4 Types of General Insurance that you should be aware of

Everyone possesses a valuable asset that is dear to their heart which may include a house, jewelry, car, and other prized possessions. But have you ever wondered, what if you lose it all due to circumstances like natural calamities, fire, or even theft! These are all possibilities that can turn into reality even before you give it a thought.

The best possible way to avoid such unexpected occurrences is to avail of general insurance. As it’s rightly said- ‘Precaution is better than cure’

General insurance is the ultimate precaution you can opt for as it covers the insurer in cases of damage, theft, or loss of valuable items.

Types of general insurance

There are varied types of general insurance plans prevalent in the market. However, a few of the popular and most opted ones are as follows:

1. Travel Insurance

Travel insurance covers financial necessity when you travel to another place. It safeguards you from any unanticipated emergencies on a trip like trip cancellation, baggage loss, flight delay, and other situations that are dreaded by many. In a condition where you are hospitalized while traveling, you may be offered hospitalization free of cost if you’re covered with travel insurance.

2. Motor Insurance

Motor Insurance covers a vehicle against accidents, damages, theft, vandalism, and more such occurrences. It’s made mandatory by law to get motor insurance for every vehicle to drive on Indian roads legally. It’s available in two forms- comprehensive and third party.

Comprehensive insurance protects your vehicles against incidents like theft, fire, damage by impact, etc. Furthermore, it offers coverage against any liability of the third party like injury, death, or property damage.

Third-party insurance acts as an arsenal that protects the third party from any damage or harm caused by you during an accident. However, one of the important things to remember is that it would not cover any damages related to your vehicle. Another essential point to be noted is that as per the Motor Vehicles Act, 1988, third-party insurance is mandatory, the absence of which would result in a hefty fine or punishment.

3. Home Insurance

Your home is a priceless possession that is built through your hard-earned money and therefore should be given the ultimate protection. Home insurance is one of the most popular types of general insurance as it safeguards your abode and the items present in it. It essentially covers loss or damage caused by natural or man-made circumstances and prevents bearing a huge hole in your pocket.

4. Health Insurance

Health insurance is a vital tool that plays a crucial role during medical emergencies. It covers the expense of hospitalization up to the amount that has been insured. Since medical treatments are very expensive, health insurance acts as crucial assistance for you and your finances. One can avail of a family floater plan that offers coverage for all members of the family or a standalone health policy when it comes to health insurance.

Now that you’re aware of the prominent types of general insurance, get your hands on them as per your requirement today for a stress-free tomorrow.