What type of insurance do I need?

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Life will throw many things at you – insurance offers a safety net

Life, as they say, is like a rollercoaster. It goes up and down, and around the bend. However, sometimes things can come off the rails, in which case it’s good to have a safety net in place. That’s where insurance comes in.

Of course, we all change as we move through life and we need our insurance products to change with us, which is why we created the insurance lifecycle to help you on your way.

“As you get older, your insurance needs to change, from those tentative trips as a learner driver to those determined steps towards home ownership,” said Alistair Hargreaves, head of service at Admiral.

“We know how important it is to be protected at all stages of your life journey which is why, as our customers grow, so does our product range. More products mean more options and more support for our customers and their families.”

Getting insurance when you’re a teenager

For most of us the first time we come face-to-face with insurance is when we’re learning to drive. We’re normally so desperate to get some practice we just become named drivers on our parents’ insurance. It does the job, but is not always the best way – you may have to spend an entire year as a named driver, which could be more than you need.

Nowadays, learner drivers have more options than ever to help them get that much needed experience, one of which being Admiral Learner Driver Insurance which allows provisional licence holders to be added to a friend or family members' car while they learn.

With the option to be covered from two hours to 90 days it’s a great taster to the wonderful world of car insurance.

Getting insured in your twenties

As you move into your twenties you’ll be trying to do a lot with very little. Money is tight, rent is high so you’ll want to spend as little as possible while still getting the insurance you need.

Premiums for younger drivers tend to be much higher as claims statistics show they are a higher risk than those with many years of experience, but there are things you can do.

For example, you could choose a black box insurance policy like Admiral LittleBox which is fitted discretely in your car and gives you a discount. It monitors the way you drive and can save you money.

There are many myths surrounding black box insurance policies, so we created this guide to combat some of the most common misconceptions.

So, that’s the car sorted out, but by now you’ve probably flown the nest and are living in a place of your own. When you’re renting you may well need tenants or contents insurance – many landlords make this a requirement as part of your rental agreement. This covers your possessions while you’re renting.

As with all types of insurance, policies vary in price depending on how much cover you need. Basic policies may be cheap but it can be worth paying a little extra for specific cover you may need. For example, accidental damage or cover for your prized possessions away from home.

Insurance for thirty year olds

You’re growing up, settling down and moving on in life. Perhaps you’ve got married and have bought your first house.

Buying a house means you’ll not only need cover for your contents but your buildings too. Calculating how much cover you will need can be difficult, which is why we created a contents calculator to work out what your possessions are worth and created a guide to rebuild costs. Go through everything you own, and work out how much it might cost to replace it. Keep this up-to-date to ensure you have all the cover you need.

Your policy may vary depending on where you live. For example, you may need to take out additional cover which is not provided by a conventional policy. Boiler insurance could be vital as a new one can cost thousands and if it packs up in winter, you could be in serious trouble.

Your car insurance may also be growing up or even need a plus one. For example, if you have more than one car, you may want to consider MultiCar insurance. It avoids the hassle of insuring different cars on separate policies and guarantees each car will earn a MultiCar discount.

Or, you may even want to consider a MultiCover policy which covers your home (or homes) and your cars. That means one renewal date and a lot less hassle during the year when arranging your insurance policies.

I’m in my 40s, what kind of insurance do I need?

By the time you reach your forties you probably have a lot more to consider in terms of insurance than you did 20 years ago.

With potentially higher salaries and larger families, there’s probably a lot more that needs to be covered both at home and away from it. You might want to ensure belongings are covered in your garden or if you leave the house. As the combined value of your belongings increases, you may well have to increase the coverage limit for your policy.

You may also want to insure your contents for when you’re away from home. People often assume their belongings are insured wherever they are, but many companies only insure items in your residence as standard. You may need to extend your cover if you want them insured when you’re out and about.

Insurance for the over 50s

Time is moving on and so are you. You’re doing well in life and have perhaps bought more properties to rent them out. This can be lucrative but also very expensive. As a homeowner, you’ve already seen how expensive it can be to fix items in the house, but what if you have several? You’ll be responsible for ongoing maintenance and the costs can mount up which is why you need landlord insurance. This covers you for accidental damage to a property, maintenance, such as a new boiler, and loss of rent if a tenant can’t pay.

Many people are also advertising their homes on home sharing sites as an extra source of revenue. However, having a paying guest can invalidate many home insurance policies. To be covered, you may need to take out host insurance to cover any damage by a paying guest.

Whatever stage of life you’re at there’s an insurance policy to suit your lifestyle, if you ever need a helping hand in working out which is right for you, we probably have a guide to help with that.

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