Apart from the obligatory social insurance there are also a number of possibilities to obtain private insurance to cover other eventualities. The most common insurances are discussed in this article.
You can seek advice on different types of insurance from private insurance companies. Some banks also offer insurance consultancy as part of their financial advice. Be aware that some consultants receive commissions on insurance they sell, so their advice may be biased. There are also several online comparison sites to find you the best deal on insurances. Examples of such sites are www.aseguraonline.com and www.tupoliza.com.ar .
In Argentina, insurance companies are not allowed to raise their prices without notifying their customers and explain why the raise in prices took place, nor are they allowed to renew your policy without prior notification of the changes in the policy. If an insurance company does not comply with this regulation, you can take legal action against them. You should contact the National Supervisory of Insurances ( Superintendencia de Seguros de la Nación) www.ssn.gov.ar
The need for a life insurance depends on your age, the number of people that are dependent on you and your income. Life insurance foresees in a payment to the beneficiaries of the deceased one. This payment can take place at once, called Capital Asegurado, or as a partial interest bearing payment. The names of the beneficiaries are stated in the insurance policy. Insurance companies calculate the costs of your policy based on three factors. The first one is the mortality table. This table classifies people into groups and their rate of mortality. The higher the risk of the mortality group you belong to, the higher you cost of policy. Next is the interest rate. Insurance companies invest their money in stocks, bonds etc. The higher the interest rate of the investments, the lower the cost of the insurance. Last factor of influence on the price are the operating costs of the insurance company.
Life insurance are classified according to the following:
Take into account that price is not the only criteria when choosing a company. The reputation and service the insurance company offers should also be considered important. Furthermore, make sure the company is registered at the Superintendencia de Seguros de la Nación. If this is not the case, the Superintendencia cannot assist in disputes between the insurance company and clients.
When buying a life insurance, make sure you answer all questions on the policy form correctly ( Solicitud de Seguro). The questions will mainly refer to your health. After you filled out everything, the insurance agent should check all questions once more with you before signing and submitting the forms. If later it turns out any questions where not answered truthfully, the insurance company can decide not to pay.
Further important points when buying a life insurance are:
By law it is mandatory to have car insurance in Argentina. Car insurance in Argentina covers the driver and/or insured person and third parties from damages suffered from fire, theft and accidents. Premiums paid are calculated based on the following factors:
Things to keep in mind when buying a car insurance are:
In case of a car accident:
1. Ask the third party for: name, family name, addresses of owner and driver of car;telephone number; driving license; registration number, category and expiration date; insurance, policy and expiration date; brand of car, model and color; green card (
cédula verde)
2. Find independent witnesses (name, family name, identification, address and telephone)
3. Get a copy of the police report. Make sure to read everything before signing.
4. Do not accept responsibility nor make transactions with the third party.
5. Contact your insurance agent immediately
6. File the paperwork with the insurance company within 3 days of the accident. Add a copy of the police report and fill out the insurance papers.
7. Document in writing al conversations you had with persons regarding the reclamation and their names and contact information
8. Keep a file with all your paperwork
The household insurance in Argentina is known as seguro del hogar and seguro combinado familiar. This insurance covers both the material as individuals in your household. Examples of what is covered by household insurance are damages due to fire, theft and burglary, water damages, civil responsibility, personal accidents, accidents of domestic employees. Wear and tear of property, damages due to war or natural disasters such as earthquakes and tornados is not covered.
Things to keep in mind when buying Household insurance:
In case of an accident of event:
It is important to file all information within the set time-frames. If this is not done the insured might loose all rights on receiving indemnities.
Make sure before deciding with which company to buy an insurance that you know what the financial situation of the company is. Besides the price of the policy the service and reputation of the company should also be considered important factors when deciding. If you decide to buy directly with an insurance company or through an agent, check if they are registered with the Superintendencia de Seguros de la Nación. If the company or agent is, the Superintendencia can help you out in case of disputes.
In case of disputes with your insurance company, you can contact the Superintendencia de Seguros de la Nación. The following information will be required:
The paperwork should be presented to:
Superintendencia de Seguros de la Nación,
Av. Julio A. Roca 721
Capital Federal.