Ever wondered what the reason behind this concept of Insurance is? Neither have I until I had to get the other day when I rented a car whilst on holiday. I have to say, the stack of papers that the man behind the counter gave me, had a bunch of information that could only be described as ‘gibberish’ to me, until I sat down and went through the 50 different main clauses and sub-clauses and sub-headings with fine print, trying my darndest to understand all the information. Regardless to say, I didn’t get it all but I got the crux of it.

Needless to say, when I went back to the same company at the end of my trip, to give the keys back and claim the deposit. The company surprisingly gave me some story about why I cannot get all my deposit back and they need to retain some percentage of it… this made me very mad, but of course, it was in the hundreds of notes in the paperwork that was given to me. Read about this type of assurance, before you choose the right one for you online.

The money retained was for the fuel that I had used and because I did not refill the car to its 100% capacity, as it was when first given to me, not to mention I did not fill it with petrol on the day of dropping it and instead filled it the afternoon before, so the drive to the airport took a bit of the fuel so they deducted this amount for it. Which I suppose is fair.

Okay, so I may feel a bit better for understanding that part, but I feel as though not everyone would get this idea and so below is a bit of information for your peace of mind, in lain man’s terms, that could help you differentiate what one type of insurance does in comparison to the other.

Why Do you Need It?

We don’t necessarily need it, but it’s a good thing to have in certain situations. In a plain and simple explanation, it is a way of managing risks and certain categories of coverage exist in and around us that we can make use of. It can help us with a few things such as:

Booking a Vacation: When you book a flight or rent a car and with it, you pay a little extra cover to get assurance for it as a back-up. In cases where your flight gets cancelled or you end up in a fender bender with another car using your rental abroad, cover can help minimise the costs. Auto cover in most countries is also legality.

Life-Style and Health Assurance: Getting the right kind, can also help with your daily life in the case you may have a critical illness. Not only will it help towards your day-today costs but also for medical bills and healthcare costs for medication and doctors’ visits for instance.

Helps with Mortgages: Mortgage companies often check to see if your home has sufficient insurance to cover items such as repairs or replacements of any possible damages in the house. You can also get protection for things like theft, water and fire damage. It is worth ensuring the place that you and your family live in 24/7. There are plenty of companies that offer this service as well, for instance, financial advisers such as these professionals https://www.policyreviews.com help to give you the right advice as well as help you shop for only the insurance that you need, and you can check out the rates for various other coverage types on their website as well.

Life or Death Insurance: That covers your family in the event of death. A lot of people choose this option to make sure that in the case that they can no longer support or provide for their family, that they are taken care of. You can get both short and long-term cover cover to help with your children’s educational needs or if you’re still paying off your mortgage.

Other Health Care: Insurance has a category that covers smaller expenses such as dental and dentist visits, vision care and visits to your optometrist, prescription drugs and similar types of personal requirements.

Small Business Insurance: Is protection that covers not only your business but also your employees and provides benefits towards retirement plans for instance.

It’s safe to say that before you go anywhere on holiday go online and do some personal research on the possibility of choosing the right type of insurance and what it covers. A lot of online resources have all the information you need explained in-depth, so you don’t need to sit for hours rummaging through paperwork given to you by a man behind a desk at the airport.