Choosing an insurance company can be a tricky business, especially when clients do not understand some of the legal intricacies. Find out how and where to choose the right insurance company and how to conclude an agreement with it to not only save money but also stay calm throughout the entire insurance period

Take care of reliable insurance for safe entry and stay in Ukraine

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Some people rely on advertising when choosing an insurance company, others rely on the advice of friends/colleagues, and there are those who simply go to the nearest insurer's branch. We advise you to take a comprehensive and critical approach to choosing an insurer. Read our article to find out how.

Insurance company license. How to check it?

TheNational Bank of Ukraine is the regulator of the insurance market in Ukraine, and it issues licenses to insurers and regulates the activities of insurance companies by insurance class. At the same time, insurers may introduce changes to their licenses: add or remove certain classes of insurance, so it is very important to make sure that the licensing is up-to-date and classified before entering into a contract.

You can check whether an insurance company has a license through the State Register of Financial Institutions, which operates through the Integrated Information System of the National Bank of Ukraine (NBU CIS). Just search the resource by the name of the insurer and the current date.

It isimportant to note that, taking into account the entry into force of the new version of the Law of Ukraine "On Insurance", the current licenses of insurance companies by type of insurance will be reissued for other licenses by class of insurance. So, be sure to check the insurance class that meets your requirements and needs.

What classes of insurance are there?

Today, the Law of Ukraine "On Insurance" defines 5 classes of life insurance - life insurance. And as many as 18 classes of other areas - non-life insurance. When concluding a contract with insurers, it is advisable to choose the class of insurance that meets your requirements, covers your needs and, most importantly, for which you can actually compensate for the losses you are insured against.

Check the relevance of information about the insurance company

Nowadays, every insurance company in Ukraine has a website with complete and clear information about the company itself, its management, cases, and insurance products offered. Among the publicly available information on the website should be contact details and, most importantly, reports, from which the client can learn about the solvency of the insurance company. Read everything carefully, check whether the contacts are valid, and call.

Experience in the market

The longer a company has been operating in the market, the more experience it has and the higher the likelihood that it will be able to fulfill its obligations in full. If an insurance company has recently entered the market, it should be considered especially carefully.

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Algorithm of actions before taking out an insurance policy:

1) Read the information about the insurance product you are interested in;

2) Compare the terms and cost of insurance. And remember! The cheapest offer is not always the best.

3) Read the terms of service carefully. Use the feedback form (if available), or better yet, call. Pay attention to the following points:

A) List of insured events;

B) The amount of the sum insured;

C) The term of the contract;

D) Terms of payment of insurance indemnity;

E) Liability of the parties.

4) Make sure that the insurer is licensed, or study the information about the insurance intermediary that offers to conclude the insurance contract.

5) Do not rush to buy insurance right away if everything is in order with the above points.

6) Carefully read the insurance contract, pay attention to each clause. If you don't understand something, ask the experts, or don't rush to sign it if you have doubts.

Check out the ratings of insurance companies from independent agencies

These ratings allow you to evaluate insurers by the following financial indicators:

1) The amount of payments that the insurer has already made;

2) Premiums received from customers;

3) Level/volume of payments by insurance classes;

4) Insurance reserves, etc.

Earlier, we wrote about who may need insurance to enter Ukraine and what are the rules for obtaining it.

Check reputation and customer reviews

No insurance company exists without a reputation. Some have a good reputation, others not so much. And those with a bad reputation should be avoided altogether.

You can buy insurance without risking your wallet and health on the Visit Ukraine portal. We cooperate only with proven, reliable, and licensed insurers that guarantee payments to customers.

We offer insurance for any eventuality for Ukrainians and foreigners. Get the right insurance and feel confident in Ukraine and abroad.

Insurance covering military risks and medical insurance for foreigners traveling to Ukraine

Travel insurance for Ukrainians in Europe and around the world.

Medical insurance for Ukrainians in Europe and around the world.

Voluntary health insurance for Ukrainians in Ukraine.

Mini-CASCO for cars with different coverage.

Compulsory motor third party liability insurance for cars with Ukrainian registration in Ukraine.

International insurance policy Green Card for traveling abroad by car.

Choose the right insurance and be sure of your safety anywhere in the world!

Do you have any additional questions? Contact the Visit Ukraine hotline (Telegram | WhatsApp).

Just a reminder! Depending on the circumstances, insurance is divided into compulsory and voluntary. Read when you can make your own decision on whether to take out a policy, and when its absence may result in a fine or additional problems in our previous article.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

We recommend purchasing it for a safe and comfortable trip to Ukraine: 

Visit Ukraine Insurance – safe travel in Ukraine (insurance covering military risks);

Visit Ukraine Legal advice – comprehensive legal support on entry to Ukraine;
Visit Ukraine Tickets – bus and train tickets to/from Ukraine;

Visit Ukraine Tours – the largest online database of tours to Ukraine for every taste;

Visit Ukraine Hotels – hotels for a comfortable stay in Ukraine;

Visit Ukraine Merch – patriotic clothing and accessories with worldwide delivery.

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