7 Things You Need To Know About General Insurance Today

7 Things You Need To Know About General Insurance Today.

There are two major types of insurance policies in Pakistan. One of them is life insurance and the other is Non-life insurance which is called general insurance. General insurance includes car, vehicle or automobile insurance, health insurance policies for family and employees – called group health plan, travel insurance policies (single or multi trip) and many more such as fire insurance, marine insurance and many more. 7 Things You Need To Know About General Insurance Today.

In many countries, it is mandatory to get car insurance as soon as you own it. New or old, the vehicle must be insure. There are many general insurance plans in Pakistan that you can choose from for your vehicle, your family and for your travel needs. If you plan to get general insurance in Pakistan, here are 5 things you need to know about general insurance:

  1. Choose wisely

    1. There are many insurance companies in Pakistan that offer a variety of insurance policies but shop around! Look for them, visit their websites, talk to their representatives, understand their policies, evaluate prices and then proceed with buying a policy for general insurance.
  2. Analyze your need for insurance

    1. It is important that your review your need for insurance each year as it will help you with proper financial planning and add or subtract as per your needs. Don’t let it be a recurring expense and make sure to plan wisely.
  3. Get multiple insurance policies

    1. If you get multiple insurance plans for your vehicles or health insurance policy for your family or employees, try getting more than one to save more. You can get a good discount on availing more than one policy.
  4. Stay informed

    1. Before getting the insurance policy, do inquire from your insurance company about your insurance plan. What does it cover and what is NOT cover in the policy plan. How to make a claim and how soon will you be reimbursed. In case of health insurance, which hospitals are on the panel and what health procedures are covered and which ones are not.
  5. Ensure timely renewals

    1. Make sure to get your insurance policies renewed timely as it approaches end of term. Because if you don’t get it renewed on time, you will be made to pay a fine with renewal fees. So, keep a track of your insurance terms, set up reminders and pay timely.
  6. Make sure to get general insurance to maintain your living standard

    1. Make sure your general insurance expenses don’t severely strain your finances. Start with basic insurance needs like health insurance for your parents and children, your vehicle insurance. Later, work on your other needs such as business and asset liabilities for their insurance to prevent any unforeseen loss financially.

Keeping in view above, if you know the tips and tricks before purchasing general insurance policy, you are likely not to land in trouble and be able to avoid unnecessary expenses and control your finances. It will also help you in keeping your assets safe from damage, theft and loss.

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