Insurance companies were conceived as a tool to protect you, your family, your assets and your patrimony from possible mishaps. These possible unforeseen events can be disabilities, loss of employment, natural disasters, accidents, theft, among many other situations.
Insurance allows you to have some peace of mind, as you have monetary backing and assistance to deal with these setbacks in life. With insurance, you, your family, your assets and finances will not be affected if any eventuality happens to you.
To this end, insurance companies offer plans and programmes that cover all types of situations. They also give you the possibility to have policies according to your needs and budget.
Types of insurance policies
Existing insurance policy plans include:
- Life insurance.
- Health insurance.
- Employment insurance.
- Automobile insurance.
- Home insurance.
- Valuables insurance.
Generally, people cannot take out all of these policies. They prioritise those that are most necessary for their family environment, assets, and those that are compulsory by law.
Compulsory insurance in Spain
The variety of insurance policies offered by insurance companies is very varied. You will be able to insure yourself in any situation.
However, before thinking about buying any insurance, it is important to note that there are approximately 600 types of compulsory insurance in Spain. These are grouped according to the profession, work or activities carried out by individuals or companies.
Among this variety, the most commonly contracted insurance is motor insurance. Professional civil liability insurance and operating civil liability insurance are also necessary for those who have a business.
Included in this category are life and home insurance for those applying for a mortgage at the bank and insurance for potentially dangerous dogs.
Motor insurance is part of the compulsory insurance policies for citizens in Spain. All vehicles in the country must have, as a minimum, Compulsory Civil Liability insurance. This policy is very basic and only covers damage to third parties when an accident occurs. It does not cover damage to the owner’s own vehicle.
To have insurance that fully covers repairs and personal injuries, among other advantages, the plan must be extended and a policy with greater coverage and benefits must be taken out.
The rise of electric cars and auto insurance
In recent years, sales of electric cars have reached all-time highs. There are several reasons for this. The main one is to minimise damage to the environment and to comply with the recently passed Climate Change and Energy Transition Law.
The aim of the law is to eliminate the marketing of carbon dioxide (CO2) emitting cars by 2040 and to have no such cars by mid-century. Therefore, the marketing of electric cars will increase every year.
The incorporation of electric cars into the country’s vehicle fleet implies a change in many respects. Battery charging towers will need to be installed on roads and owners’ houses.
Likewise, repair and spare parts shops will have to update all their equipment to meet the demand for these cars.
Part of these changes also touch the field of car insurance. Today, insurance companies have had to update all their programmes and coverage plans. They focus on going hand in hand with environmental awareness and meeting the specific needs of these cars.
New insurance plans
Insurance companies are constantly changing and looking for the best alternatives to offer attractive insurance plans to their customers.
For this reason, they have created insurance policies designed especially for owners of electric or hybrid cars. These new insurance policies seek to offer comprehensive plans with special and technological coverages that adapt to the reality of these cars.
The insurance plans are very varied and can include simple coverages, up to more exclusive benefits. For example, at www.allianz.es/seguro-de-coche.html you can check out the different types of insurance they offer.
They have plans tailored to your needs and the particularities of your car. Basic plans include Compulsory and Supplementary Liability, as well as certain indemnities and travel assistance.
Comprehensive plans offer the basic cover plus additional benefits such as repairs at specialist garages, immediate response to theft and the option of using replacement cars.
Changes in insurance policies will be constant. Companies hope to meet the demands of their customers and respond to all unforeseen events that may arise. They also seek to offer effective solutions so that you feel safe and protected at all times.
Some of these solutions include legal advice on fines, exclusive repair shops and assistance for any unforeseen event.
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