four-wheeler insurance

Is It Advisable To Buy All Your General Insurance From A Single Provider?

Insurance

General insurance is a broad category of several insurance types that are separate from the life insurance segment. Some of the most common general insurance types are – health insurance, home insurance, two-wheeler and four-wheeler insurance, and to a certain extent, travel insurance.

When searching for any one of these, you must have noticed that the other forms of general insurance are also provided by the same insurer. This raises an interesting question: is buying all general insurance from the same company advisable? So, if you have an existing car insurance policy from a certain provider, would it be wise to purchase health insurance from them too? To answer it shortly, yes. We will attempt to elaborate on that in this article.

When you buy all your general insurance from the same provider, there are a few benefits you can gain.

Discounts on premium 

There are certain discounts which general insurance providers do not advertise. One of them is the discount that an existing policyholder may get when they purchase new and a different type of insurance. The rationale behind this discount is that it displays and ensures the loyalty of the policyholder. Insurers pay back this loyalty by providing discounts when faithful policyholders bundle up their policies.

Lesser hassle of contacting different insurers 

If you have different general insurance policies from different providers, you will have to maintain various contacts. You may have to keep one app for your health insurance, another for your two-wheeler insurance. Similarly, you may have to go to different offices for any queries or claim grievances as well. Some may not have their offices near your neighbourhood at all. Having all general insurance from the same provider helps you avoid such hassle.

You are already well-experienced with the insurer

As an experienced policyholder, you may be aware of how your insurer deals with claims, queries, and other policyholder issues in general. So, if you know that your insurance provider is very helpful and quick in handling your bike insurance claims, then you would have the trust to buy a car insurance policy from them too. Buying a general insurance policy from an insurer you have no experience with may bring unpleasant surprises in the future. When you buy all general insurance from the same provider, you already know what to expect.

Some tips to help you choose a good  all-in-one general insurance provider

  • It is advisable to go for an insurance company that is proficient in all domains of insurance. There are some companies that often focus on insurance products of a certain type only even if they have other insurance products. One efficient way to assess the company in this regard is by looking at the claim settlement ratio of each insurance type of the company. A good general insurance company will have a high claim settlement in several insurance types.
  • Make sure that you are getting a better deal when you are bundling your general insurance policies than when you are not. Ensure that the services and coverage you want for each insurance type are available within the bundle.

Do remember that the features and terms and conditions of various general insurance policies may differ as per the insurer. It is important to read the fine print before signing any financial document.

We hope this article has helped you better understand why it is advisable to buy all your general insurance policies from the same provider.

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