An insurance is an agreement between you or the policy holder and an insurer. In return for your premiums, the insurer will offer you certain services. Almost always, these services include cover against a certain entity or assets. General insurance is no different. A general insurance is a category of insurance policies that cater to non-life insurance assets or entities.
Since it is a category of policies (details of which follow) and not a single policy, it is a bit difficult to state the best general insurance policy that you can buy. However, there are two policies in the general insurance category that stand out. The health insurance and the motor insurance.
A health insurance is responsible for looking after the financial needs of a medical condition of an individual or a family. It is no secret that medical procedures are getting expensive by the day. Thus, having the right health insurance policy will ensure that you do not run into financial dead-ends during such emergencies. Also, it ensures that you or your family members get the best attention and treatment possible.
A motor insurance, on the other hand, offers cover for your bike or car. Since vehicles are more prone to accidents, theft, burglary, natural calamities etc. buying an insurance cover is a smart choice. Apart from providing much needed cover against such perils, it also offers own damage cover and third-party liability. If you have a vehicle, a motor insurance is a must.
How to Find the Best General Insurance Online?
Once you have finalized which general insurance policy you wish to buy, a large portion of the search is almost over. You can search for that specific general insurance online on Coverfox.com and zero down on an insurer or a plan. You can either visit the website of different insurers to do the same or use insurance comparison websites like Coverfox.com to help you decide which policy best suits your needs.
Things to Know About General Insurance
If one could split insurance, the two larger categories to emerge would be life insurance and general insurance. As the name suggests, life insurance caters to all the risks related to the death of a policy holder. A general insurance, on the other hand, caters to most of the other categories.
During a lifetime we gather and buy a lot of assets. While some are close to our hearts, others require a significant financial investment to get on. In either case, it makes a lot of sense to buy a cover for these assets and get the much-needed protection. So that, should anything unexpected take place, you don’t have to sit with your hands on your head.
A general insurance policy will safeguard your investments against most of the common perils such as fire, flood, earthquake, theft, vandalism, accidents and so on. Another small yet significant difference between a general insurance and life insurance is the term of the policy. While life insurance policies usually have a much longer tenure, you need to renew your general insurance policy on a yearly basis.
The following are all the policies that you can expect under the banner of general insurance.
- Motor Insurance
- Home Insurance
- Health Insurance
- Travel Insurance
- Rural Insurance
- Marine Insurance
- Commercial Insurance
Since there are several policies that come together, there are several insurers as well who offer such policies. Primarily, there are three categories. The public sector insurers, the private sector insurers and then insurers for specific policy types. As there are different insurance types, their policy premiums, terms and conditions, claims process also differ.
For an instance, if you are opting for a health insurance, you can either seek for cashless hospitalisation or reimbursements. For cashless transactions, you need not pay any premiums from your pockets. Whereas in a reimbursement type transaction, you must pay for the medical expenses up front and submit all the required documents to claim for reimbursements.
The claims process for travel insurance differs largely from a health insurance. If there is a need to claim your travel insurance, you need to fill in the form, provide details as to the nature of the incident, provide with supporting documents, original bills etc.
Sure, there are different insurers, different policies, different procedures and different claims processes. However, at the center of it all, the intention is to protect you and your assets from damages or losses. Thus, buying the right general insurance can save you potentially a lot of money.