Best Insurance Companies
Beyond the obligation to take out a Civil Liability policy, for many car owners acquiring insurance with which to take care of their investment can be a headache. There are many and very different options on the market. How to determine which are the best insurance companies is the key question.
What users are looking for: Better prices or higher quality?
It may not be the ideal procedure, but the truth is that, statistically, most people tend to opt for the cheapest policies without much analysis.
Naturally, these types of contracts are usually quite limited and in the event of a claim, the real scope of the services offered may be nil.
Higher premiums do not, by themselves, mean better service either. In any case, the last recommendation for anyone who wants to insure their vehicle is to carefully read all the clauses of the service offers. Especially you have to read the “fine print” well.
Best insurance companies, according to their market share
Although it is not an exact qualitative value, the market share within a market says a lot about the quality of competitors.
Taking the turnover volume as an evaluation parameter, the best insurance companies in Spain are:
- Vida Caixa (13.87%)
- MAPFRE Group (10.77%)
- Zurich Insurance Group (7.86%)
- Mutua Madrileña Group (7.43%)
- Allianz (5.80%)
- Grupo Catalana Occidente (4.43%)
- Generali (3.99%)
- BBVA Insurance (3.35%)
- Caser (2.44%)
Car policy offers
Vehicle policies are one of the most specific segments within the range of services offered by insurance companies. The offerings of different companies may appear homogeneous, but the variability of user needs means that companies must adapt quickly.
Depending on the type of policy offered, the best insurance companies for vehicles are:
Third Party Insurance
These are the cheapest policies. In addition to considering everything related to Obligatory Civil Liability, it adds coverage of expenses incurred to third parties in road accidents. It is a highly recommended option for owners of vehicles with more than five years old.
Within this segment, the services offered by:
- Regal Seguros : this company belongs to the Liberty Seguros Group. It allows to include additional considerations to the coverage without excessively increasing the value of the premium.
- Génesis Seguros : direct business company also belonging to the Liberty Seguros Group. They claim to have the widest network of workshops in all of Spain.
- MAPFRE Auto: within the Third Party Insurance segment, it is one of the least economical options. At the same time, it is one of the most extensive coverage. The services offered include insurance for the driver, legal defense and travel assistance.
Third Party Insurance including windows, theft or fire
This is the middle option between the services offered by insurance companies to vehicle owners. They are called “combination insurance.”
Of the options within this segment, the following stand out:
- Qualitas Auto : one of the brands of the Welsh conglomerate Admiral Group, one of the best auto insurance companies in Europe and America. Its coverage is quite broad, with some very specific limitations.
- Génesis Seguros: the VIP policy is an even broader option. One of the few most recognized aspects is the loan of money to repair the vehicle.
- Mutua Madrileña : the non-profit company founded in 1930, offers one of the most economical policies in the segment. Its most important limitation is in the event of theft. They only compensate for theft during the first year.
All Risk Insurance
These policies include all the services offered by the insurers, without limitations. They are therefore the most expensive, although they should get happy and satisfied customers in all cases. Within all-risk insurance there is the option of including “franchise” insurance, that is, those in which the repair is borne by the policyholder up to a specified amount.
The best insurance companies in this segment are:
- MAPFRE: includes services such as a replacement vehicle or advance compensation for damages caused by third parties. In addition, it has the benefit of not being among the most expensive options.
- Qualitas Auto : broadly offers the same possibilities as MAPFRE coverage, although its price is significantly higher.
- Mutua Madrileña : at the price level, it is among the all-risk policies of MAPFRE and Qualitas. However, the limitations regarding theft coverage are comparatively significant.
