Insurance companies in Spain: how to choose the optimal policy.

Why Choosing an Insurance Company in Spain is Important

Relocating to or staying in Spain for an extended period often involves the need to purchase one or more types of insurance. Without understanding the local specifics, people face many questions: how to avoid overpaying, what exactly is included in the coverage, and how to avoid bureaucratic difficulties? That's why it's important to understand the intricacies of the market and choose the optimal insurance company.

Main Customer Pain Points and Solutions

1. Difficulties in Choosing and Lack of Information

You can insure your car, home, health, or life in Spain with dozens of companies. Many offer similar products, which can be confusing. To avoid wasting extra money and time, it's important to study the insurance company rankings and understand what to focus on when choosing.

Solution: Analyze reputation, cost, and range of services. If necessary, contact insurance brokers or use aggregators (online platforms that compare offers from different companies).

2. Language Barrier and Lack of Understanding of the Conditions

Documents and policies are primarily issued in Spanish. Clients with limited Spanish proficiency may find it difficult to understand all the details of the contract, especially regarding exclusions and limitations.

Solution: Some insurance companies provide support in English or Russian. If this option is not available, a translator or a Russian-speaking insurance consultant can often help.

3. Insurance Payouts and Bureaucracy

Many people worry that, in the event of an insured event, they will have to collect dozens of certificates, and reimbursement will be delayed by bureaucratic procedures.

Solution: Enter into a contract with companies that have a well-established document processing system. Large insurers often offer clear instructions and operate quickly due to established business processes.

Ranking of Insurance Companies in Spain 2024

The ranking is for guidance only. Each option should be compared with individual needs and financial capabilities.

Vida Caixa. The largest player, with a market share of over 13%. Specializes in life and property insurance. Belongs to the CaixaBank financial group.
Mapfre. One of the leaders in terms of assets and coverage. The range of products is very wide: auto, medical, property insurance, and many more.
Mutua Madrileña. Third in the ranking by total volume, second in auto insurance. Also offers favorable conditions for life and health insurance.
Catalana Occidente. More than 150 years on the market, not linked to financial institutions. Various programs: transport, housing, liability, travel policies, etc.
Allianz. German company with a market share in Spain of around 6%. Serves 70 million customers worldwide.
AXA (French Insurance Company). Known for its customer focus and breadth of coverage. Competitive products in many segments.
Zurich. Swiss insurer with a presence in over 170 countries and a market share in Spain of around 8%. Strong in auto insurance.
Generali. Well-known global brand, ranks fourth in Europe in property insurance.
Santalucía. Founded in 1922, specializes in life, home, savings, and pension insurance.
Helvetia. Swiss insurance group operating in Spain since 1992. Reputation for being a reliable and independent company.
Linea Directa and Tuio. Online insurance format with good discounts and special offers. An interesting option if you have a limited budget.

Insurance in Spain: Prices and Popular Areas

Car Insurance

The most popular type of insurance. According to surveys, 35% of drivers limit themselves to basic liability protection, and 65% choose more comprehensive coverage. Market leaders include Mapfre and Mutua Madrileña.

For reference, here are some approximate prices for 2024 for a DACIA SANDERO STEPWAY car with more than 10 years of driving experience, low annual mileage, and family use:

Basic liability (Third-Party Liability): from 182 euros per year.
Extended basic (fire, theft, headlights): from 178 euros per year.
Full coverage with deductible: from 227 euros per year.
Full coverage without deductible: from 518 euros per year.

For a VOLVO XC60, purchased in 2018, under the same conditions:

Basic liability: from 223 euros per year.
Extended basic: from 277 euros per year.
Full coverage with deductible: from 525 euros per year.
Full coverage without deductible: from 1,913 euros per year.

Using aggregator websites (for example, rastreator or acierto) will help you compare offers without visiting insurer offices.

Home Insurance

According to surveys, about 93% of respondents insure their property. With a mortgage, the bank usually requires an insurance policy, however, by law, it is forbidden to impose a specific company. In practice, multifunctional policies covering civil liability, legal protection, and other risks are popular.

A small house or townhouse of about 90 m² can be insured from 139 euros per year.
A new villa from 2023 with a value of 500,000 euros and with contents of 80,000 euros: from 352 euros per year for the basic option and from 393 euros with additional options.

Private Health Insurance in Spain

The public health system works well, but if you obtain a residence permit without the right to work, a Golden Visa, or simply wish to use private clinics, you need private health insurance. The cost depends on age, the presence of chronic diseases, smoking, and the chosen level of coverage.

Examples for a 40-year-old man:

Insurance with a co-payment per visit: from 37 euros per month.
Full insurance without co-payments: from 60 euros per month.
Minimum coverage without hospitalization with co-payment: from 12 euros per month.
Dental insurance: from 88 euros per month.

For a 46-year-old woman, under similar conditions, prices start from 42 euros per month (with co-payments) and from 68 euros per month (without co-payments). Repatriation (return to the home country in case of serious illness or death) is included in the package of some companies, which is especially important for foreigners.

Pros and Cons of Insurers in Spain

Pros

Variety of insurance types: car, health, property, life, travel, etc.
Flexible prices and discounts, loyalty programs, and bonuses.
High level of service, including legal advice.
A developed private healthcare system with many doctors and clinics.
Availability of Russian or English-speaking support (not for all, but for several large companies).

Cons

Bureaucracy: possible delays in payments or repairs after an insured event.
Large number of exclusions and limitations in some policies.
High cost of premiums for older people.
Risk of fraud by unscrupulous agents.
Lack of transparency in conditions in some companies.

How to Obtain an Insurance Policy for a Residence Permit

In addition to the usual questions (cost, coverage, reputation), there is an important legal nuance: insurance for a residence permit must provide full coverage and not have waiting periods. Several companies (for example, Adeslas, Sanitas, Asisa, DKV, Mapfre) offer special products for foreigners that meet the requirements of the immigration authorities.

If mortgage insurance or a specific policy (for example, for a business) is required, you should clarify the specific requirements of the bank or regulatory authorities. It is important to remember that, according to European laws, it is illegal to impose a specific company. You can choose any option that meets the coverage requirements.

Practical Tips for Choosing an Insurance Company

Step 1: Determine the type you need: car, home, health, or perhaps a combination of several policies.
Step 2: Compare offers by cost, exclusions, waiting periods, and reviews.
Step 3: Clarify the availability of Russian or English-speaking support, if this is critical.
Step 4: Think about the future: do you plan to buy property, change cars, apply for a residence permit, or invite relatives?
Step 5: Check the conditions for termination and renewal. Ideally, the contract should be renewed automatically, but at the same time, the client can easily refuse further services.

Conclusion

Insurance companies in Spain offer a wide range of services, which, on the one hand, simplifies the search for a suitable policy, and on the other hand, makes the choice difficult. To buy the best insurance, it is important to understand the specifics of the market, compare offers, and pay attention to individual factors: age, health, type of property, driving experience. Analyzing ratings, studying reviews, and a competent approach to reading the contract will help you protect yourself from unnecessary risks and choose a reliable partner.