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General insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident.
Often, general insurance is confused with life insurance. But, the two terms have vast differences. Let’s understand better with the table below:
General insurance should be your priority as your assets may get damaged due to an accident or theft. Let’s understand its importance with an example:
Mr. ABC has got a new car, and he is slated to hit the roads. But while driving, his car suddenly gets hit by the other vehicle trying to overtake. This dislocates the left mirror of his car. Mr. ABC is stress-free as he has motor insurance, which will provide financial cover for the damages and he doesn’t have to pay for the damages.
This shows how general insurance can help to eliminate the dent in your pocket by providing cover for tangible assets.
There are various types of general insurance; these include:
- Motor Insurance
- Home Insurance
- Travel Insurance
- Health Insurance
Often, general insurance is confused with life insurance. But, the two terms have vast differences. Let’s understand better with the table below:
Motor Insurance:
When you’re driving, you cannot be sure that a road mishap will never take place or there may be an instance of your vehicle getting damaged due to a man-made or natural calamity. In such circumstances, you can rely on your motor insurance cover. It gives you financial protection and safeguards you from any legal complications.
There are two types of Motor Insurance in India:
- Third-party Motor Insurance
- Comprehensive Motor Insurance
Whether you own a bike or car, you need to have at least Third-Party Motor Insurance. It is compulsory to have a third-party insurance cover as per the mandate by the Motor Vehicles Act. The insurance offers to protect you if there’s an accident and offers liability cover for third party damages. However, if you are looking for overall protection, then you can opt for comprehensive motor insurance that includes third-party cover and all types of accidents caused due to a man-made or natural calamity.
Home Insurance:
Home is where we all feel protected and where numerous memories are created. When buying or renting a home, we invest our hard-earned money, but we forget to realize that it needs security too. With natural calamities and riots prevalent in India, you need to make sure your home and belongings are well-taken care of. This is where home insurance becomes a necessity.
Common features of home insurance:
- Offers cover against natural calamities and man-made calamities
- Covers personal computer, TV, and Video equipment
- Cover for damages caused to the building such as terraces, foundation, swimming pool, etc.
- Financial protection against your home and belongings
