Insurance: how many types are there and how much do they cost

Insurance: how many types are there and how much do they cost

Insurance: how many types are there and how much do they cost

Insurance is contracted by which, in exchange for the collection of a premium, the insurance company undertakes, in the event of an accident, to compensate for the damage caused or to satisfy a capital or rent. Before hiring one, it is convenient to know what types exist, what the insurance costs are, and finally what they mean for our financial health.

1.Personal insurance

They are those that include all the risks that can affect a person in their physical integrity, health or existence. They are classified in:

  • Life insurance : it is used so that the beneficiaries can have economic security in the event of the death of the insured person or absolute or permanent disability.
  • Personal accident insurance : these are services and assistance benefits. The insured can be compensated if he suffers an injury or disability due to an accident and also in the event of death.
  • Health or illness insurance : offers health coverage when needed, in addition to capital benefit or reimbursement of health expenses.
  • Dependency insurance: covers clients who have some type of diagnosed physical or mental limitation, due to which they need a person to assist them.

2. Property or damage insurance

They cover the risks of personal assets and companies. They are divided into:

  • Car insurance : they cover the risks that can be run when driving and are required by law to circulate. Additionally, coverage against theft, fire and/or damage to the vehicle can be included.
  • Engineering insurance: they are specialized in property damage due to accidents caused by natural phenomena, human error, action of things or natural wear.
  • Multi-risk insurance: they cover a wide variety of risks through the contracting of a single insurance policy.
  • Credit insurance: covers losses due to insolvency of debtors.
  • Theft insurance: they are contracted in the event of possible illegitimate theft (theft) of the insured property, mediating violence or intimidation.
  • Transport insurance: they guarantee coverage for material damage that the goods or transport may suffer.
  • Fire insurance: covers the damage caused if the insured object catches fire.
  • Civil liability insurance: they are contracted to indemnify a third party when the insured is civilly liable for the damages or losses caused.

3. Service provision insurance: 

The insurer's obligation consists of providing a service to the insured.

  • Travel assistance insurance: covers unforeseen events during a trip.
  • Funeral insurance: covers the expenses derived from the funeral of the insured and the procedures that must be carried out at the time of death.
  • Legal defense insurance: they focus on legal and extrajudicial assistance services.

insurance simulators

Before hiring a product with these characteristics, you should know:

  1. What are the risks that must be covered?
  2. How much would it cost to deal with them without insurance?
  3. How much savings would it mean if you take out insurance?

To help with this task, there are tools, such as online simulators or calculators, which provide the user with all this data by simply filling out a simple questionnaire. These simulators allow you to compare the prices of the different entities, something that is necessary to do every time you are going to contract a financial product. If you need the advice of an expert, you can always turn to your agent, broker, or bank-insurance entity to serve as a guide when hiring.

Once you have opted for insurance, it is important to decide how you are going to pay for it. It should be borne in mind that, on occasion, payment in installments can lead to an increase in the final price, so it is necessary to be well informed before signing.

The possibility of grouping all your insurance

BBVA has, at the disposal of users, all kinds of information about the insurance it offers and a series of simulators that allow the cost of the premium to be calculated according to the situation of each one. Thanks to these tools, people who want to take out insurance through BBVA will know in advance the price of the premium, according to the variables that they themselves indicate. In addition, the entity offers the ‘ EstarSeguro Plan ‘to its customers, which allows them to group the payment of their BBVA insurance (home, health, auto, life, or work disability for the self-employed) in a single receipt, dividing their payment over twelve months, with no additional cost or commitment to stay and enjoy bonuses based on the number of policies included. In this way, it is easier to save by taking out various insurance policies and planning your finances so that your payment does not entail any headaches.


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