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Guide To Insurance

The insurance industry makes up a large part of the UK’s finance sector, with a wide variety of insurance providers and insurance brokers offering financial protection for business customers and individuals alike.

Firstly let’s start with the question “what is insurance?”. Insurance is the promise of financial reimbursement if your possessions are unexpectedly damaged or lost. Basically the insurance company assess how likely it is that something bad will happen and puts a value on the risk, this figure makes up your insurance premium. For example when you go for car insurance they ask the type of car you have, partly to assess its desirability and likelihood of being stolen. The less desirable the car the lower your insurance premium because it is less likely that thieves will steal it. This may be just one of the many risk assessments a car insurance company will do to work out what insurance premium you should pay. Different insurance companies have different ways to assess the risks and may even assess different risks, which is why insurance quotes will vary from company to company.

Insurance has been around in some form or other since around 2000 BC and today there is such a wide variety of insurance products. There are some insurances that everyone will be familiar with, for example car insurance which is a legal requirement in the UK, and travel insurance. The common types of insurance are offered by hundreds of insurance companies in what is a very competitive market. Consumers can get insurance quotes by going online, or ringing round themselves, or they can employ the services of an IFA (Independent Financial Adviser) to get insurance advice. If you have something particularly valuable then you may need to look for a tailor-made insurance policy from an insurance company that offers bespoke insurance policies. You will also need to seek insurance advice if you own a business, as there are insurances you may be legally required to have that they can advise you on.

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