What types of insurance should I consider?
If you’re planning to move to Portugal, it’s important to understand the different types of insurance available and identify which ones are essential to ensure your safety and comfort.
If you’re planning to move to Portugal, it’s important to understand the different types of insurance available and identify which ones are essential to ensure your safety and comfort.
Importance: Essential
Description: The public health system in Portugal is accessible to all residents, but many expatriates opt for private health insurance to have access to a wider range of health services and shorter waiting times.
Average cost: Premiums can vary from 20 to 100 euros per month, depending on the cover and the age of the insured.
Recommendation: Highly recommended to ensure quick access to quality medical services.
Importance: Mandatory for vehicle owners
Description: Car insurance is compulsory by law in Portugal. The minimum requirement is civil liability insurance, which covers damage to third parties.
Average cost: From 20 euros per month, depending on the vehicle and cover chosen.
Recommendation: Compulsory if you own a vehicle; consider additional cover for greater protection.
Importance: Highly recommended
Description: Protect your home from damage such as fire, theft and natural disasters. Mandatory if you have a home loan.
Average cost: Around 10 to 30 euros per month, depending on the value of the property and coverage.
Recommendation: Recommended for protecting your real estate investment.
Importance: Recommended
Description: Provides financial support to beneficiaries in the event of their death, ensuring financial support in the future.
Average cost: Variable, generally starting at 15 euros per month, depending on the amount of cover and the age of the insured.
Recommendation: Consider if you have dependents who could be financially affected by your absence.
Importance: Optional
Description: Cover for situations where you may be liable for involuntary damage to third parties.
Average cost: Generally around 5 to 10 euros per month.
Recommendation: Useful for individuals involved in activities that could put third parties at risk.
Importance: Optional
Description: Important to cover medical expenses abroad, trip cancellations, lost luggage, among other risks during trips.
Average cost: Depends on the duration and destination of the trip, but generally starts at around 1 to 2 euros per day of travel.
Recommendation: Recommended for frequent travelers.
Selecting the right insurance when moving to Portugal is vital for your peace of mind. Some of the most recognized insurers in Portugal include Fidelidade, Allianz Portugal, Tranquilidade, Lusitania Seguros, Liberty Seguros and Mapfre Seguros. It is recommended that you consult a qualified insurance agent to tailor the cover to your specific needs.
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