Last year, you may remember when I wrote about my giddy excitement at winning a large sum of money via matched betting. I had managed to play through and subsequently withdraw a sum of money that I could purchase a car with. I cannot even begin to tell you how much easier it has made my life to have a car again. For this, I will always be grateful and pleased I tried matched betting.

But this month came car insurance renewal time. With so many sites to check out and so many boxes to tick, it can become a massive headache, can’t it? But that got me thinking about all the different things in my life that need insurance covers.

Are all covers necessary? Precisely what insurance covers do we need?

Life Insurance Covers You Personally

Life insurance isn’t mandatory. But it could be an option to look into should you feel this could benefit you and your family. Having life insurance is extra peace of mind when it comes to thinking about what could happen to your family if the worst was ever to happen.

All premiums differ and can be tailored to your specific needs and circumstances. For example, some people might prefer term life insurance quotes which means you are paying for a whole life term, or you can get fixed-term quotes where you make payments for a set number of years. Make sure you know what life insurance policy is right for you before committing.

Building and Contents Insurance

Do you know the value of all the goods in your home should you ever need to replace everything? I’m not sure I would know or even know where to begin should I replace everything. This is where contents insurance comes in. This insurance covers you for the loss of all or individual items should something happen to them or your home. Of course, how much depends on the level of cover you choose when you take out the insurance.

Again the level of cover can differ dependant on your needs and your home. As a non-homeowner, I don’t currently need building cover as my landlord takes care of this. However, this can be a requirement for all homeowners to make sure they are protected. Similarly, should you choose to rent out your home, then taking out commercial building insurance is something you should be looking into to protect your property whilst you rent it out.

Medical/Travel Insurance Covers

Photo by Natalya Zaritskaya on Unsplash

Again travel insurance isn’t mandatory, but it is something I never fly abroad without. Thanks to the NHS in the UK, we can pop along to our local GP or hospital without worrying about medical bills and the cost. But we aren’t afforded that luxury outside the UK. Whilst no one expects to have an accident when on holiday, having the peace of mind of travelling with travel insurance is something I prefer to have just in case.

We don’t need medical insurance as residents of Great Britain, but that doesn’t mean you shouldn’t think about taking it out. Private medical insurance comes with benefits should wish to pay for this service. With the option to skip NHS waiting times and see a doctor quicker than is possible, medical insurance could be something to look into whether you are in good health or not.

Car Insurance

This, unlike all the insurances mentioned above, is a legal requirement. Having appropriate car insurance is a must. It can be a chore sifting through different quotes and searching for the best cover for you, but it needs to be done. If you have a vehicle and are driving it on the road, then you should appropriate cover. For my second year, I have chosen to stay with my previous insurers as I feel they have the best package for me should I need to claim my policy.

*collaborative post*