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Insurance part 2 |
Written by barry loughran
Thursday, 24 July 2008
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Even with its versatility, you will not be able to insure anything or any situation you want because, as all good things, there is a cost. Generally speaking, no two policies should be the same as every policy holder is different, which results in the price they pay and amount you receive being different. The amount you pay is decided by yourself, the situation you are in or the situation you are going to be in. If you are a young person driving an expensive car in a city, you are more likely to be targeted by thieves so your premium rates will be higher, or if you are going on a rock climbing holiday, again your premium may be higher than if you were going on a sight seeing holiday as there is more of a risk that you will get hurt.
There are ways to lower your premium which are encouraged by the insurance providers, these could be adding alarms to your car or parking in a garage as it will less likely to be stolen. For the more bespoke situations that you may need insurance, the company will complete a risk assessment on you, your situation and the situation you are going to be in. If you were an oil distributor and you need to transport oil across the Atlantic and could not afford the cost if your ship got damaged mid way and oil leaked into the ocean you would approach an insurance company. They will then run a risk assessment against your situation taking into account: how much oil you are transporting, what is the likelihood of the ship sinking, what consequences are there if the ship leaks into the sea and how much the entire journey costs. These factors are a small number they would take in to work out how much the premium would cost. For this example the premium would be extremely high due to the amount it would cost to clean up an oil spillage in the middle of the Atlantic. Your should try searching for cheap travel insurance online to find the best travel insurance deal for you, you might be able to find a better deal if you buy annual travel insurance as the premium rates will be lower. Article Source: http://www.ArticleBlast.com |
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