Insurance in Belgium

Insurance in Belgium

Insurance in Belgium gives you the necessary security against any possible financial losses in case something happens to you. At this point, you probably have a longing to visit the cities of Brussels, Antwerp or Ghent all for which Belgium is known. Maybe you are already living in one of these beautiful Belgian cities and all you miss is a reliable insurance that keeps you covered everyday, all the time and anywhere.

Little about insurance condition in Belgium

In Belgium, insurance is both optional and mandatory, including life, health, and car insurance. The Financial Services and Markets Authority regulates the insurance market in the nation. The insurances in Belgium required the law include health insurance, unemployment insurance, and car insurance. However, the other insurances that are optional include home, life, travel, pet, legal, self-employed as well as family and personal liability insurance.

Mandatory Insurance in Belgium

It is a really good idea to be on top with which insurances is a must have in Belgium and which ones are optional. It always goes that ignorance is really no excuse which is why this list serves to just give you an idea on where exactly to get started. The must have insurances in Belgium are as follows;

Health Insurance in Belgium

You thought health care in Belgium was free? No, it is not as it is subsidised, and the residents have the opportunity of choosing private insurance policies so that they can top it up with that of the state. Therefore, it is mandatory for every individual to join an accredited health insurance fund.

When one needs health insurance, the membership fee, also referred to as lidgeld, is paid, and it costs between 49 euros to about 180 euros yearly. The people that get public health insurance include employees, spouses, children, students, non-Eu residents, short-term visitors, non-workers, and pensioners. Also, it covers 50% of clinics, doctors, and hospital visits, dental care, 20% of prescription costs, and maternity care.

Unemployment Insurance

Unemployment insurance is a contributory and compulsory system. It is funded with social contributions while the rules that govern it are defined by the government and legislator after getting the opinion of social partners ‘consultative.

In getting the benefit, some of the conditions that must be met include:

  • Have worked a minimum of about 312 and 624 days depending on the age of an individual with 21 to 42 months.
  • Have lost a full-time job and be deprived of the earnings because the circumstances are beyond your control
  • Be seeking a job actively and cooperate with the training and support activities provided by the employment service.
  • Be registered as a job seeker in services such as VDAB, Actiris, and FOREM
  • Have a main residence in Belgium
  • Be under 65 years old, the age of retirement

Under unemployment insurance, there is also an unemployment regime with RCC (company supplement). It allows the old employees to get a supplementary allowance as well as unemployment benefits. However, the following conditions have to be met:

  • Have been dismissed
  • Be getting unemployment benefit
  • Has withdrawn from the labour market

Car Insurance

Third-party car insurance is mandatory for any motor owner in Belgium. The car is insured, and it means that any person who has a driving license can drive an insured car. The different kinds of car insurance include Third-party liability insurance or Wettelijke Aansprakelijkheidsverzekering, part comprehensive or mini casco, and full comprehensive or maxi casco.

In some cases, car insurance in the nation may be costly as it is usually subjected to value-added tax. The cheapest is third-party insurance, while the most expensive one is fully comprehensive. Apart from these, the cost of a car insurance policy depends on the following:

  • The age and value of the vehicle
  • Profile of the driver (s) including health, driving history, and age
  • The amount of driving that is done
  • All the listed drivers of the car

Optional Insurances in Belgium

Home Insurance

In Belgium, home insurance also refers to rental insurance and fire insurance. The insurance that comes in this form includes homeowners and tenants’ insurance. The homeowners’ insurance insures a building against damage, including storm or fire, while tenants’ insurance is insurance against damage to property as a result of rented accommodation.

Life Insurance

The main aim of taking life insurance is to protect loved ones from financial consequences in case one passes. It is the responsibility of an individual to decide the amount they want to insure and the individuals getting the sum after death. Every family does go through difficult times in case one dies, and they may find it challenging dealing with money problems. Therefore, the insurance offers a financial boost in safeguarding one’s future family as well as the quality of life.

Travel Insurance

Most people in Belgium usually assume that Belgium’s health insurance and that of the EU provide full coverage when they travel abroad. Unfortunately, this is not true, and it is critical for one to get private travel insurance. The reason is that it may enable one to get help when travelling the rest of the world and even be safe in Belgium and Europe.

Pet Insurance

In Belgium, pet insurance costs pet owners about $20 to $60 monthly or $240 to about $720 annually. Also, most pet owners usually have joint and hip issues covered because hip and elbow dysplasia is a genetic illness. Even if one has enough money to cover the veterinary costs, pet insurance is vital as it saves pet owners a lot of money in case the pets are injured or sick.

Legal Insurance

From 1st September 2019, the Belgian legislator gave subscribers private legal protection in some of the conditions in benefiting about 40% tax reduction. This type of insurance assist companies and individual the same way in meeting the cost of defending their rights or legal action in case of a dispute with another. The kind of costs that the insurance meet include motor, personal, and commercial.

Self-employed Insurance

Just like the other employees, self-employed individuals have the entitlement to some basic social protection. The contributions are usually based on their income, and the benefits include pension, Droit passerelle, child benefit, and health and disability insurance.

Family or personal liability insurance

Personal liability insurance mainly covers physical injury or property damage that you unintentionally cause another person during your private life. The insurance covers non-material, material, and physical damage. Also, the policy includes the cover of legal assistance.

Popular insurance companies in Belgium

Some of the insurance companies in Belgium that you can always trust include;

  1. AG Insurance
  2. AXA
  3. Ethias
  4. KBC
  5. Baloise
  6. P & V assurances
  7. Athora Assurance
  8. Fidea
  9. Allianz
  10. NN