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Value of the insurance policy

 

Motor Insurance:

Third-Party Liability (OC) and Comprehensive Coverage (AC)


Third-Party Liability (OC) - More Than a Legal Requirement

Choosing the right insurance in the Polish market is often a complex decision. Many customers focus solely on the premium price, overlooking other key factors that determine the actual value of a policy. Here's a practical guide to help you make an informed choice across major insurance categories available in Poland.

Liability Limits:

  • Polish regulations specify minimum guarantee sums for OC insurance, but it's worth checking if they are sufficient
  • In cases of serious accidents, minimum sums may prove inadequate, especially for personal injuries

Assistance in OC:

  • Compare the range of assistance services attached to OC by different insurers
  • Pay attention to towing kilometer limits and the availability of replacement vehicles

No-Claims Discount Protection:

  • Check if the insurer offers protection for no-claims discounts
  • Compare conditions for transitioning between bonus-malus classes among different insurers
  • Comprehensive Coverage (AC) - The Key is in the Details

Vehicle Value and Valuation Method:

  • Compare vehicle valuation methods used by different insurers
  • Check if the policy includes the value of additional equipment

Parts Depreciation:

  • Pay attention to provisions regarding parts depreciation - some insurers offer replacement with new parts without depreciation deductions

Repair Options:

  • Compare available repair options: authorized service centers, partner workshops, or choice of any service center
  • Check if the insurer uses original parts or substitutes
  • Property and Home Insurance

 

Home Insurance

Replacement Value vs. Actual Value:

  • Choose insurance offering replacement value instead of actual value, especially for older properties
  • Check if the valuation accounts for rising costs of building materials and labor

Sub-limits for Valuables and Electronic Equipment:

  • Analyze liability limitations for valuable items
  • Consider additional insurance for valuable items if standard limits are insufficient

Protection Against Natural Disasters:

  • In the face of climate change, check if the policy covers flood damage, windstorms, and other extreme events
  • Pay attention to definitions of particular phenomena in the General Terms and - Conditions - e.g., what the insurer defines as a "flood" versus "water damage"

Home Assistance:

  • Compare the range of assistance services (plumber, electrician, locksmith)
  • Check intervention limits and maximum benefit amounts
  • Business Insurance

Civil Liability:

  • Adjust the sum insured for liability to the actual risk in your industry
  • Check the territorial scope of coverage, especially if you conduct international business

Company Property Protection:

  • Pay attention to the definition and valuation of inventory
  • Check if the policy covers electronic equipment and software

Business Interruption:

  • Compare the scope of coverage in case of downtime (Business Interruption)
  • Pay attention to the definition of events qualifying for compensation

Cyber Insurance:

  • In an era of increasing cyber threats, check the availability of protection against attacks
  • Compare the range of services associated with cyber policies (IT support, data recovery)


Visa and Travel Insurance

Medical Expenses Abroad:

  • Choose high sums insured for medical expenses, especially when traveling to the USA, Canada, or Japan
  • Check if the policy covers treatment of chronic diseases, if applicable

Extreme Sports:

  • If you're planning an active vacation, check the definition of extreme sports in the General Terms and Conditions
  • Compare options for extending coverage to include risky activities

Travel Assistance:

  • Assess the quality of the emergency center and availability of assistance in various languages
  • Check limits for medical transport back to Poland
  • How to Assess an Insurer's Financial Stability in Poland

Financial Supervision Authority (KNF):

  • Check if the insurer is under KNF supervision
  • Review financial reports published by KNF

Insurance Guarantee Fund (UFG):

  • Verify if the insurer is a member of UFG, which provides additional protection in case of insolvency

Polish Insurance Association (PIU):

  • Check if the company is a member of PIU, which indicates compliance with industry standards
  • Customer Service and Claims Settlement Quality

Claims Settlement Time:

  • Look for online reviews about actual claim processing times
  • Check if the insurer offers simplified procedures for small claims

Support Availability:

  • Compare contact channels with the insurer (24/7 hotline, chat, mobile app)
  • Check if the company offers english language support

Process Digitalization:

  • Assess the possibility of reporting claims online and via app
  • Check if the insurer offers video inspection of damages
  • Practical Method for Evaluating Policy Value

 

When comparing insurance offers in the Polish market, it's worth applying the following formula:

Actual Value = (Quality of Protection × Claims Settlement Efficiency) ÷ Total Cost of Ownership

where Total Cost of Ownership includes premiums, deductibles, and potential costs resulting from coverage gaps.

Taking time to carefully analyze these factors will allow you to choose insurance offering the best protection tailored to your individual needs, not just the lowest price.

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