Insurance in Turkey

Insurance, a security contract

Insurance is a security contract that covers and repairs any kind of loss. The insured part compromises to pay a certain amount of money for a fixed term. On the other hand, the insurer agrees to compensate for any damage or loss of the insured according to the terms and conditions of the contract.

Car Insurance

Car insurance is used to cover any damage caused by accidents. The insured needs to pay an amount of money on a monthly basis to the insurer who, in turn, provides compensation to the insured in case of accidents and mishaps.

Everyone can choose between the three types of auto insurance coverage: Liability coverage, physical damage coverage and uninsured and underinsured motorist coverage. Before buying car insurance, you should make a comparison to pick the best option and buy the most suitable policy.

Life insurance

Life insurance provides protection to the insured and his family with financial coverage in case of any mishaps. It is a deal under which the insurer (the insurance company or financial institute) has to establish a fixed amount to the individual who has applied for the insurance. To avail the benefits of life insurance policy, the insured has to pay a monthly premium to the insurer for a certain period of time.

Home insurance

One of the most important insurances is the home insurance; it provides any compensation for any mishaps that occur in your home. The insurance policy covers any natural calamity, fire, accident, or loss. Coverage is provided according to the policy and the premium paid by the homeowner. There are several types of home insurance plans; choose the one that suits your needs the most.

Travel insurance

Before planning to travel outside the country for business or leisure, it is necessary to have travel insurance. Nowadays, it has become a necessity. Usually full travel insurance will cost you around a maximum of six to seven percent of your travel cost.

You can decide between two options of travel insurance:

• Coverage for interruption of your travel due to particular reasons.
• Coverage for medical reasons.

Health insurance

Most businesses offer health insurance to their workers. Health insurance covers medical expenses. Sometimes an insured person needs medical treatment due to an illness or accident; the insurance agent provides coverage for expenses such as doctor fees, hospital fees, medicine costs and other related bills.