The insured are protected from everyday dangers by private liability insurance – because even an avoidable minor mishap can quickly lead to considerable financial burdens.
But the choice of different providers is large, so that consumers quickly lose track of things. When choosing the right one Liability insurance Basically, some criteria must be taken into account, after all, insurance is undoubtedly one of the most important forms of protection.
If damage is accidentally caused to a third party, the insurance will cover the costs that result from this. The following article shows what is important when choosing private liability insurance.
The most important services of private liability insurance
The policyholders are protected in two ways at the same time by private liability insurance. On the one hand, the insurance covers damage caused to third parties by the policyholder, on the other hand, liability insurance also fends off claims for damages that are unjustified.
As a first step, the insurance company therefore always checks to what extent the policyholder is really responsible for the damage incurred. If necessary, the liability insurance will even cover the court and legal costs. However, the services of the individual insurance companies differ considerably from one another, which is why it is essential to compare the different conditions and prices with one another.
The following are some of the most important services that private liability insurance should cover in any case:
- For personal injury and property damage, the sum insured should be at least 10 million euros
- If the damaging party is unable to pay, bad debt cover should be available
- Reimbursement of costs in the event of key loss for locksmiths and new locks
- Assumption of costs in the event of damage to rental property, for example on the flooring
- Assumption of costs in the event of environmental damage, for example if heating oil leaks into the groundwater
In order to ensure that the best services are included in the new liability insurance, liability with a so-called market guarantee can be selected. However, if you only want solid basic protection, a simple comparison of liability insurance offers on the Internet may be sufficient.
Liability insurance: current value and new value
In everyday life it can happen that the damage is covered by private liability insurance, but the injured party demands a higher sum.
For example, for a broken porcelain bowl, the insurance company will reimburse a sum of 400 euros instead of the new value of 1,200 euros. The reason for this is that the insurance always only reimburses the current value including any wear and tear, i.e. the so-called current value. However, there are insurance tariffs that also provide for a replacement value.
How does an insured event work?
In the event of an insured event, it is important that insured persons take the following necessary steps into account:
- Documentation of the damage through photos or witnesses
- Information to the insurance company within a week
- Don’t file a plea of guilt
- Always wait for further instructions from the insurance company
The prices for private liability insurance
When comparing the different providers, you can quickly see that there are big differences in terms of performance. This also applies to the prices for the insurance. A detailed comparison of the offers is therefore always advisable. Nevertheless, the insurance cover should always be adapted to the individual needs of the policyholder.
If the insured person includes a deductible, which is usually between 150 and 250 euros, in the insurance contract, the costs can often be reduced. However, this is only worthwhile if there is no damage for more than ten years.
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