Home & FamilyMoney8 things you need to ask your insurer when applying for personal...

8 things you need to ask your insurer when applying for personal insurance

Personal insurance is exactly what it describes; your own individual cover for your circumstances. As we all know everyone is different and the circumstances of their life are the same, which is why it often pays to ask a few questions before taking out a policy – such as these:

 

Does this cover my lifestyle?

Professional sportsmen and people with certain high-value items such as art, jewellery, boats and technology should aim for a bespoke service for high worth individuals

that protects them in the event of disaster. Asking for specific conditions to be attached to your policy is a wise move in such circumstances.

 

What is excluded in my house insurance policy?

Check the small print or ask for clarification on this, as it can sometimes come back to bite. Possible exclusions include flood, wear and tear, earth movement and acts of God or acts of war.

 

Does my insurance cover my family?

Check whether personal, health or travel insurance stretches to other family members, and if so, who. Does it cover children, partners, parents and siblings, for example?

 

Can you tell me which illnesses are covered by my health insurance?

Alistair Macpherson has had 22 operations in a year for bladder cancer, but his physical pain has been compounded by financial trauma, according to This is Money. Mr Macpherson hoped that a £100,000 critical illness policy taken out with HSBC would cover costs, but he has a type of cancer – one that has not spread – that is excluded from the policy. It’s a cautionary tale for anyone taking out insurance.

 

Does my car insurance include…

There’s a huge list of items to think about when taking car insurance, to include the eventualities of accidents and breakdowns. For many people certain parts of the package are absolutely mandatory, such as legal cover and courtesy car. For other, perhaps those who don’t drive very often but just want to use their car every few weeks.

 

What if I do adventure sports or treks on holiday?

The word ‘holiday’ does not really describe the difference between lying by a hotel swimming pool in Tenerife and scaling a mountain in the Himalayas. One will clearly be covered by standard travel insurance, including cancellations and medical cover. The other might not, depending on the height you’re attempting. If you’re intending to do something a little exotic, or if you’re travelling to a country that is known for being a little… different (North Korea, Afghanistan, etc) then make sure you’re covered.

 

What happens in the event of terrorism or natural disasters?

Any holidaymakers stranded in Sharm el-Sheikh in November will be wondering what exactly their holiday insurance covered. Loss of earnings? Additional food? Hotel expenses? Most of the thousands affected will have contacted their insurance company immediately to clarify their position. It’s a bizarre circumstance, but sadly one which holidaymakers from across the world should be thinking about.

 

How can I make it cheaper?

It sounds cheeky, but worth asking for any type of insurance you take up, particularly if it sounds a little on the steep side. It might be something you can do something about, such as getting a telematics device fitted that will monitor your driving. Alternatively, it might just come down to previous driving – which is an incentive to get better!

 

 

 

 

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