What's the difference between Personal Insurance and General Insurance?
Massive - understanding this difference gives you a significant advantage!
Because there isn't a universally recognised name for personal insurance products as a group, many people make the mistake of thinking that its the same as general insurance. It’s not. (The only real similarity we would suggest is the word ‘insurance’).
We like to explain it this way:
- Personal insurance products: usually protects people
- General insurance products: usually protects things
All personal insurance products are usually related to ‘an individual's personal needs’ and the policies are designed to protect ‘people’.
General insurance is usually related to ‘things’ like cars, houses and (gasp) pets.