5 Offbeat Insurance Products Launched in Recent Times

Insurance has become imperative in today’s age. Be it life, health, motor, travel or whatever. Needless to say that it lessens anxiety and the long run and ensures a much-secured future. However, how many of us know that a variety of insurance are available which are slightly off the beaten track? Well yes.

With the passage of time, the need to have insurance for several things has increased as people have become cautious. Some of the offbeat insurance products that were launched in the recent past are explained in the below paragraphs:

1. Cyber Insurance

Since the advent of the digital space, most of our data are available online, be it our social media handles or applying for insurance online. Of late, Cyber fraud is on the rise and hence it is extremely important to insure ourselves and our hard-earned money from scamsters. This vey need led to the introduction of cyber insurance to provide security against any kind of cyber frauds.

2. Title Insurance

Title refers to the legal right to a property, which is obtained by a requisite registered document. Every time a property changes hands there is a change in the title as well. Somewhere in the chain of transfers and transmissions of the property, certain lacuna prevails and some defect in the title is observed. 

But now, titles of properties can be insured when ownership changes. Title insurance provides cover against all kinds of risks and losses that arise out of issues ranging from defects in the title of the property to third-party challenges.

3. Student Accident Insurance

Life is uncertain; accidents can happen anytime and that school buses falling off a bridge is not new. A lot of school bus accidents in recent times have left parents paranoid, which led to the need of an accident cover for school children. It uses Internet of Things (IoT) to track real-time-location of the vehicle and children through beacon placed on their ID cards. The insurance policy also provides cover in case of accidental OPD and hospitalisation of any child.

4. Baggage Insurance

Modern way of travel has given rise to people opting for expensive baggage while travelling. The risk of theft and loss has also increased because bags have become and expensive requirement. Needless to say, in such circumstances baggage or bag insurance comes as a relief, providing protection against theft-related issues. Mostly, the price of such insurance is included in the final selling price of the bag.

5. Insurance for Personal Assistant Device

One of the latest additions in terms of insurance policies happens to be the insurance for personal assistant device. With Alexa and Google becoming household names, voice regulated devices have become extremely popular. With the help of these kinds of technologies, insurance companies have now started offering services on these devices. A major advantage of this insurance is that, customer queries can be handled round the clock.