Insurance in Romania

An insurance contract in Romania is called an asigurare, and the payment for cover is the premium. The insurer agrees to handle specified losses or services when the policy conditions are met. RCA is the compulsory motor third-party liability insurance for vehicles used on public roads. It covers liability toward other affected parties, while it does not generally cover damage to the insured vehicle itself. CASCO is voluntary vehicle insurance that can cover damage to the insured vehicle under the selected conditions. It may include exclusions, a deductible called franșiză, and special rules for theft, repairs, or driver behavior. PAD is the compulsory natural-disaster insurance connected with eligible residential buildings. Many owners also consider facultative home insurance for risks and contents that PAD does not cover. Health insurance may be public, private, or combined. Life insurance can provide money after specified events, and travel insurance can help with selected medical, cancellation, baggage, or assistance risks. A broker can help compare products from insurers, while an insurer issues and administers its own policy. The customer should understand who receives the premium, who handles claims, and what service is actually being sold. Important policy terms include coverage, exclusion, insured amount, beneficiary, policy period, claim, and notification procedure. A low premium may mean a high deductible, narrow cover, or important exclusions. After a loss, protect people first, prevent further damage when safe, collect evidence, notify the insurer as required, and keep claim documents. Payment is not automatic because the insurer must assess whether the event and loss fall within the policy.