How can I determine the insured values of my property?
The insured value of the buildings, fixtures and fittings of a property is determined by the type and the cost of construction and it is calculated as a unit cost per square meter of the property’s surface and the value of the content according to the type and the value of the items within the property (furniture, equipment, linen, cloths, goods, etc).
In which value is the damage and/or loss compensated?
There are two different cases
- Compensation in current-actual market values
In this case, the age of the property (year built) and its content (date o f purchase) is taken into consideration and the compensation will be based on the current actual value of the insured interest at the time of the damage and/or loss.
- Compensation on a new for old basis
In this case, the insured is compensated without taking into consideration the age of the property, i.e. in full replacement costs.
Do I need to have a detailed list of the content, in order this to be covered?
The obligation to have a detailed list of the content on your policy depends on the type of insurance chosen. Usually, items with an actual value more than € 1.500 per piece (such as electronics, handmade carpets, silverware etc) must be specifically mentioned in the policy in order to be fully reimbursed in case of a claim.
Can I insure my holiday house against theft peril?
Most insurance companies offer theft peril to holiday houses only under the condition that there is a security alarm system installed in the house and that the main resident of the insured is also insured by the same company.
Do I gain anything if I place under the same insurer the policy of my car and of my home?
Most insurance companies offer additional discount to their clients when they are placing several insurance policies with them.
What are the documents needed to insure my vehicle?
For the insurance of a vehicle the following documents are required.
- Copy of the driving license.
- Copy of the registration document of the vehicle.
- The purchase invoice (necessary for new vehicles and comprehensive insurance coverage).
What are the factors affecting the annual premium of my motor insurance policy?
The calculation of premium (pricing) is based on the risk factors that each insurance company has assessed as relevant and important for this purpose. The main factors affecting motor insurance premiums are the following.
- Age and gender of the driver.
- Use of the vehicle (private car, van, etc).
- Vehicle’s characteristics (size of engine, horsepower, insured value, year built, make).
- Loss history.
- The area where the car is registered.
Moreover, overall premium is affected by the type of insurance chosen, i.e. if the vehicle is covered for third party liability only, or if extended comprehensive cover is chosen.
Are there any exceptions or limitations to third party liability insurance?
The relevant law foresees three exceptions to liability insurance.
- Damages caused by a driver who does not have a valid driving license.
- Damages caused by a driver who, at the time of the accident, was under the influence of alcohol and/or drugs.
- Damages caused by a driver who uses the vehicle for a different purpose from that registered.
Nevertheless, in all three cases, the insurance company is obliged to pay compensation to any third party damaged and reserves its reducing right against the insured afterwards.
What should I do in case of an accident?
- Call the “accident care” service provided in your motor insurance policy to inform you and help you on the procedures to be followed.
- Notify the police authority to record and register the incident in their files (obligatory in case of personal injury involved)
- Fill up together with the driver of the other vehicle “the amicable settlement” declaration form that facilitates the procedures for the settlement of the claim.
- If you have not called “the accident care” service you should remember to notify, within eight (8) working days from the date of the incident, your insurance company.
- In any case, you should take the details of the other driver(s) and the vehicle(s) involved in the incident (driver’s name, registration plates, insurance companies of the other vehicle(s), contact details etc) and moreover details of any witness present at the scene.
- If there is a serious injury involved, make sure you provide all the necessary help (first aid) to the injured person immediately. Remember, do not move a heavily injured person and do not remove the helmet from a motorcycle rider. You should stay at the scene of the accident until an ambulance arrives.
What obligations do I have against my insurance company in case of an accident?
According to the relevant law, in case of an accident you must immediately declare it to the insurance company, without any undue delay and no later than eight (8) working days from the time you became aware of the accident.
You must also make every possible effort for the limitation of the damages and you must give to the insurance company all the relevant information and necessary documents for the handling of the claim by the insurer.
What supporting documents are needed for my compensation from the insurance company?
A claim must be accompanied by a number of specific documents necessary for compensation. Most commonly the following documents are required by all the insurance companies:
- A copy of the police report, if the police was called upon the scene of the incident.
- Claim’s notification form and / or the “amicable settlement” declaration form.
- The surveyor’s report about the incident and his estimation about the cost of repairs.
- The invoices for the cost of repairs.
What is the maximum age limit for the admission to a healthcare insurance plan?
The age limit for contracting an insurance healthcare policy varies between the insurance companies and the insurance plan chosen. Most commonly though, the age of 60 is the maximum limit for admission.
What is the deductible in a healthcare insurance plan?
Deductible is the amount exempted from the payment of a claim, as this is borne by the insured. The reason to choose a deductible in a healthcare plan is that this reduces considerably the annual premium of the policy.
How is the reimbursement of medical expenses done?
When a hospitalization is taking place within a hospital collaborating with the insurer then the medical expenses are directly paid from the insurance company to the hospital. In the contrary case, when a hospitalization is done in a non-collaborating hospital, then the insured is paying the medical expenses himself and then claims for reimbursement from his insurance company.