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What Are The Different Types Of Insurance?

When it comes to living life in a brand new country and culture, things can be a little bit tricky at first. According to Telegraph journalist Elizabeth Roberts, there are now more than 50,000 British expats living in Thailand. There are a further 30,000 British expats currently living in Hong Kong. It seems like we’re drawn to Asia in our droves, in search of a better life. What is it that all of these people expected to find there? Did they manage to find it, or did Asia turn out to be something entirely different? Whilst this leafy, green paradise is the perfect place to let loose and enjoy life – there’s no such thing as a country devoid of danger.

This is precisely why it’s so important for expats and long term backpackers to arrange suitable forms of insurance. Here’s a guide to the various different types of insurance that they might need. Follow it closely and you’ll find affordable health, personal injury, contents and vehicle insurance in mainland Asia.

Health Insurance

If you’re considering a move to another country, it’s vital that you do some research on the region’s health care system. Whatever else you do, don’t make the mistake of thinking that Britain’s health care system is just like the rest of the world’s – it isn’t. In fact, it’s one of the best state funded care systems on the planet. Whilst you can find good state health care in various parts of Asia, it isn’t up to the same standard as ours and it doesn’t always come cheap. In most regions, expats are entitled to heavily subsidised medical treatment, so they do not have to purchase health insurance. It is, however, very much advised by medical experts – there are still fees in place and even though they are small, a health insurance policy would cover their costs. If you live in a densely populated area like Hong Kong, personal health insurance is even more essential, says Business Week expert Bruce Einhorn.

Home Insurance

If you’re an expat living somewhere like Thailand or Hong Kong, it is important that you know how to adapt to the risks associated with your new home. One again, you should never simply assume that life in Asia is going to make exactly the same demands as life in Britain. As far as geography goes, the two regions couldn’t be any further apart. This part of the world is no stranger to extreme weather or natural disasters, so you must take the relevant precautions. Do make sure that you insure your home for fire and water damage, say experts at the Economic Times. The cost of home insurance is surely negligible when you consider its potential benefits. If you get in touch with a quality insurer like Direct Asia, you’ll get tonnes of help and advice on which policy is the best for you.

Vehicle Insurance

For those eager to continue driving, this is the first thing that should be arranged on arrival in a new country. Fortunately, the insurance system in Asia isn’t all that complicated. There are two types of car insurance – third party cover and comprehensive cover. The only legal requirement is third party cover, say the experts at DirectAsia. If you don’t have third party cover to protect you from damage to another driver or car, you cannot legally be on the road. When it comes to comprehensive cover, things are a little different. It is an option – you do not legally have to be covered for damage to your own vehicle. These days, it is not unusual for mainstream insurance policies to be transferable. Read the small print on your contract, or ask your insurer for more information.

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