General Insurance is a type of insurance policy or it is a non-life insurance policy, which helps us to protect some valuable things such as our vehicle, our home, and our valuable items of home, it also covers us from fire, flood, storm earthquake, travel mishap, car accident and car theft, the main purpose of general insurance is protect you from financial impact of risk.
General Insurance or Non-life Insurance helps you to safeguard yourself and the things around, which you value a lot. These may include your home, car and other valuables like money lending, professional casualties other than death, etc. These valuables carry a lot of financial risks. Therefore, General Insurance Plans provide financial protection from the impact of fire, storm, flood, earthquake, car accidents, theft, and other travel accidents. It also covers us from the expenses spent on legal actions. In short, you have the option to choose the right type of cover and the right type of insurance policy as per your requirements.
The tenure for general insurance is not like the tenure we have in life insurance. Mostly these types of insurance are yearly contracts.
Benefits of General Insurance
Insurance plans may be divided largely into two categories: general insurance, and life insurance. The first kind, as you may have guessed, includes policies that cover all facets of an individual’s life as well as belongings. Medical, Car, travel, accident, – insurance for many of these items are covered under General insurance. If you are looking for General insurance UAE or General insurance in Dubai, UAE then you are at the right place, just keep reading.
The thought behind this general insurance is to ensure that the unfortunate individual can continue with their normal life without worrying about starting from scratch. General insurance is the type of insurance, which is being used by millions. This is the non-life insurance policy that also includes many aspects like health, automobile, property, and travel. General insurance has numerous advantages.
What are the Common Types of General Insurance?
The most common type will be vehicle insurance and it is compulsory in most countries.
Health insurance is also common in many developed countries. This sort of insurance is especially beneficial as the price of healthcare is extremely high.
Outstanding Benefits of General Insurance UAE
The purpose of any insurance plan is twofold: reimburse you financially for any loss, and to provide you the peace of mind in the event of a big loss. For instance, the price of any medical care can be extremely high. In case you have the medical insurance coverage, then it includes the liability to reimburse you partially for the cost of required therapy. This is generally over 80% of the entire cost – very big saving.
In some circumstances, insurance is mandatory. For instance, you cannot drive your car in some countries without owning an automobile insurance coverage.
The additional benefit of getting general insurance is that you can have reassurance. Based on the insurance cover, it can replace lost money, restore damaged or destroyed property.
General insurance is a security to your home, which gives you the shelter! Home insurance plans assist you in securing your house against damages caused by natural calamities and fire accidents.
Secure your car from accidents or breakdowns by having vehicle insurance coverage.
If you care for your pets, do not forget to take pet insurance plan for your pet. This will be extremely useful while managing the costs associated with pets.
In case of accidents, you might need to arrange a large amount of cash in the shortest time. If this happens, you will definitely thank yourself for having accident insurance coverage.
Things to consider before buying General Insurance
For medical health insurance plans, even a misspelled name or incorrectly provided age could cause rejection of your claim. For property insurance, a complete description of your property should be given to the financier.
Vehicle models or seating capacity can be entered wrong if the software of the insurance provider does not include a particular vehicle model. In case you have made any alterations in the vehicle, such as seating arrangement then check whether it is included in your insurance plan. Errors in registration numbers can also cause disputes when claims are made.
Term of Insurance-
Check the date of your issuance cover. Always ensure that your plans are renewed at least one day before it expires. Because if anything happens even in an hour’s gap between the expiry of insurance cover and renewal, the claim will never be considered.
Make certain that correct estimate of your assets is provided, to prevent the risk of underinsurance or over insurance. For commercial policies, the average worth your premises and their chance of getting damaged should be mentioned.