Some people are not sufficiently insured, others too much: In both cases, this can cost a lot of money. Which insurance policies are really worth it.
The most important things at a glance
Glasses, luggage, cell phones, cars, household goods or entire buildings: the list of things that can be insured in Germany is long. Very long, in fact. But not every insurance policy really makes sense.
t-online tells you which ones you should have, which ones you could consider – and which ones are no good. This way you can save money.
Before you take out insurance, you should consider whether the damage really needs to be insured. In this case, you should consider whether you could easily pay for the damage without insurance.
Important is: Take enough time to think and compare before you take out insurance. The following questions can help you:
- Do I really need the insurance?
- What are the insured risks?
- What restrictions are there on insurance coverage?
- What is the result of a comparison of different providers?
The key point here is that you should not allow yourself to be put under time pressure. In some cases, insurance agents recommend unnecessary contracts because they expect a high commission.
Important: You should check your insurance coverage regularly because your life circumstances often change or there are simply cheaper offers from competitors.
When you take out insurance, you should definitely tell the truth – for example about pre-existing medical conditions – and not withhold any important details. If you don’t do this, your insurance company may refuse to pay you in the event of a claim.
In Germany there are some types of insurance that you are required to have by law. An overview:
In Germany, there is a compulsory health insurance and a compulsory nursing care insurance. With health insurance, the costs of treatment in the event of illness are either fully or partially paid or reimbursed.
As an employee, you choose a health insurance company and the premiums are deducted directly from your salary. Your employer pays half of the premiums. High earners who are above the statutory insurance limit can also take out private health insurance.
Employees are required to have statutory pension insurance: the employer pays half of the contributions, as is the case with health insurance. But other groups are also compulsorily insured in the pension insurance scheme – people raising children or recipients of unemployment benefit.
- Statutory pension insurance: Do I have to pay taxes?
- Insurance in retirement: These health insurance costs are borne by you as a pensioner
Car owners must take out motor vehicle liability insurance. This covers property damage, personal injury and financial loss caused by the driver – but only to third parties, such as other drivers. There is also partial or fully comprehensive insurance that car owners should think about (see below).
Although some insurance policies are not mandatory by law, you should still take them out. An overview:
The most important insurance is private liability insurance – also known as personal liability insurance. You should definitely take out this insurance. Because: A negligently caused accident with high damage can quickly ruin you financially. The insurance premium of around 100 euros per year is relatively low in comparison. You can read more about liability insurance here.
For those in employment, occupational disability insurance can be worthwhile. This is because state protection in the event of occupational disability is rather low. It is not only people who work in manual trades who can become occupationally disabled; it can also affect office workers, for example due to depression. Please note: the later in life you take out the insurance, the more expensive it will be. You can read more about occupational disability insurance here.
If you are going on holiday abroad, you should also have international travel health insurance with you. This applies to both those with statutory and private insurance. The risk of illness or injury is particularly high on holiday: something can easily happen on a long car journey, while playing sports, on a cruise or in a hotel.
Patients abroad are often only treated for cash. They then have to get the costs reimbursed at home. You should make sure that your insurance also covers illnesses and accidents in the country in which you are vacationing. Otherwise, there is no point in having appropriate foreign health insurance. It is also important that the insurance also covers the most expensive item – the air ambulance flight home.
You should have building insurance if you own a property, such as a house or a condominium. This type of insurance protects your house against damage caused by fire, tap water, storms and hail. You can expand this basic protection with protection against damage caused by surges, for example.
