Main types of insurance

We'll explain to you how the main types of insurance work

Car insurance

This is insurance designed to covers risks related to a vehicle and its occupants. The policyholder shall pay the insurance premium. In return, if an accident occurs or the vehicle is damaged, the insurer covers the expenses, or pays a sum of money, or offers other type of benefits, depending upon the coverage contracted in the policy.

In Spain the law requires drivers to at least have civil liability insurance that covers use and operation of the insured car.

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The most common types of car insurance modalities are:

  • Third-party liability insurance: this is the mandatory minimum. It covers third-party liability claims against the driver.
  • Comprehensive insurance: protects the entire vehicle in the event of any damage.
  • Insurance with deductible: In the event of damage to the car, the policyholder or the insured shall pay for a part of the cost of repair and the insurance company shall pay the rest.

Home insurance

This insurance is designed to protect the owners or tenants of a home against the economic losses sustained by policy holders or affected third parties stemming from a wide variety of risks.

The policyholder is committed to paying the premium. In return, if an accident or damage occurs, the insurer covers the expenses, pays the agreed-upon amount of money, or offers other benefits, depending upon the coverage contracted in the insurance policy.

Depending on the category of insurance selected, the policy may cover both the building and its contents as well non-contractual civil liability regarding the obligation to pay for damages and losses caused to a third party, up to the limit specified in the policy.

The dwelling is the assemblage made up of the main and auxiliary buildings at the insured property, such as permanently installed systems and devices used to provide utility services to the home, as well as gardens, exterior fencing, and sports or recreation facilities. The contents of the dwelling includes all movable furnishings and equipment, cash, jewellery, and special objects (precious metals, works of art, antiques, etc.).

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Life insurance

This is a type of insurance that guarantees payment of a specific sum to the policy's beneficiaries in the event of the death of the policyholder, and as long as any of the contingencies established in the policy exist.

Life insurance products may also include coverage for disability or serious illness, so that the policyholder will receive financial compensation if any of the situations described in the insurance contract occur.

Key elements of a life insurance policy include:

  • The insurer: this is the company that is obligated to pay the compensation.
  • The policy holder: this is the person who pays the premium.
  • The premium: this is the price or cost of the insurance.
  • The insured: in the event of the death of the policyholder or under certain other circumstances, the insurer must pay a specific sum to the beneficiary, or else periodic income or other agreed-upon benefits.

Group insurance products

One of the best ways to save on the price of insurance products is to group them. For example, you can use the BBVA EstarSeguro Plan to get a progressive discount depending on the number of insurance policies you have taken out. Moreover, the insurance payments are made monthly and without surcharges
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You might also be interested in

  • We'll explain what a life annuity insurance is and what its advantages are.
  • Since you are required to pay for damages that you cause to others, a civil liability policy may be necessary.
  • We'll explain how it works, the basics and how to find the one that is best suited to your needs.
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Tools of insurance

  • Create your own example with your current insurance policies to find out how much you could save if you decide to include them in the BBVA EstarSeguro Plan.