You’ve probably come across the word excess before, but it can be rather confusing. Is it something you pay? Is it deducted? Is it worth having? The fact of the matter is that the excess can make a considerable difference, in terms of the insurance premium and what you’ll have to pay out of your own pocket if you’re involved in an accident. And this applies if you have, for example, excess car insurance, but in other policies too. Let’s see what having excess really entails and when it might be of interest to you.

What is excess?

The excess is the amount you agree to pay if you are involved in an accident. In other words, when your insurance covers damage, you pay part of the cost and the rest is covered by the insurer. For example, if you’ve agreed to €300 excess and the repair costs €1,000, you would pay €300 and the company would foot the remaining €700 bill.

This system is used in a number of different types of insurance: from car and home insurance to health and liability policies, provided this option has been agreed upon beforehand.

How does comprehensive excess insurance work?

Comprehensive excess insurance is extremely common in car insurance. If this is what you’ve taken out, you’re fully covered against claims, but you pay a fixed sum in each case.

For example, if you have car insurance with an excess of €300 and have an accident that causes €2,000 in damage, you’ll pay €300 and the insurer will pay the remaining €1,700.

Similarly, the excess applies in the event of a claim involving own damage and when there is no responsible third party or no one has been identified, since, in this case, you can claim the excess amount from the person responsible for the accident.

Excesses do not apply to damages to third parties, or damages caused as a result of theft or broken windows, when an own-damage guarantee is taken out. However, the possibility of taking out the own damage insurance is subject to the vehicle’s age.

What are the main benefits of comprehensive car insurance with an excess?

Taking out comprehensive car insurance with an excess can be an excellent option if you're looking for extensive protection at a more affordable price. Although you'll be responsible for paying part of the cost in the event of a claim, this type of policy offers several important benefits, especially if you don't usually have accidents.

• Lower premium: by sharing part of the risk with the insurer, the cost of your insurance is generally lower than a policy without an excess.
• Comprehensive cover for major claims: you continue to enjoy extensive protection, even in the event of serious or costly damage.
• Greater control over which claims to report: you can decide whether it's worth paying for minor repairs yourself and avoid any potential increase in your premium.
• Ideal for drivers with a good claims history: if you've had very few accidents, you can save money without sacrificing cover.
• Efficient claims handling for major incidents: when the cost of the damage exceeds the excess, the insurer takes care of the rest of the claims process.

Differences between insurance with an excess and insurance without an excess

When choosing a car insurance policy, one of the first decisions you'll need to make is whether you want cover with or without an excess. Both options have advantages and disadvantages, and the best choice depends largely on your personal circumstances, such as how often you use your car, how frequently you make claims and your budget. To help you decide, here are the main differences between the two options.

• Insurance premium
  • With an excess: the annual premium is generally lower.
  • Without an excess: the premium is higher because the insurer assumes 100% of the risk.
• Your contribution to repair costs
  • With an excess: you pay part of the cost of the claim (for example, the first €300).
  • Without an excess: you pay nothing, provided the claim is covered by your policy.
• Handling minor claims
  • With an excess: it is often not worth claiming for low-cost damage.
  • Without an excess: you can report any covered claim without worrying about the cost.
• Recommended driver profile
  • With an excess: ideal for experienced drivers or those with few previous claims.
  • Without an excess: recommended for those seeking complete peace of mind and cover from the first euro.
• Peace of mind
  • With an excess: gives you greater control over which incidents you choose to report.
  • Without an excess: provides maximum protection without having to pay additional costs.

When is insurance with an excess recommended?

Insurance with an excess may be particularly suitable in certain situations and for specific driver profiles. The most common examples are:

• Experienced drivers with few claims: if you've been driving for many years and rarely have accidents, you're unlikely to need to make claims frequently. In this case, you can benefit from a lower premium without giving up comprehensive cover.
• People who use their car occasionally: if you only drive at weekends, during holidays or for short journeys, the risk of an accident is lower. Insurance with an excess can help you save money.
• Owners of older vehicles: if your car is no longer new and you don't need full cover from the first euro, this option allows you to enjoy comprehensive insurance at a lower cost.
• Drivers looking to protect themselves against major damage: if you're happy to cover the cost of minor repairs yourself but want protection against serious damage, an excess offers a good balance between cost and cover.

Ultimately, this type of insurance is designed for people who want comprehensive protection while keeping their insurance costs under control, provided their driving habits and risk profile make it a suitable choice.

Tips to fill in the amicable accident report

• Get safe

  If, at the time of the accident it is not possible to fill in the amicable report, it can be agreed with the other party to fill it in later (always note down the registration number and telephone number).

• Data to note

  Save the data of those involved: license plate, telephone number, name, etc.

• Complete the accident report

  Write the details in capital letters. The more details you provide the better.

• Do not sign an empty amicable report nor if you do not agree with what has been filled in

• Always keep a copy of the amicable report, whoever is responsible for the accident.

• Once it has been filled in and signed, it should not be rectified, nor should information be rubbed out or added.

• Take photos of the accident

  If possible, take photos of the accident and of the damage to the vehicles.

How to fill in an amicable accident report step by step

1. Date and place of the accident

   Indicate the date and place of the accident (if it is a road, the name and the km; if it is a crossroad, the two streets and the town).

2. Other damage and injuries

   Indicate in these sections whether people have been injured in the accident, even if they have only been slightly injured, and whether damage exists other than to the vehicles.

3. Witnesses

   Note down their name and telephone number in this section you may need them.

4. Details of the insured party and affected vehicle

   In this section, each driver must choose column A or B and provide the largest amount of details possible regarding both vehicles. It is essential to indicate: vehicle brand, model, registration number and insurer.

5. Damage, observations and sketch

   Mark the point of the collision and the damage caused in the accident. Do a simple sketch which reflects how the accident occurred, identifying vehicles A and B and the movement of each one with arrows. Add observations that help to understand the way in which the accident occurred.

6. Circumstances

   This section is very important, since it sets forth what occurred. In this section, each driver must mark with an X the boxes that explain the manoeuvres that led to the accident. Driver A will mark the boxes of their side and driver B those of their side. If none of the circumstances describes the way in which the accident occurred, do not mark any and write in “Observations” how the accident occurred.

7. Signatures

   It is important, for the report to be valid, that it is signed by both parties involved. Sign it only if you agree with what has been filled in.

8. Notify the claim as soon as possible

   You can do it by phone or in your Client Area. Have the accident report at hand

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When it comes to choosing between medical insurance with co-payments and without co-payments, a whole host of questions may arise. That’s why, when you’re in the process of taking out a policy, one key consideration is to understand the differences and benefits of each type so that you can choose the option that suits you best. What there is certainly no doubt about is that private medical insurance gives you access to a large medical team and allows you to avoid any waiting lists, offering efficient and high-quality medical care.

Medical insurance with or without co-payments: which one should I choose?

The difference between co-payments and no co-payments lies in the payment structure and the way in which costs are distributed over time.

Choose medical insurance without co-payments if:

• You go to the doctor often: you won’t need to worry about additional expenses every time you need assistance.
• You prefer to keep payments simple and stable: you will pay a fixed monthly premium, with no surprises.
• You value peace of mind: any medical service is covered with no additional costs.
• You need treatment for long-term or chronic issues: if you have a chronic illness or you need long-term treatment, the fixed monthly insurance fee without co-payments may be more economical and predictable.

Choose medical insurance with co-payments if:

• You do not need frequent medical care: you can take advantage of lower premiums and only pay when you need medical assistance.
• You want to lower your monthly expenses: you pay less because the premium for policies with co-payments is cheaper.
• You prefer to distribute the cost: paying a small amount for each service can help you monitor annual health expenses.

What is medical insurance with co-payments and what type of policies are there?

Medical insurance with co-payments is where the individual insured pays part of the cost of the medical care each time they use the services. This payment is on top of the monthly premium. There are different types of co-payment policies:

• Insurance policies with low co-payments: the insured individual pays just a small amount for each medical service.
• Insurance policies with medium, limited co-payments: the insured individual pays slightly higher co-payments, but these are limited per year. Once the annual limit has been reached, the insured individual will not pay any more co-payments.

In short, insurance policies with co-payments are the perfect option for those who do not go to the doctor frequently, since they can pay a lower monthly premium. Essentially, choosing between an insurance policy with co-payments or without co-payments will impact the amount you pay monthly.

So, you can opt for an insurance policy without co-payments, where you will only pay a monthly premium, an insurance policy with low co-payments, where the premium is a little lower, or an insurance policy with medium, limited co-payments, where the premium is even more affordable than with low co-payments.  

Other items that may be covered in insurance policies

Insurance policies without co-payments can include additional coverage that you should take into consideration when choosing a policy. Here are some of the most common items covered

• Dental cover: basic and advanced dentist services.
• Second medical opinion: access to specialist consultants to confirm diagnoses or treatments.
• International cover: medical care abroad.
• Wellbeing services: health prevention and holistic health programmes.
• Assistance at home: medical assistance at home for patients who need this for health reasons.
• Hospitalisation and surgery: complete cover for hospital admissions and surgical procedures with no additional costs.

In conclusion, the choice between a medical insurance policy with co-payments or without co-payments depends on your health needs and your budget. Consider how often you go to the doctor, and whether you want to prioritise simplicity when it comes to payments or making a monthly saving. Taking out a health insurance policy without co-payments offers peace of mind and simplicity, whereas a policy with co-payments may be more economical if you don’t need frequent medical care.

Civil liability is an essential insurance cover that protects you when, through an act or omission, you cause damage to another person and are legally required to compensate them. This protection is included in different types of SegurCaixa Adeslas insurance policies, such as home insurance, car insurance, pet insurance and business insurance.

When we talk about what civil liability insurance is, we are referring to the cover that provides financial compensation to meet the costs arising from damage unintentionally caused to third parties. This protection forms an integral part of various types of insurance policies and acts as a financial safeguard against unexpected situations.

If you are wondering what civil liability cover is for, its main purpose is to protect you financially when you are responsible for bodily injury or property damage caused to third parties, preventing you from having to pay compensation from your personal assets.

What Is Civil Liability Under the Civil Code?

Civil liability is legally based on the Spanish Civil Code, specifically Article 1902, which states:"Anyone who, by act or omission, causes damage to another through fault or negligence shall be obliged to repair the damage caused."

This means that anyone who, through fault or negligence, causes damage to another person by means of an act or omission must compensate for the damage through financial compensation. The law distinguishes between intentional damage and damage caused by fault or negligence, but in both cases it is essential that there is a direct relationship between the conduct and the damage suffered.

Key Features of Civil Liability

• The main characteristics of civil liability cover include:
  • Compensatory nature: Its purpose is to restore the injured party to the position they were in before the damage occurred or to compensate them financially.
  • Strict liability: Normally, civil liability requires proof that a person acted negligently or carelessly. However, in certain situations, the law only requires proof that damage occurred and that it was caused by that person, without the need to prove negligence.
  • Universal application: Anyone may be held civilly liable for their actions or omissions.
  • Transferability: The obligation to pay compensation may be transferred to heirs.
  • Protection of personal assets: The cover protects the insured's assets against third-party claims, provided that the damage is covered by the policy and falls within the policy limits.

What Does Civil Liability Insurance Cover?

Depending on the type of insurance policy and its specific terms and conditions, civil liability cover included in SegurCaixa Adeslas policies may include:

• Bodily injury to third parties: Physical or psychological injuries unintentionally caused to other people.
• Property damage: Damage to or destruction of another person's property due to an accident or negligence.
• Legal defence costs: Legal expenses arising from claims or court proceedings.
• Financial compensation: Monetary compensation for losses or damage caused.
• Medical expenses: Healthcare costs for third parties injured as a result of bodily harm.
• Loss of earnings: Compensation for income that the injured party is unable to receive, where expressly covered by the policy.
• Moral damages: Compensation for emotional distress or non-material harm, where covered by the policy.

Types of Insurance That Include Civil Liability Cover

Civil liability is included as an additional guarantee in several SegurCaixa Adeslas insurance products, complementing the main cover provided by each policy rather than being offered as a standalone insurance product.

• Home Insurance:

  Home insurance covers damage unintentionally caused by the insured person, members of their household or domestic employees during their private life. Depending on the policy terms, it may include damage caused by water leaks, falling objects or incidents involving household pets.

  How does it give you peace of mind?

  Imagine that a pipe bursts in your home while you are away on holiday and the water damages your downstairs neighbour's property. The civil liability cover included in your home insurance policy would pay the financial compensation required to repair the damage, preventing you from having to cover these costs yourself and protecting your personal assets.

• Car Insurance

  Car insurance includes the mandatory civil liability cover required by law, protecting you against claims for damage or injury caused to third parties in road traffic accidents.

  How does it give you peace of mind?

  If you are involved in a road traffic accident that affects other vehicles, public property or, most importantly, other people, your policy covers the compensation payable for the bodily injury and property damage caused. This gives you the reassurance of knowing that you are financially protected against the most serious consequences of an accident on the road.

• Business Insurance

  Business insurance protects the owner or tenant of a property against claims arising from damage or injury caused to third parties as a result of their business activity.

  How does it give you peace of mind?

  Imagine you work from home as a consultant and a client visits your home. Unfortunately, they fall down the stairs and suffer an injury. You could be considered liable due to an omission in the proper maintenance of the premises. The civil liability cover included in your business insurance policy could help pay the injured person's medical expenses and any compensation that may be awarded, provided that both the business activity and the premises are covered under the policy.

• Pet Insurance

  Pet insurance covers, within the policy limits, damage or injury that your insured pet may cause to third parties or to their property.

  How does it give you peace of mind?

  For example, your dog runs off during a walk and causes an accident while crossing the road, resulting in a cyclist falling and suffering injuries. In this situation, the civil liability cover included in your pet insurance policy would cover both the cyclist's bodily injuries and any damage caused to their bicycle.

Having civil liability cover included in your insurance policies is important because situations like these can result in substantial financial costs that could put your financial stability at risk. The protection included in SegurCaixa Adeslas insurance policies gives you peace of mind by ensuring that you are covered against unexpected events that may happen at any time.

In all these situations, civil liability acts as an integrated insurance cover that complements the main guarantees provided by each type of policy, offering policyholders greater peace of mind and protection for their personal assets.

Invest in high efficiency apparatuses

Efficiency and economise

Electrical appliances of well-known brands that offer high efficiency are usually more expensive, but since most of them are used daily (such as the refrigerator, the ceramic hob, or the washing machine), at the end of the month, the difference in the electricity bill can be noticed.

Furthermore, by investing in a good appliance, we guarantee that food is conserved for longer, and that the heat from the oven or ceramic hob is not wasted and that you do not have to change them often, since they usually last longer and have fewer electrical and mechanical breakdowns. Discover the guarantees offered by SegurCaixa Adeslas for your electrical appliances with your electrical appliances insurance policy.

Changing your old light bulbs and, especially, all halogens for LED lamps can also help to reduce your electricity bill. You do not have to invest much, and the useful life of these bulbs is highly superior to conventional light bulbs. Discover the additional services included in your home insurance policy, such as the maintenance and handyman service.

Exploit the functionality of electrical appliances

Use your electrical appliances to the maximum. Do not put washing machines and dishwashers on half load. Wait until they are full and that way you will have fewer cycles and use less energy. Furthermore, you can save energy by up to half by putting your wash cycles at 40 degrees instead of 60 degrees. Lastly, the dryer is one of the apparatuses that consumes most electricity, hence in the summer avoid their use and hang clothes outside to dry as far as possible.

Take advantage of residual heat. When the pressure cooker or oven has already reached an elevated temperature, when turning it off, the surplus heat will finish cooking the food without the need to continue using energy.

Do not leave apparatuses on stand-by

Despite the fact the apparatuses are on stand-by, they will continue to consume electricity, so leaving them correctly turned off will help to reduce your electricity bill and, furthermore, any breakdowns due to alterations in the grid when we are not home.

Another solution is to use smart circuit boards, which enable devices to be turned off without the need to unplug them. Remember that linking up various multiple connectors and adaptors can increase the risk of short circuits and fire.

Likewise, it is recommendable to unplug chargers when they are not being used. The difference in the electricity bill will not be noticed much, but we will avoid the risk that such appliances overheat (if they have transformers) and cause possible short circuits.

Conduct a thorough insulation of your home

Walls and windows

With a sound insulation of walls and windows, we will reduce the progressive appearance of condensation and fungi and prevent extreme cold or heat from entering more easily into the home, activating the thermostat and requiring more energy to heat up and cool the home.

Furthermore, avoid blocking radiators with tables or radiator covers that reduce their efficiency and require higher energy consumption to obtain the desired result.

It can also help to place the thermostat in an adequate place: if the sunlight or an air current affect it directly, the reading will not be correct and climate control will be in vain.

Take advantage of sunlight

Choose the most well-lit up rooms

Provided that the orientation of your home allows it, choose the most well-lit up rooms to work and live, instead of darker rooms in which it would be necessary to have lights turned on all day.

SegurCaixa Adeslas home insurance policies have additional guarantees that may be extremely useful to always protect your home and have your home in a tip-top condition. Discover these additional services in your policy.

Furthermore, if you wish to make improvements or conduct specific work at your home, you can contact professionals whose visit will be covered by your policy (labour and materials are charged to the insured party).

Problems with a neighbour that does not repair a leak

With a neighbour that does not show interest in mending a leak affecting your home, it is crucial to understand how to address this situation.

Insurance company competencies

Your insurance company cannot handle or repair the facilities of a third party, which does not have a contract with the company, and it must be that third party or their own insurance policy itself that repairs the source of the leak, to subsequently be able to repair the water damage caused.

When a third party causes damage: What to do and how to resolve it

Coping with damage caused by third parties may be complicated. Here we offer you practical tips on how to affront this situation and find practical solutions, especially when the insurer cannot intervene directly.

With your SegurCaixa Adeslas home insurance policy, we can help you if the person causing the leakage refuses to carry out the repair, since we provide the Legal Protection guarantee, through which a team of legal professionals will make an amicable claim, and if the neighbour continues to ignore it, they will study the viability of the claim via the legal route.

After repair: Taking care of your home

Once the problem has been solved, it is vital to take care of your home. SegurCaixa Adeslas takes charge of the resulting damage and we are working to ensure that your home recovers its splendour.

Once the cause of the claim has been repaired, and the damp ceases, SegurCaixa Adeslas will deal with the damage to your home, according to the limits and coverage of your policy, applying the aesthetic recomposition guarantee, if necessary. Subsequently, the expenses assumed by the other insurer or the person that has caused the damage will be recovered so as not to have any impact on the cost and claim ratio of your policy.

Insurance Contract Law (LCS): main things you need to know

Taking out insurance can spring questions to mind, not to mention concerns; or you may simply want to learn more about how it works. What happens if I have an accident? And if something changes halfway through the contract? 

The Insurance Contract Law regulates the basic content of insurance contracts while setting forth the rights and obligations of the parties, along with other complementary regulations. This law was passed in the last century and, throughout the years, policyholder protection has needed to be strengthened through other laws, such as the solvency regulations for insurance companies or the Insurance Distribution Directive. 

The Insurance Contract Law regulates all types of insurance: health insurance,  home insurance, car insurance... It doesn’t matter which one you have or are thinking of taking out. This is why it’s important to be aware of its basic principles. 

What is the Insurance Contract Law and why is it important?

Law 50/1980, of October 8 (LCS), sets forth the legal framework applicable to insurance contracts that guarantees the protection of the interests of the parties, regulating aspects such as:

• Protection of the insured. 
• Legal certainty: setting out clear rules on the content, execution, and termination of contracts. 
• Contractual balance: Regulate the obligations and duties of insured parties and insurers with a view to avoiding inequalities in the contractual relationship.
• Obligation to compensate: Ensure that the insurer compensates the insured in the event of a claim, within the agreed terms.
• Regulation of different types of insurance: Distinguish between property insurance (such as fire, theft or civil liability) and personal insurance (life, health, accident, etc.).

To sum up, the Insurance Contract Law ensures a robust legal framework for the parties involved in an insurance contract.

What parties are involved in an insurance contract?

Several parties are involved in an insurance contract, each with a specific role:

• Insurance Company: It’s the insurance company that, in exchange for paying the premium, undertakes to indemnify or fulfil the agreed benefits should the insured risk be claimed.
• Policyholder: The person who takes out the insurance and is responsible for paying the premium. It may be the insured himself/herself or he/she may take out the insurance on behalf of someone else.
• Insured party: The person or entity whose risk is covered by the insurance. This may be the same as the policyholder or a different person.
• Beneficiary: The person who receives compensation or benefits in the event of a claim. For example, in accident insurance, the beneficiary is usually designated by the policyholder among his/her family members or partner.

What must a policy contain?

As a minimum, the policy must contain the following:

1. Identification of the Parties: Name and address of the insurer, policyholder, insured and beneficiary (if applicable).
2. What is being insured: Clear description of the object or event insured.
3. Nature of the risk covered: Details of the guarantees and coverage granted, as well as exclusions and limitations highlighted typographically.
4. Designation of the insured objects and where they are located: The location of material assets must be specified.
5. Insured sum or scope of the coverage: Indication of the maximum limit of compensation or benefit.
6. Amount of the premium, surcharges and taxes: Insurance cost and payment conditions.
7. Expiry of the premiums, place and method of payment: Dates and methods of paying the premium.
8. Duration of the contract: Stating the start and end of the coverage, with exact date and time.
9. Mediator intervention: If there is a mediator in the contract, their name and type of mediation must be included.

All of the foregoing points are regulated in the general and specific conditions of the insurance, which must be drafted in a clear and precise manner.

What prior information must the insurer provide me before I sign the contract?

In case you were unaware, the regulations complementing the Insurance Contract Law have expanded the information required to be provided to the policyholder prior to taking out the insurance, requiring the insurer to provide the policyholder with the following information before signing the contract:

• Insurance Product Information Document (IPID): This is a standardised document across the European market that provides consumers with key information about an insurance product before a contract is finalised.
• Pre-contract information note: this document provides you with general information about the product you are about to purchase.

 The foregoing documents contain information related to:

• Contract conditions.
• Summary of the limitation and exclusion clauses that must be specifically accepted in writing at the time of taking out the insurance.
• Duration.
• Premiums and payment frequency.
• Information on policy cancellation options. 

This preliminary phase allows the policyholder/insured to make informed decisions and understand what the insurance entails before taking it out.

What are the rights and obligations of each party?

When taking out insurance, the policyholder and the insurer take on specific commitments that both parties must be aware of. Below is a description of the main obligations in each case:

Obligations assumed by the policyholder/insured

• Truthfully provide information on the risk, duly filling in any questionnaire the insurer may ask you to fill in, if applicable.
• Notify any change in circumstances that may increase the risk compared to those initially reported. This obligation shall not apply to health insurance or accident insurance. 
• Pay the premium instalments agreed.
• Report the claim within 7 days.

Obligations assumed by the insurer

• Issue the policy and deliver the complete documentation.
• The insurer must compensate the insured in the event of a claim within the agreed limits.

As you can see, being aware of what the Insurance Contract Law entails isn’t just a matter for lawyers, insurers, or specialists. This is a useful tool for anyone who has taken out insurance or is thinking about taking it out. Understanding what a policy includes, what you can demand, and what is expected of you as the policyholder will give you greater peace of mind.

General Tips

What’s the difference between the policyholder, the owner and the insured?

In insurance, having various parties can cause confusion when taking out a policy which is why it’s important to clearly understand the differences between the policyholder, the insured, and the owner, as each holds specific responsibilities and rights.

Who is who in an insurance policy?

An insurance contract involves several parties, which can all be represented by a single person. Understanding their individual responsibilities is key to managing the policy correctly.

• Policyholder

  The policyholder is the person or entity that signs the contract and undertakes to pay the premiums. They have the right to modify the terms of the policy, change beneficiaries, or even terminate the contract. The policyholder must be a natural or legal person with legal capacity to enter into contracts, and is the person who forges the direct contractual relationship with the insurer. In the event of non-payment, the insurer will contact the policyholder to claim the outstanding premiums.

  For example: If you decide to take out and pay for health insurance for your child, you are the policyholder.

• Insured

  The insured is the person who is covered by the insurance policy. For example in health insurance it’s the person who receives medical assistance. The insurance is triggered when something happens to the insured person. This person must comply with the obligations set out in the policy, such as reporting any changes or cooperating in the event of a claim.

• Owner

  The owner is the person who legally possesses the property to be insured. In home insurance, it’s the owner of the property, and in car insurance, it’s the person listed as the owner on the vehicle documentation. The owner has an insurable interest in the property, in other words, they would suffer a financial loss if something happened to the insured object. The owner is quite often the policyholder, but this is not always the case.

Quick Summary

• Policyholder -> He signs the contract and takes care of the payment.

• Insured -> Receive policy protection (for example, medical assistance).

• Owned -> He is the legal owner of the protected asset (the house or the car).

Can the policyholder, owner and insured be the same person?

Yes, this is very common. For example, when you take out car insurance: if the car is in your name, you’re the owner (listed on the vehicle registration document), the policyholder (you sign the policy and pay for it) and you may also be the insured party if you are the usual driver. However, they may also be different people. A typical case is when parents take out health insurance for their children: the parents are the policyholders (they sign and pay), but the children are the insured parties.

Why is it important to differentiate between them?

This is important for a number of reasons. Firstly, it determines who is responsible for paying the premiums and maintaining the policy. If the policyholder stops paying, the insurance will be cancelled regardless of who the insured or owner is. In the event of an accident, knowing who each person is avoids processing delays and administrative issues. The insurer will need to correctly identify the policyholder for contractual purposes, the insured party to assess the damage, and the owner to verify the insurable interest. What’s more, each party has different rights and obligations. Only the policyholder can modify the policy or designate beneficiaries, while the insured must cooperate in the investigation of the claim.