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Which insurance do i need?

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Wer den Schaden hat, soll nicht auch noch auf den Kosten sitzen bleiben. Dafür gibt es Versicherungen.
Welche man echt braucht, sollte man aber genau prüfen.
Which insurance do i need?
Unfortunately, no insurance has yet been invented against a broken heart. But otherwise, you can take out insurance against pretty much everything. Which insurance cover you actually need depends on your circumstances – and your subjective need for safety. Make sure you get professional advice and compare different offers. The principle is simple: You pay regular premiums to the insurance company (usually on a monthly basis). The premium is rather small in comparison to the potential damage you would suffer if the event against which you are insured should occur. But you should still calculate to see whether a given insurance policy is worth paying for.

Necessary insurance cover

There are some kinds of insurance which everybody needs. As long as you are attending school or university and live with your parents, you are covered by their insurance. After that, you have to manage your insurance situation yourself.

Insurance types everybody needs

Health insurance
Health insurance is obligatory for everybody in Austria. When you are in employment, your employer does the necessary paperwork, deducts you insurance contributions from your salary and transfers the premiums to the insurance organization. This gives you health insurance cover, i.e. a right to medical treatments and care.
Household insurance
If you have an apartment, you also need household insurance. Imagine you apartment is burgled: In that case, the insurance company will reimburse you for the material damage you have suffered. Most household insurance policies also cover major accidents, for example fires and the effects of natural disasters. IT is important to match the policy to the size of you apartment and the value of its furnishings.
Liability insurance
Liability insurance cover is often included in household insurance policies. What are the benefits? For example, if you accidentally destroy a lampshade in a friend’s house, the insurance will pay for a replacement.
Accident insurance
Your basic health insurance covers accidents at work and on your way to and from your workplace, but not in your spare time. Let’s say you suffer an accident during leisure-time sports activities. With accident insurance, you may be able to draw benefits in case of long-term aftereffects in addition to the necessary medical care. You should check the small print carefully, however, to see what an accident insurance policy includes in detail.
Motor vehicle liability insurance
If you own a car, you will have to take out car owner’s liability insurance. So-called “comprehensive cover” insurance is more expensive, and you should do the maths to see whether it’s worthwhile getting it. As a rule, comprehensive cover policies are only taken out for new or nearly new vehicles.

FAQ

Health insurance is required by law. As soon as you start working, it is automatically arranged through your employer.
Household insurance protects your belongings in the event of burglary, fire or water damage. Personal liability insurance is usually included and pays out if you unintentionally cause damage to someone.
Yes, as long as you are in training and living at home, you are generally covered by your parents’ insurance – e.g. health or household insurance.
It covers accidents during leisure time – e.g. during sport. It pays for medical treatment and can provide you with financial protection in the event of permanent damage.
Yes, third-party car insurance is required by law. Comprehensive insurance is voluntary and is usually only worthwhile for new or expensive cars.

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