What we need to know about insurance

Publish date 07 January 2019
What we need to know about insurance image

Understanding insurance can be difficult, so it is essential to have a real understanding of your coverage and what you need. This can make a big difference in the price you will pay, as it allows you to understand how your choice of insurance will protect your life, property and personal property. The insurance is related to financial security and protection of your independence.

What is personal insurance?

Personal insurance lines are the types of insurance you take out to protect you from risks that could lead to financial losses that you could not afford to cover yourself.

How does insurance work?

When you take out insurance, you will usually pay the insurance company an agreed amount - a premium. In return for the premium you pay, they agree to compensate for losses if any occur.

Does everyone need to take out insurance?

Depending on the type of insurance, some insurances are optional, while others, such as motor third party liability insurance, are compulsory by law.

Getting the Best Insurance Price?

The premium is the amount of money you will be charged by an insurance company in exchange for the financial protection provided to you by your insurance policy. To reduce your premium, the best thing you can do when choosing insurance is to use an insurance broker. One of the main benefits offered by an insurance broker is the effort saved by looking for insurance companies and offers. The main task of the broker is to deal with market research and to select the most suitable insurance offers for your needs. To this end, he needs knowledge in the field of local insurance markets, as well as international insurance practices. Also, the broker must be able to offer assistance with respect to absolutely any type of insurance (health, property, life, car) - ie. be competent in each insurance area.