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Let’s start by defining a Compulsory Civil Liability Insurance for Motor Vehicles (RCA)...
If you are interested in purchasing a Cheap CASCO you are at the right place! Millenium...
The conclusion of a home insurance policy is a proof of responsibility of us all...
A life insurance policy is probably the most important insurance contract that...
The selection of a private health insurance policy at an affordable price is a wise decision...
Millenium Insurance Broker allows you to compare the offers of the main existing health...
Compulsory Civil Liability Insurance for Motor Vehicles (RCA)
Let’s start by defining a Compulsory Civil Liability Insurance for Motor Vehicles (RCA): it is a mandatory insurance for the vehicle you own and its aim is, in the event of a car accident, to reimburse the prejudiced person for expenditures incurred in association to the vehicle reparations, regardless of the economic situation of the person that caused the accident. The conclusion is simple: the Compulsory Civil Liability Insurance for Motor Vehicles is extremely useful both for the person that caused the accident and for the person whose car was damaged.
There are quite a few persons aware of this fact but, if you are interested in concluding a RCA insurance policy for a new vehicle, you may do so at the seller’s premises, allowing you to benefit from the protection provided by the insurance from the very first kilometer. If the car you want to purchase is not new, you should know that you cannot use the former owner’s RCA insurance and you must conclude a RCA insurance in the briefest delay possible. In fact, the temporary registration number cannot be issued before the new owner provides evidence that he concluded an RCA insurance policy.
The contract for the RCA insurance is concluded at any authorized insurance company, the policy issued to the client attesting the payment of the insurance premium as well as the validity term of the policy. It goes without saying that it lies on the client to renew the RCA policy by its deadline; there are specialized websites that can remind you that your policy is about to expire, sending you an email or calling you on the phone several days before deadline. In case you are interested in benefiting from this free of charge service, please fill in the data in the box located in the left upper corner of this page and this concern will become history.
Tips from specialists
As opposed to the CASCO insurance (Fully comprehensive car insurance policy), the Compulsory Civil Liability Insurance for Motor Vehicles covers only the costs of the repairs that do not exceed a certain amount, set out under the laws in force on the territory of the European Union. However, certain insurers have the possibility of establishing insured amounts that exceed the minimum thresholds imposed by the European Union, this increasing the protection level of their clients; more often than not, this advantage is translated in higher insurance prices.
This is, in fact, the first tip we would like to offer you: do not choose the cheapest insurance. The prices may differ a lot from one insurance company to another and, as such, we recommend you to contact a broker who will assess several offers.
According to the legislation in force, the owners of motor vehicles who fail to conclude a Compulsory Civil Liability Insurance for Motor Vehicles or to extend the validity thereof are subject to a fine; moreover, the registration certificate of the vehicle will be retained and, as a result, the car cannot be used on any public road. Furthermore, in case you are involved in a car accident and you do not possess a Compulsory Civil Liability Insurance policy for Motor Vehicles you will incur all costs afferent to the caused damages.
Another important recommendation: always choose an insurance broker whenever you need a Compulsory Civil Liability Insurance for Motor Vehicles; this will enable you to compare various offers instead of having to choose a policy which only seems to be the best. Millenium Insurance Broker uses an advanced system which provides access to the databases of all important insurers in Romania, allowing you to purchase a Compulsory Civil Liability Insurance for Motor Vehicles which, apart from being a mandatory purchase under the law, proves its usefulness in case of traffic accidents.
Use of the RCA insurance
In spite of our efforts to avoid them, accidents may occur, every so often due to the fault of others. In case of such an undesired event, you should remember as many information as possible, such as the series and number of the RCA insurance of the other vehicle involved in the accident, the exact date, hour and location, the mark and the registration number(s) of the car(s) involved in the accident, the name and phone numbers of the car drivers and of the witnesses, etc.
Depending on the severity of the accident, the drivers shall either give a statement at the Police Department, or they shall fill in an amicable settlement agreement, practice that became effective in the middle of 2009 and applies in case of light car accidents with no bodily injuries. Obviously, upon the occurrence of a serous car accident involving three or more motor vehicles, it is absolutely necessary for the drivers to go to the closest police station.
As a rule, the insurance companies are quite flexible in allowing the car owners to repair their cars either in a partner car service with which the insurer has a direct contract, or in a service chosen by the client, case in which the client shall subsequently recover from the insurer the expenses for the car repairs. There is, of course, the option (rarely used) that the owner repairs the car himself, case in which the insurer shall evaluate the cost of the repair, offering the computed amount without exceeding, however, the value stipulated in the RCA insurance contract.
If you are interested in purchasing a Cheap CASCO you are at the right place! Millenium Insurance Broker assists you in choosing a cheap and optimum Casco insurance that allows you to compare the offers of all leading Casco insurers in Romania. In fact, the selection of an insurance broker is always an inspired choice; you will have access not only to a wide range of offers but also to the services of a specialized consultant who provides relevant information. In addition to that, the insurance broker is directly paid by the insurer and, as a result, the price of the Casco policy shall not be higher than the one that you could obtain by directly contracting the insurer but rather, in the majority of cases, it is lower since, as opposed to the client, the broker has the possibility of negotiating the price of the Casco policy with the insurer.
In comparison to the RCA insurance, the Casco insurance is voluntary but it, however, covers many risks, whether we are dealing with situations in which the car is damaged, partially destroyed, totally destroyed or even stolen. In general, the value of the premium to be paid for the Casco insurance depends on the actual value of the motor vehicle and on its degree of wear and tear, computed as per the insurer’s norms.
Due to the higher costs of the spare parts, the prices paid for the Casco insurances of the motor vehicles produced abroad are higher than the ones paid for the vehicles produced in Romania (Dacia Logan, etc.). Moreover, the insurance price takes into account the category of the vehicle, its mark, model, year of fabrication, capacity, power, number of doors, maximum authorized mass, number of kilometers, the existence of an alarm system, other features, etc. This may seem to be a difficult process, but all this information can be rapidly and easily filled in using the form located in the upper site of this page.
Not all Casco insurances include an anti-theft protection; in case you want to benefit from this coverage, make sure you let your broker know – the insurance premium shall be, naturally, higher than a Casco insurance that only covers the damages. A good idea is to include in the insurance the additional features of the car such as radio recorder, GPS system, etc. because they can also be stolen or damaged and the additional price to be paid for the insurance of the car equipment shall be quite low.
The motor vehicle must be subject to a risk inspection carried out by a representative of the insurer prior to the conclusion of the insurance agreement. The representative shall check the identity series of the car, the current state thereof, the way in which it has been preserved and its features. In case damages are found, they shall be registered in the inspection report; depending of the seriousness thereof, the value of the insured amount may be decreased. Moreover, if the car damages are serious, the insurer may refuse to conclude the insurance contract for the Casco policy.
In general, the Casco insurance is concluded for a period of one year and the payment is made either in full, case in which you will benefit from a substantial discount or in 2 to 12 installments. You can also conclude a Casco insurance policy for a shorter period of time so as to ease the financial effort, provided that this period is of minimum one month. Another way that allows the reduction of the insurance price is to back down from the coverage of certain risks that the car owner deems less important. Last but not least, the existence of a state-of-the-art anti-theft system, of a covered garage, etc. are factors that may contribute to obtaining a Cheap Casco.
The persons that travel abroad on a frequent basis shall be glad to know that, by paying an additional premium, the Casco insurance can be extended beyond national borders as well; usually, the coverage only refers to the damages costs and not to the theft costs. For the overwhelming majority of insurance companies, the Casco insurance extends free of charge abroad, provided that you have concluded the RCA insurance with the same company.
Use of the policy
We recommend you to carefully read the insurance contract before signing it; in case you do not understand a clause thereof, talk it over with the broker, asking him to better explain it to you.
Make sure that the insurance policy includes the issuance date, the insured amount, the value of the insurance premium and the way in which it will be paid out; for the payment in installments, it is mandatory that the precise terms of payment are clearly highlighted. The insurance policy shall also include the possible special mentions, for instance the excluded risks, etc.
In case of accident, the insurer shall be notified within 48 hours from the occurrence thereof, if the damage is covered by the Casco insurance. A statement shall be submitted, describing the circumstances in which the vehicle was damaged such as the date, hour and location of the accident, etc. A subsequently drafted protocol shall record the damages and then the vehicle shall be sent to a car service in order to be repaired.
The indemnities (compensations for damages) are usually paid within a time interval that may vary from two to four weeks, term which must be specified in the insurance policy. This interval can be extended in case the clarification of all circumstances that led to the accident is delayed. Our specialists are ready to help you. Contact us and we shall assist you in obtaining a Cheap Casco including all the risks you want to be covered, at an affordable price.
The conclusion of a home insurance policy is a proof of responsibility of us all, especially taking into account that extreme meteorological phenomena and natural disasters are increasingly frequent, as well as the fact that the irresponsible behavior of some owners/tenants triggers either gas leaks followed by explosions and fires, or floods from the water pipe or dangerous building modifications.
There are two types of home covers: mandatory or optional (voluntary). The mandatory home insurance has been conceived to cover major risks, especially natural disasters such as earthquakes, natural floods or earth flows. It is worth knowing that such mandatory insurances do not cover the damages produced by man, such as fires, floods not caused by natural factors, burglaries, etc.
As a rule, the price of a mandatory home insurance ranges between 10 and 20 EUR/year, depending on the type of the insured house. The price of an optional insurance amounts to approximately 0.12% from the insured amount in case the insurance policy’s holder also wants to include other risks not covered by the standard insurance policy.
On the other side, the optional home insurances allow the full recovery of the amounts necessary to cover the damages, without limitation to the amount of EUR 10.000 or EUR 20.000 guaranteed by the mandatory home insurance. By using an optional home insurance policy, many other risks can be covered, including those produced by man. Additionally, under certain circumstances, for instance when you apply for a credit which is guaranteed with the house, this optional insurance also becomes mandatory.
Due to the large number of insurers on the Romanian market, the optional insurance policies are no longer expensive, allowing every individual to protect both the home and the valuables therein at a reasonable price. Furthermore, great part of the optional home insurances include sections addressing the third parties’ protection allowing, for instance, the partial or even total coverage of the damages caused to the neighbors in case of floods or fires in the insured house.
Begin by finding out whether the home that you possess can be insured or not; certain buildings, for instance those located in high seismic risk areas or those built in regions exposed to earth flows, show significantly higher hazards, determining the insurance companies to deny the conclusion of a home insurance policy.
In case the house or the building you own can be insured, we recommend you to contract the services of an insurance broker who is able to provide pertinent consultancy and suggest the value of the insured sum. We do not advise you to over-insure the home, i.e. to evaluate it at a too high an amount compared to the real one, because in case the covered risk materializes, you will receive indemnities only covering the actual value of the house, and, therefore, you will be throwing money away on unnecessary insurance premiums.
The value of the premiums usually practiced by the Romanian insurers is up to 0.2% from the value of the insured sum. Customarily, for an apartment that costs around EUR 50.000 an amount of 100 EUR/year shall be paid, i.e. less than 10 EUR/month, depending on the covered risks. The amount paid depends on the area in which the house is located, on its type, its construction year, surface, quality of the building materials and the value of the contents included in the insurance.
Use of the policy
The optional insurance is quickly and easily concluded based on an identity card and an affidavit; the ownership document of the insured house is required only if the insured risk materializes. The standard duration of an optional home insurance policy is of 12 months but such policies can also be concluded for a shorter periods of time, of minimum one month.
Upon the occurrence of one of the events provided in the home insurance policy, you must notify the insurer as soon as possible, mentioning that date, hour and location of the event that led to the occurrence of the insured damage. The compensation procedure can start only after the insured individual filled in the claim for indemnity; in general, the indemnities are settled within 2-4 weeks from the registration date of the claim submitted by the insured individual, although the following solutions may also apply, depending on the chosen insurer:
- the repairs are undertaken by a company authorized by the insurer, situation in which the latter shall directly pay such services;
- the repairs are undertaken by the client himself, situation in which he may receive a sum of money jointly agreed with the insurer directly and prior to the performance of the repairs.
Do not make the mistake of beginning the repairs of the home before the arrival on site of an insurer’s representative; ask for a written consent of the representative before starting any such repairs. In addition, the insurer may refuse to pay any indemnity afferent to the home insurance if it finds out that the claim for indemnity was substantiated on false statements.
It is beyond any doubt that a full home insurance, that covers any risks, is the ideal option; however, in case the budget allocated to the home insurance is limited, you may choose not to cover certain risks and thus obtain a lower price for the insurance policy.
In certain cases, the conclusion of the insurance policy is preceded by a risk inspection; albeit sometimes this inspection is not compulsory, the data supplied by the owner being taken for granted, we recommend you to order such an inspection in order to exclude any unpleasant surprise in the event that an insured risk really happens.
Although in general the optional insurance policies are flexible, covering a large category of risks, there are also excluded risks which cannot be covered by the insurance company: exceptional situations, confiscations, expropriations, radioactive infestations, contaminations, etc. Make sure that you have cautiously read the exclusions provided in the insurance policy you would like to opt for before signing it.
In general, the insurer shall pay indemnities only if the events are fortuitous, independent of the direct or indirect actions of the individual or individuals that benefit(s) from the home insurance; otherwise, they lose all rights stipulated in the insurance policy.
A life insurance policy is probably the most important insurance contract that you will ever sign since it compels you to pay an insurance premium for a long period of time, of up to 30 years and tackles with particularly special events of you life: the birth of a child, his/her coming-of-age or marriage, the retirement, an accident or even death.
Fortunately, in Romania there are internationally renowned insurers who offer, on a long-term basis, safety and seriousness as well as competitive insurance products: insurers such as Allianz-Tiriac Asigurari SA, Aviva, AZA, Generali, Uniqa, or Vienna Insurance Group through BCR Asigurari and/or Omniasig (we have listed them in alphabetical order).
Advice 1: Under no circumstances should you sign a life insurance policy without previously assessing, together with a specialist independent from an insurance company (who will assist and help you to objectively analyze the received offers) at least three offers from three, preferably internationally renowned, insurers.
Advice 2: is it of utmost importance to exactly identify your priority need: protection or savings.
If protection is your priority, there are insurance policies that only provide protection for the biometrical risks (accident, total or partial invalidity from an accident or disease, death from an accident or any other reason). This type of insurance, regularly required by banks when you want to be granted a credit, is not expensive and you may obtain high insured amounts in exchange for reasonable insurance premiums. The insurance premium varies a lot depending on the age and the health of the individual applying for such insurance. This type of insurance works as a Casco insurance: if something unpleasant occurs, the insurance company pays; otherwise, you will spend some money because the insurance premium cannot be recovered.
If savings is your priority, there are insurance policies that combine protection with savings, with the main focus on savings. The major advantage of such policies is that once they reach due date, the insurance company will reimburse the value of the savings account, value which should ideally be at least equal to what you have paid. In such situations, you must understand and accept that the premium you are paying is divided in risk premium (which represents the expense, as in the policies that offer protection only) and in the savings / investment premium. The bigger the insured amount, the bigger the protection expense and the smaller the savings / investment amount. This is why you must carefully analyze the estimations, more often than not optimistic, made by the insurance companies.
Advice 3: do not confuse life insurances with private pensions! As described above, any life insurance policy with savings components also has a protection component (at least for the death risk) and this protection means a cost. In comparison, an optional private pension does not imply this cost, all the sums of money being allotted for savings through investments and accumulation. More than that, the retirement funds function according to a different, safer and more restrictive legislation implying the existence of an authorized depositary bank, of some minimum profitability margins of the retirement funds and of other factors. In conclusion, carefully identify what you wish and the means necessary to accomplish your target.
Advice 4: should you be bound by a bank to conclude a life insurance policy throughout the term of a credit agreement, you should know that the bank cannot impose a certain insurance company. It may offer, in exchange, a list of agreed insurers from whom you may choose, assisted by one of our specialists.
Private health insurances
The selection of a private health insurance policy at an affordable price is a wise decision because it enables you to benefit from a substantial amount of money in case of unpleasant and obviously undesired incidents. Several years ago, the purchase of private heath insurance policies was a complicated and costly process; fortunately, the private health insurance system has developed a lot in Romania lately, a growingly larger number of insurers now providing policies which can be successfully used both for the coverage of emergency medical treatments and for complex surgical interventions which are regularly performed abroad.
At present, there a numerous private health insurances policies allowing both individuals and groups of individuals or families to benefit from high-quality medical insurances, regardless whether the respective individual or individuals are or not in good health. In addition to that, more and more clinics accept the policies provided by the health insurers; as such, more Romanian citizens are treated in a careful, respectful and competent manner, benefiting from top-class services at European standard level.
In fact, many of us know that a private clinic is the optimum solution in case of accidents or illnesses, but the high afferent costs prevent us from contracting their services. By purchasing a private health insurance policy, the risk is transferred to the insurer who will fully pay the medical expenses in case of an unforeseen event. In this case, the large amounts to be paid, for instance, for complex surgical interventions, are no longer paid by you or by the members of your family, but rather by the insurance company.
Which private health insurance company best meets my requirements? This a legitimate question, whose answer is not always simple. In the past, many individuals were choosing the insurance company going by the recommendations of their friends or acquaintances – an acceptable alternative which, however, failed to always provide the best solution. Fortunately, along with the emergence of the internet, more and more individuals use it to compare the offers; however, this alternative, in its turn, can last a while and provides no guarantee that you will obtain the best health insurance policy.
Then, which is the solution? Consulting the offer of an insurance broker who works with several health insurers and who is able to help you chose the best type of private medical insurance depending on your needs and your budget. In addition to that, since the insurance brokers benefit from a commission directly offered by the insurer, you will pay what you have to and not a penny more, but rather save money since the private health insurance policies can be negotiated within certain limits.
Millenium Insurance Broker allows you to compare the offers of the main existing health insurance providers on the market and take a decision that best fits you. We know that there are plenty of insurers on the Romanian market, each of them selling various types of insurance policies; this is why our brokers are ready to help you, supplying free of charge information and specialized consultancy and assisting you in selecting the best private health insurance policy.
If we were to compare the purchase of a vehicle to that of a health insurance policy, the differences are huge. In the former case, almost anyone can understand the purpose and the usefulness of the optional features of a car, but few people have any insight into the options offered by a health insurance policy until they discover that the insurance they bought fails to cover the costs of medical treatments, etc.
This is, in fact, the very secret of the ones that conclude a solid private heath insurance policy: they use the know-how of the insurance broker who will explain all advantages and disadvantages of the chosen policy, unlike the own agents of the insurers who will only focus on the benefits provided by the policy of the insurance company they represent.
A responsible insurance broker shall make time to ask as many questions as possible, to understand precisely the needs of each and every client. Then, the broker will recommend one or more insurance policies depending on what really matters, the risk level and the available budget. Basically, a broker of Millenium Insurance Broker cooperates with the client so as to obtain the policy that, first and foremost, serves the interests of the client and not those of the insurance company.
We do not wish them, but undesired events may occur anytime, be it an accident, a fracture, etc.; in such situations, the access to the best quality medical services is desirable and the existence of a health insurance policy is considerably advantageous since it removes an important source of stress caused, for instance, by the lack of funds necessary for a costly surgical intervention.
Unfortunately, many individuals believe that they are healthy enough and the purchase of a private health insurance policy is not a priority, especially if they have never had an important health issue. However, this is not a guarantee that things will be the same in the future; consequently, the purchase of a health insurance policy protecting both the policy holder as well as the loved ones is priceless.
- Medical insurances
- CARGO insurances
- Building and contents insurances (legal persons)
- Carrier’s civil liability insurance
- Credits and guarantees insurances
- Professional liabilities (doctors, accountants, lawyers)
- Constructions and assembly insurances