Get Answers to Common General Insurance FAQs

General insurance is something which provides protections to your valuable assets like vehicles and home and also takes care of your health related expenses. It also helps you to travel stress free. It is logical that protecting your assets and covering your expenses becomes crucial given the huge amount of money you involved in the same

This article is about general insurance and its types. Also you will learn some essential factors related to purchasing general insurance.

General Insurance- Meaning

General insurance is something which provides protections to your vehicles, home and covers your health and travel related contingencies. On the contrary, life insurance provides insurance against one’s life. After the demise of the policyholder within the policy period, the dependents receive the sum assured amount. Life Insurance falls under the non-general category.

Further you can see the common types of general insurance available in India:

                                Vehicle insurance

As per the law, it’s necessary for all vehicle owners to get a vehicle or motor insurance. In the absence of the same, the person is deemed as driving illegally and is therefore restrained from driving.

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 unfortunate event.

Health insurance

It covers various health emergencies and related medical costs. Whether the policy covers existing illnesses and what diseases it will cover and how much sum assured value will vary as per the health plan. Hence, read the policy documents carefully before investing. Carefully examine that all your requirements are covered and confirm the same personally with the concerned insurance company personnel.

Home insurance

Get introduced to another common general insurance type which is home. Most of the people rely on these policies which enable them to buy their dream homes. This becomes possible due to easy premium schemes to be paid in installments unlike lump sum amounts. As home is the most important asset of every person, this becomes a must-have product.

 How general insurance secures one against 3rd-party liabilities?

General insurance policies do secure a person against huge third-party liabilities. For example, a person ‘A’ possesses car insurance which is a type of general insurance. A collides with another car. Therefore, the third part member (owner of the other car) claimed compensation which seemed to be a really big amount. However, thanks to A’s comprehensive car insurance which saved him from huge third-party liability. The insurer compensated for the damages with the help of 3^rd-party liability cover.

How safe it is getting general insurance online?

It’s totally safe getting general insurance online provided you buy it from a reputed insurance company. Apart from that, it is the quickest & one of the easiest ways to get the best plan. This is possible due to the ease it provides in comparing various insurers online and selecting the best one.