Types of Insurance for All Ages

Got health and life insurance already? Great—but you could make your life even more secure. Start by looking into these kinds of insurance:

CTP Insurance

The minimum car insurance in Australia is compulsory third party (CTP) insurance, and it’s required throughout the country.

CTP insurance covers personal injuries that you, as a driver or vehicle owner, are liable for. CTP does not cover property damage or repairs to your car, though. Don’t limit your cover to just the legal minimum. Get car insurance as well.

Car Insurance

Car insurance fills in the gaps left by CTP insurance. It will pay for any property damage caused by accidents and, if you buy good enough cover, for your car’s repairs as well.

If your car is stolen, your insurance provider will pay for a hire car. If your vehicle breaks down, they will send roadside assistance. Don’t skip such a useful service.

Because car insurance covers so much, it can be expensive. But there are ways to lower your premium:

  • Taking classes on safe driving
  • Limiting the number of drivers for your car
  • Insuring a car for only seasoned drivers
  • Driving safely for years on end

Home Building and Contents Insurance

If you own a home, skipping home insurance is not a good idea. You can insure both the building that comprises your house and the contents of that building.

Whether someone steels your flat screen or your carpet is ruined by a flood, home insurance can cover any accidental expenses. Some companies will even pay for temporary lodging while your home is repaired.

Even if you rent, home insurance is a good purchase. You can insure only your possessions and let your landlord take care of the building.

Travel Insurance

Frequent travellers should look into travel insurance. Even though this cover is completely optional, it can still help you out in a tough situation.

Think of everything that can go wrong in a foreign country. Your flight is delayed and you miss your connection. The airline ‘misplaces’ your luggage, and you never see your favourite jumper again. You catch a tropical illness and stay in a foreign hospital for a week. Travel insurance covers all those nightmares so that you can actually enjoy your vacation.

Life is full of risks; you can enjoy it anyway with the right insurance.