When comparing insurance quotes, check that each policy offers similar cover, limits and excesses so you are comparing like with like. Look beyond the premium and review exclusions, claim conditions, optional benefits, waiting periods and whether the policy provides agreed or market value. Also check fees, discounts and how the insurer handles claims, as the cheapest quote may not provide the cover you need. An insurer or licensed insurance adviser can explain policy differences, while the relevant Product Disclosure Statement sets out the terms that apply.