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| | Homeowners insurance:
Homeowners insurance (seguro del hogar) covers your house, the home itself and the things you keep in it against disasters: fire, wind, etc.The premium of the policy depends on the value of the house, the things you keep in it and the risks you wish to be covered.
When a house is rented, it may only be insured by the landlord. The tenant may insure its contents.There is no law that requires a homeowner to have insurance, however, if you borrow money to buy a house, the bank will normally require you to contract, at least, fire insurance to protect its interest until the loan is repaid.
Life insurance:
A contract of life insurance (seguro de vida) provides that, in consideration of the premium to be paid, the insurer promises to pay the beneficiary an agreed sum upon the death of the person whose life is to be insured.
The person whose life is insured is generally called the insured. The person named in the policy to benefit from the death of that person is called the beneficiary.Where the policy contains the identity of the beneficiaries, they will not have to wait for the estate partition to be made in order to perceive the indemnity.
The insurance company normally requires a medical exam from people who are applying for life insurance The company may specifically exclude certain coverage, such as the coverage of death by suicide.
Health insurance:
With health insurance, the insurer agrees to pay to the insured a stipulated sum in the event of illness or temporary disability, as well as cover the cost of medical assistance. There are two types of health insurance: - Medical assistance:
Insurance companies have a wide range of doctors who may assist you. The coverage will depend upon the terms agreed in the policy. - The reimbursement of expenses for medical assistance:
In this case you choose the doctor, the insurance company will return the medical expenses to you within certain limits. Health insurance does not cover specific situations such as hospitalisation in case of transmissible diseases (such as Aids, medical treatment for alcoholism, addiction to drugs, labour accidents, etc.)
Frequently the insurance companies do not provide insurance insurances for people over 60. If they do allow them, the cost of the policy will be higher. Coverage period is for one year. The policy costs are increased every year.
Automobile insurance:
Insurance in Spain relating to automobiles can be divided into two categories: - Third party liability insurance
- Fully-comprehensive insurance coverage
Third party liability insurance (seguro de terceros o de responsabilidad civil obligatoria) is mandatory in Spain.It is the minimum insurance required by Spanish law to drive a vehicle in the country.This policy covers the risk for causing personal injury and damage to a third partys property (driver and passengers in another car with which it collided, passengers in the car who are not members of the insured family, pedestrians, etc.
The maximum indemnity this type of insurance covers is: - In case of personal in jury: €336.566,78,- per victim.
- In case of property damage: €96.161,94,- per victim.
In case of personal injury, the person responsible for the accident will not be obliged to pay indemnity when proving that the injuries resulted from the injured party negligent operation or from force majeure.
This type of insurance does not cover: - Personal injury of the policy holder, the driver or the owner of the insured car.
- Damage caused to the insured vehicle, the things it kept in it, personal property of the policy holder, the driver, the owner of the insured car and the spouse and relatives.
This will not cover damage caused in any of the following cases: - If the driver were under the influence of drugs or alcohol.
- Where the vehicle is driven by a person whom the owner did not authorise.
- Where the driver does not have driving licence.
However, in any of these cases, the insurance company will pay the corresponding indemnity to the injured party, which may be protested against the insurance taker. Extra cover can be added to the insurance policy.
Driver and passenger insurance (seguro de ocupantes) is strongly recommended as the third party liability insurance does not cover the driver or his family and they must be insured separately.
Fully comprehensive insurance (seguro a todo riesgo) covers the injuries and damages not covered in the third party liability insurance: Injuries to the policy holder, the car owner, driver and the spouse, ascendants, descendants, relatives and passengers. - Damages to the vehicle irrespective of how it is caused.
- This insurance also includes coverage against fire and breakage of glass.
- Damage of the car contents.
- Theft of the vehicle.
If the insured fails to pay the policy, he or she will have five months to pay it, when paid within this period of time, coverage will be recovered in 24 hours.
If you wish to contract an automobile insurance in Spain, it is advisable to bring proof of no claims from your previous insurance company, as this will help reduce your insurance premiums.
If you have moved from another European country perhaps your old insurance company also operates in Spain,this might help you to get a better rate as they can check your claims history faster.These are only general guidelines and not definitive statements of the law. All questions about the laws applications to individual cases shall be directed to a Spanish lawyer. | |
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