A Simple Guide to Insurance

It can be quite confusing trying to decide whether or not you need insurance, and what policy to choose. Check out this quick guide to help you make your decision.

Mobile insurance

Got a pricey smartphone? Couldn’t live without it? Clumsy or forgetful? You might want to think about getting insurance.

Most mobile phone insurance policies have an excess of at least £25. This means you have to pay the first £25 of any claim you make. So if you have a less expensive pay as you go phone, it might not be worth your while to get insurance.

But you need to be careful when buying a policy - you must read the terms and conditions to figure out what your policy covers. Some insurance won’t cover you if your phone gets water damaged, and others won’t help you out if you’ve accidentally left it on the bus. You should also find out if the company will cover the costs of any expensive phone calls/app downloads made if your phone is stolen. So make sure you check what you will be covered for.

Also, if you are under 16 and have a contract phone (bought by your parents) you might not be able to be covered by mobile insurance.

Car insurance

Remember - it's illegal not to have car insurance. So get yourself covered!

You must have at least a basic level of car insurance, called third party insurance, which covers the other people affected if you get involved in an accident - but if your own car is damaged or stolen, you have to pay for the loss yourself.

Unfortunately car insurance is often expensive for young people. But it's worth comparing different sites and seeing if they can offer a decent rate for under 25s.

Again you need to check out what the policy is offering you. You should aim to get a policy that offers you windscreen cover, covers for the loss or theft or your car keys, has car rescue cover, offers a courtesy car and covers your belongings in the car if they are stolen. It might also be a good idea to get insurance that includes breakdown cover. 

Pet insurance

Unfortunately pets can get unwell from time to time, and vets bills can get pretty expensive!

You should try and get insurance as soon as possible (when they are young and healthy) as you might find it difficult to get cover if they are unwell, and some insurers will only cover pets who are under 8 or 9 years old. 

Make sure to get pet insurance that will cover any conditions your pet was born with, or may get later on in life due to the breed/genetics. A policy that will cover loss and theft is a good idea, and it might be worth finding out if your cover will pay for your pet to go into kennels if you are taken into hospital, or will pay for any emergency medical costs that occur abroad.

If you have a dog, it's a good idea to go for a policy that has liability cover, which means if your dog damages property, or injures a person or animal, the insurance company will help pay any medical/vets bills or cover the cost of items damaged. 

Going on holiday soon? Find out why travel insurance is a good idea.