A Quick Look at the Different Types of Insurance

A Quick Look at the Different Types of Insurance - image

 

In terms of modern insurance policies, the term "one size fits all" hardly applies. There are numerous different packages and each of these will be based off of the discrete needs of the end user. This is why it is always a good idea to know what category you are looking for in advance so that you will be able to narrow down the number of options at your disposal. Let's therefore go ahead and break the concept of insurance down into the most popular segments and explain what each variant has to offer in a bit more detail.

 

Car Insurance

Most of us are already familiar with car insurance (sometimes broadly termed "vehicle insurance"). It is absolutely critical to possess on of these policies if you hope to legally operate a motor vehicle within the United Kingdom. There are various sub-types of choose from. The most basic is simply known as liability and this is the minimum legal requirement. Comprehensive and comprehensive with fire and theft are two other variants to consider. The prices of each policy will vary in accordance with the associated levels of financial coverage.

 

Health Insurance

While the NHS will often provide adequate health coverage, the fact of that matter is that many individuals will still choose to invoke the benefits associated with a private plan. Medical and health insurance will provide several benefits such as the use of a private physician, more agreeable waiting times when visiting the hospital and more comprehensive plans. These policies may or may not include dental coverage. However, dental insurance can also be procured as an entirely separate policy.

 

Travel Insurance

Those who travel abroad on a regular basis or who might be considering a holiday with their family are often interested in what travel insurance plans have to offer. Some of the most common clauses can include vehicle hire insurance, money back in the event that a flight is cancelled and cheaper prices for medication while out and about. Accident and injury coverage may also be offered; a nice inclusion for those who participate in high-risk activities such as skiing or surfing. It should also be pointed out that the majority of travel insurance policies will provide financial protection in the event that personal items become lost or stolen.

 

Business Insurance

Business insurance is sometimes referred to as professional indemnity insurance. Simply explained, this type of policy legally and financially protects an organisation in the event that a third party files a lawsuit due to damages. The majority of businesses within the United Kingdom are required to possess such a a plan. In the rare event that professional indemnity insurance is not legally necessary, it is still a good idea to possess a basic plan in the event of a lawsuit or a similarly unfamiliar situation.

 

These are some of the most common policies within the United Kingdom to choose from. Please feel free to perform additional research if you are interested to learn more about a specific option.