allows you to claim for damages to your own car, regardless of who is to blame. This is the most expensive type of insurance. Drivers who do not have any accidents can receive a discount on their insurance premiums. A no claims bonus refers to a discount offered on premiums to customers who haven’t made any insurance claims during the previous year, or number of years.
Did you know?
Third party motor insurance is compulsory for everyone driving a car. Anyone caught by the Gardaí driving without up-to-date insurance can be fined, receive penalty points and possibly be banned from driving. Drivers with penalty points also have to pay higher motor insurance premiums.
Insurance on health and life (a) Health insurance covers the cost of private healthcare in the event of illness.
(b) Personal accident insurance provides compensation if you have a serious accident. The amount paid will depend upon the seriousness of the injury.
(c) Life Assurance provides cover for something that will happen, i.e. death, while general health or accident insurance protects you against some risk that might happen. There are two main types of life assurance: Whole life assurance policies require the insured person to pay an annual premium for the rest of his/her life. Compensation will only be paid out after the death of the insured person. Endowment life assurance policies pay out compensation when you reach a certain age, e.g. 60, or if you die before you reach that age, whichever comes first. This type of life assurance is a combination of investment and risk protection.
Business Careers Insurance Brokers provide advice on risk management and insurance policies. They normally act as a link between insurance companies and their customers. They work in insurance brokerage firms.
