LecturerGood afternoon. Insurance is essential, yet it is remarkably easy to get wrong. Today I'll give you a set of simple principles for buying it wisely.
LecturerThe first principle is this: only insure against a loss you could not afford to replace yourself. Don't waste money insuring cheap, easily replaced items.
LecturerTo bring the cost down, choose a higher excess. If you agree to pay more of any claim yourself, your premium will fall accordingly.
LecturerYou also have a legal duty to give the insurer full and honest disclosure of anything relevant. Hide something, and a future claim can be refused outright.
LecturerWhen you shop around, compare policies on the cover they offer, not merely on price. The cheapest is very often the weakest of all.
LecturerBefore buying anything, always read the list of exclusions — the precise situations in which the policy simply will not pay out.
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