Ooooops Insurance

Apart from the basic legal requirement for a motorist to be insured when driving a car, insurance companies offer a range of additional options that can be taken out with the basic insurance. Although these add to the overall cost of the insurance, they can prove useful and save money in the long term in the event that a claim has to be made.

No Claims Bonus

If a driver does not claim on an insurance policy for a year they may be entitled to a discount, known as a “no claims discount” on their premium for the following year. This can lower the cost of insurance premiums. Each additional year without a claim may add to the discount received for up to four years. After this time, the bonus can be protected through making an additional payment when renewing the insurance. The protection will usually allow up to two claims in a period of three years before the entitlement is lost.

Cover for Legal Expenses

Legal expenses after an accident can add up very quickly and insurers can offer cover for those expenses. There is an additional charge for this but cover of this kind can provide peace of mind in the event that an unfortunate legal situation arises. Motorists who decide to take out this additional legal cover should read the small print of the policy to be certain that the cover they desire is appropriate for their needs.

Breakdown Cover

Many motorists may already have breakdown cover, either by buying it directly from a specialist provider or through a package that may be offered, for example, as an incentive from a bank for taking out a particular financial product. Many insurance companies will offer breakdown cover and if a motorist does not have this, it is worth looking into. It may be worth adding the cover to a policy at a later date, especially if it proves to be less expensive than that from a specialist provider.

If you have decided to take out a life insurance policy, how do you know which is the best and the most suitable one to choose? Ideally, you should speak to a professional insurer or broker that is regulated by the FSA before you even begin to make an informed choice.  You can then discuss the different types of policy available and make a fully informed decision. 

Term insurance is the simplest and cheapest form, and will pay out only if you die within the agreed term.  This term could be anything from 10 to 30 years or even longer. The types of payment to any if you die beneficiary can also vary; the policy could pay a lump sum, which will include any bonuses accrued during the term, or a family income, which will split the sum into regular income payments.  Decreasing and renewable policies are also available, whereby you could either increase or reduce the length and term of your policy. This type of life insurance policy is often linked in with a mortgage.

You may feel it is more prudent to take up a whole of life insurance policy, ie one that will cover your family or dependants whenever you die; these tend to be the more expensive option.  Your insurer will always take other factors into consideration before a policy is agreed upon, such as the type of job you do and whether or not you are a smoker.  A racing driver’s premiums will naturally be higher than a librarian’s, simply because of the more dangerous nature of their occupation, and men tend to pay a slightly higher premium, as on average women live longer.

When you have home insurance, you hope you’ll never have to use it, but sometimes bad things happen: you suffer a theft, fire, or other loss.  There are a few things you can do beforehand to make the process of recovering from that loss easier.

First, have a copy of your policy available somewhere besides your home.  That may be in a safe deposit box or with a family member, but in the event of a loss, you’ll want to have the policy to refer to.  A fireproof safe in your home is a good second choice, but the smaller ones can be picked up and carried away, so someplace away from the home is the best option.

Second, have a record of your contents.  This can be something you wrote down on paper, it can be a series of photographs, or it can be a video record.  Ideally it will also include information regarding the make, model, and sometimes serial number of any high-value items, such as a plasma television, musical instruments, or sometimes jewellery.  Photographs or video records are particularly useful in the case of jewellery.

Another thing to keep with your policy, but separate from your home and/or contents is the name and telephone of your Policy Expert insurance agent.  The website address is another useful piece of information to have on hand.  You’ll want to contact your agent with as much information as possible, as early in the process as possible, so keep this information with your list of contents.

The most obvious benefit of pet insurance is that it will cover the costs of any treatment that pets may need throughout their lives. Vet bills are increasingly expensive, and as a pet approaches the end of its life illnesses become more frequent and insurance premiums will increase. Pet insurance is particularly beneficial if an animal develops a lifelong illness like diabetes, which needs constant treatment and examinations.

There are also policies that cover the costs incurred if an animal gets lost or stolen, or if it needs to be taken care of when its owner is in hospital, also saving money in the long term. Costs can be high to keep an animal in a kennel or with a pet sitter for a long period of time; therefore it is beneficial to research policies that will cover these types of costs.      

Other types of pet insurance can also cover an animal if it is taken abroad. It can cover the animal for any illnesses it may pick up in a foreign country and the costs of treating the illness in that country. Without insurance, if a pet is taken ill and its owner is financially stretched then the animal may have to be put down. Insurance can save this from happening unnecessarily. By paying a monthly premium, the costs of treatment are covered entirely (subject to any excess) and will save a great deal of money in vet bills in the long term. It is also particularly advantageous to those who keep a number of animals, as financial hardship may result if they are not insured or the owner may have to consider giving the animals up, which it may not be in their best interests to do. If a pet has fallen ill suddenly, emergency treatment may be the only option and if uninsured the owner may not be able to cover the veterinary bills. Pet insurance ensures that the owner has peace of mind at all times and prevents the animal(s) from suffering any distress as a result of illness.

Think home insurance and most people think broken windows or fire damage.  Indeed, most home insurance policies will cover these along with other damage to the structure of your property and, if you have contents insurance, your possessions within the home.  However, when buying insurance for your house and your belongings, few people know of surprising little extras that can make a big difference.

Often, for a little extra, gardens can easily be covered including any damaged plants and your trusted garden tools.  It is also possible to include emergency breakdown cover for when you are away from home and even safeguard against losing hundreds of pounds if your freezer stops working.  Some insurers offer legal cover and support as part of their package, giving you that extra piece of mind and many will pay up if you find yourself with a burst water pipe.  Indeed, many insurers will now pay for damage caused if the emergency services need to force their way into your home.

With the variety of insurers currently in the market and the ability to compare contents insurance policies instantaneously, there has never been a better time to find the right insurance cover for you and your home.  So why not see if you can get a little extra when the time comes to protect your home?

Life Insurance premiums vary between different insurance companies and according to the situation and lifestyle of the person being insured.

In general the older a person is when they take out life insurance, the more expensive their premiums will be.  Moreover, the premiums could increase as a person gets older, which is something to be aware of when the policy begins.  Level term assurance is an option that ensures your premiums are fixed from the start of the policy; however, the amount paid out may decrease with deflation.

Your general health will have an effect on the cost of insurance.  Those with pre-existing medical conditions may be denied health insurance completely, or may be expected to pay higher premiums.  Alternatively, an insurer may exclude one particular condition from the policy so that if the person dies due to that condition nothing will be paid out.  Before taking out life insurance ensure that you understand exactly which conditions you are covered for.

People who are in a dangerous line of work will have higher insurance premiums.  Those who regularly partake in high-risk activities such as extreme sports may require extra levels of cover.  Dangerous activities are often excluded from general policies, and anyone who expects to participate in extreme sports should consider taking out a specialist insurance policy.  Other exclusions included drink or drug related deaths; in any of these cases the insurer is unlikely to pay out.  It is important to be aware of and understand all exclusions on your insurance policy.

Before buying insurance think about what exactly you require from your policy in order to be sufficiently covered, and do not be tempted to settle for a policy simply because it is cheap, since it may not provide you with adequate cover.

Letting out your property to strangers will always entail some degree of risk, but investing in a landlord insurance policy can provide peace of mind and legal protection if needed.

A type of homeowner’s insurance, it is specifically designed for owners who rent all or part of their property to others.  Standard policies cover the building itself, with the option to insure any contents belonging to the landlord such as ovens, refrigerators, and other large appliances.  An insurance policy for landlords also covers liability for the property as well as medical expenses for non-residents who are injured whilst on the property. 

Landlords searching for insurance will find several different options to choose from.  If more general coverage is preferred, a comprehensive policy provides for all types of situations with the exception of those specifically excluded in writing.  Other policies will only cover certain types of damage, listing the eventualities that will be covered.  Many of eventualities that will not be are commonly known as “Acts of God”, such as lightning damage, earthquakes, storms and floods.  Other more standard threats that are likely to be included in your policy are theft and malicious damage, water leaks, or oil leaks.

Other coverage options for landlords to consider include cover for accidental damage, acts of terrorism, legal protection and representation, providing alternative accommodation, rent guarantee insurance, and liability insurance.

While not a legal requirement, landlord insurance is highly recommended to all landlords, protecting both the property owner and the tenants of the building.

Professional liability insurance, also known as professional indemnity insurance, is a type of liability insurance that provides cover for individuals and companies against any legal costs and damages awards, associated with negligence claims and civil lawsuits.   

This type of liability insurance is sometimes required by law, especially in the medical and legal professions.  In the medical world, professional liability insurance is known as medical malpractice insurance. 

Consultants, brokers and lawyers purchase coverage in the form of errors and omissions insurance, or E&O.  Many businesses that benefit from the advice or services of professional individuals and companies also require professional liability insurance under contract.  Others that typically purchase this type of liability policy include financial and accounting firms, maintenance and construction workers, and transport companies.  Some non-profit organisations and charities also hold this type of policy.  

Professional liability insurance coverage focuses mainly on any alleged failure to perform in a professional capacity by the policyholder, any kind of error or omission in the services provided by the policyholder, and any financial loss caused by the policyholder.  Sometimes legal defence costs are covered as well, particularly when legal actions turn out to be without merit.  Legal claims covered under this type of policy are typically not covered by other types of liability policies.  Common types of claims include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.  Coverage does not extend to include criminal prosecution, and only the forms of legal liability enumerated in the policy are included in the coverage.

Different people have different reasons for choosing to take out health insurance, but there are several common reasons.  The numbers of people taking out health insurance are rising, and it could be argued that the media has a large influence over this. 

Recent coverage of MRSA and other NHS hospital superbugs and cleanliness issues often cause people to seek an alternative in the event of illness.  There have been many cases in the news of NHS patients going to hospital for routine operations and treatments, only to end up with a life threatening super bug.  The cases of infections in private hospitals have been reported to be lower, and health insurance covers the individual’s private medical costs.

NHS waiting lists can also be long, and leave many no option but to pay for their own private medical care.  However, if an individual has health insurance, the policy will pay out for this and allow them to seek the treatment they need as soon as they need it.  Similarly, some people feel that they do not get a good enough standard of care in NHS hospitals, and prefer to take private treatment. 

Many health insurance policyholders choose to take out health insurance when taking out a mortgage, to cover them in the event that they become seriously ill and unable to pay their mortgage.  This type of health insurance, critical illness cover, will pay out the insured sum to the policyholder should they become seriously ill, leaving them able to concentrate on their recovery and not worry about their financial commitments.

Travel insurance is designed to provide travellers with reimbursement for unused payments and non-refundable deposits in the event a trip is cancelled. This cancellation may occur due to unforeseen events, such as a sudden illness or inclement weather.

Having reliable travel insurance when it matters most can save you thousands. For a small investment, it is often worth getting travel insurance for the extra protection. Since not all travel insurance policies are equal, it is a good idea to make certain you are covered for the events that matter most to you.

Cancelled or Delayed Flights

Typically, travel insurance will cover delayed or missed flights. If you are taking a flight or a ferry, then it is possible you may experience a delayed departure. To qualify for reimbursement, the flight needs to be delayed by at least 12 hours. When you choose an insurance company, make sure they cover flights inside the UK.

Hotel Cancellations

Paying for a hotel in the UK is often more expensive than in foreign countries, so this is another excellent reason to take up travel insurance. During a UK holiday, the potential to lose a lot of money from a cancelled hotel reservation would end up costing more than paying to be covered for this through travel insurance.

Personal Items

The loss of luggage or other personal items during a trip can have a devastating effect. Most people travel with expensive, high-tech gadgets. The cost to replace a lost or stolen tablet or phone will cost more than a travel insurance policy.