As I said before: Germans have insurance for everything - this may sound like a prejudice, but it is true. (The one about the leather pants on the other hand is not true at all!) The German
insurance system offers a wide range of possibilities to hand over risks. You can insure your household contents, your residential building, your liability risk, your accident or your death risk.
Besides cars, bicycles and boats you can also insure your work force or your risk of contracting a serious illness. All this is possible and much more!
You may not take advantage of all the options available to you, but this guide will introduce you to the insurance policies you should know about and explain why they may be important to you.
Private liability covers the financial costs of damage that you have unintentionally caused to a third party. Here are some examples of damage:
Accidentally you sit down on the cell phone of a friend. The liability covers the repair costs.
When riding a bicycle you accidentally give way to a passenger and you collide. The private liability insurance covers the treatment and follow-up costs and...
... in addition, the compensation for pain and suffering and the costs of the injured person's loss of earnings.
What additional benefits do top tariffs offer?
When do I not have insurance cover?
In Germany we have a statutory health insurance. It is much better than in other countries. Nevertheless, you need to pay supplementary payments by yourself for many treatments. These supplementary payments depend from the kind of treatment and differ a lot. Especially at the dentist and in the hospital there could be a higher amount of supplementary payments. With private insurances you can minimize these co-payments or increase your service level.
The service level of the health insurance companies was cut back considerably, especially in this segment. If you go to a dentist, you have to make considerable additional payments, especially for dental prostheses such as crowns, implants and bridges. With a dental insurance you can minimize these co-payments.
A dental insurance costs between €10 an €50 per month - depending on your age, benefits and state of health.
In a hospital in Germany you will not receive treatment by a chief physician. You will also not get a single room, but share a room with several patients. If you want better service, you will have to make co-payments. You also do not have a free choice of hospital. You are simply always driven to the nearest hospital. With a private additional insurance you can book these and other benefits.
A hospital insurance costs between €20 - €50 per month - depending on your age, benefits and state of health.
With the public health insurance you are insured in Germany and partly also in other countries of the EU. For trips to countries with which Germany has no social
agreement, a travel health insurance is very useful.
The travel health insurance costs between €10 and €20 per year. You can also book by the day, but this will quickly become much more expensive.
Health insurance is compulsory in Germany. So everyone has to prove a health insurance. 90% of the population is insured in the statutory health insurance. The
other part, such as self-employed, civil servants and high earners can take out statutory health insurance by choice. But they also can take out full private insurance.
The private health insurance companies do not have to accept everyone. Unlike the statutory health insurance companies, they check your risk. If you cannot prove that you have been a member of a German health insurance company for at least two years, no reputable company will insure you. Therefore, you have to stay in the public health insurance for two years and only then you can change to the private full insurance. Here you get better benefits and at a young age you pay even less than with the public health insurance.
If the household contents are damaged as a result of one of these events, a claim for reimbursement of the financial loss will arise:
All objects not firmly attached to the building are considered home contents. Insured are
If you temporarily live in a furnished apartment, it is assumed that the owners have a home contents insurance. However, your personal belongings are not covered (your clothes, valuables, etc.). For longer stays it may be useful to take out a small household insurance for your belongings. If you move into your own apartment, which you furnish yourself, you should definitely take out a home contents insurance. It is already available from €30 per year up to €200-300 for a large or very high-quality household.
"Germany is a state of bureaucracy" This is not really a prejudice either. We are very correct and love our rules. In addition we like to insist on our right. Therefore it can happen that you unexpectedly get into a legal dispute in Germany. You could also take legal action yourself, for example against your employer or another road user who bumped into you. To minimize the costs, a legal protection insurance is suitable.
As an employee you are covered by a relatively generous accident insurance. However, treatment and loss of earnings are only covered if there are incidents on the way to and from work or if you are the victim of an accident at work. But many potential activities are not covered by the insurance, e.g. household activities, hobbies such as mountain biking or hiking. If you have a high accident risk in your private life, a private accident insurance can be very useful for you.
When it comes to life insurance, Germany offers a lot of possibilities. For the sake of simplicity, we distinguish two types:
In life, we take some risks, but even if we try to live as safely as possible: The risk of our death or the risk that we lose the ability to do our job always exists. You can insure these risks, even for a limited time during your stay in Germany. The benefit is due if the insured event occurs within the term.
The premium is only paid for the life insurer's promise to provide benefits in the event of an insured case. No additional savings are made. If the insured event does not occur during the term, no benefits are paid. The contract ends. You can take out risk insurance with regular or single premium payment. It can be useful to make arrangements for the worst case. Especially if your family is dependent on you and your work. You are welcome to inquire with us and we will calculate how much an insurance for you costs.
Today, people are consuming more than ever before. The problem: by consuming you neither become rich nor happy. So we should urgently change our thinking and invest more than we consume.
But taking out an insurance to save money probably makes no sense for you. You are only temporarily in Germany and you will not work here until your retirement. In your case short-term savings contracts are more reasonable. But if you decide to stay longer in Germany, please contact us. There are a few possibilities how you can provide for your future.