Why Insurance Coverage Is An Important Part Of Every Person's Life

Article Written By: JaydenSolle

My partner and I recently got engaged: we'll be starting our lives together soon, so this is the perfect time to look at our financial condition: where we stand at this time, what we have to still sign up for and how to get where we want to be. Of course, we want to be financially stable, who doesn't?

We want to be able to live our lives to the maximum. We want to be able to support each other, should something happen to either of us, and we want to be able to provide generously to our children one day. But where do we start? My partner has a vehicle and has a vehicle insurance policy in place, but I do not.

I live 2 minutes from the office and feel it unnecessary to pay for two car insurance policies where we only have to pay for one. We don't own a home, yet. Neither of us have our own company, and we don't really have a lot of valuable belongings. Sure, we've got a television, a stereo and maybe an antique painting or two that should be insured, but is it enough? Are there car and home insurance policies available to suit even our unusual needs? We thought not; how completely wrong were we!

During the past holiday, we spent some time researching car and home insurance and found out that there are several things to consider before applying for a policy. We found out that a person's age, sex and marital status, along with their driving history and credit records all have an effect on the policy premium rate. For instance, my partner is turning 26 in a couple of months and wants to take out a new policy.

If he waits until after his birthday, his premium on auto insurance can be reduced by about 20% because people aged 18 - 25 are considered reckless and the risk of them being involved in any kind of collision or accident is higher.

Females, however, are considered to be angels while travelling. Our car insurance premiums will be sufficiently lower than that of guys because we're thought to be more sensible and better drivers than men. It's times like these when I really love being a lady! Things such as where you live, how much you drive and where your vehicle is parked through the night also influence your premium directly. And don't even think about lying on your application form, because should the truth come out before or even after any sort of accident or claim, the insurance company will immediately terminate your policy.

Car and home insurance is no laughing matter. We found it to be very confusing at times. So we decided to find a broker to handle our home insurance. Finding a trustworthy broker was difficult, but worthwhile. After exploring several different policy options from different companies, we decided to hold back until we're legally married before applying for a policy, but at least we now know what to expect and what to prepare for.

Insurance is a vitally important part of a family's life: it's a form of risk management. It forms the building blocks of your financial house, and if it is missing from the puzzle, your financial state can come crumbling down any time; you never know what might happen, so always be prepared.

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For more information on motor vehicle insurance quotes, go to http://www.afi.co.za

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