B2 an agreement in which you pay a company money and they pay your costs if you have an accident, injury, etc.:
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- It is a legal requirement that you have insurance for your car.
- It took the insurance company months to settle my claim.
- She was so thankful that she had taken out insurance, when she was involved in an accident on holiday.
- It's worth your while taking out travel insurance before you travel.
- When my bike was stolen, I claimed on the insurance and got £150 back.