Insurance Woes!

Do you have insurance? Well there are many different types of insurance.

Some forms of general insurance are: Home and Contents Insurance, Motor Vehicle Insurance, Business Insurance, and Travel Insurance.

Do you need Insurance?

The types of insurance consumers use vary according to their situation and needs. There is no one product that is appropriate for everyone. Consumers should shop around to ensure the product they choose is appropriate to their situation and level of risk. Let us examine home and car insurance.

Home Insurance

Whether we own or rent, our homes and our possessions are precious. Choosing to insure them, and making sure you have the right insurance products for your circumstances, offers peace of mind and lowers the financial pain of repairing your home and replacing damaged or stolen belongings. You can choose to insure your property, its contents, or both.

Car Insurance

There are different types of motor vehicle insurance:  Third Party Insurance, Comprehensive Insurance and Third Party Property Only.  Consumers should shop around and ensure they purchase cover appropriate to their situation.

Some types of insurance packages offer more coverage and so consumers must ensure that they know the risks. For example Third  Party insurance provides cover for vehicles damaged by the policyholder’s vehicle.  It does not provide cover for the policyholder’s own vehicle. This product is generally only taken out by consumers with a low value vehicle, protecting themselves against damage to other motorists.

Whatever type of insurance you choose, the biggest issue is the cost. The third party insurance plan for example, costs significantly less than the Comprehensive package.

Financial Woes

The importance of paying insurance is usually only realized when you have an accident or face a natural disaster. It almost seems as if you are punished when you do get in an accident as you have to face higher premiums and lose your no claim bonus.

Some insurance companies are flexible and allow consumers to have a payment plan which allows them to pay in installments. Although the benefits of paying insurance may seem far off, it is important to do what is necessary to take care of the future needs of you and your family.

The payment of insurance needs to be factored in the budget to ensure that you meet all your commitments.

So what’s your take? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: Insurance