Insurance is not rocket science. We explain everything you need to know about sum insured in this glossary article.
The sum insured is the maximum amount an insurance company pays out in the event of a claim.
The sum insured should be high enough to cover any potential damage. However, since even a small mishap can cause substantial costs, you should choose an insurance policy with the highest possible sum insured. For liability insurance, for example, experts recommend at least €10 million.
To ensure that neither small nor large mishaps end up costly for you, the Comfort tariff of the Getsafe liability insurance covers personal injury, property damage and financial losses up to €20 million. The Premium tariff even covers €50 million. In case of damage to more than one person, Getsafe pays a maximum of €15 million per person.
You are liable for all damage caused by your dog. So if your furry friend injures another person, for example, it can quickly become expensive. That’s why Getsafe’s dog liability insurance covers €20 million in the Comfort tariff and €50 million in the Premium tariff. In the case of personal injury, a maximum of €15 million is paid out per individual.
The sum insured is calculated individually and is based on your total living space. You can choose the sum yourself, but it must be at least €650 per square metre. In other words, your household contents are covered up to the insured sum you specify.
It’s no secret that litigation costs can quickly shoot through the roof. In the event of a legal dispute within Europe, Getsafe covers the resulting costs, e.g. lawyer’s fees, court costs or expert opinions, to an unlimited extent. Outside Europe, the sum insured amounts to €500,000.
There are legally prescribed minimum sums insured for car insurance. For personal injury, this sum totals €7.5 million, for property damage €1.12 million and for financial loss €50,000. However, in the event of a serious accident, these amounts are often not high enough to cover the consequences.
That’s why the Getsafe car liability insurance covers up to €100 million per claim for material damage and damage to third party vehicles. In the case of personal injury, a maximum of €15 million per person is paid out.
Getsafe dental insurance uses a dental claims scale. This means that the sum insured for reimbursable expenses is limited in the first four years. After these four years, the limits no longer exist.