Tips and Advice, Insurance in Spain

2021 expat's guide to Insurance in Spain… car insurance, home insurance any insurance, Broker or direct?

Insurance and the purchasing of, is hardly the most enlightening moment in life. Like Bank accounts when was the last time you decided to make a change? Unlike bank accounts you should know what you are getting for the money you spend rather than what you’re not getting from the money you have deposited!

Change is the only constant dependable and on average most people will change their motor insurance provider every three to five years. More frequently if claims are made. Home contents and buildings Insurance providers don’t change.

People keep the same Home Insurance provider for year after year providing the premium is not seen to spike from any one year to the next. Again claims see price increase and so regardless of how well the claim was handled the normal result is change of insurer.

As brokers we may keep the client, a little more work as a new Insurer is found as instructed. Any large movements in premium at renewal will automatically have a broker looking round for more competitive alternatives. Last thing wanted is an existing client to look elsewhere for a better price, service, attitude or simple down to earth give a damn.

Fact is insurance is not a thing, it’s not stuff, not something often spoken about other than when a mate asks, “where do you get yours?”. Best way to get business is from a referral! But still insurance is not a thing it is a must or a need. A must because of your legal responsibility to other people, their property and person. A must currently in Spain if, as an expat you are seeking residency, so must have the correct Health Insurance in place.

Normally I would refer to Healthcare or life insurance as a need. No legal requirement to purchase as there is with car insurance or bike insurance or van insurance, collectively known as motor insurance. Same goes with the care of pets via pet insurance or home insurance, contents insurance, buildings insurance.

You can live without them, it is your choice to purchase cover, well unless you have a mortgage and the bank insists, great not to spend the money each year but no protection if you don’t.

I would imagine that if you are reading this and are above 30 years of age you would have been spending money on some form of insurance for over a decade and without giving it much thought. Give it some thought now.

Firstly what are you looking for? a cheaper price? a better service the ability to talk to a person without fuss or bother? What is the difference between broker and dealing directly with an Insurance Company? Is insurance about the price or is it more important that it will be there for you if the policy is called upon, when you have no choice but to make a claim?

A cheaper price? Well it is a competitive world and looking around may shave off a few bucks. A better service the ability to talk? For the majority a year will travel without the need to speak, to test how good that service, other than the purchase of the policy, really is. Broker or direct?

I have to admit to being bias. I am a broker and as such any comment other than broker is obviously better, more on your side, constantly dealing with many insurers, could not be taken seriously! Is insurance about the price? Yes for sure and for sure if you have not withheld any information when completing the insurance contract you should get paid out.

Here maybe is that good reason for having a broker, individuals in the system for a living, supporting their clients. Yes, paid a commission, but not responsible for the amount being paid, just making sure that the payment, the damage repair, the house rebuild, the medical appointments, the stolen property is replaced, all is sorted and sorted as quickly as possible.

Modern day insurance was born in Edward Lloyd’s coffee shop on Tower Street London in 1688. The establishment became known as a good place to purchase marine insurance. To this day the basis of insurance contracts have not changed, utmost good faith my word is my bond.

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