In Spain, certain types of insurance are not just recommended; they are legally required for individuals and businesses. Understanding these mandatory insurances is crucial for residents and visitors alike to ensure compliance with local laws and to protect personal and financial interests.
One of the most well-known mandatory insurances in Spain is car / motor bike insurance. According to Spanish law, all vehicles must have at least third-party liability insurance. This insurance covers damages or injuries caused to other people or property in the event of an accident. Driving without this coverage can result in hefty fines, points deducted from your driving license, and your vehicle being impounded.
For those looking for more coverage, additional options include:
While not legally required, many mortgage lenders in Spain mandate that homeowners purchase home insurance as a condition of the loan. This insurance typically covers damages to the property caused by fire, flooding, theft, and other risks. It is advisable for all homeowners to have insurance to protect their investment.
Health insurance in Spain is not mandatory for citizens as the public healthcare system provides coverage. However, expatriates or those moving to Spain should consider obtaining private health insurance, especially if they plan to live in Spain and do not qualify for public health insurance. Having private health insurance can provide quicker access to medical services and broader coverage options.
For businesses operating in Spain, certain types of liability insurance may be obligatory depending on the industry. For instance, professionals like lawyers, doctors, and accountants often need professional liability insurance to protect against claims of negligence. Companies providing services to the public may also be required to carry public liability insurance.
While travel insurance is not mandatory, it is highly recommended for travelers visiting Spain or residents in Spain travelling abroad. It can provide coverage for medical emergencies, trip cancellations, lost luggage, and other unexpected issues. While the European Health Insurance Card (EHIC) covers EU residents for basic health care, it does not replace comprehensive travel insurance.
Do not leave your insurance needs to chance and contact us for a no obligation quote for all of your insurance needs here in Spain.