All types of insurance, besides life insurance, fall under the General Insurance (GI) category. Some of the more common types of policies under this category are motor insurance, travel insurance, home insurance, and health insurance. Barring motor insurance, which is required only when you own a bike or a car, all other forms of GI are considered a must for one and all. They ensure you are financially prepared for the ups and downs of life.
If you do not have any one of these plans, you should consider purchasing them right away. And with the tips mentioned in this article, you can save a substantial amount of money in the process.
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1. Compare thoroughly.
The first way to save money on general insurance is to compare all plans thoroughly. Some individuals purchase the first policy they stumble upon and miss out stellar deals in the bargain. So if you’re in need of a motor, travel, home or health insurance policy, make sure you go online and compare the market before making a purchase.
2. Buy online.
Online is the best place to buy general insurance. It’s financially viable for insurance companies to sell policies online as opposed to real-world stores. There are no overhead costs, no infrastructure expenses and it requires fewer human resources. So when you buy online, you help the insurance company save a great deal of money. The insurance company passes these savings on to you through more affordable plans!
3. Bundle policies.
If you already have some form of general insurance, it makes sense to purchase any other GI policies from the same company. They should reward your loyalty with discounts. However, remember to compare their plans with the rest of the plans out there before you make the final purchase.
4. Voluntary deductibles.
Almost all kinds of general insurance will have an option of a voluntary deductible. It is a percentage of the claim amount you offer to pay from your own pocket. So if the claim amount is Rs. 100, you can agree that you’ll pay Rs. 10 and the insurance company will pay the rest. When buying the plan, you can set the amount of deductible you want to pay. Opting to do so should grant you with more affordable premiums.
5. Play it smart.
In the case of health insurance, play it smart and buy a policy when you are young. This will help you get health insurance at the least possible cost. Similarly, for motor insurance, try and avoid making claims for small damages. This will help you unlock discounts up to 50% on motor insurance premiums.
6. Try InsureTech companies.
Today, there are numerous insurance companies that have deeply integrated technology with their insurance offerings. This has helped then innovate and provide the most cost efficient yet comprehensive plans. So when in the market for general insurance, remember to consider such insurance companies too!
Also, know that some general insurance policies will also help you save on taxes. So when buying, remember to discuss the same with the insurance company. Hope this has been helpful. Good luck and all the best!
