Be a Smart Consumer: Know Your Insurance BasicsAs a well-informed consumer, it’s important to understand the key aspects of your insurance policy to protect yourself and your valuables effectively. Always ensure your valuables are covered against unforeseen events like damage or theft. Knowing what insurance excess means helps you prepare for the additional amount you’ll need to pay when making a claim—this is usually paid upfront, such as to a garage repairing your car.
- Always insure your valuable belongings to safeguard against unexpected damage or loss.
- This is the extra amount you pay out-of-pocket when making a claim—like the fee you pay the garage before picking up your repaired car.
- When your insurer covers your loss, they can step into your shoes to recover costs from the responsible party.