The car insurance in the European Union is a multi – risk insurance, ie encompassing different insurance (commonly known as toppings) in a single policy. In fact, in some countries consumers can purchase insurance coverage by coverage, knowing the price of each part. This practice provides greater transparency on the comparison and allows us to know exactly what services we can access, but it requires greater social knowledge about insurance. In Spain, for simplicity, different packages have been standardized, called basic third parties with or without windows, extended third parties, and all risks with or without excess. Let’s see what they are and how much we pay for each coverage:
The basic third-party insurance covers in any case the compulsory civil liability of the at-fault driver, that is, up to € 70 million in damages to persons, up to € 15 million in material damage, health care expenses and burial expenses according to the customs of the place of the deceased. In the case of a good driver, its price ranges from € 89 for a Dacia Sandero to € 925 for a Bugatti Veyron. In other words, the cost of damage caused by a Bugatti Veyron multiplied by the probability of causing damage is 10 times higher in the second than in the first vehicle.
The basic third may include insurance moons, covering the repair or replacement of the crystals and usually sunroof. Taking the same example as above, the price of windscreen coverage can range from a minimum of € 19 per year to a maximum of € 450 and, unlike civil liability, it is independent of the driver’s accident history.
The extended third party insurance covers everything from a basic third party with windows, as well as theft and fire of the vehicle or its parts. The price of the burglary and fire cover ranges between € 42 and € 1,700, and depends on the vehicle but also on the circulation area. For example, most of the robberies take place in Madrid, Barcelona, Valencia or Malaga.
When we talk about All Risks , we think of insurance that includes the coverage known as own damages and that allows to repair the damages of the vehicle when the fault is not of a third party. However, as the name suggests, they include not only this coverage but all of the above. Its high price has meant that the offer evolves towards all risks with a franchise , which means that the company will pay the part of the repair that exceeds the figure set in the franchise. In the case of all risks without excess, the price of the coverage of own damages ranges between € 290 for the Dacia Sandero and € 14,100 for the Bugatti Veyron.
All these insurances can include many other coverages, such as roadside assistance , life or disability insurance for accidents, legal defense insurance and a long etcetera. For example, roadside assistance, which is contracted by more than 90% of the insured in Spain, has a price between € 35 and € 200, and in this case it does not depend on the car or the driver, but on the quality of the services hired.