INSURANCE IN VALENCIA

The list of insurance companies in Spain is long and flows literally from A to Z. Well knowns such as  Allianz and AXA to Zurich with Cigma, DKV, Generali, Mapre and Swiss plus over 200 others large and small in between. 

Interestingly, amongst it’s extensive array of publications, El Banco de España, the Bank of Spain, offers a comprehensive list of insurance companies. Spain is the sixth largest market in the European Economic Area. Thus Spain is a nation where most of its citizens are well insured. 

Many expats who relocate to work in Valencia will require health insurance, through the healthcare system or with added private coverage. Other types may be needed to cover property, liability, compulsory dog insurance, vehicles and so on. Over 40% of policies are sold through the banks, 16% through brokers.

Health Insurance

Spain’s citizens enjoy comprehensive health care. Though not necessarily universal, the basics are included for free or at a reduced cost through the sector run by the state and funded through taxes and social security contributions. With one caveat. Dentistry is not covered.

The private sector operates differently. Hence, many Spaniards and expat residents choose to invest in private health insurance, seguro de salud. This can enable quicker treatment or better service and reduces the cost of dental treatment. Coverage during transition periods may be offered from the home country, especially the EU and UK.

Home & Contents Insurance

Insurance companies tend to offer policies based on the size of the home, hogar, in terms of square metres as well as location and neighbourhood. Plus other factors. Is the property in the city of Valencia or outside, the neighbourhood, an apartment or house, which floor, etc.

The price of insurance coverage depends also on the value of contents. This can be somewhat tricky, as it may be important to avoid over or under insuring and replacing contents in the case of a claim.

The choice of companies for house and contents insurance available to expats is vast, all earning hefty incomes. The most important aspect to remember is perhaps the automatic renewal if not cancelled within the notice period of the policy.This can be one full calendar month.

Liability Insurance

Liability insurance, seguros de responsabilidad, is often overlooked. It can be compulsory in certain circumstances and may be the case for those expats following a profession or running a company.

Others may wish to hold coverage for peace of mind, he cost of personal coverage is minimal compared to the risks. Parents, for instance may wish to cover damage caused through accidental actions of their children. Others who ride bikes may wish to protect themselves from incidents involving others on the streets or bike paths.

Vehicle Insurance

Vehicle insurance is naturally compulsory in Germany. Compared to some countries such as the UK, coverage is taken out on a personal basis but in fact covers the vehicle regardless who drives. This can be unusual for many expats.

Policies vary widely in conditions and prices. Age of driver, safety history, estimated mileage that will be driven over the next few months, emissions, power and so on. Then there is the region in which the car or motorcycle is registered or parked and the corresponding accident and theft rates. Try DA Direkt.

Pet Insurance

Liability insurance for owners of dogs, seguro para perros, was introduced across Spain in 2023. It became compulsory for those who have a four legged friend, regardless of race or size. That said, the cost of policies vary accordingly.

By DeiaGreg / Mar 15 2024