Insurance Spain

Taking out insurance in Spain is a necessary expense for us all. Needless to say, depending on the type of insurance you are purchasing it can add up to a significant amount – and probably one you might resent!

The good news is that there are many ways to reduce your insurance and today we share with the best seven tips to reduce your insurance premiums in Spain. Why pay more than you have to?

These money-savings tips are applicable to all the major sections of the insurance in Spain website including car insurance in Spain, health insurance in Spain, home insurance in Spain and life insurance in Spain. 

1. Buy Online
In many cases you can save as much as 20% by purchasing using the Internet. Spanish insurance companies without big offices, staff and overheads can offer much better rates so they actively encourage buying insurance using the net.

2. Price Comparison
By shopping around and comparing prices from several Spanish insurance companies you will find widely varying differences in insurance quotes. Yes this tip to reduce and save money on insurance is merely common sense but many of us need reminding as it is ever so easy to just renew your current policy and insurance companies, especially in Spain rely on that to make their profits.

3. Cut Out Needless Claims
When you have taken out costly insurance and you have a loss or accident – basically a need to claim – your first thought is to get as much as you are entitled to. Strangely that might not make sense. Take car insurance in Spain – by law you have to have it. Making a claim can result in increased premiums into the future as you are seen as a higher risk now.

If the claim is for a small amount then consider bearing the cost yourself. In addition if you are to lose your excess then of course the amount you claim on your policy must be more than the excess otherwise you are losing. Also consider that you may be losing your no-claims bonus and record by making a claim.

4. Pay Annually
Many insurance companies in Spain quote a monthly price for insurance which can make a large sum look manageable and affordable but in reality you will generally be charged interest on the premium – pay it in one painful lump sum and you will be much better off in the long term.

5. Combine Your Policies With One Insurer
This is especially sensible when taking out home contents insurance in Spain and buildings insurance in Spain – but the principle covers other types of insurance such as life and car insurance. The company you are giving all of this business to should show their appreciation by giving you discounts the more policies you take out and if they don’t find another company who will!

6. Raise Your Excess
Most insurance policies in Spain have an excess which is an amount which you have to pay in the event of a claim. This is typically understood in terms of car insurance – if you have an accident and have to claim for a car that is say written off – value €10,000, there may be an excess of €250 which you would have to bear – so you would in theory get €9750 back from the insurers. If you feel the chances of making a claim are low, for instance if you know you are a safe driver, then you could elect to risk a higher excess – this will lower your premiums.

7. Reduce your cover
This might sound strange at first, why take out insurance if you don’t need it? Well many policies in Spain come complete with a whole raft of extras added in which in fact you may not need.

These fluffy extras are often things like free legal advice etc – you may already be covered for these elements with other insurance policies already. Check the small print and save yourself needless expense.