Start by comparing policies on the same basis, including the type and level of cover, insured value, excess and policy term. Read the Product Disclosure Statement (PDS) to check exclusions, limits, waiting periods, optional extras and conditions that could affect a claim. Compare the total premium, payment fees, discounts, cancellation terms and the insurer’s claims process, rather than choosing on price alone. Check that the insurer is appropriately authorised and consider whether the policy suits your circumstances; a licensed insurance adviser can help explain complex differences before you decide.