Car Insurance Quotes

Whether you've just bought a new car, are looking to change insurance carriers or are simply shopping around, getting an online car insurance quote from Liberty Mutual is secure, quick and easy.

What Information Will I Need?

Your time is important, and we'll try to get you through the quote process as quickly as possible. In many cases we can fill your vehicle information in automatically based on public records, but to make things easier, it's best if you have the following information nearby:

• Your current policy (if you have one) – this is helpful as a reference so you know what coverages you currently have
• Driving record information from the last five years (including accidents, violations and claims) for all drivers you'd like included on your policy
• Driver's license number(s)
• Your car's make, model and year, as well as its Vehicle Identification Number (VIN)
• The odometer reading for each car you'd like an insurance quote for
• The location where your vehicles are typically parked

What Factors Will Affect My Rate?

When you request an auto insurance quote online, there are three major factors when your rate is calculated:

• Your Vehicle: The more expensive a car is to repair or replace, the more it costs to insure. Your vehicle's safety features can help lower your auto insurance quote, as can how often you drive the car and what type of driving it's used for (business or personal).
• Your Address: Where you live and park your vehicle will affect your auto insurance quote.
• Your Driving Record: Having fewer incidents such as accidents, moving violations or claims in your driving record will help lower your rate.

If you already have a car insurance policy and are comparing new car insurance quotes to determine what is best for you, make sure that you are comparing similar coverage, limits and deductible amounts. In most cases Liberty Mutual can provide multiple car insurance quotes, any of which can be customized to meet your car insurance needs.

What Coverage is Best for Me?

When purchasing a car insurance policy, you want to make sure that you're getting the coverage you need to fit your specific situation. You can learn more in our Car Insurance Coverage section. If you're not sure what type of coverage you need, try using our Car Insurance Coverage Calculator. This easy-to-use tool lets you review different levels of auto insurance coverage to help you determine what best fits your needs.

What if I Need to Talk to Someone?

If you need help during the online quote process, we have an extensive online help center, as well as a real-time chat feature. But of course you can also always give us a call or contact a Local Agent to get the same great insurance quote experience.

Health Insurance

Adamjee Insurance is one of the largest Health Insurance providers catering to the health and medical needs of the Corporate and SME sectors for their employees with customized benefits structure and value added services. ADAMJEE guarantees you best quality services that not only give you peace of mind for being insured by a leading and dependable insurer but also ensures fast and speedy access to medical services when the need arises while promoting better healthcare practices. Our customized Health insurance plans can cater for your needs.

The benefits covered under Adamjee Health Insurance care are briefed as follows:

Hospitalization Benefit
This benefit covers the eligible hospitalization treatment (other than pregnancy & childbirth) due to illness, surgeries and accidents. Hospitalization expenses payment up to the "Per Annum Limit" in case of different diseases and prolonged illnesses.

Major Medical Care Benefit (Optional)
This benefit enhances the hospitalization limit of in-patient expenses (except maternity related expense) for each insured person for all eligible hospitalization expenses covered under specified benefits structure.

Critical Illness Benefit (Optional)
These benefits cover the hospitalization for the following critical illnesses

• Myocardial infection
• Coronary artery disease requiring surgery
• Stroke
• Cancer
• Aids
• Renal failure
• Major organ transplant
• Multiple sclerosis

Maternity Benefit (Optional)
This benefit pays for medical expenses related to pregnancy and child birth up to the annual maternity limit. It includes:

• Daily room rent
• Labour Room charges
• Operation theatre charges
• Anesthetics fee
• Pre & postnatal expenses coverage
• Circumcision

Out Patient Cover (Optional)
Adamjee also provides the option of out-patient benefits to its clients which pays for the coverage of expenses incurred on medical treatment where a person does not need to be hospitalized. The following expenses are covered under this rider.

• General practionar / specialist consultation charges
• Prescribed medicine and treatment
• Prescribed Laboratory investigations.

Additional Benefits
Terrorist cover: The policy also covers hospitalization and surgical expenses of any innocent insured person (not taking part in terrorist activities) who is injured due to an act of terrorism.

International cover: The policy covers emergency hospitalization during overseas travel of insured persons. However, the hospitalization expenses will be reimbursed in Pakistan in Pak-Rupees on the basis of what it will cost for a similar procedure to be carried out in Pakistan.

Complimentary cover for accidental injury: The hospitalization annual available limit is automatically increased by 25-50 per cent in case of hospitalization due to an accidental injury.

Exclusions
The items, conditions, treatments pertaining to the following and the related expenses are excluded from the policy for which the company will not be liable.

• Cosmetic treatment or plastic surgery
• Treatment of infertility / sterilization and contraception
• Psychiatric treatment
• Personal expenses like, telephone, guest meals & non medical items
• Self inflicted injury
• Eye glasses, contact lenses, hearing aids, artificial limbs etc
• Dental treatments
• Epidural Anesthesia (for painless delivery) • Hospital admission not medically necessary or undertaken specifically to conduct diagnostic or other tests or workup
• Congenital birth defects
• General Health checkups and preventive vaccinations
• Psychiatric treatment , mental or nervous disorder
• Charges for visiting consultant

Value Added Services

• Relationship Management functions for constant facilitation of our valued insured members.
• 24/7 Call Center facilities.
• 24 hr Medical Hotline to facilitate all your queries regarding hospitalizations.
• Adamjee supports you as you make healthy choices every day gives you access to special savings on selected pharmacies and diagnostic services all over Pakistan

Adamjee and your Wellness

• Adamjee’s ‘Medzine’ provides useful information regarding common medical issues keeping you in touch with the current developments in health and helps you manage your illness in a better way.
• Adamjee’s wellness programs aimed to focus on improving awareness and lifestyle choices for you to improve your health.

Motor Insurance

Motor Insurance policy is mandatory under the Motor Vehicle Act. Owing Adamjee Insurance Company Limited Motor Insurance ensures that the owner of vehicle is protected from financial losses, caused by damage or theft to the vehicle and third party liability.

Coverage
Adamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:

Loss or Damage Due To:
CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:
Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:CoverageAdamjee comprehensive motor insurance policy gives you the maximum coverage against theft, accidental damage and third party liability with greater benefits, innovative features and hassle free post and pre insurance processing. The major scope of the cover includes:Loss or Damage Due To:

• Accidental means, Fire external explosion, Self - ignition

• Lightning, Flood

• Theft & Burglary

• Malicious Act

• Whilst in transit (Road & Rail)

• Terrorism, Riots & Strikes (Optional)

Third Party Liability

• Property Damage

• Bodily Injury

• Death

Value Added Services

• Call Center 24/7 with Toll Free Number 0800-00242

• Tracker at Insurance Company Cost (Optional)

• Adamjee Catch Card (Optional)

Some Exclusion

• Losses incurred outside geographical area of Pakistan

• Consequential loss depreciation wear and tear

• Mechanical or electrical breakdown failures or breakage

• Damage to Tyres and Battery unless the Motor Car is damaged at the same time where the liability of the company is limited to 50% of the cost of the replacement

Premium Payment Method Premium payment can be made through cash, cheque, pay order, demand draft, telex transfer to the concerned Adamjee Insurance branch.Claim Reporting Process

• The 24/7 Call Center registers the claim request after furnishing all personal details and details of the policy taken for verification. 0800-00242

• Company appoints surveyor who inspects the vehicle and submits the loss report.

• After completion of required formalities and documents claim is processed by the company immediately.

• On approval of the claim the payment cheque is released.

Cheap car insurance companies Best 2017

third party car insurance

All cars need to be insured – it’s the law. But you get to choose what level of cover your car has. Are the more basic options right for you?

What does third-party only insurance cover?

Third-party only insurance (TPO) offers you the legal minimum level of car insurance cover, and is the most basic you’re able to get.

This kind of policy helps protect other people, vehicles and property in the event of an accident that was deemed to be your fault.

Say you drive into the rear of someone’s car, causing damage to the bumper and injuring the driver. Your third-party insurance would cover the cost of the other person’s car and medical expenses.

What isn’t covered, though, is damage to your own car or any injuries you suffer. For that, you’d need a comprehensive insurance policy. Otherwise those costs are on you.

In short, third-party only cover is the best way to ensure that, if someone suffers a road accident that isn’t their fault, their costs can be recuperated.

What does third-party, fire and theft insurance cover?

As well as third-party damage, third-party, fire and theft (TPFT) lets you claim for:

• replacing your car if it’s stolen
• damage that happens as the result of an attempted theft eg broken door locks or a stolen radio.
• fire damage to the car

This cover for fire damage applies to accidental fires as well as arson – though you’ll need a crime reference number to claim for the latter.

Is third-party cover for me?

Many people often opt for TPO or TPFT policies because they consider them to be cheaper than comprehensive cover.

This isn’t always true. In fact, you may find some cases where comprehensive insurance works out to be as cheap as TPFT.

You should also consider what potential benefits you’re missing out on when you decide against a comprehensive policy:

• cover for damage to your own car
• pay-out for a replacement car if yours is written off
• cover for injuries you suffer in an accident
• windscreen cover

If your car is an older, inexpensive model that’s cheap to repair, then a third-party policy might be more suitable for you.

A new, more expensive model might cost hundreds if not thousands of pounds to repair. In which case, having to foot the bill yourself could wipe out any savings you made by sticking with third-party cover.

In any case, it’s worth looking at the different levels of protection when comparing policies so you’re not missing out for the sake of a few pounds.

This is an explanation of 9 types of insurance

Health Insurance

Health insurance is insurance that pays for medical expenses . It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government. By estimating the overall risk of healthcare expenses, a routine finance structure (such as a monthly premium or annual tax) can be developed, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.  

2. Auto Insurance 

All insurance provides protection to consumers by covering certain risks and promising to pay for financial losses caused by these risks. 

Auto insurance is one of the most used types of personal insurance. Most states require that you purchase some kind of insurance coverage to drive legally in the state. Auto insurance can be divided into two basic coverage areas: liability and property damage. 

Liability 

Most auto insurance policies contain three major parts: liability insurance for bodily injury, liability insurance for property damage and uninsured/under-insured motorists coverage. 

Bodily injury liability insurance protects you against the claims of other people who are injured in an accident for which you were at fault. Their claims for bodily injury may include medical expenses, lost wages, and pain and suffering. 

Property damage liability insurance pays for any damage you cause to the property of others. This includes not only damages to other vehicles, but also other property such as walls, fences and equipment. Uninsured motorists coverage protects the policy holder directly. This coverage pays if you are injured by a hit-and-run driver or a driver who does not have auto insurance. 

Property Damage 

Property damage coverage may include both collision coverage and comprehensive coverage. 

Collision coverage pays for physical damage to your car as the result of your auto colliding with an object, such as a tree or another car. This coverage is optional and not required by law. However, collision insurance may be required by your lending institution or lessor. In the case of an accident involving an older car, the cost of repairing the car can quickly exceed the worth of the car. In this case, insurers will “total” the car and pay you what the car was worth rather than fixing it. 

Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. Comprehensive coverage also will cover broken glass, such as windshield damage. You are not required by law to carry comprehensive coverage. Story credit: National Association of Insurance Commissioners NAIC

3. Life Insurance 

Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums. 

Why do I need life insurance? 

Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance. 

The death benefit may be used: 

To replace income the family would need to maintain their standard of living after the death of a wage earner. To pay off a mortgage loan and other personal and business debts or to create a rent fund. To create a fund for children's education. To pay final expenses, such as funeral costs and taxes. To create a family emergency fund or a fund for a family member with special needs.  What is dental insurance for individuals? 

Dental plan coverage for individuals is not commonly offered because dental needs are highly predictable. For example, you would not pay premiums for your dental coverage if the premiums were more expensive than the cost of the dental treatment you need. Since this is the case, insurance companies would stand to lose money (spend more on benefits than they receive in premiums) on every individual dental plan they write. 

There are, however, a few companies that offer a form of dental benefits for individuals. Most of these plans are "referral plans" or "buyers' clubs." Under these types of plans, an individual pays a monthly fee to a third party in return for access to a list of dentists who have agreed to a reduced fee schedule. Payment for treatment is made from the patient directly to the dentist. The third party acts only in the capacity of matching the individual to the dentist. The dentist receives no payment from the third party other than in the form of referral of patients. 

What are some questions and concerns about dental benefits? 

Your plan sponsor (often your employer) should be able to explain the individual design features of your plan. Design features to understand include: exclusions, limitations, patient copayments and annual or lifetime benefit maximums. 

The American Dental Association has received numerous questions and complaints from patients regarding their dental benefits. To correct some of this confusion about dental coverage, the following questions and answers are provided by the American Dental Association to help you better understand your dental benefits. If you have additional concerns or questions, they should be directed to your group benefits department. Your personal dentist may also be able to explain dental benefit issues and options for you.  My dentist recommends a treatment that my plan will not pay for. Does this mean the treatment really isn't necessary? It is common for dental plans to exclude treatment that is covered under the company's medical plan. Some plans, however, go on to exclude or discourage necessary dental treatment such as sealants, pre-existing conditions, adult orthodontics, specialist referrals and other dental needs. Some also exclude treatment by family members. Patients need to be aware of the exclusions and limitations in their dental plan but should not let those factors determine their treatment decisions. 

My dentist recommends that I get a crown on a tooth, but my dental benefit will only pay for a large filling for that tooth. Which treatment should I have? Some plans will only provide the level of benefit allowed for the least expensive way to treat a dental need, regardless of the decision made by you and your dentist as to the best treatment. Sometimes, special circumstances may be explained to the third-party payer to request an adjustment to this lower benefit allowance, but there is no guarantee that the third-party payer will alter its coverage. As in the case of exclusions, patients should base treatment decisions on their dental needs, not on their dental benefit plan.  You can begin your trip without any travel insurance and be self insured. But did you know that if you become ill abroad the costs to treat you could be very high. How would you find a doctor? Where would you find appropriate healthcare facility? Where would you seek advice? Did you know that HMO's, PPO's and Medicare typically do not cover you abroad? 


Travel Protection vs Travel Medical 

Most Travel Protection Plans will also include Travel Medical Insurance, Medical Evacuation, Trip Cancellation/Interruption, Travel Delay, and Baggage coverage. Travel Medical insurance plans generally just reimburse you for medical expenses incurred while traveling. What Countries are considered High Risk for Travel? 

Area 1 Risk: Afghanistan, Chad, Chechnya, Democratic Republic of Congo, Iraq, Israel - incl. West Bank & Gaza, Ivory Coast. Somalia, Sudan 

Area 2 Risk: Algeria, Burundi, Central African Republic, Colombia, East Timor, Ethiopia, Guinea, Haiti, India - Jammu & Kashmir, Iran, Lebanon, Liberia, Nepal, Nigeria, Saudi Arabia, Yemen, Zimbabwe 


What is Co-Insurance or Co-pay? 

This is the percentage or amount of expenses that the insured pays (if any) after the deductible is paid. Example: "Co-Insurance = 20% or co-pay is 80/20" means that the travel insurance company pays 80% of the charges, the insured pays 20% 

Story credit: Travel Insurance Center





6. Pet Insurance 

What is pet insurance? 

Pet health insurance helps you pay your veterinary bills for your dog or cat. It can help make sure you never have to choose between your pet's well-being and your personal finances. 


What does it cover? 

You can cover your pet for accidents and illnesses. With ASPCA Pet Health Insurance, you can also choose plans that cover wellness care like check-ups, vaccinations, and dental cleanings. For example, our Advantage PlanWC can help you pay for basic wellness care, while our Premier PlanWC+ offers even more wellness care coverage. 


Why do I need it?

As veterinary care becomes more sophisticated and expensive, pet health insurance offers valuable peace of mind. With ASPCA Pet Health Insurance, you'll have financial support to pay for the medical care your pet deserves. 


What does pet insurance cost? 

Pet health insurance can be very affordable. For instance, you can get basic accident coverage for as little as $7.50 a month. Your actual premium depends on factors such as the plan you pick and the breed and age of your dog or cat. 


How does pet insurance work? 

Get Treatment 

Take your pet to ANY licensed vet in the US or Canada and pay for the services. 

File a Claim 

Fill out and send in our simple one-page claim form with any receipts. 

Get Reimbursed 

You'll get back 80% of allowable charges, after the $100 annual deductible is met. 

Story credit: ASPCA





7. Homeowners Insurance 

What is Homeowners Insurance? 

Different policies exist for renters, owners of mobile homes, people seeking bare bones coverage and those living in homes that are very old, but most homeowners will purchase what is called an HO-3 policy. This insurance policy covers your home and its contents against damage and theft, as well as you, the owner, against personal liability if someone is injured while on your property. This coverage also includes damage caused by pets and most major disasters, though floods and earthquakes require separate policies. Homeowners insurance does not cover problems that result from poor maintenance or general wear and tear. A basic homeowners insurance policy should also cover other structures on your property and should provide for living expenses in case you are not able to live at home after a fire or other insured disaster. The amount of coverage provided for each of these items varies depending on the insurer and the type of policy.  One of the first things you need to know about your policy is the liability limit. The liability limit determines how much coverage you have should something happen to your home. These limits usually start at $100,000, but policies can be purchased with much higher limits. Most experts recommend that you have at least $300,000 to $500,000 of coverage, depending on the value of your home. 

When someone talks about the amount of coverage they have, or their liability limit, they are probably referring to the coverage for their home -- that is, for the amount of money it would cost to rebuild their home given the price of materials and labor in the area. This amount is not the same as the purchase price of your home, which accounts for factors like the value of the land. A quick estimate of your rebuilding cost can be done by multiplying your home's total square footage by the building cost per square foot 

While your liability limit is a reflection of the amount of coverage for your actual home, other structures on your property, such as a garage, are usually covered for 10 percent of that amount. Coverage for personal belongings usually falls somewhere between 50 percent and 70 percent of the amount of coverage on the structure of the home. And, as mentioned earlier, in case you have to live somewhere else because of damage to your home, most plans cover costs of living away from home -- hotel, restaurants/food, etc. -- up to 20 percent of your home's liability limit. Other policies may provide unlimited coverage for living expenses but only for a limited period of time. 

Another option you'll probably be asked to consider is replacement cost versus actual cash value. Here's where you'll really want to consider the contents of your home. Let's say, while you're not a complete luddite, by comparison to most current homeowners, the amount of electronic gadgets in your home is pretty small. You have a television that's almost as old as you are and you wouldn't miss it if it were gone. You also have an inexpensive stereo and the computer you use is an old loaner laptop from work. So which option is right for you? Going with actual cash value would mean that if these items were damaged, you'd get an amount of money equivalent to the current value of those items (accounting for depreciation). The laptop is covered through work; you won't need to replace that. And since you don't really care about the television, you could simply take the money you get and just get a new, cheap stereo. Meanwhile, your neighbor has everything a home theater should have - a plasma TV, a surround sound speaker system, DVD player, etc. in both her living room and the family room. With that kind of equipment, she'd definitely want to consider replacement cost coverage, which pays for a new version of the item that was lost or damaged - there's no accounting for depreciation. Obviously, in the case of electronics, which can depreciate in value rapidly over time, a replacement cost policy can be a big advantage. However, this isn’t the only scenario that calls for this option. Let’s go back to your household contents. There are other types of items to consider when making this decision. For example, what about the collection of signed prints you have? And there’s also the stamp collection and those original, signed Pearl S. Buck manuscripts. Original pieces of artwork or other costly collectibles can be just as, if not more, valuable than today’s pricey electronics. Replacement cost coverage is usually 10 percent more expensive than actual cash value coverage, but under the right circumstances, it's definitely worth the extra coverage. 

Story credit: How Stuff Works





8. Unemployment Insurance 

What is unemployment insurance? 
Unemployment insurance is a temporary source of income. If an eligible person loses his job, he will be able to receive weekly payments thanks to money that was paid to his unemployment fund by his employer, via payroll taxes, while he was still gainfully employed. If eligible, a person can receive unemployment insurance once all of the proper paperwork is filed. Unemployment insurance is not retroactive, so it would not be in one's best interest to procrastinate. You're paid only from the day you file. 

In most cases, a worker is eligible for unemployment insurance immediately upon being terminated from his place of employment. The termination has to be the decision of the employer, however. If an employee quits or resigns of his own accord, he is ineligible for unemployment unless there were extenuating circumstances. These circumstances will have to be proven before unemployment insurance can be paid. In addition, a person who had been employed for less than three months before being terminated is also ineligible. If an employee was fired because of misconduct or damage to company property, he might also be considered ineligible. 

There are other situations in which a person is ineligible for unemployment insurance. For instance, someone who is self employed can't collect unemployment, nor can someone who is not a citizen and wasn't legally employed. If your hours have been cut, you may be eligible for partial unemployment. Also, if you lost your job because of damage to your place of employment by fire or forces of nature such as a flood or hurricane, you might be eligible for unemployment insurance, even if you didn't work the requisite three months. 

It used to be that those wishing to receive unemployment insurance payments had to put in a weekly or monthly appearance at the unemployment office not only to file the proper papers, but to prove they were seeking employment. Now this can be done over the phone or even online. Check your state's guidelines to see if you need to appear in person to collect unemployment insurance. 

If your employment has been terminated, check with your local Department of Labor to learn how to apply for unemployment insurance. Thanks to the wonders of technology, your state may be set up so you can handle all unemployment matters over the phone or computer. This will save time so you can begin looking for a job right away and become an active member of the workforce once again.  9. Business Insurance 

What is Business Insurance? 

Most people are familiar with insurance for their personal home and automobile. This coverage protects you financially in case of an accident or disaster to your home or car. We are familiar with these types of insurance because it is natural for most people to realize that they would be unable to replace their home tomorrow if there was a fire or to replace their automobile if there was an accident. 

The same principle applies to business insurance. The principle is one of risk. There are risks that, while they may never occur, are so destructive that it makes sense to plan ahead and manage the risk. In our personal lives these risks are often more easily foreseeable. 

For our businesses, however, we often do not consider risk or believe that the risks cannot be managed and so we turn a blind eye hoping that nothing “bad” happens. Some business owners I have worked with believe that since their business is profitable with a positive cash flow they can take care of the disaster when it happens. They forget that if the business is not operating – there is no cash flow. 

Business insurance is nothing more than spreading and managing the risk among many business owners. Insurance companies take in premium payments from many covered businesses, invest those payments, and create a pool of money to pay out to a covered business if that business has a covered loss. Over the last 300 years, insurers have developed mathematical models to determine what chance there is of a risk occurring and, in so doing, what premiums the insurer must charge to stay in business and make a profit. Over that same time, insurers have developed approximately eight to nine general categories of losses that seem to happen with more frequency. The insurers developed particular policies to address those types of losses. 

Business insurance is a broad description that encompasses these different types of policies. Because there are so many different types of coverage it is confusing. But, at the very basic level, the concept is the same – the management of risk. 

4 Types Of Insurance Everyone Needs

Life throws many unexpected things at all of us. While we usually can't stop these things from occurring, we can opt to give our lives a bit of protection. Insurance is meant to give us some measure of protection, at least financially, should a disaster happen. There are numerous insurance options available, and many financial experts tell us that we need to have these insurance policies in place. Yet, with so many options, it can be difficult to determine what insurance you really need. Purchasing the right insurance is always determined by your specific situation. Factors such as children, age, lifestyle and employment benefits are all points to consider when planning your insurance portfolio. (For related reading, see How Much Life Insurance Should You Carry?)

SEE: Intro To Insurance

There are however, four insurances that most financial experts recommend that all of us have: life, health, auto and long-term disability. Each one of these covers a specific aspect of your life, and each one is very important to your financial future.

Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover "ten times your yearly income." This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.

When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care, and future college costs.

LIMRA, formerly known as the Life Insurance Marketing & Research Association, says that if the primary wage earner dies in a family with dependent children that family will only be able to cover their living expenses for a few months, and four in 10 would have difficulty immediately.

The two basic types of life insurance are Traditional Whole Life and Term Life. Simply explained, Whole Life is a policy you pay on until you die and Term Life is a policy for a set amount of time. You should seek the advice of a financial expert when planning your life insurance needs. There are considerable differences between the two policies. In deciding between these two, consumers should consider their age, occupation, number of dependent children and other factors to ensure they have the coverage necessary to protect their families. (For additional reading, see What To Expect When Applying For Life Insurance.)

Health Insurance
A recent Harvard study noted that statistically, "your family is just one serious illness away from bankruptcy." They also concluded that, "62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems and 78% of those filers had medical insurance at the start of their illness."

Those numbers alone should urge you to obtain health insurance, or increase your current coverage. The key to finding adequate coverage is shopping around. While the best option and the least expensive is participating in your employer's insurance program, many smaller businesses do not offer this benefit.

Finding affordable health insurance is difficult, particularly without an employer-sponsored program or if you have a pre-existing condition. According to the Kaiser/HRET survey, the average premium cost to the employee in an employer sponsored health care program was around $4,100. With rising co-payments, yearly deductibles and dropped coverage's, health insurance has become a luxury less and less can afford, yet even a minimal policy is better than having no coverage. The cost for a day in the hospital can range from $985 to $2,696. Even if you have minimal coverage, it can provide some monetary benefit for your hospital stay.

As the health care debate continues in Washington, approximately 48 million Americans are without insurance coverage. Check with your employer regarding health care benefits, inquire of any occupational organizations that you belong to regarding possible group health coverage. If you are over age 50, AARP has some health insurance offers available. (To learn more, check out Buying Private Health Insurance.)

Long-Term Disability Coverage
This is the one insurance most us think we will never need, as none of us assumes we will become disabled. Yet, statistics from the Social Security Administration show that three in 10 workers entering the workforce will become disabled, and will be unable to work before they reach the age of retirement. Of the population, 12% are currently disabled in some form, and nearly 50% of those workers are in their working years.

Even those workers that have great health insurance, a nice nest egg and a good life insurance policy never prepare for the day when they might not be able to work for weeks, months or may not ever be able to return to the job. While health insurance pays for your hospitalization and medical bills, where is money coming from to pay those daily expenses that your paycheck covers? Here are a few very sobering statistics regarding disability:

• Disability Causes Nearly 50% of all Mortgage Foreclosures, 2% are Caused by Death.
• Close to 90% of Disabling Accidents and Illnesses Are not Work Related.
• In the Last 10 Minutes, 498 Americans Became Disabled.

If you are injured and off work for even three months, would you have enough in savings to cover your living expenses? Consider what you might face financially if you suffer a major medical condition such as cancer and were unable to work for over a year.

Many employers offer both short-term and long-term disability coverage as part of their benefits package. This would be the best option for securing affordable disability coverage. If they don't, seek out a private insurer. If you aren't sure how much coverage you need, AARP offers a very good disability insurance calculator to help you.

A policy that guarantees income replacement is the optimal policy; more usual terms are replacement of 50 to 60% of your income. The cost of disability insurance is based on many factors including age, lifestyle and health. For group or employer coverage, the average rate in 2009 was about $238 per year or approximately $5 per week. A small price to pay if you are faced with a devastating illness or injury. Disability insurance will guarantee that you will have some income when you can't work.

Auto Insurance
There were over 10-million traffic accidents in the U.S. in 2009 (latest available data) and 33,808 people died in motor vehicle crashes in those accidents, according to data released by the Fatality Analysis Reporting System (FARS). The number one cause of death for American's between the ages of 5 and 34 were auto accidents. Over 2.3 million drivers and passengers received treatment in emergency rooms in 2009, and the costs of those accidents including deaths and disabling injuries was around $70 billion.

While all states do not require drivers to have auto insurance, most do have requirements regarding financial responsibility in the event of an accident. Many states do periodic random checks of drivers for proof of insurance. If you do not have coverage, the fines can vary by state and can range from the suspension of your license, to points on your driving record, to fines from $500 to $1,000.

If you drive without auto insurance and have an accident, the fines will probably be the least of your financial burden. Your car, like your home is a valuable asset you use every day. If your car is damaged in an accident and you have no auto insurance, you will have no way to replace that vehicle unless you have a large savings account, and you don't really want to tap into that savings when auto insurance could cover the cost.

f you, a passenger or the other driver is injured in the accident, your auto insurance will pay those expenses, and help guard you against any litigation that might result from the accident. Auto insurance also protects your vehicle against theft, vandalism or a natural disaster such as a tornado or other weather related incidents.

Again, as with all insurances, your individual circumstances will determine the price of your auto insurance. The best advice is to seek out several rate quotes, read the coverage provided carefully and check periodically to see if you qualify for lower rates based on age, driving record or the area where you live.

The Bottom Line
While insurance is expensive and certainly takes a chunk out of your budget, being without it could lead to financial ruin. Always check with your employer first for available coverage, as this will probably be where you will find the most economical way to of securing coverage. If your employer doesn't offer it, obtain multiple quotes from several insurance providers. Schedule times with agents who offer coverage in multiple areas as they may have some discounts available if you purchase more than one type of coverage. (For additional reading, see Understanding Your Insurance Contract.)