You are likely to have many goals in life. As you grow in your career and achieve these goals, such as buying a car or a home, etc., it is also crucial to keep these assets secured. Your health too is one of the most valuable aspects of your life and ensuring that you have the means to protect it is important. This is where general insurance steps in. Here are some reasons why you need a general insurance policy:
It offers financial security
Financial stability does not end with buying possessions. You may buy a house and increase your net worth, but can suffer a major downturn if that house gets damaged or destroyed in a fire. General insurance can help you recover from such setbacks.
It reduces risk
When you buy general insurance plans, you transfer the financial risk to the insurer. Your responsibility is to only pay the premiums. The insurer takes care of the damage and is obligated to compensate you in case of a mishap.
It can be compulsory in some cases
The need for the best general insurance policy has been mandated by law. For instance, as per the Motor Vehicle Act of 1988, all vehicle owners need motor insurance.