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This is what you should pay attention to when choosing liability insurance

This is what you should pay attention to when choosing liability insurance

Dangers in everyday life

Better safe than sorry and in some everyday situations it is better to avoid “no risk no fun”. An oversight doesn't happen planned, as you can do the small and large
Not foreseeing the misfortunes of life. That's why private liability insurance is THE most important voluntary insurance.

When does private liability insurance pay compensation?

Private liability insurance provides compensation for personal injury if you injure someone, for property damage if you damage or completely destroy the property of others and for financial loss if you financially harm a third person .

Who needs private liability insurance and why

The question of who needs private liability insurance can be easily answered: everyone!
Why? Because private liability insurance secures your financial existence. If a mishap occurs due to carelessness, the insurance will cover you. Among the most common
Reports of damage from young people include damage to smartphones, usually caused by a third party dropping them. That happened quickly too. Such damage is more of a minor mishap, which is unpleasant and may not even be worth paying for, but does not necessarily mean financial ruin for you. Private liability insurance is more important for really big disasters so that you don't have to pay for damages out of your own pocket. For example, if you 're just briefly distracted on your bike on the way home from university because you 're looking at your smartphone and you speed into a pedestrian. Sounds unlikely, but accidents like this don't happen all that rarely. If the injured person is injured, possibly suffers consequential damage and requires care, it can be really expensive and actually run into the millions.

It is stipulated by law that you will be held liable for damage caused to third parties and must pay the costs. Specifically: In the Civil Code §823. Without private liability insurance covering the costs , a really large loss is hardly financially viable and can affect your future forever.

You can find an overview of what other insurances are important for you as a student here

What does private liability insurance cost?

There are countless providers and tariffs for private liability insurance and it is important to compare services and costs. On average, a good tariff for singles costs only
for you alone, around 30-70 euros a year. Of course, no one wants to pay too much or take out overpriced insurance . On the other hand, a tariff that is too cheap may be limited in important services. If an insurance offer seems too expensive for you, check whether another provider might offer the same range of services at cheaper conditions. The premium costs can also be reduced if you decide to pay a deductible. In the event of damage, you will then pay a previously agreed amount and the insurer will cover the rest.
Our TIP: With CosmosDirekt you can insure yourself as a student with a premium discount if you are under 30 years old.
- CosmosDirekt - The insurance. Top price/performance ratio, competent advice and service.

Is EVERY damage covered?

It depends on! Personal liability damage, such as when I dropped my cell phone, cannot be covered by private liability insurance. In this case, cell phone insurance is required. Damage caused intentionally is also not regulated.

“Oops, I dropped my laptop and now it no longer works. Ah, I ask my friend if he will take the blame and cover the repairs from his liability
let’s pay .” Wrong thought! Not every claim for damages is automatically covered by the insurance or paid in full. If the damage was caused by gross negligence , the insurer is obliged to pay , but can reduce the payout . Of course, damage caused intentionally or wantonly, as well as planned destruction or injuries , are not included in the insurance, as these are clearly criminal offenses. So you can't have your own smartphone repaired or replaced by your private liability insurance . For this you need cell phone insurance.

What should I take into account when concluding a contract as a student?

As a student, you don’t always need your own personal liability insurance. First of all, you should find out whether you are still insured through your parents or have any insurance at all
Liability insurance exists through the parents. Your parents' family liability insurance usually applies to the period of your first studies or training if this directly follows your school days. The insurance coverage also applies if you live somewhere else. And your parents' family liability insurance usually also applies during voluntary service or a voluntary social or ecological year . Some insurance policies set an age limit of, for example, 25 years.

Which services are particularly interesting:

Bad debt coverage : Many people have no personal liability insurance at all. So it can happen that you are the injured person and the Damage causer has no liability . It's annoying if bad debt coverage is n't included in your liability contract. This is where your insurance will step in and cover the costs of the damage caused. Of course, the insurance company will try to get the money back after a thorough examination Damage causer to retrieve. But that's not your problem ;-)

Rental property damage applies to property damage in the rented apartment, for example if the parquet floor is scratched when moving furniture or a perfume bottle that was accidentally dropped has left a crack in the sink. The landlord can charge for this, so you have to pay for it. Such damage cannot always be avoided. It's good if you have liability here.

Loss of keys for private, professional or third-party keys. Depending on how high
the security level of the individual or central locking system, the more expensive the replacement is. The loss of the apartment key in an apartment building is also insured if the key belongs to the other owner. You are not insured if you lose the key to your condominium.

Internet damage is part of the current zeitgeist. Malicious software or an email with a virus-laden attachment can quickly be forwarded and can cause immense damage.

Sum insured : The motto here is, the higher the better. Especially when the cost difference of 10 to 50 million euros is not marginal.

Good to know

Private liability insurance replaces the current value of items if repairs are no longer worthwhile. That sounds bitter if you assume that technical devices in particular lose value very quickly . However, there is a good reason why the insurance does not replace the purchase price and is even regulated by law. You shouldn't be better off after damage than before, as if the damage had never happened.

Our liability tip

At CosmosDirekt you get a 25% discount if you are under 31 years old. This makes CosmosDirekt currently the cheapest provider for young people. Cheap and excellent at the same time. “Focus Money” (37/2022) rates the price-performance ratio, tariff performance, customer communication and customer advice as “very good”. And damages are also settled fairly and within 7 days. We are the “fairest claims adjuster” according to Focus Money 03/2022.
Provided, of course, that you have submitted all relevant information for claims processing. Since good service is important to CosmosDirekt , you will , if you wish, be informed regularly about the status of your liability claim via SMS or email. Great, we think!
Protect what you love! With CosmosDirekt - the market leader for 25 years. Get insured now!
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