Some people still try to save money by skipping insurance. However, in doing so, they are essentially leaving themselves – and their financial stability and assets – unprotected. Life is unpredictable, and unforeseen events can happen at any time: an accident, a breakdown, a natural disaster, illness, or something else. The resulting losses can be so severe that managing them with your own resources becomes impossible. The most effective tool to help you cope with the consequences of such events is insurance. With the compensation provided under your policy, you can fully or partially recover your losses. Having insurance that matches your life situation offers peace of mind, stability, and a more predictable future. This protection covers not only financial losses from unexpected events but also planning for future needs, such as retirement or your children’s education.

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Start by analysing your personal, family, and professional situation, and consider which risks could have the greatest impact on your financial stability. For example, think about what could happen to your loved ones if an adverse event affecting your health or life prevented you from earning an income or led to high medical expenses. To mitigate such risks, explore life insurance and health protection products tailored to your needs.

Next, consider how your finances would be affected if your home were damaged and needed repair or rebuilding, or if other property were destroyed. If you own real estate, vehicles, valuables, or other assets, it is wise to protect them with the appropriate insurance.

Also, consider situations in which you might cause damage to a third party in your personal or professional capacity. In such cases, liability insurance becomes important.

These examples illustrate common life scenarios. While there is no certainty that they will occur, relying solely on luck is risky. A wiser approach is to carefully assess your actual protection needs and use appropriate insurance to safeguard your financial stability.

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In general, the amount of payout is determined by the actual losses incurred as a result of the insured event and the terms of your insurance policy. The purpose of the payout is to restore the insured person’s financial situation to the level it was before the event occurred, in accordance with the policy conditions. For example, payout cannot exceed the liability limit specified for the respective insured event. It is important to note that insurance is not intended to enrich the insured person, but to provide fair reimbursement for losses directly resulting from the insured event. Life insurance works differently: compensation for major risks – such as death or survival – are made according to the pre-agreed terms of the policy, rather than based on actual losses, as is the case with property or liability insurance.

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If you disagree with the determined insurance payout, you can file a complaint with the insurer requesting a justification for the amount set. The insurer is obliged to provide you, in writing, with a factual and legal explanation of the determined payout within 7 days. You may also request to reach an agreement with the insurer specifying the amount of the insurance payout due. If you still disagree with the payout amount or if the insurer refuses to pay, you have the option to seek protection of your rights through legal proceedings, in accordance with the rules of the Civil Procedure Code.

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·         Consumer Protection section, I Want to Learn category.