5 Myths About Insurance in Bulgaria That Could Cost You Dearly

Insurance is often surrounded by myths and misconceptions. These lead many people to underestimate its importance or make decisions that are not in their best interest. In this article, we have compiled the most common myths about insurance in Bulgaria.

Myth: “Insurance is an unnecessary expense.”

For many, insurance seems like an unnecessary cost because, in many cases, people do not see immediate benefits or returns from it. Unfortunately, in Bulgaria, this myth still persists, with many believing that insurance premiums are paid “for nothing.”

But here’s what insurance actually represents in general terms, according to Ms. Yoanna Tsoneva, Chairperson of the Board of Directors of Euroins:
“Insurance can provide an opportunity, in a difficult moment, for someone to support you. And if you’ve saved money for a vacation, you won’t have to spend it on repairs, for example, if your neighbor floods your apartment.”

The truth is that the premium you pay for insurance is minimal compared to the costs of a potential claim—whether it concerns your property or your health.

Today, insurance is not an unnecessary luxury; it is an investment in peace of mind and financial stability.

Myth: Motor CASCO Insurance is only worth it for new cars.”

"Motor CASCO Insurance is highly recommended not only for new cars but also for used vehicles, whose repair costs could be significant. The insurance covers repair expenses resulting from various unforeseen incidents, such as traffic accidents with another vehicle or a single-vehicle accident, theft, vandalism, fire, or natural disasters. One of the most common types of damage occurs in parking lots, whether someone else hits your car or you accidentally damage it while parking,” shares Hristo Emilov, Claims Inspection Specialist at Euroins.

When you have Casco insurance, all these damages are covered, and you don’t have to pay for repairs out of your own pocket. With Euroins Casco insurance, you can choose from several basic coverage options as well as additional add-ons to ensure the best protection for your vehicle.

Myth: “The European Health Insurance Card (EHIC) is enough when traveling abroad.”

The European Health Insurance Card provides access to basic medical services in public hospitals in European Union countries, as well as in Iceland, Liechtenstein, Norway, and Switzerland. Every Bulgarian with health insurance is entitled to it, but its coverage is very limited.

The “Travel Assistance Abroad – Traveler” insurance offers much broader protection, is valid worldwide, and covers treatments and consultations in both public and private medical facilities. Its premium costs less than a meal at the airport, while the peace of mind and security it provides are invaluable.

Whether you are traveling abroad for work or leisure, this insurance is your reliable companion in case of medical expenses, lost luggage, or delayed flights. Euroins clients also benefit from 24/7 assistance entirely in Bulgarian.

Myth: “In a car accident, everything is always covered by the other driver’s liability insurance.”

Many drivers are still not fully aware of what motor liability insurance actually covers. This is a mandatory insurance for every vehicle owner and covers damages you cause to other vehicles or property. However, damages to your own car will not be covered. If you do not have Motor CASCO insurance, the repair costs for your vehicle will be entirely at your own expense.

Myth: “Insurance does not cover natural disasters.”

In recent years, natural disasters in Bulgaria have become significantly more frequent—floods caused by heavy rainfall, hailstorms, and even earthquakes. With the appropriate insurance policy, damages from these disasters will not harm your budget or disrupt your normal life.

We all remember the major earthquake in Pernik in 2012. At that time, many homes in the region were damaged, highlighting the weak insurance culture in Bulgaria and the widespread lack of home insurance. Insurance protects our homes not only from earthquakes but also from fire, natural disasters, theft, robbery, and more.

In 2014, Sofia experienced a severe hailstorm that caused significant damage to a large number of vehicles. Those who had Motor CASCO insurance were not financially affected, as this risk is covered by the insurer.

These are just a few examples that debunk the myth that “insurance does not cover natural disasters.” Natural disasters are indeed a covered risk in property and vehicle insurance, as well as in agricultural insurance.

In this article, we have examined only a small portion of the myths surrounding insurance in Bulgaria. They often prevent people from making the right decisions for themselves and their loved ones. At Euroins, we believe that accurate information is the key to peace of mind. Our experts are always ready to help you choose the insurance policy that best meets your needs.