Insurance. We hate it. People have even compared it to the protection racket–you give the company your money and it (hopefully) takes care of you when you need it. Basically, the purpose of all insurance is to protect yourself or your family against the financial impact of a tragedy. Insurance is not to help you budget moderate-sized expenses, but to protect you against the truly catastrophic. And going out of this there are such insurance types: property insurance, health insurance, home insurance, travel insurance, car insurance, life insurance and many many others.

There are two ways to buy insurance. One way is to go to an agent to whom you explain your situation and trust him/her to suggest the insurance that is right for you. The other is do it on your own. You research the various types of policies available, decide what insurance quote you need, and then comparison shop among the various companies.

The advantage of going to an agent is that an honest and competent one can review your situation and make suggestions. The advantage of going on your own is that you usually pay less for the same amount of insurance.

When selecting a company, consider also whether the company is both able and willing to pay on claims should you make one... The web comparison shopping services usually include and explain the ratings. You can also ask the company itself or your agent.

Consider also the company's record for trying to refuse to pay claims. Your state insurance commission may have a record of complaints.

When buying any insurance, you will most likely save money if you pay annually or semi-annually. Sometimes buying several types of insurance from the same company will save you money. Often taking steps to make claims more unlikely, such as installing deadbolt locks or taking a safe driving course will lower your premiums.