There are several ways to find and buy insurance to cover almost every risk you might encounter. They include:
- Buying insurance directly from an insurance provider or your bank - either in person, online or by phone.
- Using a price comparison website, which will compare the cost of insurance from different providers.
- Contacting an insurance broker, who will find an insurance product to suit your circumstances.
You could also be offered certain insurance coverage as part of a purchase, or have it included within a policy you already have in place.
Examples of ‘bundled insurance’ include:
- Travel insurance that comes included within the price of your holiday or travel booking.
- Breakdown coverage that comes free with your car insurance.
- Identity theft coverage that's included with a credit card.
As well as ‘bundled insurance’ you may also be offered an extended warranty as an incentive to purchase, in addition to any warranty or guarantee period required by law.
- Warranty coverage that comes as part of the deal you've negotiated for a used car.
- Extended warranties and coverages that come with the purchase of new products (for example, a washing machine).
The insurance and/or warranties described in these examples may provide all the coverage you need. Be aware, however, that you may find more comprehensive, or more flexible coverage that better suits your needs if you purchase it separately.
When you're looking at the coverage offered by different insurance providers, it can be hard to make a useful or meaningful comparison.
For example, one might offer a lower premium, but include a higher deductible in the event of a claim. Another might include a broader range of benefits, but at a higher premium.
How do you go about selecting the right policy?