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What is personal insurance and what does it cover?
Personal insurance is, simply put, the collective way of describing the different insurance types available to cover personal items and requirements. Personal insurance is the name for a group of different insurance types, including insurance for homeowners and general needs.
Personal insurance is an umbrella term for the coverage required by a range of your personal belongings, such as your home, car, possessions, and the activities that you do, such as going on vacation.
Personal insurance can also cover activities that you enjoy doing like rock climbing, for example. If you’re someone who takes part in adventurous activities, you might want to protect yourself with hazardous activity insurance. This kind of insurance is designed to cover a range of costs associated with injury during a dangerous activity, such as base jumping, for instance.
Some personal insurance types are optional like home insurance and travel insurance, while other insurance types, like auto insurance are a legal requirement.
How do personal insurance variations work?
Personal insurance also covers variations within each of these insurance types.
Take auto insurance; this is a form of personal insurance. However, other variations of this insurance type include insurance designed specifically for young drivers, convicted drivers, older drivers, and new drivers, for instance.
Another example is home insurance, as well as traditional insurance. Some of these variations cover non-standard household insurance requirements.
How do the different levels of cover work in personal insurance?
The insurance policy that you have in place will protect you from a range of issues impacting you, your belongings, and your daily life. However, it is important to note that each insurance type comes with a range of varying protection levels. What does this mean? It means that a basic policy will offer far less coverage and support than an enhanced policy, to put it simply.
Your car insurance will protect you and your vehicle if you’re involved in a car accident, but the level of protection you have will depend on the policy that you have in place. A Third Party Only plan will cover you for other drivers’ claims for damage to their vehicles or personal injuries. However, it will not cover you for your car or your injuries. A Comprehensive policy will also cover damage to your vehicle and yourself.
Most insurance policies also have additional add-ons that will increase your protection further. For example, some car insurance policies offer medical care coverage for yourself and financial cover if you are out of work as a result of an accident. There’s also the option of adding extras such as breakdown cover, legal expenses, and protected no claims bonus – there are plenty of choices that allow you to create the perfect policy to meet your needs.
What are the basic personal insurance plan options?
- Car Insurance
- Home Insurance
- Travel Insurance
- Medical Insurance
- Dental Insurance
- Hazardous Activity Insurance
In need of personal insurance, but not sure how to obtain it? Contact Yeager Insurance & Financial Services now; we’re here to walk you through it!