What to look out for when you buy Car insurance in Greece!
What to look out for when you buy car insurance in Greece!
Insurance policies are sometimes very “technical’” to understand, particularly more if someone does not speak the local language. ”Small print” is never advertised or made clear at the moment of purchase which makes the following article more relevant to those who seek the right cover for their vehicle.
According to Bank of Greece’s website (www.bankofgreece.gr) the insurance companies that operated in Greece were more than 100. This means that a company might be legally registered in Greece but might not have the know-how or financial capabilities to support its customers in case of a claim.
This became particularly apparent after the suspension of Evima insurance, Diethnis Enosi insurance in 2013 and International Life insurance in 2016, leaving thousands of customers without insurance cover. Bank of Greece has intensified checks on insurance companies and there will be more developments in this area.
So when you look out for insurance in Greece you should not base your decision only on premiums, as a cheap premium might mean that the firm is trying to attract customers in order to compensate for its poor financial performance.
Instead, look for reputable companies that will give you value for money.
Do you have free Road Assistance included in your plan?
Below are 6 important tips to take into consideration when you buy car insurance:
1) What is the company’s financial record? What is the agreed timeframe for a claim to be handled? What is the solvency margin of the firm you are about to sign up to? Your insurance advisor should be able to answer the above questions.
2) Road Assistance service: Do you have cover only after an accident or for any reason that the car is immobilised? (e.g. out of petrol, flat tire, mechanical failure etc). Ask your insurance advisor!
3) Green Card: Is it issued for free or is there an extra premium in order to get it?
4) Is the current commercial value of your vehicle reflected in your plan? Your contract should be revised each year in order to reflect the correct commercial value of your vehicle. Otherwise you might end up paying a higher premium for a value that will not be reflected in a compensation!
5) Is your advisor / company accessible at all times? Is there a 24-hour help line when your advisor is not able to pick up the phone or answer your emails?
6) Do you have cover against un-insured drivers? (Even in the most basic plan). Unfortunately due to the crisis Greeks cut back on their expenses and there are more than one million vehicles in Greece without cover at the moment!
Finally remember this:
A drunk driver is considered a driver with no insurance cover by the Greek insurance firms!
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