What do you need to know about insurance in Germany?

Having good insurance coverage can mean the difference between good medical and legal resources and insufficient resources.

Insurance is important and often some are mandatory based on a country or city’s regulations. It is often necessary to compare insurance companies for the best cover possible. If you are currently looking for insurance coverage, you might like Verivox. You can read reviews of this company based on real customer feedback by clicking on the link.

In Germany, there are three types of insurance that are required by its citizens:

Pet Liability Insurance:

Pet liability insurance is to cover you legally in the event of your dog injuring another animal or human. It is mandatory in cities such as Berlin and Hamburg. In other cities, you only need pet liability insurance for those dogs that are considered power breeds. Power breeds are bull terriers, pit bull terriers, Staffordshire terriers, American Staffordshire terriers, and Rottweilers. These dogs need to be on leads at all times and should wear a muzzle when out in public spaces. Pet liability insurance is not expensive.

Car Insurance:

Car insurance is compulsory in Germany whether you own your vehicle or rent one. You can opt for private insurance or for the insurance offered by the rental car company when renting a vehicle. Car insurance will cover you in the event of an accident and you will be able to claim for the repairs on damages incurred. Car insurance can be costly, so it is advisable that you shop around and get the best rates for the cover you require.

See also  Best Time To Sell A Business

Health Insurance:

Health insurance is to cover any costs that may arise if you are ill or injured in any way. Health insurance can cover the cost of hospitalization, medication, and any operations or treatments you may require. It is mandatory to have health insurance if you have been in Germany for longer than three months. There are two types of health insurance:

  • Public health insurance: This is based on a percentage of your income and if you earn under a certain threshold amount per year. 89% of Germans have public health insurance.
  • Private health insurance: This insurance is for those people who earn above a certain threshold amount per year. The cost is based on your age, health, and lifestyle. 11% of Germans have private health insurance.

While these are the only mandatory insurances required by Germany, there are others that are optional, such as household insurance, liability insurance, pet health insurance, and disability and life insurance. These are nice to have if you can afford them.

Conclusion

When it comes to choosing insurance, it is always a clever idea to shop around. See which companies offer you the best coverage at the best rates. If you have a medical condition, you might consider taking out life insurance to ensure that your loved ones are taken care of in the event of your death. Only take out insurance cover from dependable companies that are well-established and have complimentary reviews and ratings online.