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Buying insurance

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.

Examples include:

-  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.

How to compare policies and quotes

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?

  • Start with the basics
    Make a list of all the terms and the benefits you actually need or want.
  • Focus only on the policies that provide essential coverage
    The elements that you consider essential. Anything else offered can be considered a bonus.
  • Consider what isn’t included
    In many ways this is more important than what is covered. For example, your travel insurance might exclude claims relating to pre-existing medical conditions.
  • Now make your final selection based on these three criteria
    Price, payment terms and, often overlooked, the provider’s reputation in the eyes of its existing customers.

A few things to watch out for

  1. Always check the detail of an insurance quote
    You'll want to make certain that it suits your individual needs. For example, can you pay in monthly instalments? Does it offer payment holidays if you need them?
  2. Make sure you provide accurate information
    Answer any questions honestly when applying for a quote. If you don't, there's a chance that a claim could be denied, reduced in value, or your policy cancelled altogether.
  3. Remember to update your policies
    Your needs will change over time and it's often a requirement of an insurance policy to let them know of any changes to your circumstances. If you don't, it’s possible for a claim to be denied.
  4. Review your coverage from time to time
    For general insurance (e.g. car or home insurance) you could do this each time your renewal is due. For other, longer term coverage (e.g. life insurance) you could review your needs at significant life stages, like getting married, moving in with a partner or starting a family.

Protecting what matters

Keep yourself safe and secure from scams and fraud.
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Insurance can provide peace of mind by helping you to protect yourself and the people and things that you love.