Private insurance policies and their benefits normally safeguard the financial risk of a loss or accident, which in many cases you have to chiefly bear yourself. You have to decide whether and the extent to which this makes sense for you personally.
In order to insure yourself, you take out an insurance policy with an insurance company. This will stipulate:
- Who or what is insured?
- What is the insurance event, in other words: In which cases will the insurance company pay?
- What is the maximum the insurance company will pay? (Insurance level)
Private liability insurance
In Germany liability insurance is considered the most useful and important of the voluntary insurance policies. Mishaps in everyday life happen quickly and in these cases in Germany you are personally liable for the losses. This means: You have to pay for the damage.
For example: Your child damages a neighbour’s car while playing or you break an expensive vase belonging to a friend. Here private liability insurance can help. In a case of loss, it assumes the costs up to a previously agreed insured amount. You can also insure your spouse and children with a family insurance policy.
Vehicle liability insurance
Without this insurance policy you are not permitted or able to register a vehicle. You must therefore take out a vehicle liability insurance policy if you have a car or motorbike and would like to drive/ride it. This insurance policy applies to injury to persons, material damage and pecuniary losses if you cause an accident with your car or injure someone .
Private accident insurance
Through your employer you are already a member of this statutory accident insurance scheme. This insures you for accidents at the workplace or on the way to work.
Private accident insurance protects you if you have an accident in your leisure time. While medical treatment is regulated via the statutory health care funds, with this insurance policy you can reduce the financial consequences. One of the most important benefits of private accident insurance is protection if you suffer disabilities as a result of the accident and can no longer work in the same way as previously. In this case the insurance company will take over the disability benefit. Private insurance companies offer a range of optional additional benefits (e.g. special rehabilitation), some of which are not assumed by the statutory health care funds.
Private insurance for an occupational disability
If you become so ill that you can no longer work, in Germany after a certain period of time you will no longer receive your wage or salary. The state benefits have been reduced for occupational disability, which is why insurance companies recommend private insurance to be able to maintain a certain standard of living.
You can find additional insurance policies at