An insurance policy is a tool to protect you against financial loss. In terms of terminology, the entity providing the insurance is referred to as an underwriter, insurance company or underwriter. The person or entity covered by the insurance is called the insured and the person buying the insurance is called the policyholder.
If you want to come to Romania for a long or short term, you should know some basic notions about the Romanian insurance system, more precisely the immigration insurance.
If you are a non-EU citizen and want to come to Romania, you will need a visa and you will need insurance during the visa procedure. Therefore, you must provide proof that you are insured to the Romanian Embassy.
The duration of your stay in Romania is a very important aspect, because without travel insurance you cannot come to Romania for a long time.
Please note that you will need to provide valid insurance for the duration of your visa.
In the Romanian insurance system, there is compulsory insurance and insurance that you can take out with insurance companies.
Compulsory car insurance
Compulsory insurance in Romania is car insurance, provided of course that you have a car. This type of coverage is called RCA and applies to liabilities you might encounter while driving a car, such as an accident.
How does this insurance work? Well, if you have an accident through no fault of your own, or if someone else causes the accident while driving your car, and not your property, the person who caused the damage will go to the company that insured you, whose losses will be compensated. Also take into account that the price of the insurance will therefore increase the following year. So the price of car insurance also depends on your driving skills, for example. If become a good driver, you will pay less in the future. incase you have an accident, you might pay more next year.
Compulsory home insurance
You need this type of insurance as long as you own real estate in Romania. This will ensure that you are protected against natural disasters such as earthquakes, fires and floods.
This is for your car, but not mandatory. This is optional insurance which is more expensive than compulsory car insurance and we cover damage caused by your own fault.
How does this insurance work? If you are in a car accident, when the victim uses your RCA to fix their car, you can use CASCO insurance money to fix yours.
Optional health and accident cover
This insurance company will cover you if you are involved in an accident or if something else happens that endangers your health. For example, if you are ill, the insurance company reimburses you for hospitalization costs.
Optional cargo insurance
You can insure your home against fire. This type of insurance will be useful to you, for example, if you leave the furnace on and the house catches fire.
Optional civil liability insurance
if you need specialized insurance or if you want to insure your accommodation against tenants.