All about General Insurance
Do you intend to know more about general insurance than you presently know?
General Insurance means taking a cover for your house, automobile, factory etc to avail a certain proportion of compensation. It basically covers all the insurable products except life Insurance.
The scope of insurance includes private vehicles, pet insurance, homeowners’ health insurance, travel, home, marine, commercial and others.
The purpose is to secure monetary compensation for your assets susceptible to damage in unforeseen events.
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What are the types of General Insurance?
General insurance can be categorized in to following:
- Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled ( or even three wheeler in a certain cases) vehicle insurance.
- Health Insurance: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.
- Travel Insurance: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance.
- Home Insurance: Home insurance protects a house and its contents.
- Marine Insurance: Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea and/or air.
- Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.
- Crop Insurance: Crop insurance is purchased by agricultural producers to protect against loss from crop failures due to drought, flood, insects, natural disaster, or loss of revenue due to lowering of prices in the economy.
What are the benefits of purchasing General Insurance?
- The medical expenses are compensated by the policies of health and medical insurances and you don’t have to deal with the problem of arranging large amounts in least possible time.
- If you care too much for your pets, don’t forget to go through pet insurance policies. They help to reduce the burden of costs associated with pets.
- Property or home insurance policies aid you in securing your home against damages caused by fire accidents, burglary etc.
- Secure your motor vehicles from accidents or breakdowns from motor vehicle insurance plans.
- Got a new job…!! The very first you need to do is to insure your job by referring policies of unemployment insurance.
- When you plan to travel outside India, make sure you have awareness about travel insurance plans. These plans have a validity of 180 days. These also provide cover from loss or theft of your valuables or important documents.
Tips to follow before purchasing a General Insurance
- Know your Requirements. Understand that different Insurance types offer varied range of coverage and always compare before you opt for an insurance.
- Take assistance from a person who has field expertise in Insurance.
- Select only relevant add-ons. Double-check if you really need a comprehensive policy for a particular item.
- While making a comparison, people generally prefer low-priced products and services. Do not make price, a sole indicator to locate the best suitable insurance.