A Comprehensive Guide to General Insurance

Life is full of coincidences, uncertainties and excitement. Certain uncertainties in life can be life transformational to put you down completely. Non-Life Insurance or General Insurance can safeguard life and everything of value around you. General Insurance safeguards the car, the home and valuables like professional casualties and money lending. Such valuables are risky from financial point of view. People therefore opt for General Insurance to safeguard valuables and belongings from natural calamities like earthquake, storm, floods and other destructive forces like fire, theft and car accident. General Insurance also covers or safeguards from expenses arising out of legal issues. What you need to do is choosing the right kind of general insurance for effective coverage. Most General Insurances are based on yearly contracts and are unlike life insurance when it comes to tenure.

Never mix up General Insurance with Life Insurance. Both kind of insurances are different and cater to varied aspects of life. Life Insurance offers coverage for life’s risks and uncertainties while General Insurance protects diverse assets and other aspects of life.

The kinds of General Insurance

There are various kinds of General Insurance Policies and they all protect against different elements. In broader terms, insurance may be of two kinds, namely, General Insurance and Life Insurance. Life Insurance pays to the beneficiary when there is the death of insured person. General Insurance, on the other hand, protects against unpredictable damages and losses that are not included in Life Insurance.

General Insurance is also termed as Non-life Insurance offering a variety of insurance coverage against motor accidents, illnesses, car crash and other eventualities. Assets like cars, motorbikes, homes have immense value. Buying General Insurance can safeguard them against losses and damages. Buying a specific kind of General Insurance can preserve any asset’s economic value or safeguard from financial losses. Buying Home Insurance, for instance, can protect home from natural calamities and other uncanny events like fire, theft, etc. In this section, you will know about the types of General Insurance and the nature of coverage they provide.

The various types of General Insurance and their features

Motor Insurance

Do you love those long drive sessions? But, have you secured your rides? Buy Motor Insurance to safeguard your vehicle against all kind of damages. Motor Insurance can be two-wheeler insurance or car insurance. The insurance product will effectively cover all damages done to the vehicle. As per the Motor Vehicle Act of 1988, using motor vehicle without holding motor insurance is a punishable offense. The owner of the vehicle can cover the vehicle either by Liability Only Policy whereby the policy covers legal liability for property damage, death, injuries done to any third party or might be a Package Insurance policy that includes both Liability Only Policy and covers for damage to the owner’s vehicle. The package policy is also termed as O.D Cover.

Motor Insurance Plans

The common Motor Insurance Plans are as follows:

  • Car Insurance offers a comprehensive coverage against both bodily injury done to the car and physical damage along with third-party damage.
  • Two-wheeler Insurance: This is again comprehensive Two-Wheeler Insurance policy that protects scooter, bikes against any physical damage, third party damage and theft.
  • Commercial Vehicle Insurance safeguards commercial vehicles like public and private carrier, special vehicles and passenger carriers.

Health Insurance

Poor health can bring about halt in your life. It stops productivity, leading to lost wages. Apart from this, the cost of treatment is also massive. Healthcare cost is increasing day by day and so you must consider buying Health Insurance. It covers medical expenses resulting from accidents, illnesses and injuries. Both pre and post hospitalization charges will be covered along with ambulance charges. The following are the kinds:

  • Individual Insurance covers a deceased for cashless hospitalization
  • Family Floater Insurance Policy covers all the family members and that too under one policy
  • Surgery Cover is the health insurance protection plan which covers costly medical treatment such as surgery.
  • Comprehensive Health Insurance involves huge sum of money and provides special benefits like coverage for dental costs, maternity treatment to offer a complete peace of mind.

EcconeSolutions.com offers comprehensive insurance plans to safeguard you from uncanny situations. The kind of coverage relies on the nature of insurance policy. We offer a wide range of home insurance plans, commercial insurance plans. So, get in touch with us now.

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