Answering the FAQs of general insurance

General insurance is a very important commodity available to people nowadays. It helps people to safeguard their valuable assets in case of an emergency or any untoward event. In this article, we answer some of the most frequently asked questions about general insurance:

What assets can I protect by purchasing general insurance?

There are many assets that a person can protect by buying general insurance. This includes health, two wheeler or four wheeler, house, manufactured goods, body parts, pet animals etc.

What are add-on covers of general insurance and what is their importance?

Any general insurance policy purchased by the buyer is designed keeping the general needs of every person in mind. However, there are some things or parameters that are not covered as they may not apply to everyone buying the policy. For example, all people may not want to pay premium to account for organ donation cover in health insurance. This is why such additional coverage is provided in form of add-on covers.

Add-on covers help the buyer to fine tune their policy and enhance the coverage so that the buyer is better protected against any emergency that may arise in the future. It is hence always advisable for the buyer to buy some relevant add-on covers at the cost of a small increase in their premium.

Is it safe to buy insurance online? Should I buy it?

It is completely safe to buy any general insurance policy from the official websites of the insurance companies. It is actually beneficial and recommended that you purchase insurance online. It eliminates the intermediaries involved in the offline process and hence available at lower costs. It also provides the buyers to compare features and benefits of various policies and get the reviews of different policies from their previous buyers. The buyer can add or remove his policy and also get instant quotes to see how the purchase of any add-on cover affects the premium of the policy. It also reduces the hassle of going to the offices of insurance companies which is usually the case in offline mode of purchase.

What is the ideal sum assured of my insurance policy?  

The ideal sum assured for you depends totally on your requirements and the amount that you feel is adequate to protect that particular asset. Generally, the sum assured should be enough to account for the purchase cost of the asset in case of loss or theft or damage. In addition to that, the buyer can also prepare for the inflation in the price of that asset so as to also account for the price he/she will have to pay to buy the asset again in future.

So, as we saw in this article, the general insurance policies give various options to their buyers to customize their policies according to their needs and also make the premium affordable to the buyers.

We hope this article was helpful to you and solved some of your queries about general insurance. Have a great day!