FAQ and Detailed Information About All Types of Insurance

Motor Insurance

1. How much does motor insurance cost?

The price of motor insurance varies depending on where you live and what type of car you drive. However, the average annual premium for a standard policy is £1,000 - £1,500. This covers both damages caused to your vehicle and injuries suffered by yourself or others while driving.

2. Is my car insured?

If you own a car, then it is likely that you already have some form of cover. Most cars are covered under their owners' home insurance policies, although this may only apply if you are at risk of making claims against your home. If you are unsure whether your car is insured, check your policy documents or contact your insurer.

3. Can I insure my car abroad?

Yes, but you'll usually pay a higher premium. Check your policy document carefully before traveling overseas.

4. Do I need to ensure my motorcycle?

You should always ensure that your bike is fully roadworthy before taking it out on public roads. If you take your bike off the road, you could face a fine from the police.

Life Insurance

1. Life insurance is a type of financial protection against death. It provides a benefit to your beneficiaries after your death. This can be used to pay off debts, cover funeral costs, or help children through college.

2. Term life insurance is usually cheaper than whole life insurance. However, term insurance only covers a certain period of time. Once this period expires, the policy ends and coverage stops.

3. Whole life insurance pays benefits throughout your lifetime. It may cost more initially but it offers better value in the long run.

4. Universal life insurance is a combination of term and whole life policies. It combines the advantages of both types of insurance.

5. Annuity is a contract between an insurer and an individual where the insurer agrees to pay a fixed amount at a specified date in the future.

6. Variable annuities are similar to mutual funds. They offer tax benefits and allow investors to diversify their investments.

7. Deferred annuities are contracts that guarantee payments to an investor for a specific period of time.

8. Index annuities are designed to track the performance of an index.

Health Insurance

Health insurance is a type of health care coverage that provides protection against medical expenses. There are two types of health insurance plans: individual and group. Individual plans cover only the insured person. Group plans cover many individuals at once. Both types of plans can be purchased through employers, unions, government agencies, and private insurers.

2. Medicare

Medicare is a federal program that covers Americans 65 years old and older. It offers benefits similar to those provided by traditional health insurance policies. However, Medicare does not pay for routine doctor visits or dental work. Instead, beneficiaries receive their healthcare from Medicare-approved providers.

3. Medicaid

Medicaid is a joint state/federal program that pays for healthcare services for low-income families and individuals. Eligibility requirements vary by state but generally include income limits and residency restrictions. Benefits may be subject to deductibles and copayments.

4. Private Health Insurance

Private health insurance is typically sold directly to consumers rather than through an employer. Plans often offer additional benefits, including prescription drug coverage, vision care, and long-term care.

Travel Insurance

1. Travel Insurance

When traveling abroad, it is always best to purchase travel insurance before leaving home. This type of insurance covers medical expenses, lost luggage, trip cancellation, and emergency evacuation. It is recommended to buy this type of insurance at least six months prior to departure.

2. Medical Insurance

Medical insurance is extremely important when traveling overseas. Many countries require their citizens to carry health insurance while others offer special deals to tourists. Make sure to check with your local embassy or consulate regarding any requirements.

3. Lost Luggage Coverage

If you lose your luggage, it may be covered under your airline ticket policy. However, if you purchased additional coverage from a third-party company, it may cover the loss of your luggage.

4. Trip Cancellation

It is highly recommended to purchase trip cancellation insurance. This type of insurance pays for the cost of canceling or changing your trip due to unforeseen circumstances.

5. Emergency Evacuation

This type of insurance will pay for the cost of evacuating you from a foreign country in case of an emergency.

Property Insurance

1. Homeowners Insurance

Homeowners insurance protects your property from damage caused by fire, theft, vandalism, windstorms, earthquakes, and other hazards. This type of insurance covers the cost of repairing or replacing damaged items, including home contents and personal belongings.

2. Renters Insurance

Renters insurance provides coverage for damages to your rental property, including loss of rent and liability. Liability protection pays for legal fees and settlements for injuries to others.

3. Flood Insurance

Flood insurance helps protect your home against flooding. Coverage may vary depending on whether your home is located in a flood zone.

4. Earthquake Insurance

Earthquake insurance helps cover the costs associated with repairing or rebuilding your home after an earthquake.

Mobile Insurance

1. Mobile Insurance

If you have a smartphone, chances are you've already experienced some form of mobile phone damage. Whether it was dropped, damaged while charging, or even stolen, it's likely that you'll need to file a claim with your carrier. This could mean paying hundreds of dollars out of pocket, or waiting weeks or months before your coverage kicks in.

2. Get a Mobile Phone Plan

There are many different plans available from carriers including prepaid, postpaid, and MVNOs. Each plan offers its own benefits and drawbacks. For example, prepaid plans typically offer unlimited talk and text but may limit data usage. Postpaid plans usually offer unlimited data but may charge extra fees for exceeding monthly limits. MVNOs often offer both unlimited data and low rates but lack the network coverage of traditional carriers.

3. Compare Plans

Comparing plans is simple. All you need to do is enter your ZIP code into the tool below. Then, you'll receive a list of carriers offering plans in your area. Simply choose the best plan based on your needs and budget.

4. File a Claim

Once you've chosen a plan, you'll want to file a claim. To do this, visit your carrier's website and follow their instructions. Most carriers will require you to submit photos of the damage and receipts for any repairs. Once they process your claim, you should receive reimbursement within 2-3 days.

Cycle insurance

1. How does cycle insurance work?

Cycle insurance works by paying out a lump sum of money to cover any damage caused by a crash. This means that you only pay once, rather than having to pay for repairs at different times.

2. Who needs cycle insurance?

If you ride a bike regularly then you should consider getting cycle insurance. Even if you only ride occasionally, you may still want to get insurance. Insurance protects you against unexpected costs and helps you budget for future maintenance.

3. How much does cycle insurance cost?

You can expect to pay between £100 - £200 per month depending on your coverage level.

Bite-size insurance

1. Life Insurance

Life insurance is something everyone should have. It provides financial security for your family in case anything happens to you. There are two types of life insurance policies: term and permanent. Term insurance lasts only until a specific date, while permanent insurance continues to pay benefits even after you die.

2. Disability Insurance

Disability insurance helps cover medical expenses if you become disabled due to illness or injury. This type of coverage is usually provided through your employer. However, some employers offer disability insurance as a benefits package.

3. Long-Term Care Insurance

Long-term care insurance pays for nursing home costs, assisted living facilities, adult day care centers, personal care attendants, and home health aides. It is designed to help families pay for long-term care services for their elderly parents or grandparents.

4. Annuities

An annuity is a contract between you and an insurance company where you agree to make payments into an account called an “annuitized account” for a specified period of time. After this time, the funds are used to purchase an income stream.