Please enable JavaScript.
Coggle requires JavaScript to display documents.
Types of Insurance - Coggle Diagram
Types of Insurance
Car Insurance
How is it calculated:
This is calculated based on risk. Factors such as the age of the car, the power of the car, and driving habits when driving, locations of where you live and drive (theft rates) and level of experience you have as a driver.
-
Advantages
The insurance helps to reduce the risks and also cover damages caused to which may be very expensive if a car is badly damaged.
Disadvantages
Insurance for younger divers is very high meaning that many people tend to not drive at younger ages.
-
Pet Insurance
-
Cheapest types of pet insurance will not cover. The more you want covering the more you will pay for the insurance.
Advantages
If you have a high-risk pet then insurance is suitable to help maintain health of your pet and cause stability when keeping it.
Disadvantages
Pet insurance may not be needed depending on the type of pet. People may see this as not an essential payment needed as money can go elsewhere.
Health Insurance
Advantages
Private medical care tends to be much better quality and more efficient making it a perfect choice to insure. Also, if you have health issues then this is relevant to you and should be considered.
Disadvantages
This is non-essentail insurance to some as others such as car insurance may be a lot more relevant are likely to be required. Health care is still available through the NHS.
Private medical insurance
The premium is calculated based on risk, age, medical history and how likely you are to make a claim.
-
-
Travel Insurance
Where you are traveling too, experience of travelling, how many claims you have made in the past will
Advantages
Travel cancellations are likely and can be caused by many reasons. Insurance will help to cover costs of cancelled flights and hotels allowing people the opportunity to go on holiday again.
Disadvantages
This also a non-essentail insurance type compared to others that may be more significant and worth spending money on.