Types of Insurance and Their Advantages

Why are insurance policies important?

Insurance in Bulgaria has a long history, with the first Bulgarian company being established in 1891. It is no coincidence that the first insurance policies sold in Bulgaria were property "Fire" policies.

In Bulgaria, insurance is often perceived as an unnecessary financial burden. However, nowadays, we are exposed to many risks in our daily lives – from driving and traveling to the time we spend at home. Any accident can lead to significant expenses that we are unprepared for and that can seriously affect our budget.

Insurance offers the possibility of receiving financial compensation in adverse situations, providing peace of mind and protection for you and your loved ones. It is a way to ensure that even in the most difficult moments, you will be financially secure.

The Bulgarian market offers a wide range of insurance products to meet our needs and financial capabilities.

Types of General Insurance:

In this article, we will explore the main types of insurance.

Motor insurance is one of the most popular types of policies in Bulgaria, and for good reason. The "Motor Third Party Liability" insurance is mandatory by law for every vehicle registered in Bulgaria that is not decommissioned. But do we really understand what it covers? This insurance protects the driver or owner of the vehicle against liability if they cause damage to third parties while driving or parking.

With Euroins' "Motor Third Party Liability" insurance, you can extend coverage with additional options for a minimal premium, such as: Legal Assistance in a Road Traffic Accident, Accident Insurance for People in the Vehicle, or Roadside Assistance.

It is important to note that the insurance does not cover: damage to your vehicle, injuries to the driver who caused the incident, or situations where the driving is in violation of the law (for example, driving under the influence of alcohol or drugs, or by an unlicensed driver).

Another popular insurance type in Bulgaria is the voluntary "Motor CASCO" insurance. It covers various types of damage caused to your vehicle, such as: accidents with other vehicles, self-collisions, theft, vandalism, or damage due to fire or natural disasters.

One of the most common types of damage is parking-related incidents, whether another person has hit your parked car or if you've damaged your own vehicle while parking. With "Motor CASCO" insurance, these damages are covered, and you won’t have to pay for repairs out of your own pocket.

With Euroins’ "Motor CASCO" insurance, you can also choose additional coverage to complement the basic ones and define the terms of compensation to ensure you feel secure and financially protected.

Home insurance is gaining increasing popularity, offering customers security and protection for their homes. There is a wide range of home insurance policies available on the market to meet the needs and budgets of most people. Euroins has developed two specialized products for home property insurance that cover both basic and additional coverage, so customers can feel even more secure and protected in the event of unforeseen situations such as: natural disasters, fire, theft, flooding by neighbors, and more. You can choose between a package insurance, where risks are grouped, or select specific risks and limits according to your needs.

If you are a business owner, there are also specially designed property insurance policies that provide protection for your business operations. You can insure the property used for commercial, industrial, or administrative purposes. Business property insurance covers tangible assets such as buildings, equipment, goods, and more, offering financial compensation in the case of unforeseen incidents. This means that if your assets are damaged or lost due to fire, natural disasters, theft, vandalism, glass breakage, or machinery breakdowns, your business will be protected. This way, you can avoid disruptions to your business operations and serious financial losses that could endanger your company. Euroins offers a wide range of insurance products for businesses – from building property coverage to protection for electronic equipment.

The Pandemic Changed Travel Conditions

Travel insurance gained significant popularity during the COVID-19 pandemic. The fear of quarantine or hospitalization in a foreign country prompted many to turn to insurers for appropriate travel insurance coverage. As a result, travel insurance policies, such as Travel Assistance and Trip Cancellation, have become increasingly relevant. Travel Assistance provides compensation in the event of accidents, illness, or other unforeseen circumstances such as theft or loss of baggage, extended or shortened trips, or missed connecting flights. To ensure their clients' peace of mind, Euroins offers access to a 24/7 assistance company with Bulgarian-speaking support, as well as an online chatbot.

With a "Trip Cancellation" insurance policy, you can avoid financial losses if your trip is canceled and the amount paid for the travel package, flight, and hotel is non-refundable by the service provider.

Travel insurance policies are not just basic emergency health coverage. Euroins offers a variety of products and covered risks that can be combined to ensure your peace of mind during a vacation or business trip.

Accident Insurance – An Investment in Your Health

Euroins offers a wide range of "Accident" insurance policies that provide coverage for various risks.

"Accident and General Illness" is an insurance policy that provides basic protection for incidents at home, in the workplace, or during illness. It guarantees financial compensation, ensuring that unforeseen health incidents won't disrupt your daily routine. You can expand the scope of the policy with additional coverage options provided by Euroins, such as temporary incapacity, medical expenses, and more.

For professional athletes or simply sports enthusiasts, a special "Athlets and sports clubs insurance" has been developed. It covers the recovery of costs and compensation in the event of an accident during sporting activities. This insurance is also suitable for children who participate in sports—whether individually or as part of a team, and whether amateur or professional.

A time-tested insurance is the "Accident Insurance for Students, Children, and Staff from Educational and Childcare Institutions." Given the active lifestyle of children, accidents at school or in the playground are not uncommon. This is a group policy and is suitable not only for children and students but also for teachers, administrative staff, and support personnel from educational and childcare institutions.

Be responsible for your actions, and trust the right insurance for everything else

"Liability" insurance, especially "Professional Liability" insurance, is becoming increasingly important. If you work as medical personnel, a veterinarian, a lawyer, a notary, or even a mountain guide, it is highly recommended to take out such a policy. This insurance financially compensates for damages caused to third parties in connection with the exercise of a particular profession or activity. The insurance applies within the territory of the Republic of Bulgaria, and the liability limits are determined based on the profession or activity associated with the insurance.

How to Choose the Right Insurance for You?

When selecting the right insurance, it's important to first determine what kind of coverage you need. The current market offers a wide variety of options to suit different needs. Additionally, consider your budget, as this will influence whether you opt for a basic or extended coverage policy. Choosing a reliable insurance company is also crucial, and this depends on your research of the market. You may want to consult with an insurance broker for expert advice or contact various insurance providers directly. Online insurance is becoming increasingly popular, offering the convenience of signing policies and paying premiums independently.