Uncommon Types of Insurance

by OnlineInsurance Staff on August 7, 2010

You can buy insurance for almost anything these days, and many have done exactly that. We’ve all heard of pop stars getting voice insurance and supermodels insuring their legs, but you might be surprised how many bizarre online insurance quotes you can actually find.

  • Backpacker’s Insurance – This is basically travel insurance designed for young, energetic risk-takers. You can easily find online insurance quotes for backpackers.
  • Car Breakdown – This has historically been the domain of travel clubs, such as AAA. Now breakdown insurance can be rolled into your standard car insurance policy. Geico is offering breakdown insurance with a $250 deductible that covers all the necessary repairs – less maintenance and wear and tear. Is it worth it? You decide.
  • Exotic Animal – It’s not just for tigers anymore. According to the insurance industry, an exotic pet is anything other than a cat or dog. You can insure rodents, lizards, birds, pigs, even fish under these policies. It’s easy to find online insurance quotes for exotic animals.
  • Hole-In-One Insurance – Offered to businesses with hole-in-one promotions, where customers compete to earn prizes. Hole-in-one insurance pays out winnings of up to $1 million in some cases.
  • Holiday Home Policy – For homeowners who rent or lease out their houses during the holidays, this policy is a must.
  • Income Protection – Essentially, income protection is a type of credit insurance that pays your bills when you can’t work because of illness or disability. You can find online insurance quotes for income protection policies, but they’re usually added on as riders to other types of insurance.
  • Key Person Insurance – Formerly “keyman” insurance, this is a life insurance policy an employer takes out on a “key” employee, board member, or other stakeholder.
  • Political Risk Protection – This is a type of business insurance that covers losses due to political risks, including revolution, terrorism, riots, and more.
  • Reinsurance – This type of policy allows an insurer to share risk with another insurance company in exchange for a premium. It allows an insurer to take on greater risk than one company could handle alone.
  • VIP Travel – Anyone can buy travel insurance, but for a slightly higher price tag, you can get VIP treatment. Coverage includes medical, trip cancellation/interruption, flight delays, rescue and recovery (of remains), even repatriation of remains. You can find online insurance quotes for travel insurance fairly easily. The best plans come with 24/7 concierge service and can assist you in almost any emergency.

When considering buying insurance, it’s important that you consider your needs. What kinds of risks are you exposed to? There’s probably a policy out there tailored to fit your individual situation.

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