Insurance policies, especially life plans, are said to be a crucial component when planning your life. But life insurance isn’t the only form of insurance that you can buy. You can also buy insurance for things other than your life. The form of insurance that does not cover the life of the policyholder is usually referred to as general insurance policy.
General insurance plans can be used to protect people as well as things you love. Thus, health insurance, travel insurance, and personal accident insurance help take care of a person, whereas motor insurance, home insurance, and commercial insurance safeguard the things you own.
If you own a vehicle, you must buy a motor insurance policy. But there are other forms of general insurance you can buy to safeguard your health, your travels, commercial properties, and even business liabilities. If you are confused about what you need to look at when buying a suitable general insurance policy, you’ve come to the right place.
This article presents a simple guide to refer to if you are buying general insurance policies for the first time.
The starting point
First and foremost, you need to be clear about the kind of general insurance policy you need to buy. Just like you take a list for your grocery shopping, similarly, you need to know what your requirements are, and only then you will be able to get a suitable insurance policy. If you want to insure your international trip, you need a travel insurance policy. Similarly, if you want to insure yourself against business liabilities, a commercial insurance plan is ideal. *
Be aware of the types of general insurance plans
There are various types of general insurance policies available under each category. Knowing which plan will be right for you is an essential step. As a policyholder, you need to know about the different policies and then decide on which meets your requirements. In this process, you need to evaluate the benefits of each insurance policy and the limitations too. This will help in a thorough evaluation of the policy. *
Finding an ideal insurance cover
An ideal general insurance cover is the one that meets all your requirements. However, this ideal plan should not burn a hole in your wallet. Hence, the best way to find an ideal plan is by way of comparison. Insurance calculators are free tools provided by the insurance company that help to compare the several available options head-to-head. When comparing, ensure that price isn’t the only driving factor of that comparison. Instead, the policy features and the coverage offered must also be included. *
Selection of necessary add-ons
When comparing the available insurance policies, it is also essential to check the add-ons that are available with each insurance policy. Add-ons help to enhance the policy’s coverage by covering those events that are a part of the exclusions list. However, they come at an additional price. Thus, you need to check the impact of these add-ons on your overall premium
Now that you have a guide to buying a general insurance policy, make sure you select and go about the insurance renewal with a policy that checks all your boxes, even if you are buying it for the first time. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.