General Insurance - The De-Facto Damage Repellant
There is one major reason for to term general insurance as “damage repellant.” It is because it saves you from losing your valuable by compensating for the damage.
In this article, we aim to understand general insurance in detail and its types.
General Insurance | Denotation
First you need to know that insurance policies are further categorized in 2 broad forms. They are life insurance and general insurance.
We are referring to the latter part here which is general insurance. It covers costs linked to the insured as well as the things in the insured’s possessions like vehicle and home.
Given below are two common types of general insurance.
Law states that a person cannot drive a car without having proper car insurance, in the absence of which it is illegal to drive his vehicle.
It’s like a long-term insurance covering the various damage costs which might occur due to unforeseen events or accidents. It’s something which helps sustain your vehicle’s luster without giving a huge blow to your pockets!
In simple terms, it’s a cover which compensates for the damage costs which might happen to your vehicle due to any kind of accidents or events life fire or natural disasters.
This is the 2nd common type of general insurance available in India. There are various general insurance companies which offer house insurance. Many people rely on such policies to secure their dream abodes or homes. It also helps them cover their residence from various calamities and unfortunate events. This becomes possible due to easy premium schemes to be paid in installments.
Is it important to buy general insurance?
General insurance in simple terms means a cover which insures all material possessions but human life. It is difficult to endure the pain and face the financial brunt when an expensive asset like car or home is damaged due to events like theft, fire, accident, etc.
When you have a general insurance policy in hand, you don’t have to worry about your money being drowned. The policy through the concerned insurer provides you with compensation when such expensive valuables are damaged.
Hence, the insured gets compensated for any losses faced thus reducing the great stress. It requires lot of effort and hard work to accumulate those valuable things, then why not protect the worth of your money by getting a general insurance plan?
General insurance | Prevents third-party liabilities
With comprehensive general insurance, you’re insured against third-party liabilities as well. When one causes loss to another person, they become liable to compensate which can be very high amount. However, when you have proper policy, this liability gets shifted to the insurance company.
Getting general insurance online
You can easily buy general insurance online. It is the easiest way to compare several insurance policies and choose the one which is offering you the best deal.