What are the Types of insurance policies in Romania:

Romania is a large and often-overlooked Eastern European country dotted with historic cities and dramatic locations like Transylvania, the Carpathian Mountains, and the painted monasteries of Bucovina. Although travelling to Romania can be an accessible holiday destination for many people, and although healthcare costs in the country aren’t outrageously expensive, it’s still a very good idea to arrive there with travel insurance anway, as you’ll want the highest-quality healthcare you can find.

Luckily, online global insurances (known as ‘insurtechs’) specialize in cost-savvy travel insurance to Romania and other countries worldwide. Our list below explores the four services we believe provide the best deals for young travellers, adventurers, everyday holidaymakers looking for comprehensive but affordable coverage, and longer-term expats.

There are various types of insurance policies available in Romania, which include:

  1. Mandatory Insurance Policies: These are the insurance policies that are required by law in Romania. They include:
  • Mandatory Car Insurance: Also known as RCA, it covers the damage caused to third parties in case of an accident with the insured vehicle.
  • Mandatory Home Insurance: It covers the damages caused to a home or apartment in case of a natural disaster.
  1. Voluntary Insurance Policies: These are the insurance policies that are not required by law, but can be purchased by individuals to protect themselves from risks. They include:
  • Travel Insurance: It covers the medical expenses, trip cancellation, loss of luggage, and other risks that may occur during a trip.
  • Health Insurance: It covers the medical expenses of the insured in case of illness or accident.
  • Life Insurance: It provides financial protection to the family of the insured in case of the death of the insured.
  • Property Insurance: It covers the damages caused to property due to fire, theft, natural disaster, or other risks.
  • Liability Insurance: It covers the damages caused by the insured to a third party, including bodily injury, property damage, or financial loss.
  1. Professional Insurance Policies: These are the insurance policies that are purchased by professionals to protect themselves from the risks associated with their profession. They include:
  • Professional Liability Insurance: It covers the damages caused by a professional to a third party due to negligence or error.
  • Directors and Officers Liability Insurance: It covers the damages caused to the company by the actions or decisions of its directors and officers.
  • Cyber Insurance: It covers the damages caused by cyber-attacks, data breaches, and other cyber risks.

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.

Optional CASCO
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.

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