Insurance

Insurance

Travel insurance

Pleasant travel memories are unfortunately often clouded by unpleasant experiences, e.g. illnesses and accidents. This is why you should consider travel insurance early on.

The aim of travel insurance is to compensate unexpected expenses that may arise during your travels. 

Typically, a travel insurance contract will cover health or medical insurance but it may also include travel disruption and baggage insurance, which covers travel delays, cancellations, lost luggage and other such expenses.

Travel insurance is offered by insurance undertakings, insurance brokers and agents. It is also possible to sign a travel insurance contract at most travel agencies.  

The cost of travel insurance depends on the destination, duration of travel, insurance sum and other factors. Do not pick a travel insurance provider based on the cheapest price alone. For example, medical expenses are very high in most countries, and if you have a meagre insurance cover, it might not be sufficient in the case of a more serious accident. Your insurance cover should correspond to the number of activities you plan to engage in during your travels (more activities require a more extensive insurance cover).

If something happens during your travels, notify your insurer immediately; they will provide you with information about how to proceed. If you fail to do so, the insurer has the right to reduce compensation or refuse paying it completely. 

Always keep your insurance policy close by. On it you can find the contact information of the foreign cooperation partners of your insurer as well as information on where to get medical assistance.

The insurer may ask you to provide various certificates (e.g. a medical or police certificate) before paying the insurance compensation to you.

Before signing a travel insurance contract

  • consider the potential risks of your upcoming travels against which you wish to be insured; notify you insurer of significant circumstances (e.g. pregnancy, chronic illnesses);

  • ask for offers from various insurers in order to compare said offers and select one that best suits your needs, both in terms of extent of insurance cover and price;

  • make sure you are well aware of the typical conditions of an insurance contract;

  • check what are the exceptions of travel insurance, or the damages that will not be compensated (e.g. terrorism, strike, coup, acts of war, natural disaster);

  • determine the exact starting time of the insurance period because in the case of travel cancellation insurance, the insurance cover may not take effect at the same time as the contract is signed.

Home insurance

An unexpected water leakage can be unpleasant, but it is nothing compared to a fire or theft. You should consider getting home insurance in order to alleviate the stress and worry of these situations.

Home insurance will protect your home and the property within it in the case of an accident. Its goal is to help you restore the situation prior to the accident and cover the expenses incurred to do so.

Insurers offer a service of home insurance so that you could insure your home. Make sure that the insurance contract also includes the property inside your house or apartment. Generally, the insurance of household property has to be agreed upon separately and you have to pay an additional insurance payment.

Home insurance can cover the building (e.g. foundation, walls, roof, interior), household property (e.g. appliances and furniture), responsibility for others (such as a broken water pipe that leaks into your neighbours home), and more.

In order to insure household property, insurers offer the following options:

  • items will be insured on the basis of a list, where these items are divided into groups and every group falls under a fixed insurance sum;
  • you list your household items piece by piece and the insurance sum is set based on that information;
  • the insurer will set an insurance sum, which will cover all the items and no list will be compiled.

Home insurance is offered by insurance undertakings, insurance brokers and agents. If you are getting a loan to buy a home, remember that the loan provider may offer you a chance to get home insurance from a certain insurer that they recommend, but this may not be the most beneficial option for you. You can choose the insurer who suits you best on your own. 

If something happens to your home or household property, notify your insurer immediately; they will provide you with information about how to proceed. If you fail to do so, the insurer has the right to reduce compensation or refuse paying it completely.

Always keep your insurance policy accessible as you can use it to find necessary contact information.

The amount of compensatory damages to be awarded should be assessed by the insurer immediately. In order to do so, they have the right to ask for additional information about the insured event and additional documents, if necessary.

There are several ways to make compensation payments. The insurer may cover the costs of repair works. If that is not economically feasible, the insurer will calculate the reacquisition value of the property (the price for purchasing a new object of equivalent value) or market value (the local average sales price of the damaged item at the time of the loss event) in order to pay compensation.

The period of compensating an insured event is included in the insurance terms and conditions.

Car insurance

You should have a valid motor insurance contract in order to drive a car. In addition to the compulsory motor insurance contract, you can also sign an additional motor own damage insurance contract or voluntary motor vehicle insurance contract.

Compulsory motor insurance is a liability insurance. This means that the person to whom you as a policyholder have caused damage will receive compensation (to cover medical expenses or vehicle repair).

The goal of voluntary motor vehicle insurance or motor own damage insurance is to cover the damages incurred by your vehicle. The damages may have been caused by theft, vandalism, accident etc. In the case of a traffic accident, remember that you will receive compensation even if you caused the accident.

You can insure your vehicle at an insurance undertaking or by using the help of an insurance broker or agent. If you are getting a car on a lease, remember that the lease provider may offer you a chance to get vehicle insurance from a certain insurer that they recommend, but this may not be the most beneficial option for you. You can choose the insurer who suits you best on your own.

The cost of motor insurance depends, among other things, on the function of the vehicle, its technical qualities, where you use it and what is your previous history of insurance and damages.

The terms and conditions of compulsory motor insurance are included in the Motor Insurance Act.

Prior to concluding a motor own damage contract

  • think about against which risks do you want your vehicle to be covered;

  • take enough time to browse different offers and to select a solution that best suits your needs;

  • notify the insurer of all circumstances that may be important and might affect damage claims (e.g. the technical state of your vehicle);

  • make sure you are well aware of the typical conditions of an insurance contract;

  • check what are the exceptions of motor own damage insurance, or the damages that will not be compensated;

    find out how big is your own liability or the sum agreed with the insurer, which you will be required to pay in the case of a loss event;

  • learn about the safety requirements that you have to comply with, and your other commitments as a policyholder;

  • make sure you know how to notify the insurance undertaking of insured events, which documents you should provide, and how the compensation of losses will be conducted;

  • remember that you are required to get a motor own damage insurance when leasing a car.

If something happens to your vehicle, notify your insurer immediately; they will provide you with information about how to proceed. If you fail to do so, the insurer has the right to reduce compensation or refuse paying it completely.

Always keep your insurance policy accessible as you can use it to find necessary contact information.

The amount of compensatory damages to be awarded should be assessed by the insurer immediately. In order to do so, they have the right to ask for additional information about the insured event and additional documents, if necessary.

There are several ways to compensate damages. The insurer may pay the market value of the vehicle (the local average sales price of the damaged item at the time of the loss event), or cover the restoration costs of the vehicle.

The insurer is generally required to compensate traffic damage to you immediately, but not later than 30 days after the notification of the insured event.

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