of the regular payments may decrease over time.
How Do Fixed Annuities Work?
When an individual invests in a fixed annuity, the insurance company invests the money in bonds or other fixed-income securities. The insurance company then provides regular payments to the individual, which includes a fixed interest rate and a return of the principal amount.
Who Should Invest in Fixed Annuities?
Fixed annuities are suitable for individuals who:
- Want Guaranteed Income: Fixed annuities provide a guaranteed stream of income for a specific period, making them suitable for individuals who want a stable income during retirement.
- Want Low-Risk Investments: Fixed annuities provide stable returns and have low risk compared to other investment options in the market.
- Have a Long-Term Investment Horizon: Fixed annuities are suitable for individuals with a long-term investment horizon and can wait for several years before receiving regular income payments.
How to Buy Fixed Annuities?
Fixed annuities can be purchased through insurance companies, brokers, or financial advisors. It is essential to compare different annuity contracts and understand the terms and conditions before investing in a fixed annuity.
Conclusion
Fixed annuities are a popular investment option for individuals planning for retirement.
They provide a guaranteed stream of income for a specific period, have stable returns, and provide tax-deferred growth.
However, they also have some disadvantages, including low returns and limited flexibility. It is essential to weigh the pros and cons before investing in a fixed annuity.
FAQs
What happens to a fixed annuity when the individual dies?
- If the individual dies during the contract period, the remaining
What happens to a fixed annuity when the individual dies?
- If the individual dies during the contract period, the remaining balance may be paid to the designated beneficiary.
Can the interest rate on a fixed annuity change over time?
- No, the interest rate on a fixed annuity is fixed for the duration of the contract.
Can an individual withdraw money from a fixed annuity before the end of the contract period?
- Yes, but there may be penalties and fees for early withdrawals.
Are fixed annuities insured by the government?
- No, fixed annuities are not insured by the government but are backed by the financial strength of the insurance company.
Are there any tax implications when an individual withdraws money from a fixed annuity?
- Yes, withdrawals from fixed annuities may be subject to taxes and penalties, depending on the individual’s age and the duration of the contract. It is important to consult a tax advisor before making any withdrawals.
Fact Check
We strive to provide the latest valuable information for our readers with accuracy and fairness.
If you would like to add to this post or advertise with us, don’t hesitate to contact us. If you see something that doesn’t look right, contact us!
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The Southwest Airways disaster that rounded out 2022 could have been a nightmare for everybody concerned, however there was one optimistic that got here out of it. The debacle helped begin a bigger dialog on a subject we’ve been speaking about for fairly a while now: the issue with outdated expertise. As we start the brand new 12 months, we anticipate professionals throughout all industries taking a better take a look at the cracks of their technological infrastructure and legacy techniques.
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Legacy expertise and the insurance coverage trade usually go hand in hand
The insurance coverage trade is not any stranger to outdated expertise. As a legacy trade, legacy tech is par for the course. It wasn’t till the COVID-19 pandemic started inflicting enterprise shutdowns that many insurers had been mainly compelled to replace their processes and softwares to be able to proceed working beneath new security pointers.
In some ways, the COVID-19 pandemic was the catalyst for the insurance coverage trade’s digital revolution. However, numerous carriers and businesses are nonetheless counting on the outdated manner of doing issues. Why is that?
The reply isn’t easy. Some could also be apprehensive about the fee whereas others are extra involved with the problem of changing legacy techniques. Some are simply afraid the change might be an excessive amount of for workers and that it’ll trigger extra enterprise disruption than it’s price. Nevertheless, if Southwest’s breakdown taught us something, it’s that no excuse is price risking the harm that outdated expertise may cause to your group, staff, and clients.
So, with out additional ado, listed here are seven methods your legacy system could also be inflicting your insurance coverage enterprise extra hurt than good.
**We’ll be exploring these issues from an insurance coverage perspective (as that’s our experience), however many of those issues apply to companies in any trade that also depend on outdated expertise.
1. Legacy expertise is cost-heavy
One of many extra widespread roadblocks we hear from insurance coverage specialists who’re nonetheless working their enterprise on outdated techniques is {that a} new resolution is simply not within the price range. Whereas it’s true that the upfront prices of including extra fashionable instruments to your tech stack could also be substantial, they’re nothing in comparison with the price of sustaining legacy techniques. Selecting to maintain doing issues the way in which you’ve at all times completed them as a result of it appears simpler (or cheaper) now is called technical debt. And like most money owed, they finally come due.
The older techniques get, the extra they price to take care of. Plus, legacy expertise might be consuming away at an organizations’ backside line in different, much less apparent methods. For instance, an outdated company administration system (AMS) or buyer relationship administration system (CRM) won’t have the ability to supply the options or ease of use that staff, producers, shoppers, and downstream distribution channel companions are in search of. If these clients, staff, and companions aren’t happy with their experiences, they could take their enterprise (and their expertise) elsewhere, looking for a extra fashionable expertise.
2. Legacy expertise can hurt your status
You’re employed arduous to take care of a optimistic status in your insurance coverage enterprise. A poor status may lead your shoppers straight into the arms of your opponents and negatively influence your backside line. We noticed first hand how outdated expertise managed to tug Southwest Airways’ status by the mud in a matter of days.
In terms of insurance coverage, there doesn’t essentially should be a large breakdown or error together with your legacy system to negatively influence how present and potential clients and staff view your organization. It will also be the day-in-day-out tedium of outdated expertise that lastly will get to individuals. If you happen to proceed utilizing legacy expertise, staff, prospects, and shoppers could view your organization as being behind the instances. And in case your technological infrastructure seems prefer it’s caught up to now you’ll have a more durable time convincing anybody of your future spot out there.
3. Legacy expertise might get you in regulatory bother
A significant downside of legacy expertise is its incapability to combine with newer software program. Insurance coverage professionals want techniques that may talk with one another and paint an entire image of their knowledge to be able to make knowledgeable enterprise selections. The complexity of the insurance coverage trade’s state-by-state regulation system means it’s essential for all techniques to be built-in and up to date in actual time to keep away from compliance violations.
Updating to an automatic built-in compliance resolution (like AgentSync) can create important compliance administration price financial savings and guarantee steady producer and company compliance – with out the guide effort that you simply’d want to make sure the identical stage of compliance immediately.
4. Legacy expertise can inhibit development at your company, service, or MGA/MGU
Legacy techniques are hardly ever scalable. Trendy issues want fashionable options and legacy expertise is usually unequipped to handle present wants. Due to this, legacy techniques is usually a main barrier to a company’s development and innovation.
The longer an company waits to replace its legacy techniques, the more durable it will likely be to handle present market wants and acquire new market share. If you happen to’re not able to fully overhaul your group’s legacy techniques, there are different choices that may assist you to dip your foot within the pool of innovation.
5. Legacy expertise fuels inefficient workflows
Legacy techniques can block your group from realizing its full potential. With outdated expertise, it’s doubtless your employees is spending an excessive amount of time on guide, repetitive, and non-revenue-generating duties. Not solely is that this a waste of expertise, but it surely additionally will increase the possibility of human error and non-compliance.
With out up to date insurtech, processes like producer onboarding and compliance administration eat up much more time and assets. Keep in mind earlier once we talked about that legacy techniques don’t normally combine simply with different expertise? This lack of communication can create knowledge and workflow silos that block data from flowing between groups and finally decelerate processes.
6. Legacy expertise might make you extra susceptible to cyber assaults
Hackers are continually discovering new methods to sneak previous a company’s cyber safety measures and entry its safe knowledge. As software program ages, it might not have the defenses wanted to guard towards newer cyber threats. Cyber safety is a giant concern for insurance coverage businesses and carriers which frequently retailer huge quantities of delicate consumer data. Outdated software program might make that knowledge extra susceptible to an information breach, bringing you proper again to earlier factors about reputational hurt and arduous greenback prices.
7. Legacy expertise might negatively influence hiring efforts
We’ve mentioned it earlier than and we’ll say it once more – the insurance coverage trade is within the midst of a hiring disaster. Mass retirement and a shrinking expertise pool means high-quality candidates have extra energy to decide on the place they’d prefer to work. And in the event you suppose the possibility to work with software program that predates their grandmother is an efficient promoting level then oh boy do we have now information for you.
Right this moment’s job-seekers are in search of fashionable firms which can be utilizing the newest expertise to enhance each the client and worker expertise. Providing producers a high-tech expertise with much less time spent on guide, repetitive, time-consuming duties might assist as you proceed to compete for expertise.
The time to modernize your insurtech is now!
The very best by date in your insurtech has come and gone and it’s time to rethink the “if it ain’t broke, don’t repair it” mindset you might have beforehand held concerning your legacy techniques. In actuality, it’s a lot better to repair the issue earlier than a serious malfunction (once more, you simply have to have a look at Southwest Airways for proof). Clearly, outdated expertise can do much more hurt than good on the subject of your company, service, or MGA.
Don’t be like Southwest and wait till the harm is already completed. The time has come to throw out your legacy techniques together with the issues they’re inflicting your insurance coverage enterprise. If you happen to’re able to declare your independence from outdated tech and processes see how AgentSync may help you attain your full potential.
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Triple-I Weblog | Florida Insurance coverage Disaster Reforms Achieve Momentum With Newest Proposal
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Florida Gov. Ron DeSantis’s proposed insurance coverage fraud and authorized system abuse reforms, introduced this week for consideration throughout the legislative session that begins in March, would construct on measures authorised within the closing weeks of 2022 and go a good distance towards fixing the state’s insurance coverage disaster.
Laws handed throughout the 2022 particular session eradicated one-way lawyer charges and project of advantages (AOB) preparations for property insurance coverage claims. Gov. DeSantis’s proposal would go additional, eliminating these mechanisms and “lawyer charge multipliers” for all strains of insurance coverage.
“For many years, Florida has been thought of a judicial hellhole attributable to extreme litigation and a authorized system that benefitted the attorneys greater than people who find themselves injured,” DeSantis stated in his announcement. “We are actually engaged on authorized reform that’s extra consistent with the remainder of the nation and that can carry extra companies and jobs to Florida.”
Earlier than the 2022 reforms, state regulation required insurers to pay the charges of householders insurance coverage policyholders who efficiently sued over claims, whereas shielding policyholders from paying insurers’ lawyer charges when the policyholders lose. The laws additionally eradicated AOBs – agreements through which property homeowners signal over their claims to contractors, who then work with insurers.
AOBs are an ordinary apply in insurance coverage, however in Florida this consumer-friendly comfort has lengthy served as a magnet for fraud. The state’s authorized surroundings – together with a few of the most beneficiant attorney-fee mechanisms within the nation – has inspired distributors and their attorneys to solicit unwarranted AOBs from tens of 1000’s of Floridians, conduct pointless or unnecessarily costly work, then sue insurers that deny or dispute the claims.
Consequently, Florida accounts for practically 80 p.c of the nation’s owners’ insurance coverage lawsuits, however solely 9 p.c of claims, in keeping with the state’s Workplace of Insurance coverage Regulation.
Eliminating these two mechanisms for property claims addresses a lot of the insurance coverage fraud within the state. Eliminating them for all strains could be a promising signal that the state is really dedicated to addressing the basis causes of the disaster.
Florida’s insurance coverage disaster didn’t occur in a single day, and it’ll take years for the impacts of fraud and authorized system abuse to be wrung out of the system. Policyholders received’t see premium advantages any time quickly. Job 1 is to “cease the bleeding” as insurers fail, depart the state, or cease writing important private strains coverages like auto and owners.
Triple-I has printed a new Points Transient in regards to the disaster and the state’s efforts to restore it.
Be taught Extra:
Florida and Authorized System Abuse Highlighted at JIF 2022
Fraud, Litigation Push Florida Insurance coverage Market to Brink of Collapse
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