The first step of purchasing insurance is shopping around for the best deal.
What is insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
What is purchasing insurance?
Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.
Thus, the first step of purchasing insurance is shopping around for the best deal.
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