Welcome to Germany – the „Insurance Country“. There are alot of different types of insurance in Germany for expats to consider. Some are compulsory, some are optional and some are not needed. We will give you an easy overview. For consulting and a market research which one suits best for you please contact us.

We will start with the important insurances for Expats in Germany.

 

Health Insurance (Krankenversicherung)

The Health Insurance (Krankenversicherung) is compulsory in Germany, if you live or work here. There are two different health care systems. The Public Health Insurance (Gesetzliche Krankenversicherung) and the Private Health Insurance (Private Krankenversicherung). The Public Health Insurance (GKV) is open for everyone. If you work in Germany and earn between around 5.000 Euro and around 67.000 Euro you will be automatically insured in the Public Health Insurance. The Public Health Insurance usually includes also the  Nursing Care Insurance (Pflegepflichtversicherung).

If you earn more than around 67.000 Euro or you are self-employed, you are allowed to join the Private Health Care System. For younger people (younger than 40) and for people which wants to stay just for some years in Germany the Private Health Insurance would be the best choise if you are healthy and do it in the correct way. We can help you. Especially when it comes to the application for admission mistakes can happen. A private health insurers usually ask for a medical test or health questionnaire before offering you a contract. Should you have any pre-existing or chronic diseases, they have the right to deny you.

When a private health insurance fund insures you, you will have better services and treatments above the statutory regulations. When you visit a doctor, you need to pay for the costs yourself and then get the money back from your Private Health Insurance for reimbursement. If you don’t use your Health Insurance often, so you will get also some money back.

The Private Health Insurance can give you better services of a better price. But you need to have a good financial plan besides, that you are also able to pay the Health Insurance in the older age.

 

Personal Liability Insurance (Private Haftpflichtversicherung)

One of the most important insurances after the health insurance is the Liability Insurance. Anyone living in Germany should consider about this insurance. The Insurances covers injurys or damages to other persons, their property and also pecuniary damages. This insurance does not cover damages caused by your car. For car protection you need to have a special car liability insurance.

In German the law says (§823 BGB), if you do a damage to a person you are liable for this. And there is no limit to the amount someone can claim against you. Thats why the Personal Liability Insurance is so important and helps to avoid the risk of a nasty incident causing great financial harm. That is why more than 80% of all Germans have a liability insurance.

The costs for this insurance are not too high. A single pays around 50 Euro per year. A family (including partner and kids) will get a good protection for around 80 Euros. We will help you to find the best company for your protection.

 

Car Insurance (KFZ-Versicherung)

When you own a car in Germany, having a car insurance (Kfz-Versicherung) is mandatory, at least the liability part. Car insurance usually consists of a special liability insurance and an additional damage insurance.

When you want to buy a new car in germany or you want to register your old car you’ll need to show a proof of insurance coverage in Germany.

The minimum legal requirement is the third-party liability insurance (Haftpflicht). This protection is covering all damages to third parties and other vehicles in the event of an accident. When you want to protect your car more you can choose a partial coverage (Teilkasko). This insurance type covers damages to your vehicle caused by things such as theft attempts, fire damage, glass damage and storm damage. A full coverage you will get with a comprehensive coverage (Vollkasko). This covers everything above plus damages to your own car, even in cases where the accident was your fault.

Before you insure your car , you should definetly do a market comparison. There are alot of insurance providers with different prices. If you like we help you to find a good and cheap car insurance for you.

 

Occupational Disability Insurance (Berufsunfähigkeitsversicherung)

When you plan to stay for a longer time in germany or forever than you should definetly think about a “Berufsunfähigkeitsversicherung”. This insurance covers your income if you are suddenly unable to work due to a disability. The most reasons are depressions, burnout, cancer disease, accidents or back injury from sitting in a chair all day.

Some employers have some benefit programs with a kind of occupational disability insurance. Mostly this plans are not so good compare you just setup a private occupational disability insurance. Before you sign for this benefit programs you should ask an professional financial advisor about the quality of this plan.

 

Private Pension Plan (Altersvorsorge)

If you are working in Germany, perhaps you already know that the German pension system has three different pension pillars not categories. Though there are compulsory german state pension and voluntary company pension schemes, private pension schemes are getting lots of attention these days.

The german state pension scheme (Gesetzliche Rentenversicherung) is the cornerstone of pension planning in Germany. It has however a major fault – demographically, the baby boom generation is now nearing retirement age and with a current low birth rate, an even smaller workforce is having to pay for this increasing number of pensioners. Thats the reason why all people will need an addionally pension plan besides  the state pension plan.

In Germany you will find alot of diffenent typs of additionally pension schemes, but most of them are quite unattractive and have many disadvantages. You should think carefully with plans suits best for you and your situation before signing a contract. Also a company pension plan what is offert often from the companies for expats can be a loss business after the payout.

 

Before signing contracts or doing all by your own over the internet you should get some advise from a independent insurance broker. In most cares you don’t even pay more than if you do everything alone via the internet. Feel free to contact us, if you have questions.