What is General Insurance ?
In the nutshell, any insurance other than life insurance is referred under general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance products. It aims to protect everything valuable such as homes, our cars and our valuables against fire, theft, earthquake, thefts etc.
Motor Insurance
It is an essential insurance. It’s imprudent to ignore the possible risk associated with driving or riding on street for both travelers and vehicles alike. Thus, in India any vehicle to drive on the road for social, personal or business purposes should be mandatorily insured under the provision of the Moro Vehicles Act, 1958. Motor insurance are of 2 types:
- ☉ Third Party – This type of insurance is the minimum legal lever of cover needed to operate your vehicle on the road. It only cover damage done to the third party.
- ☉ Comprehensive – This type of insurance covers the damage done to third party as well as your own vehicle.
Marine / Transit Insurance
Marine insurance become a most essential insurance for importers and exporters of cargo via sea, air, rail or land. Marine insurance provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc.. in which the goods are transported from one point to another. Transit insurance covers damage/loss caused due to perils that might cause damage to the items being transported domestically from one location to the other.
Travel Insurance
People plan to travel for short vacations, business trips, studies or for any other reason to both domestic or international locations in the world. Since travelling too has a certain degree of possible financial loss, medical risk (including pandemics like Corona) and travel emergencies associated with it. Travel insurance become all the more essential to get yourselfcovered against risks of travel including delay in flights, loss of baggage, emergency hotel transfer, return of minor child, etc…
One can take travel insurance for either a specified time, or for a whole year (Annual insurance). Travel insurance can also be taken for multiple countries or a single country depending on your routes or plans.
