Insurance cover that you didn’t know about

It’s not just life, health and property that can cause you financial loss. There are many smaller things that can impact you financially.

For many of us, insurance means to cover for life, health and expensive assets like cars and homes. The growing evolution of the insurance industry, however, has meant that insurance companies are underwritingcustomised protective coverage for anything under the sun. You might have read about celebrities across the world in the news for insuring their body parts. It might appear funny, but insurance requirements are as different and diverse as human beings themselves and the life circumstances that they find themselves in.

Here is a quick pick of some typical insurance covers that you didn't know existed.

Misplaced keys

If you are one of those people who tend to forget your keys or misplace them, there is a case for seeking insurance cover for misplaced keys. Come to think of it, people insure their expensive cars and homes but tend to overlook the significance of the keys. What good is an elite Audi or exotic Porsche car, if you have misplaced the keys? Your car insurance or home insurance will definitely not pay you for getting those costly keys replaced.

Misplaced key insurance covers are available for both automobile keys as well as house keys. This product was introduced by Tata AIG. It not only covers the cost of replacing, but for auto key insurance, if it takes more than one working day for key replacement, you can avail costs for a car hire.

Amateur sportsmen

Are you having a budding sportsperson at home and worried about the expenses related to the damage of expensive sports equipment, training and unfortunate mishaps that are likely to happen?

Oriental Insurance's sports insurance policy for amateur sportspersons offers a perfect solution for all budding sportspersons offering an all-round protective coverage. This policy cover all expenses related to damage of expensive sporting equipment, apparel as well as those losses due to theft or fire.

This plan also offers a personal accident benefit protecting the budding sportsman in case of any unfortunate accident while on the field.

Second medical opinion

Suppose someone has a complicated medical issue and requires a second opinion from an expert physician.

When standard health insurance policies that cover your medical bills do not come to your aid, there are second medical opinion covers that can cover the doctor’s fees for second opinion and can act as a dedicated personal accident policy.

Bajaj Allianz General Insurance offers an e-Opinion insurance cover, allowing the policyholder to take up to three opinions per year of coverage from its database of 7,000 qualified physicians and specialists.

The high consultation charges of specialists should not be a deterrent in getting the right diagnosis and the right medical care.

Pet insurance

Expensive pets are becoming a part of our extended families and insuring them is recommended to meet the high costs related to their treatment or the possible loss of money if something untoward happens to them.

Pet insurance is very popular in the Western countries, but it is yet to catch up in India.

New India Assurance Company offers a dedicated dog insurance plan in India. Insurance cover is offered to dogs in the age group of eight weeks to eight years and it includes protection in case of death of the pet due to accident or any diseases contracted during the period of insurance.

Ransom reimbursement

General insurance companies are offering protective coverage for ransom. This policy can be helpful for both city dwellers as well as for people living in remote areas, especially those in areas infested by Naxalites and other insurgents.

A ransom reimbursement policy allows for coverage for any ransom money, loss of income, medical care and other losses due to events like kidnapping. Tata AIG, HDFC ERGO, Bajaj Allianz and New India Assurance offer a dedicated ransom reimbursement policy.

Mobile handset

With increasing prices of mobile phones, a protective coverage for it is getting more relevant. Many general insurance companies including New Indian Insurance, Bajaj Allianz and many others are offering mobile protective plans.

Under such plans, the companies offer a compensation equivalent to the cost of replacement of the instrument if the handset is stolen or damaged in fire, riot, accident or other unexpected circumstances.

The coverage is applicable for theft of the mobile phone from vehicles that are left unattended or any electronic or mechanical breakdown of the phone.

Identity theft

Technology has made it possible for fraudsters to steal identify of people to accomplish their unlawful tasks.

Personal identity protection plans to act as a safeguard against any such incidents and offers cover for any expenses resulting from your efforts to resolve the identity theft.

While this policy is not useful for everyone, it is a good idea to take if your nature of work involves a high volume of money transactions offline or online.

Tata AIG insurance offers a dedicated personal identity protection plan protecting you from any misuse of your identity or payment cards.

From ATM assault and robbery cover to lost wallet cover and identity theft cover, general insurance companies are underwriting a number of new and innovative policies.

These policies come with a negligible premium which is instantly quoted by the companies based on your sum insured needs and risks involved in it.

While the situations covered by these insurance products occur with alarming regularity, the insurance products themselves are yet to find widespread appeal.

Source: Asianage.com