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Insurance in Denmark

The majority of the Danes try to collect their insurance in one or two insurance companies. The majority assume that they get the best price by collecting all of the insurance in one company.

Not collecting all the insurances in a single company can be due to not offering all the necessary products and services by the company. Another argument can be the price.

According to Forsikring and Forbruger panel, competitive prices and good service is of prime importance for the consumers when they select an insurance company. For the 62 % of the consumers the low price is of the decisive importance and for rest, 38 %, - appreciate good service.

The insurance company compete on service and price, and this is exactly what the consumer demands. Here you can compare the different insurance companies in Denmark: http://www.forsikringsguiden.dk/Sider/Default.aspx

The largest general insurance companies are Topdanmark, Tryg, Codan and Alm. Brand. The most common insurance types are family (house- fire- etc.) insurance, car insurance and accident insurance.

House insurance:
The majority of house owners have mortgaged their real estate. One of the basic conditions to obtain a loan in real estate in Denmark is that the real estate is fire insured, because the real estate is security for the lender. House owners have realized that also storm- and water damages can be a threat to the house and their economy. That’s why combined house insurance such as villa insurance, detached house insurance, house insurance or house owner insurance are also available.

Fire insurance:
Building fire insurance covers in the same way as a fire insurance of household and furniture. The main difference is that now it is the house with its installations and related equipment which is being insured. Other equipment can be dishwashing- and washing machine and stove.

Other house insurance:
Besides fire insurance the combination insurance covers other building damages. Other damages can be storm-, water-, frost-, burglary- and malicious damages, fungus and insect damages and unanticipated sudden damages.

Sudden unanticipated damage in a law sense is an unexpected damage and the destructive source of the damage must operate fairly fast.

House owner responsibility:
The combination insurance also covers the liability to pay compensation if a passer-by receives an injury by falling on an icy road which should have been gritted by the house owner.

Legal expenses insurance:
The legal expenses insurance covers in some situations a part of the expenses to a lawyer’s fee if a dispute arises in the area of acquisition, sale or rebuilding of a house.

Pipes and cable insurance:
With additional payment the insurance also may cover pipes and cables. The pipes insurance covers the damages caused by leaking, even though the pipe is corroded. Bad cable insurance covers defects on hidden cables for room heating.

Household and furniture insurance:
Our personal belongings such as clothing, furniture and bikes can be damaged or disappear by fire, theft, vandalism, water damage or traffic accident.

This risk can be covered together with our liability to pay compensation by the combined household and furniture insurance.

The household and furniture insurance also called family insurance, private insurance, home insurance, dwelling insurance, household insurance and the family’s basic insurance.

Who’s covered by the insurance?
All the family members who are registered in the national register on the policy holder’s address are covered by the insurance, also adult depending children. Domestics permanent residing in the house is also covered. Insurance also cover not depending children under 21 who live by themselves and do not have any children of their own.

Car insurance (third party liability insurance):
The majority of the car owners have insured their vehicle with a combined insurance covering loss of or damage to the car and also covering liability to pay compensation. Many car owners are content with the compulsory liability insurance if there is no debt in the car and the car is relatively old.

Liability for vehicles:
According to the Road Traffic Act the liable person must compensate the damages done by the vehicle in the traffic accident, by explosion or by fire. The car owner is always liable at those accidents. Those claims for compensation will be paid via vehicles compulsory liability insurance.

Third party insurance for a vehicle is obligatory covering the claims for compensation to the owner or the user of the car. Public liability insurance covers for a single accident, personal injury or loss of a breadwinner up to DKK 91 millions and property damages DKK 18 millions. The covering amounts are regulated once a year on the 1 of January.

The driver of the car is not covered:
Public liability insurance doesn’t cover driver damages, but only on the passengers. The insurance doesn’t cover the personal belongings of the policy holder or the user and neither the damages on the connected parts, f. ex. a trailer.

Insurance covering loss of or damage to the car (Kasko):
The owners of the motor vehicle (car, motorcycle or moped) besides the public liability insurance can take out insurance covering loss of or damage to the car. Usual taking out that policy it is one of the conditions to obtain a loan if the acquisition is financed by a loan.

A car trip abroad:
An insurance covering loss of or damage to the car also covers rescue insurance at a trip abroad if the total weight of the car is less then 3,5 t. More details and conditions are on the red service card supplied by the insurance company.

Additional options at the insurance covering loss of or damage to the car:

The most important additional options are:

Decrease in value means that the owner receives cash compensation if a newer car (normally less than 3 years old) gets a serious damage.

“Friskadedækning” – the insurance premium for damages on the glass parts of the car, damages caused by fallen objects and damages caused by theft and fire.

“Bilsavnsforsikring”- compensation paid out like either a certain percentage amount of the repairmen costs or a daily amount if the car is stolen.

Accident insurance:
There are two kinds of accident insurances in Denmark- the traditional and the extended. The majority of the insurance companies offer one of these services. It is possible to receive compensation if the policy holder receives a sudden personal injury.

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