General insurance Does Insurance Only Work In One State?

[kayode10]

No matter which your country of residence, it is very certain that the laws will be differ from state to state.

But there are some companies that have branches across all state in a country. This is is common to insurance companies in my country. They will have headquarters at the capital state and have branches across the nation.

The same is applicable to some of the financial institutions like bank. You will see the commercial bank having multiple branches across the country.

One thing is that the governing bodies propose different laws for different issues and this include the financial aspects.

With this, there is possibility that the insurance policies will differ from state to state.

So I want to ask that with these different insurance policies from states, does insurance work only in one state?

 

[btaliat]

No. Insurance company will be covering the insured person in as much he lives in the country the insurance company is. For instance, if the insurance company is located in Lagos and the person that insured his auto is in Rivers state, and has accident in Delta state, the insure will still cover him.

 

[Jamoflondon]

I don’t think it works in one state as long as you are still in that very country you got insured. I believe it could only be a problem if you happen to find yourself in another nation. Let’s say someone got a liability insurance policy and happens to cause damage in another country entirely. I’m not sure if such client will be covered

 

[Phabbyfundz]

I don't insurance works in only on geographical region or state. But this depends on the kind of insurance plan or policy it the insurance company you are working or partnering with. Many don't even know the terms of the insurance policy or plan they purchase they just buy and at the end when the need arise they get disappointed.

 

[Augusta]

I don’t think it works in one state as long as you are still in that very country you got insured. I believe it could only be a problem if you happen to find yourself in another nation. Let’s say someone got a liability insurance policy and happens to cause damage in another country entirely. I’m not sure if such client will be covered

I will have to agree with your assertion I doubt an insurance done in another country can work for another country.maybe if one has relocated taking insurance policy in that state of residence might just be what is needed to cover for everything that is needed for than going for one in another country.

 

[Chibson]

Definitely laws differ from state to state depending on the country you are sending on and sometimes some things like culture and religion can come into play in such circumstances. So yes, it is different from state to state and it is important you know the law of the state you want do your insurance in.

 

[Lens1000]

I don't really understand the thread. If what you mean is if the insurance policies change with different states. I don't think that there is a remarkable change in policies across states. If the changes accross states are applicable, then, libe insurance in Nigeria will be different from life insurance in USA . But it isn't so. Th policies and coverage of business insurance in Nigeria is the same as the policies and coverage in Ghana.

 

[Wisdom01]

I think it does not based in state , but the insurance company specifically , because every insurance policy is almost differ from each other irrespective of the state or country , so I think state is not been involved in such policy , since it actually differs and not just based in country or state I think

 

[Mandy96]

It depends on the kind of insurance policy you bought and also on which insurer you bought it from. Some are restricted in other locations rather than where you got it from. What I mean is that it limits could be based on distance or sorts like that. One should make good research before buying it