- CURRENCY EXCHANGE
Currency products for business clients and private people for secure money transfer abroad.
A selection of personal and business loans for any kind of credit history and for different requirements.
A variety of many different cards is available to meet numerous different needs for cashless payment..
Numerous ways are available for organizing one's finances, from opening the right kind of bank account to dealing with debts..
Many risks can be financially covered by various different insurance products.
Short reviews for all products on our site and a rating system to help with your choice.
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Insurance plays a vital part in many adult lives. Find out some of the basic facts, FAQs and other useful information in the area below.
- Home Insurance Information
- Health Insurance Information
- Travel Insurance Information
- Vehicle Insurance Information
- Life Insurance Information
- Pet Insurance Information
What is Insurance?
Insurance can be simplified to the concept of risk transfer. By taking an insurance policy, the insured is transferring his or her risk to the insurance company and will receive compensation in the case of a specific financial loss.
The insured person (the policyholder) agrees to take on a small amount of the risk by paying the insurance company to take on the risk management. An insurance policy is a legally binding contract and the insurance company must indemnify (compensate) the insured up to the terms within the contract.
A huge proportion of people hold at least one insurance policy, such as vehicle insurance or travel insurance. Vehicle insurance is mandatory in order to use public roads in New Zealand – and most countries in the world.
What are the Types of Insurance?
There are many types of insurance and not just private individuals take insurance to cover their risks – businesses large and small usually have full insurance in place to protect the business' assets and its employees.
The types of insurance you will find on Which Way To Pay New Zealand include:
- Home Insurance (buildings and contents insurance)
- Health Insurance
- Travel Insurance
- Vehicle Insurance (cars, motorbikes, other vehicles)
- Life Insurance
- Pet Insurance
What is a Premium?
The premium is the amount that you pay for your insurance. The price of a premium depends on a variety of factors, from the level of insurance cover you take to the level of risk involved. Usually, the higher a risk of loss, the higher the premium. Most premiums are paid annually, monthly or quarterly.
What is a Claim?
An insurance claim is what happens when you need to claim compensation from the insurance company. Most insurance companies have a dedicated claims team that can deal with your case.
A typical claim might be when the insured suffers an accident in their car as the result of another road user's fault. They are therefore eligible for compensation under the terms of their car insurance policy and must file a claim with the insurance company, or via an insurance broker. The insurance company will fully assess your claim before they hand out compensation; they must ensure that your claim is true and legitimate and not fraudulent or false.
Generally, the more claims you have in your history, the higher your risk level becomes. This could lead to being offered higher premiums for insurance in the future and some companies may even turn down your application for insurance.
How Can I Get an Insurance Quote?
Before you take an insurance policy it is important to get a good quote – that is a quoted price on the premium you can expect to pay. As every insurance company has its own system and offers, it is wise to get as many quotes as possible before choosing one offer.
This will help you to get the best price and best overall deal for your insurance policy.
What are the Benefits of Insurance?
Insurance is widely used around the world and it is hard to imagine where many people would be without it.
Large companies require insurance because of the huge financial losses that could occur in the event of a loss.
For instance, if you run a construction company and one of your key machines breaks down, you will be unable to operate the business and will lose income.
Private individuals rely on insurance to cover all manner of risks, such as car insurance to protect them on public roads or travel insurance to protect them while on holiday or a business trip.
Whether you only opt for mandatory insurance (such as vehicle insurance) or are seeking more detailed cover, make sure you get the best prices and best overall protection from an insurance company.
What are the Disadvantages of Insurance?
There are some people who wonder why it is so necessary to pay a regular price for protection of something that may never take place. For example, they may say 'why should I take travel insurance if I am pretty sure that nothing will go wrong when I am on holiday?' They may be right and hopefully nothing will go wrong – but there is always a risk that it will.
One disadvantage to look out for is insurance cover that does not actually cover you in the way you might believe it does. In other words, make sure that you are fully aware of what is in your insurance policy. You may mistakenly believe that you will receive compensation for something that is not included in the policy. Take your time and compare policies carefully and thoroughly.
Please note that Which Way To Pay New Zealand (www.whichwaytopay.co.nz) is not authorized to give personal financial advice under New Zealand's financial services regulations, including the Financial Advisers Act (Securities Commission New Zealand).
All of the Links, textural data, and image data is provided for informational purposes only.
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