Obtaining Insurance

Obtaining Insurance

1. Contact an Insurance Company: Reach out to an insurance company either directly or through a broker or agent. This initial contact is crucial to gather information and begin the insurance process.

2. Fill in a Proposal Form: Complete an application form provided by the insurance company. This form requires details about the item or entity you wish to insure, known as the exposure unit.

3. Risk Assessment and Premium Calculation: The insurance company will assess the risk associated with the item or entity to be insured. Based on this assessment, they will calculate the premium. The calculation considers factors such as the level of risk, value of the item, and any additional charges known as loading. Any discounts such as a no-claims bonus.

4. Policy Issuance: Once the premium is agreed upon and paid, the insurance company will issue a policy. This document outlines what is insured, the extent of coverage, and the amount insured.
5. Making a Claim: If an insured event occurs, such as damage or loss, you will need to file a claim. This involves filling out a claim form, providing details of the event, and any supporting documentation to substantiate the claim.

*Motorists must display an Insurance Disc to show they have valid Motor Insurance. *