Insurance in Ireland

Insurance in Ireland

Insurance in Ireland is probably  one of the most important things that anyone planning to move to the country should think about. Unfortunately, most people would rather think about planning visiting attractive places in the country without giving a second thought about their safety. Just ask yourself “what if something goes wrong and I have no choice but to use money”. The answer to this question will likely give enough reasons for you to rush and sign up for an insurance cover. Having an insurance cover is not to mean that you are inviting misfortunes but rather gives an headstart should things go haywire.

Buying any kind of insurance policy in Ireland means better financial planning. Besides, purchasing insurance earlier means that one can get a good financial sense. Unexpected things do occur without warning, including getting sick, accidents, as well as natural disasters. Therefore, insurance is significant as it makes one have fewer worries in case of a disaster and plays a role in helping the affected heal faster.

Health Insurance Ireland

Unlike Germany and the Czech Republic, health insurance in Ireland is unique. Any individual who has lived in Ireland for about 1 year is regarded by Health Service Executive (HSE) to be a resident. Thus, such people can get full eligibility (Category 1) or limited eligibility (Category 2) for health services. Category 1 covers about 30% of Ireland residents having medical cards. The cards give people the chance to get varied medicines and health services for free.

People with a medical card can get the following for free:

  • Community care as well as personal social services
  • GP service
  • Public hospital services
  • Prescribed drugs and medicines
  • Maternity and infant care services
  • Specific aural, optical, and dental services

People with no medical card may still get hospital and community health services at reduced costs or free. These people do pay for the prescribed medicines and drugs. The good thing is that they just have to pay a maximum of €114 monthly according to the Drug Payment Scheme.

Unemployment Insurance

The Department of Social Protection pays the unemployed individuals jobseeker’s benefit weekly. However, one must be covered by social insurance. The people who do not qualify for the job seeker benefit can make an application for a Jobseeker allowance.

To qualify for the Jobseeker’s Benefit, one should:

  • Have enough social insurance (PRSI) contributions
  • Unemployed or partly unemployed at 4 out of the 7 days
  • Under 66 years old
  • Have the capacity to work
  • Genuinely seeking for job and being available to work
  • Must have suffered significant loss of unemployment for a period of 7 consecutive days.
  • Having 13 paid contributions in the relevant tax year, current tax year, last complete tax year, and 2 tax years before the relevant tax year.

One can be disqualified to get the Jobseeker Benefit if:

  • One lost the job because of misconduct
  • Left job voluntarily with no reasonable cause age under 55 and gets redundancy payment of over €50,000
  • Refuses an offer of good training or alternative employment

Car Insurance

One must have motor insurance in order to drive on the Irish roads. The main types of insurance in Ireland are third party, third party fire and theft, and comprehensive insurance. The minimum needed motor insurance in Irish is the third party. If one is involved in an accident and is at fault, the insurance compensates the other parties for injuries or damages.

Third-party and theft insurance is so popular in Ireland. It provides similar coverage to third-party insurance but with additional coverage if one’s car is damaged by fire or stolen. However, if one is at fault in case of an accident, it does not cover any damages or injuries sustained.

Comprehensive insurance is the most expensive in Ireland. It offers similar coverage as third-party fire and theft while also giving one the opportunity of claiming damage to one’s vehicle irrespective of the individual who caused the collision. Unfortunately, it does not cover the drivers for injuries to their person.

Home Insurance

A home is the biggest asset for most Irish people. Thus, it is significant to protect it in case something goes wrong. Home insurance ensures that one is not left counting losses when things go wrong. Some of the insurances cover accidental damage such as carpet splits, kitchen appliances, charges for the fire brigade, and alternative accommodation.

Life Insurance

Although we do not wish death upon ourselves, we have to worry about what will happen if we die. Therefore, through life insurance, the family is protected in that they can pay a mortgage, childcare costs, and payment of bills. Also, it is important to take it at an early stage as there are better benefits.

Taking this insurance offers one peace as they do not have to worry about debt payments when they are gone. In some way, it can protect an individual from losing income. Besides, it pays the funeral costs in case of the insurer’s death.

Travel Insurance

Travel insurance is important for all people traveling to or from Ireland. The insurance covers medical expenses in case one becomes sick while abroad. Also, the insurance covers cancellation and curtailment as well as chubb assistance.

The other things covered by travel insurance are travel delay and missed departure. While traveling, one can get hijacked or luggage stolen; thus, travel insurance covers such events. Moreover, the insurance indemnifies personal liability, personal property, and legal expenses.

Pet Insurance

The average cost of insuring pets such as a dog is € 16 monthly. A pet is part and parcel of the family; thus, just like the loved ones get protection, we have to protect them. Pet insurance covers it in case of death by illness or even accidents before reaching a certain age, depending on the insurer.

Furthermore, the insurance covers illness and injury treatment, including medical tests, prescription drugs, and surgery. In case a pet goes missing, the insurance company can cover the costs of putting up posters. The other things covered in pet insurance include third-party liability, cattery costs, and holiday cancellation.

Income Protection for the Self Employed

The income protection insurance pays the Irish people monthly income in case they are unable to do their jobs because of accident or illness. One can insure about 75% of the pre-tax earnings. Unfortunately, one cannot insure the full amount. The insurance assures the insurers of income protection and mortgage repayment in case of illness or accident.

Popular insurance companies in Ireland

  • AIG Europe
  • Asgard Insurance
  • AXA
  • Friends First
  • Kennco Underwriting Limited
  • Irish Life
  • Liberty Insurance
  • Prestige Underwriting Services Ltd
  • XS Direct insurance
  • Wrightway Underwriting Ltd
  • Intesa Sanpaolo Life
  • Prudential International Assurance