All about Comprehensive Insurance

Comprehensive insurance defined:

This is the most extensive form of insurance cover that pays out in the event of losses due to fire, theft or damage caused by natural disasters. In the case of car insurance, comprehensive cover also helps to pay for other losses that are not the result of a collision as stated in the insured’s policy.

Business comprehensive cover:

As a business owner you need to get comprehensive business insurance, which will provide you with cover in the event of accidental damage, loss of money, fire damage or loss of electronic equipment. This cover also usually covers public liability.

Comprehensive car cover:

This cover is for collisions, fire and theft, third party compensation and repair costs in the event of an accident. The insured driver and the vehicle are covered in addition to the third party driver and vehicle and property.

Comprehensive home insurance cover:

This type of cover was started in the 1950s. The All Risk cover might however exclude floods and earthquakes.

How to get cheaper comprehensive insurance cover:

Make sure that you shop around– a general rule of thumb when shopping for comprehensive insurance cover is to compare at least three quotes.

You need to ask for discounts– just because you’re getting comprehensive cover and it’s generally more expensive, this doesn’t mean that you can’t ask for discounts. Find out about applicable discounts.

Consider paying higher excess– if you choose to pay a higher excess amount, you could end up paying lower monthly or annual insurance premiums.

It’s important to make sure that you compare quotes thoroughly. You need to make sure that the cover you get is adequate to meet your needs. While comprehensive insurance cover is generally more expensive, you may find that it actually works out as cheap as third party only cover.

 

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