What Makes a Good Insurance Policy?

With so many coverage options out there, it can be tough to figure out exactly what you need, especially if insurance isn’t something you deal with every day. With our customer-focused approach, we guide customers every day on the path to the right cover at a budget-friendly price. 

Over the years, we’ve picked up on what benefits drivers, motor traders, homeowners, and other types of insurance shoppers when they call us to compare cover. So, if anyone knows what makes a good insurance policy, it’s us. 

Here, we’ll dive into the core elements you need in your policy using personal and commercial insurance types as examples.  We’ll break down the key features of a good insurance policy to show you exactly what to look for when shopping around for your next policy.

What should I look for in an insurance policy?

What makes a good insurance policy depends on the type of insurance you need and which coverage options will suit your circumstances. 

Ultimately, whether it’s a personal or commercial policy that you need, you’ll want insurance coverage that:

• Provides more than just the minimum protection.
• Can be customised with additional elements.
• Meets your specific needs.
• Offers good value for money. 

Of course, this will look different depending on the type of insurance you need. Let’s break down key insurance types and find out what makes a good policy for:

• Car Insurance
• Home Insurance
• Motor Trade Insurance
• Pet Insurance
• Travel Insurance

Car Insurance

Car insurance is a legal requirement, but the right policy can offer much more than just the basics. 

For example, third-party insurance is the minimum legal requirement, covering damage to others and their property, but not your car. However, if you hit a pothole and crack your windscreen, a comprehensive policy with windscreen coverage would cover the repair costs. 

For an idea of the cover you already have, we suggest familiarising yourself with and reading your insurance schedule. You’ll gain a better understanding of what you’re covered for now, but it can also enlighten you as to whether anything is missing from your cover that you’d like to add.

In terms of add-ons and extras, many drivers also choose to add a no-claims discount (NCD) protection, which allows them to keep their discount even after making a claim. Additionally, legal protection can also be invaluable if you’re involved in an accident where liability is disputed, as this can give a helping hand in covering legal costs.

Depending on your insurer and the coverage you opt for, there will be limitations and exceptions to what you can be covered for. Throughout the application process, our experts will ask the right questions to get you the cover you need while also breaking down any jargon, so that your policy purchase is a truly informed choice. 

Our checklist: what makes a good car insurance policy?

• Third-party cover.
• Comprehensive cover with windscreen protection
• No-claims discount protection
• Legal protection for accident disputes
• Fair excess amounts.

Home Insurance

Home insurance protects homeowners from financial losses due to damage or theft. This is usually split into two different types of cover: buildings and contents.  

Building cover encompasses the structure of your home against events like fire, floods, and storm damage. For example, if a tree falls onto your roof during a storm, building insurance may cover the repair costs. Some policies also may offer alternative accommodation cover, which ensures you have a place to stay if your home becomes uninhabitable due to damage.

Let’s not forget your personal belongings. That’s where contents insurance comes in. This type of cover is specifically for items inside your home. For example, if a burglary occurs and your laptop is stolen, a good contents policy should reimburse you. Any physical damage to your property’s structure would then be covered by your building insurance. 

There are some instances where a standard home insurance policy just won’t cut the mustard. That’s why we have alternatives available. 

An example of when you need a non-standard home policy is if your belongings and your property are worth a higher-than-average value. In these circumstances, an average policy with building and contents coverage won’t meet the demands of covering these costs. Instead, you’d need to invest in high-networth home insurance to have building and contents cover that stretches to a higher amount. 

And if you want home insurance but know you’re going to be away from home for an extended period, or you’re a landlord between tenants? Then you need unoccupied home insurance. For standard home insurance or buy-to-let insurance policies to remain valid, your home must be considered ‘occupied’. This means that you or, if you’re a landlord with a buy-to-let home insurance policy, your tenant must inhabit the property and cannot leave it unattended for more than approximately 30 days. 

Our checklist: what makes a good home insurance policy?

• Comprehensive buildings and contents coverage.
• Protection against theft, fire, and accidental damage.
• For luxury properties, invest in specialist insurance for high-networth properties.
• For landlords, ensure you have a buy-to-let policy with tenants or unoccupied home insurance between tenants.

Motor Trade Insurance

Motor trade insurance is essential for businesses dealing with vehicles, whether they sell, repair, or transport cars. A myriad of professions come under the motor trade industry umbrella, from a car dealer to a mechanic and a recovery truck driver. 

With so many different jobs needing this type of insurance, what makes a good motor trade insurance policy will depend on your business, your work and your needs. 

For example, a part-time motor trader who buys and sells cars as a side business might opt for a basic road risk policy. However, a car dealership owner needs road risk insurance to legally drive customer vehicles as well as other types of cover, such as trade plates, money cover, and business interruption. Since this business has its own premises, the insurance should ideally incorporate a type of business insurance specialising in motor traders, which is why a combined motor trade policy will suit them more. 

The same can be said for a mechanic. A mechanic operating from a small garage might need combined motor trade insurance, but they may also need mechanics insurance that can cover their roadside repairs on a mobile job. In this instance, mechanics would need to consider policies that include protection for their premises, as well as their own tools, and stock when off-site.

Our checklist: what makes a good motor trade insurance policy?

• Road risk coverage for driving customer vehicles.
• Protection for business premises, tools, and stock.
• Liability insurance covering the public and employees.
• Options for trade plates and vehicle collection coverage.

Pet Insurance

Pet insurance ensures that vet bills don’t become a financial burden. Lifetime cover is the best option for pet owners who want long-term protection, especially for chronic conditions like arthritis. 

For example, if your dog develops diabetes, a lifetime policy could cover ongoing treatment. Maximum benefit policies provide a set amount per condition, while time-limited policies only cover conditions for a short period. Accident-only cover is the cheapest option but won’t cover illnesses.

Our checklist: what makes a good pet insurance policy?

• Lifetime cover or per condition, depending on your pet’s age.
• Chronic condition cover for ongoing treatments.
• Lost and stolen pet coverage.
• End-of-life care and euthanasia.

Travel Insurance

Travel insurance protects you from unexpected expenses while abroad. The type of policy you need depends on the kind of traveller you are and what you’ll be doing on holiday. 

A single-trip policy is ideal for occasional travellers, while frequent flyers will definitely benefit from an annual multi-trip policy. If you’re the adventurous type of holidaymaker who likes to take time away to hit the slopes and indulge in some quality apres ski time, then winter sports insurance ensures you’re covered for the types of activities you will be enjoying.

However, if you’re a senior traveller with pre-existing conditions, a specialist over-60s policy ensures you receive enough medical coverage should something unexpected affect your health during your holiday. 

A strong travel policy also includes cancellation cover, so if your flight is cancelled due to bad weather or your holiday is cancelled due to unforeseen circumstances occurring in your destination, you may be able to claim back your expenses.

 However, there will be exceptions to this rule. For example, if you travel to a destination that the Foreign, Commonwealth and Development Office (FCDO) advise against entering, then your policy may immediately be invalid. 

Our checklist: what makes a good travel insurance policy?

• Emergency medical cover.
• Over 60s policies with higher cover options.
• Trip cancellation and missed departure coverage
• Protection for lost or stolen luggage

Compare policies via One Sure Insurance

A good insurance policy provides the right level of coverage for your needs, ensuring both your protection and peace of mind. Whether it’s car, home, pet, travel, or motor trade insurance, we always recommend that you review your policy details to ensure you’re adequately covered.

Whether you need an extra helping hand understanding your cover or you need to renew and add additional elements to your insurance, we’re here to help. Get in touch with us today on 08003777390, and we can compare the latest policies on the market while providing you with the support you need to make an informed decision on your insurance.