Insurance, Claims & Accidents

Travel insurance is a necessity in addition to house insurance and other policies, because if something happens to you when you are abroad it can prove financially devastating.  Even where the UK has reciprocal medical agreements, such as with Australia and Europe, neither the transport to and from hospital nor your repatriation are covered.

Many insurance policies allow parents and children to be covered by the same policy rather than having to take out separate ones for each family member. There are several different premiums available depending upon individual circumstances such as the number of children and whether they are accompanied by one or both parents.

If you have a large family you will usually save money by choosing an insurer and policy that does not take account of the number of children. Children are always classed as ‘under 18s’ in the travel industry, and the standard family insurance premium means that if you have several kids they can effectively be insured for nothing.

Business insurance is usually an annual policy to cover the regular business traveller. These policies can be tailored to the specific needs of the corporate traveller, and include features such as laptop and PDA cover. Policies often cover additional items such as golfing equipment, acknowledging that business is conducted in many places, not just in meeting rooms.

Older and retired travellers should also shop around for the best deals on offer. There is less need these days to limit insurance purchases to a specialist provider in the high street; good deals can be obtained online.

Finding adequate life insurance may seem difficult at first, largely because not all policies are the same, and each comes with their own terms and conditions.  However, the good news is that there are only two main types of policy from which to choose: the term insurance policy, and the whole-of-life insurance policy.

The whole-of-life insurance policy is exactly what you might imagine it to be: it provides life insurance cover for the duration of your life.  This is different to term insurance, which covers your life for a specified period of time, and then ends.

As you can imagine, if you want to have ongoing cover to protect those you love, whole-of-life insurance can be the best option.  For many people, the idea of their dependants having a lump sum left to them is more than worth paying the premiums each month.  The payout may not just cover the cost of the funeral; it can also pay off the mortgage, and give the people left behind a financial cushion as well.

It is worth remembering that you will pay more for the privilege of being covered for the whole of your life, which makes it a good idea to look around for the best quotation you can find.  However, also bear in mind that the beneficiary of a whole-of-life policy will definitely receive the payout eventually, and the peace of mind that you will enjoy from knowing this may be well worth the greater cost for continuous cover.

One of the decisions you’ll make when choosing property or contents coverage is how much of a deductible you should carry.  The deductible is the portion of the claim the insurance expects you to pay first.  For example, you may cover your home’s replacement value against loss from fire, but if you have a deductible of £1,000, then in the event of a covered loss you will receive the replacement value less the £1,000.
 
Deductible amounts can range from zero to several thousand pounds, and not all insurance companies offer the same range of deductibles.  For example, many insurers require some kind of deductible on any property insurance—they do not have a zero-deductible option.  This is partly to keep your costs down, and partly to help reduce the number of small claims against the policy.
 
The amount of deductible you should choose depends on many factors, one of which, of course, is the amount of funds you have available to meet that deductible.  However, since the price of your policy is generally inversely related to the amount of your deductible (higher deductibles result in a less costly insurance policy), you may be wise to choose a higher deductible, however only if you will put the money you save with each premium payment in a bank account and not touch it.  Within a short time you should have the money in the bank to meet that deductible, and some interest to boot!
 
Compare home insurance quotes from several companies and with different deductibles to find the one that suits your needs best.

People who run a business, own property or employ staff are often required to get public liability insurance.  Even if not required to do so by law, it is often wise to invest in this type of insurance.  Public liability insurance can help ensure that your business is financially covered in the event of unexpected accidents or damage to property. 

Not all businesses have a physical property, and many businesses employ staff that work offsite; public liability insurance also takes this into account.  Under the Employers’ Liability (Compulsory Insurance) Act 1969, injuries that happen to members of staff whilst at work – whether at the employer’s property or offsite – are covered by liability insurance.  This includes injuries due to accidents, as well as chronic health conditions that arise due to the work environment, even if employees no longer work for the company. 

Public liability insurance will also cover any injury or property damage caused by your employee whilst at work, which is particularly relevant if you have employees who work off site.  This insurance is an important consideration for property owners and landlords, particularly those who rent their property as landlords have both a duty to get liability insurance and to ensure that their properties are safe and habitable.  Individuals should always check their insurance terms and conditions to ensure that they have appropriate levels of cover, and that the financial limits of their policy are sufficient for their specific circumstances.

Life insurance can be a tricky subject to consider.  No one likes to think about what would happen if someone close to them were to pass away, but in truth, life insurance can make the situation easier to bear in a financial sense.

If you are single, and you have no financial responsibility to anyone, you may not need life insurance.  However, for people who are either married or have children or other dependants, it is an important consideration.  Those with life insurance will have the peace of mind of knowing that a lump sum will be paid to their dependents if the worst should occur.  This can help with bills or other monetary worries that could arise after the person whose life has been insured has gone. 

If you are currently thinking about whether to obtain life insurance, consider the people who would be affected the most if you were suddenly gone.  For example, if you have a partner, they would bear the responsibility of paying the bills and the mortgage alone.  Such thoughts may seem mercenary, but by obtaining life insurance, you are simply caring for your dependants by making sure they would not have to worry financially if they were left behind.

Looking for an appropriate life insurance policy is part of planning for the future.  Once you have the policy you need, you can forget about it and simply appreciate the peace of mind you have from knowing it is in place.

If you own a holiday home in the UK, a standard home insurance policy will usually not be sufficient to insure that property. 
 
For one thing, your holiday home sits vacant for periods at a time.  It may be for only a few days each week or it may be for months at a time.  Vacant homes are more likely targets for thieves and damage, and holiday home policies reflect that.  In addition, a standard buildings insurance policy generally excludes periods of time that the home is left unoccupied; a holiday home policy does not.  A holiday home policy will also take into account the risks associated with letting the home, and allow you to undertake that activity—assuming, of course, it’s allowed in the location of your holiday home.  Standard building cover does not allow for letting, and if the insurer finds you in that activity, they are likely to cancel your policy.
 
Make sure you are fully covered for fire and water damage.  Unoccupied homes have a higher risk of damage from burst pipes in the winter months, as no one is there to notice the damage occurring.  Should you decide to let your holiday home, a separate policy for that is usually recommended. 
 
Also, check your policy every few years to be sure you have enough cover.  If your holiday home has increased in value, have a surveyor from the Royal Institute of Chartered Services (RICS) do a professional assessment of your home, or look into an “unlimited cover” policy that will re-build your holiday home to its before-disaster state.
 
It only takes a few minutes to keep your little corner of paradise covered against damage and loss.

There are many advantages to be enjoyed by taking out a health insurance policy.  Just having the peace of mind that unforeseen injuries or illnesses can be dealt with speedily is often cited as the greatest comfort to policyholders.

One of the areas that causes most dissatisfaction among NHS patients is that of waiting lists. It is an unfortunate circumstance that demand for services at most NHS hospital departments cannot always be met within an acceptable timeframe.  Having health insurance in place allows for the bypassing of excessive waiting times and ensures rapid and comprehensive treatment in a private hospital or private room, along with access to services when you require them, not when the service can fit you in. 

It is also becoming increasingly common to hear stories of hospitals being unable to provide treatments for specific illnesses, due to the high costs involved. Too many people have been told that the drug they need is unavailable to them as the service is unable to afford it, despite it being the treatment most appropriate for their condition.  Angry at such procedures and feeling utterly neglected by the system, many people are turning to private health insurance to access the treatment they require.

Private hospitals are generally smaller and more personal.  Treatment and recovery areas, wards and rooms are spotlessly clean and the risk of contracting one of the hospital superbugs or common infections, post-surgery, is reduced.

Being treated in privacy and maintaining dignity is paramount.  Being treated as a person and not a condition is crucial to one’s overall wellbeing whilst hospitalised.

Buying car insurance online is no longer the minefield it once was. Many large and trustworthy comparison websites, such as CompareTheMarket.com and Tesco’s own brand insurance comparison website, inspire confidence in their customers through expert branding and a no-fuss approach to selling insurance.

It is no longer likely that one will pop down to an insurance agent’s office and physically purchase the insurance policy. For some, this change is disappointing. For others, it has truly opened up the pricing market in which national prices can be compared. Online insurance research allows the customer to take control of the service that they are paying for, whilst having freedom to abandon unsatisfactory value or service if necessary.

Bear in mind that the prices of online insurance are subject to change once additional information has been confirmed. In extreme circumstances, you might find your policy cancelled if you omitted important information. Also, consider that the cheapest price might not offer you the best cover for your needs. Without a proper telephone consultation, it can be quite difficult to have complete accuracy the first time. If in doubt, phone up the company. If none of your details has changed, online discounts will still be applicable, meaning that you still get the best possible price.

Always take your time and do not rush into the purchase of an insurance policy. The majority of companies are extremely trustworthy. Any insurance company you choose should be recognised by and registered with the FSA, or the Financial Services Authority. Make sure you have the right cover before laying down any money.

A range of general travel insurance policies is available for sports enthusiasts, as well as specialist backpacker insurance and policies tailored to specific sports.  You can insure yourself against just about any eventuality, with different types of package for various situations and circumstances. Pre-existing medical conditions can be covered so, if in doubt, always ask. All policies will carry their own excess levels, premiums and exemption clauses.

Skiing and related sports trips are becoming increasingly popular. As the potential for accidents during such holidays is relatively high, and the costs of rescue from remote areas can greatly exceed those from more accessible destinations, you must make sure that you are properly covered. If you are not insured and you break a leg in the Swiss mountains or the USA, the financial consequences could be devastating.

General travel insurance policies often offer winter sports cover as an optional extra, but you can obtain this in a completely separate policy if you prefer. Cover varies according to circumstances, such as skiing off and on piste, cross-country or mono-skiing. For those who like the adventurous life, a worldwide policy covering multiple countries and activities is well worth considering.

Separate adventure travel insurance can obtained and, although this is somewhat similar to winter sports insurance, such policies can be finely tailored according to your needs, taking into account your destinations and the activities in which you’ll be engaged. Pay particular attention to the excesses and exemptions in such policies because as the insured risk increases, the excesses and exemptions will probably increase too. 

As a dog owner you may dread the prospect of your faithful pet becoming ill.  Healthcare costs for dogs can be hard to manage if you’re faced with an unexpected payout, but with pet insurance, you can prepare for emergencies and save money long term. 

Finding the Right Insurance

There are three main types of pet insurance for dogs.  You can opt for an annual policy, which means you can claim on any treatment your dog needs during a period of one year.  This is usually the cheapest way of insuring your pet, but there may be a maximum limit on how much you can claim per treatment.  It needs to be renewed regularly, and as your dog gets older, the cost of renewing may go up.  It is better for young dogs not in need of as much veterinary care. 

You might prefer to take out ‘per condition cover.’  You can claim for as many different treatments as necessary, but there is a cap on the amount you can claim each time – so it is most suitable for short term, one-off illnesses. 

Lifetime cover is the most comprehensive insurance you can get for your dog, and will never need renewing.    It is the most expensive option, but will ensure that your pet is covered for all accidents or illness, for the duration of its life.  It’s best to take out lifetime insurance while your dog is still young, as the premium will be higher if you want to insure an older animal for the first time.

Whichever Type you go For…

Do read the small print to check what is and isn’t covered.