What type of insurances do you really need?

Car insurance is essential

With the tightening of purse strings and more and more people looking for ways to save, it’s a good idea to take time out of your busy schedule to look at the insurance policies you have. Some are essential, others may be not so important.

If you are on the road, it’s imperative that your vehicle is insured. It’s not just due to the cost you would face if your car was stolen or if you had an accident, but it’s illegal to drive without insurance. Motorbike riders and van drivers also require relevant insurance. Third-party insurance is the minimum required, but reducing the policy from comprehensive cover may not be a good idea, and it’s not necessarily the cheapest option.

Home owners with mortgages are required to take out home insurance. Buildings and contents insurance will protect homeowners against any damage that should arise, accidental or otherwise. Home insurance is essential and can give you peace of mind. Like other policies, it’s recommended that you shop around.

Travel and pet insurances not legal necessities

Travel insurance is not imperative but it is worthwhile to have, whether that’s single or multi-trip. Travel costs can mount up if the unexpected happens, for example, if you are involved in an accident abroad, and this bill will cost much more than the one single premium you will initially pay. Likewise, pet insurance is an optional cover but the cost will provide peace of mind if your pet becomes ill and requires treatment.

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Financial advisers not only offer advice on savings, but they can also assist with insurance. If you want to review your financial situation, consult an adviser who will use financial adviser software such as Intelliflo can help with financial adviser software.

It’s essential to review all policies regularly and to keep the relevant companies up to date with any changes in personal details. According to The Express, moving home could invalidate your car insurance and land you with a fine if you fail to update your details.

Life insurance is another policy that could prove beneficial. If your family is dependent on your income, it is crucial to seek out a suitable policy. Likewise, with income protection, if you become unable to work, this will pay you a tax-free income.

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