Personal Liability Insurance: Protect yourself and your assets
Personal liability (Private Haftpflichtversicherung) is one of the most important insurances to have during your time in Germany. It offers cover for the financial implications arising, should you or your family cause unintentional damage to a third party, either physical, material or financial. In Germany there is no general limit to how high a claim can be, meaning any caused damage can threaten your financial future. It is not expensive and a good tariff offering maximum coverage for a single person costs well under 100€ per year.
Personal liability insurance (Private Haftpflichtversicherung)
is one of the most important insurances you should have
In other words, with personal liability insurance, you would be much better prepared to deal with the resultant financial implications cropping due to unintentional damages caused by you or your family to a third party, where such damages could be material, physical, or financial. However, such insurance won’t cover damages caused by your car. Thus, you would need to get separate vehicle insurance to get coverage for those damages.
The Importance of Having Personal Liability Insurance
Unexpected events are a natural part of life. Even with complete focus on the present moment, you never know what the next few seconds may bring. For example, while driving to work, you could accidentally injure a biker. While driving accidents have separate coverage, personal liability insurance protects you in other scenarios — like your child damaging a neighbor’s garden while playing or accidentally breaking a friend’s smartphone when taking a picture.
Do You Really Need Liability Insurance in Germany?
What Does Personal Liability Insurance Cover?
Although you can’t undo accidents, personal liability insurance offers peace of mind by covering the financial fallout. These costs can sometimes exceed your personal financial capability, but your insurance steps in to take care of them.
Germany’s legal and insurance systems differ significantly from what many expats are used to in their home country. As a result, expats may misunderstand the need for personal liability insurance and delay obtaining it. Unfortunately, this often leads to financial stress when an unforeseen event occurs.
How High Could A Claim Be in Germany?
In Germany, there’s no general limit to how high a liability claim could be. Therefore, it’s essential to prepare for the worst by selecting a plan that offers the best coverage. Without proper preparation, expats could risk their financial future.
Is Personal Liability Insurance Affordable?
Generally, personal liability insurance is affordable. The cost depends on factors like the type of coverage, the insurance provider, and the extent of coverage you require. With MW Expat around, you should be able to find good comprehensive coverage for less than €100 annually.
When selecting personal liability insurance, it’s crucial to choose a one-year term. If you find a better option later, you won’t be able to switch providers until your current contract ends, so carefully consider your options.
What Should You Look for When Choosing a Policy?
When selecting personal liability insurance, consider the following:
Coverage limits. Ensure the policy offers sufficient coverage for potential claims. Some insurers allow you to customize your coverage limits according to your needs.
Inclusions and exclusions. Read the fine print to understand what is and isn’t covered. Certain activities or situations may be excluded from your policy.
One-year terms. As mentioned above, it’s crucial to choose a one-year term for your personal liability insurance, so make sure this is one of your top priorities when choosing a personal liability insurance policy.
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