Insurance in Spain

Insurance in Spain

The need for an insurance cover in Spain can never be overstated. In taking an inurance cover in Spain, it is immaterial to start thinking that teh country is safe and no risks exist tonecessiate a cover. Yes, it is agreable that like most of Europe, safety and security is prioritized but risks still occur. For inscae, the police officers that patrol the streets of Madrid or Valencia will not taka way the fact that accidents still happen. Fires still raze down buildings and people lose their jobs in Spain regardless of the interventions in place,

Safety and security is not all gloomy in the Southwest European country of Spain. However, it is of great necessity for citizens and immigrants in Spain alike to take insurance cover. First, insurance provides security. To anyone, there is usually some fear of sudden loss, and during those times, it is difficult to bear the loss. Secondly, insurance is a way of spreading the risk. Saving is never enough, and that is the reason as much as you are saving, you need to take an insurance policy. Lastly, it enhances stable living standards even during difficult times.

Health Insurance Spain

Spain has among the best healthcare systems globally. The social security payment funds the system. Thus, a large number of the residents do not have to take private insurance. Any individual living and working in Spain pay the income tax as well as social security. It means that is what goes towards offering healthcare in the state.

The people covered by the public health insurance in the nation include employees, self-employed, children and spouses, nationals from Swiss/EEA/EA, and non-EU nationals. Moreover, the insurance covers hospitals, doctors, and treatment at home. Also, prescription drugs cover 40-60% of the cost. Unfortunately, unlike in Denmark, where the children’s dental costs are covered by health insurance, in Spain, it is not under the public care system.

Apart from the public health insurance, the ex-pats can opt to take private insurance. It helps in getting additional healthcare services. Taking this type of insurance is good as it makes the patients avoid long wait times in public hospitals. Also, it enables one to choose a Doctor who understands English deeply. As a foreigner, speaking Spanish might be frustrating.

Unemployment Insurance

In getting unemployment benefits in Spain, one has to have made contributions to Social Security for a minimum of 360 days. The contribution period gives one the chance to get benefits for about 4 months. Also, there must be proof that one is actively seeking employment.

The following are the requirements that you should meet:

  • Older than 16 years and have not reached the age of retirement
  • Registered with the social security
  • Legally unemployed and is actively job searching
  • Have made contributions for at least 360 days in the past 6 years

When the application is approved, in the first 180 days, you get 70% of the calculation basis. However, after the 180- days have elapsed, one gets 50% of the calculation basis. Also, the benefits are managed by Servicio Público de Empleo Estatal, SEPE.

Car Insurance in Spain

As a car owner in Spain, you must have at least third-party liability insurance. It covers all the damages as well as costs inflicted on a third party. This includes the legal costs, personal injuries, and vehicle damage. Also, one can make the third party include things like roadside help.

 In Spain, there is also third-party fire and theft. The insurance covers the things in the third-party insurance and also includes vandalism, theft, natural disasters, storm damage, and fire damage. Lastly, there is comprehensive insurance. The insurance covers the costs incurred by the third parties as well as yourself when the accident is your fault.

Home Insurance

In Spain, there are two types of home insurance, including contents and building cover. As an ex-pat, you know the journey of buying a home Is not easy. Thus, it should be protected, and the best way to do it is to take home insurance cover. As I said earlier, they are divided into two, and the building insurance covers the structure of the property as well as the fixtures.

On the other hand, content insurance covers all personal belongings. These are the things that are not part of the fixtures or property. Also, the cost highly depends on the security of the property. One can take the two insurances together or as a single unit.

Life Insurance Spain

As a resident of Spain, taking life insurance is one of the best decisions you can make. The reason is that it ensures that you have peace of mind as well as your loved ones. In addition, it ensures that irrespective of what happens, you as well as your family members are protected, just like in Romania. Interestingly, it is among the common insurance types in Spain. Even though it is not mandatory, it provides for the dependants in case you die as a regular payment or lump sum.

Travel Insurance

After thinking about your travel destination, the next thing you may want to do is book a ticket. Unfortunately, this is usually done at the last minute. During those times, anything can happen, such as cancellation, and when traveling, you may also get sick. Thus, the necessity for travel insurance. It covers medical as well as emergency assistance. This happens during your trip in or outside Spain. Also, it covers the loss of luggage as well as personal possessions. Lastly, the insurance covers legal expenses, activity, and personal accidents cover.

Pet Insurance

As a pet owner in Spain, you have to take pet insurance. Pets are valuable companionship for everyone as they give us happiness. Therefore, it is important to ensure that they are fine health-wise all the time. The health insurance for pets is good as it covers the medical expenses. Also, some of the packages even cover the cost of searching for the animal in case they get lost. They can cover the cost of putting up a billboard. Besides, it can cover travel, theft, cremation expenses, and the burial services

Popular insurance companies in Spain

  • Bsure Insurance Brokers Spain
  • The Insurance Centre – Su Centro de Seguros – TIC Group
  • Camposol Insurance Services
  • Ibex Insurance Estepona
  • EasyCover Insurance Torrevieja – DHL Gold Poin
  • Albox Insurance (Liberty Seguros)
  • Cigna Life Insurance Company of Europe SA / NV
  • Iberian Insurance Services Esp SL
  • Turner Insurance Specialists S.L.
  • right move insurance La Zenia