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5 things you didn't know you can insure
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Traditionally, insurance has been limited to certain specific kinds of coverage. There’s life insurance, which covers your life, and health insurance, which covers medical expenses. Over time, other kinds of insurance have also become more mainstream. Today, car insurance, two wheeler insurance and even travel insurance are all becoming more popular and necessary.
That said, there are some new and distinct insurance products in the market that meet certain niche requirements people may have. Curious to find out more about some of these singular and unique kinds of insurance?
Here are 5 things you didn’t know you can insure.
1. Your pet
Any pet parent will agree that pets are no different from members of their family. The joy of caring for a pet is nearly unparalleled. But eventually, pets may fall sick. They may need regular medical care, or they could be injured temporarily or permanently. For these incidents and more, there is pet insurance.
If you are a pet parent, you can benefit a great deal from this kind of insurance. A pet insurance policy may cover healthcare costs for your pet, permanent disability, any injury or damage to third parties, and even death due to specific causes like accidents or certain illnesses.
2. Your eyesight
An offshoot of a basic health insurance plan, vision insurance covers the expenses related to managing problems related to your eyesight. These plans are typically structured as discount plans or wellness plans that may offer discounts or exclusive benefits related to eyesight care. Depending on the terms and conditions of your policy, you may find a variety of expenses covered.
Some examples include the cost of eyeglasses or even upscale eyewear. Furthermore, policies could also include coverage for additional features like photochromic lenses, anti-glare or anti-reflective coating and even progressive lenses.
3. Your marathon
If you are a regular marathon runner, you probably know that there are many things that could go wrong. After training for months, your marathon event may be cancelled by the organisers. Alternatively, you may be unable to participate in the event due to an injury or an illness. There may also be instances where you could get injured during the marathon, or lose your expensive shoes during transit if the marathon is in a different city.
For all these incidents and more, there is marathon insurance. Runners who frequently take part in marathons can benefit from this kind of policy, because it helps cover losses and expenses associated with events or incidents beyond the runner’s control.
4. Your wedding
A wedding may be one of the happiest days for the people involved, but it can also be quite expensive. There are several big ticket expenses that need to be paid for, in relation to the wedding. Right from the price of the venue and the cost of the food and beverages to the price of the bride’s and the groom’s wedding outfits and a ton of other expenses, weddings can be quite heavy on your wallet.
And the reality is that weddings can also be cancelled or postponed, with no possibility of getting a refund on most, if not all, of the expenses. There may also be any mishaps or accidents that could lead to injuries of guests or damage to property, giving rise to public liabilities.
A wedding insurance plan can help cover these losses and costs in case any of these eventualities occur. Although wedding insurance is rather new in the Indian insurance market, there are some leading insurers who now cover weddings too.
5. Adventure sports
In a typical health insurance or travel insurance plan, accidents that occur on account of taking part in any kind of adventure sport are typically not covered. If that has always bothered you, you can now rely on an exclusive adventure cover to take care of any losses or expenses associated with outdoor adventure activities.
This can be particularly handy if you are passionate about new experiences like trekking, bungee jumping, skydiving and more. Adventure sports insurance typically covers accidents that may occur during the activity and any hospitalisation costs that may crop up on account of these accidents.
Furthermore, this kind of insurance may also offer financial compensation in case of disability or death occurring during any of the adventure sports that are covered. This kind of cover may also be available as an add-on rider in some traditional insurance plans.
Summing up
So, there you have it - 5 unique things you didn’t know you could insure. Clearly, the insurance landscape in India is evolving to include different kinds of coverage that pertain to the young generation of customers today. And in case you decide to go ahead and purchase any of the kinds of insurance plans outlined above, make sure that you read the terms and conditions thoroughly to understand the scope of coverage.
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