In everyday life, accidents can happen quickly. If you don’t take out liability insurance, you’ll have to dig deep into your wallet. The small print is what counts when making a decision.
According to § 823 BGB (German Civil Code), you are liable for damages caused to third parties. Even an unfortunate mishap can be expensive. To ensure that liability insurance really offers 100% protection in everyday life, you need to look closely at the insured services and exclusions. We explain what you should pay attention to when it comes to private liability insurance – especially as a family.
Many families decide on insurance premiums. In the case of liability insurance, you may be making a mistake right now. In order for the policy to show its full strength in everyday life, the coverage amount must be high enough. Consumer protection groups’ recommendations differ on this point.
All information applies to personal injury and property damage. Coverage for insured financial loss may be lower. If rates are cheap but do not reach the recommended minimum coverage, do not take out a policy.
Tip: In order to reduce the premium despite good performance, a deductible can be agreed. This should normally not exceed 500 euros per claim. The key thing is that the deductible does not overburden you financially.
The following classes of damage are generally insured in liability insurance:
The latter can be insured as real financial loss (exclusively financial loss) or indirect financial loss (as a result of personal injury and property damage). Unfortunately, not all tariffs cover both variants.
What is important when taking out insurance: Insurers sometimes exclude material damage that occurs to rented items. This could be a rented apartment, for example, or a holiday home. You should pay particular attention to your pets here.
Families in particular benefit from liability insurance. Most tariffs also cover children and spouses living in the same household. However, there are restrictions here too. If the child is not older than seven years old, not all insurers will pay. Since the policy is still valid if the child is completing an apprenticeship, the 70 to 100 euros per year for liability insurance is definitely worth it.
