9 Unusual things you didn’t know you needed to insure

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Published on Thursday, 18 June 2020 08:04

Last Updated on 08 January 2021

Monica Costa

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Until recently when I thought about insurance, I was under the impression that you could only insure a car, your life, or your belongings. But these certainly aren’t the only things that we can insure. In fact, there are many types of insurance available for just about anything, and I hadn’t even realised how much sense it makes to cover certain things. Some are self-explanatory, like insuring a pet against accidents or injuries, while others are more unusual, like insuring a wedding in case one party calls it off. I’ve put together some unusual types of insurance that you might not have been aware of up until now.

Unusual Pet Insurance:

Most pet owners know that it’s a good idea to get insurance cover for your dog or cat. After all, these are popular pets and vet bills can be very expensive if they suffer a life-changing injury or come down with a serious illness. As a pet owner, you probably want to make sure that your beloved furry friend will get the best treatment possible if they find themselves battling a health problem or an injury. But, it’s not just dogs and cats that can be insured. In fact, you can get insurance for pretty much any kind of pet, from rabbit insurance to insurance for your snake or tarantula! Insurance doesn’t have to cover damage to your pet, either – it can also cover you if your pet causes harm to somebody else, which is a must if you have a pet that might wreak havoc if it gets out.

If your bunny needs protecting against vet bills and accidents, you can get rabbit insurance quotes here. Everypaw is a pet insurance provider for cats and dogs, with rabbit insurance coming soon. Until then, it is available via its sister site.

Change of Heart Insurance:

So, you’re getting married? While most couples who are engaged don’t think about anything going wrong, engagements do sometimes get called off. And it would be horrible to find yourself in a situation where you and your families have spent thousands on your dream wedding, only for it to be cancelled. Some companies offer insurance to protect against getting cold feet when getting married, which includes coverage for a change of heart. However, this usually only applies to other people who have helped finance your wedding, such as your parents, rather than the bride and groom themselves.

Body Part Insurance:

Many people will often insure certain body parts that they depend on to make a living. For example, sportspeople who make their money from playing football wouldn’t be able to continue to do this if they injured a leg, so they will cover their legs to make sure that they are not left in financial difficulty if they are no longer able to play football. Many famous people have done this; Bruce Springsteen has his voice insured for a whopping $6m, and country singer Dolly Parton had her breasts insured for $300,000 each!

Multiple Birth Insurance:

Having twins is exciting, but multiple births can also be expensive. In the UK, you can get special insurance against the possibility of having more than one baby at once. Parents are able to buy insurance at the early stage of the pregnancy and will receive a lump sum payout if they do go on to have a multiple birth. Getting this type of insurance often makes sense if you have a family history of twins or triplets, or if you have already had a multiple birth and would struggle to afford to add two or more children at once.

Essential Employee Insurance:

Some people are just so valuable to their employers, that the company takes out an insurance policy to cover their losses if the employee leaves or passes away. This is often known as ‘key person’ insurance and is a policy that pays out a lump sum to cover costs such as loss of business or training a new employee in their place. These policies tend to be designed to cover the loss of somebody who plays a key, essential role in generating profits for the company, or has a unique skill set that would be difficult to replace.

Lottery Insurance for Companies:

Many employees play the lottery in a group, and if you own a business and some of your employees played the lottery together and won big you’d certainly be happy for them. But it might start to cause issues with your company if, as a result, half your staff decided that they no longer needed to work and retired with their winnings. Some insurance companies offer policies for such an event, to help companies deal financially with the loss of productivity and hiring new staff to replace those who left.

Kidnapping and Ransom Insurance:

Insurance against getting kidnapped might sound like something out of a crime or action movie, but it’s actually available in the real world. You can financially protect yourself if you are kidnapped and be reimbursed for any ransom money and other expenses that you may incur once you are freed. Typically, these policies are aimed towards businesses with high-profile employees who may be at more risk of being kidnapped than others, but individuals can get policies as well.

Insurance Against Death by Laughter:

Some insurance companies cover a wide range of weird and wonderful scenarios and events, but one of the funniest might be a policy that covers a comedy troupe in the event that an audience member dies from laughing too much. According to the BBC, one comedy troupe, in particular, was so confident in its humour, that it requested a specific insurance policy just in case an audience member literally couldn’t take laughing anymore.

Prize Indemnity Insurance:

Taking part in a competition can be an enjoyable experience that sometimes means winning a large prize, but for the business or individual hosting a competition, the loss can be significant if a large prize is won. Prize indemnity insurance allows competition organisers to offer expensive rewards to winners without worrying about large financial loss.

Most of us think about insuring our cars, homes, expensive belongings and even our lives when we consider insurance. How many of these insurance policies did you know existed?