There is a general misconception that non-standard insurance means sub-standard insurance. Many people believe that insurance companies supplying non-standard insurance are not viable companies and do not provide good service to their customers. This impression is a fallacy, since non-standard and standard insurance are different from each other, but the variables are not based on the financial health of the carrier.
Non-standard insurance can cover categories such as life, auto and home insurance. The standard policies are written on standard government approved forms and the rates are generally similar among all companies. They are popular among mainstream insurance firms, since the risk is minimised because the people, cars or homes insured have a lower risk exposure.
However non-standard insurance is catered towards individual people and businesses. The form remains the same but the figures entered into the form are based upon the individual requirements. The carriers accept these insurance policies because they take in a broader range of risks and they are able to cover a greater number of people, who may not have been able to get standard insurance. This type of insurance may be cheaper than the standard insurance as people only pay for what they need.
Non-Standard insurance Policies
If a person has a DUI record, then he would require a non-standard insurance for example, as would a motorist who has had any sort of serious violation. Those in high risk professions such as stunt drivers or sky-divers, may need non-standard insurance too.
Non-standard home insurance applies to homes that are constructed differently to the norm, such as with thatched, felt or timber roofs. It may also be required if the homeowners have made too many claims in a short period of time, or if their insurance has lapsed or not been renewed due to the non-disclosure of important facts.
Non-standard insurance, therefore, is insurance required when average circumstances no longer apply. The premium is determined by the carriers based upon the facts presented to them. We can talk to you about a range of non-standard insurance policies, aiming to find you the policy which protects your most important assets. Our knowledge and experience within the sector also mean we’re in the best position to help you save money.