Whether you're planning to get a bank loan and you're in need of life insurance, you have just purchased a new vehicle or you're off to that one of a kind holiday you have been planning for years, insurance can, at times, be a lifesaver.

Local insurance agencies and companies across Malta & Gozo offer a series of insurance coverage, while depending on how large the agency is, some may either operate from one store or may have a flagship office and several branches. Consultations and quotes are usually offered free of charge, whereas walk-ins are welcomed by most. In addition, if you don't have the time to visit the insurance agency in person, you might want to purchase an insurance policy online via their website.

What are the different types of insurance available?

Travel insurance

A vacation will always have its ups and downs, however, any adverse circumstances can be put under control in no time if you have the proper coverage booked with a reputable insurance agency or company. Travel insurance can cover loss of baggage, personal accidents, flight or accommodation cancellations, medical expenses, delayed or missed flights and much more. Additional covers can be bought for rental cars and winter sports, whereas annual travel insurance may be available for frequent travellers.

When it comes to the costs, these will vary according to your age, destination, the number of people covered, the purpose of your holiday and the period spent overseas. As a result, you may enjoy your much awaited holiday carefree without any worries that something may go amiss.

Car Insurance

Whether you wish to insure your private or commercial vehicle, classic car or motorcycle, you can choose to buy a third party, third party fire and theft or a comprehensive cover. Whereas a comprehensive cover includes liability to others, as well as accidental loss or damage, a third party fire and theft covers fire, lightning or explosions, theft or attempted theft. In contrast, with a comprehensive cover you're offered maximum protection. As expected, costs vary from cover to cover with the comprehensive options being the most expensive.

Very often, when you apply for a car and motor insurance, you may get extra benefits, such as roadside assistance, no claim bonus protection, road licence renewal and much more. These may only be applicable for certain policies so make sure you check all fine print accordingly.

Health Insurance

Although the local health system provides medical treatments to Maltese and European citizens for free, opting for private clinics is becoming more renowned due to their effectiveness and immediate assistance. Having said that, treatments are costly so private health insurance is provided to both families and businesses who wish to cover any medical expenses which may and will arise from time to time. Whatever the medical emergency, you will suffer no financial crisis to pay outstanding medical fees. You can focus on your health, while the broker takes care of all related finances. Health policies will vary according to the treatments you wish to be covered for. Standard medical insurance may include GP visits and some specialised treatments, but detailed policies may cover even medicine prescriptions.

Boat insurance

Owning a boat be it a small craft or a superyacht carries with it a lot of risks so insuring it is recommended to protect it, together with its equipment and any other personal effects against any accidental damage such as weather damage, theft, sinking or collision, fire, malicious damage or any other incident which may occur.

Life insurance

Although a life insurance cover is one of the requirements when taking a bank loan, this cover is crucial since it provides financial security to your family after your death. Following death, the benefit accrued thanks to the life insurance would replace the income you would have forked out to pay your bank loan. In addition, you may also choose to buy a retirement plan to ensure enough savings for when you retire.

Home insurance

One of the biggest investments in your life, buying home insurance is imperative to protecting your home in a holistic manner. The protection and peace of mind you'll get depends on the policy you choose. As a consequence, you may select to protect the building (together with doors, solar panels, electrical and plumbing supplies and any other structure), its contents (furniture, appliances and all furnishings) and valuables (including jewellery, silverware and any other ornaments). In case of fire, theft, loss, malicious damage, storm or lightning, leakages or any other catastrophe, you can rest assured that your home will be protected. What's more, some policies may offer a 24/7 support system in case of unexpected emergencies whether these take place in the middle of the night or during a public holiday.

Commercial Insurance

Your business deserves the best protection. Unforeseen circumstances may ruin what you've been investing your savings in for the past years, so make sure you choose the right protection for your small, medium or large enterprise. In effect, policies you may purchase include commercial, industrial and engineering insurance, cargo insurance, employee protection, business liability, commercial vehicle insurance and much more. Construction contractors may choose to purchase a policy to protect their machinery, as well as any demolition or erection works.

Other forms of policies

Indemnity insurance - Professional indemnity insurance is the type of cover that accountants, lawyers, architects or any other professionals purchase to secure their reputation against libel, document damage or any other circumstance which may taint their profession.

Wedding insurance - Is wedding planning in full swing? Then why not purchase wedding insurance and protect all your bookings to avoid hassle on your much-awaited day? Whether the venue cancelled your booking, decorations got damaged or your wedding dress got spoiled, you can entrust your broker to take care of any unforeseen circumstances.

Pet insurance - Pets are a big addition to your family so they deserve as much protection as other family members. Purchasing insurance cover will protect you from all veterinary expenses, loss of pets and may also offer travel protection for your pets.

Block of apartments - As many locals are opting living in an apartment dwelling, it would be wise to opt for a full block coverage or at least covering the common areas.

Personal effects - Are you relocating to another country and need to ship your stuff? Then why not opt for a personal effects cover in case something happens to your items?

Event insurance - If you're organising an event, you may well be in the know that unexpected mishaps can happen without prior warning. An event insurance can give you peace of mind by covering your equipment, as well as legal liabilities.

Exhibition insurance - Is your business participating in an exhibition? From covering your stand and equipment to ensuring that any legal liabilities are taken care of, with an exhibition insurance you won't have to worry about a thing.

If you're unsure of which insurance company to go for, why not opt instead to get your insurance from one of these insurance brokers?