There are a variety of insurance policies in Spain that aim to protect consumers who face certain situations when something happens. Among others, car and home insurances are very important to have. Here, we will present you with useful information related to them. After reading it, you can be more informed about insurance in Spain. Whether you are Spanish or foreign, the info here can refresh or increase your knowledge about this essential topic. We invite you to be prepared and ready to get these insurances that will benefit you and your family in a big way.
Why is it important to acquire car insurance? It is important because it is what protects the insured against losses involving the use of automobiles. Coverage includes bodily injury insurance, property damage, and medical payments, and the physical damage coverage of collision and comprehensive coverage as well. This insurance may be bought depending on the desires of the insured.
How does it work in Spain?
Having car insurance in this country is compulsory. People on the road are legally required to have as minimum the third party liability cover (Seguro Obligatorio). Another option is having the full car insurance cover or fully comprehensive cover. When you insure a car, it is covered for drivers over 26. Although according to new laws it is not compulsory to carry your insurance documents, it is always good to carry a photo copy of it.
Third party liability cover
It covers the responsibility or the damages caused by drivers (of the insured car) to properties or people when they are on the road. It doesnít cover the damages of the insured driver.
Fully comprehensive cover
It covers insured carís damages caused by an accident due to external causes that are from away of the driver control. It doesnít matter if the car is in transit or parked. Among the things it includes are:
- Collision with other cars or other objects.
- Damage caused by malicious third parties.
- Collapse of bridges, land, etc.
- Protection against fire and theft.
- Hail damage.
- Broken windows, etc.
If you are a foreign check the Spanish laws if you want to drive you car in this country. Just to advice you foreign registered cars can be driven only for six months.
There are two distinct types of home insurance: buildings insurance and contents insurance. You can buy a single policy that covers you for both, but a recommendation is to look upon them as two separate policies: remember the insurance for the house must be more expensive than insurance for the contents. No one is safe from accidents that may occur such as floods, storms, fires and many others; disasters threat our homes and their contents, which would imply a serious economic loss.
How does it work in Spain?
Purchasing a house is one of the best investment we do in our lives, so you can protect it. In Spain as in other country in the world, the possibility to face up to break-ins, natural disasters, etc is open, so you can protect your property and avoid future problems by insuring it. Home insurance in Spain tends to be cheaper than in other countries, but it is very important you consider the relation between price and cover.
Buildings insurance cover is based on the value of your property (not the same to the price you paid for it). The insurance policy is based on the cost of rebuilding your property. How you can see it will be really important to make detailed specifications of your property.
Contents insurances cover personal belongings for example furniture, appliances, jewelry, clothes, computers, etc. Here, it is important to ask the insurance company for details of the policy.†
If you are a tenant, then you have to cover your personal contents an contract a third party liability cover.†
Finally, we want to tell you that it is really important you take the time to review all insurance policies carefully. You have to review the accuracy of the information given by the agent and all the information given at the time of purchase. Sometimes people buy a policy but when it arrives it is totally different from what they bought. Being informed and knowing all benefits in detail are good practices. We sincerely thank you for stopping by and hope you have found information that helps you.