Hello and welcome! In this video, I will explain the differences between two private liability insurance plans: 'Relax' by FRIDAY and 'Riesig' by Adam Riese. Both plans offer comprehensive coverage, but there are a few key distinctions that can help you decide which is best for you.
Why is liability insurance essential?
Liability insurance protects you from financial ruin in case you accidentally or negligently cause harm to another person or their property. Both the 'Relax' and 'Riesig' plans offer coverage of up to €50 million for personal, property, and financial damages, providing a crucial safety net.
No deductible:
One major advantage of both plans is that there is no deductible, meaning you won’t need to cover any costs out of pocket in case of a claim.
Protection for damages caused by children:
Both plans cover damages caused by children under 7 (or under 10 in traffic accidents) up to €50 million, even though children in this age group are not legally liable for damages.
Claims default coverage:
If someone causes damage to you and cannot pay, both plans include claims default coverage that starts at €1. However, the 'Riesig' plan by Adam Riese even covers damages that were caused intentionally, while the 'Relax' plan by FRIDAY does not.
Passive legal protection:
An important feature in both plans is the passive legal protection. This helps you defend against unjustified claims from third parties. Essentially, your insurance steps in to protect you in case someone tries to make an unreasonable claim against you. It’s an added layer of security that ensures you don’t have to handle legal issues alone.
Key loss coverage:
Both plans offer comprehensive coverage for private and work-related key loss up to €50 million without any deductible. Whether it's your home or work key, you’re protected from the costs of replacing locks.
Side jobs and volunteer activities:
The 'Riesig' plan covers side jobs with an annual income of up to €15,000, while the 'Relax' plan covers up to €12,000. Both plans also include volunteer work, which is important if you engage in unpaid activities.
Coverage for vehicles and travel:
Both plans feature the Mallorca coverage, which insures you when driving rental cars abroad. However, there is a difference in motorboat coverage: the 'Relax' plan insures motorboats up to 15 horsepower, while the 'Riesig' plan covers up to 5 horsepower.
Property ownership and building projects:
For property owners, the 'Relax' plan covers damages on undeveloped land up to 10,000 square meters, whereas the 'Riesig' plan covers up to 20,000 square meters. Additionally, the 'Riesig' plan offers a higher builder’s liability coverage of up to €500,000, compared to €250,000 in the 'Relax' plan.
Global coverage:
One key difference is in global coverage. The 'Relax' plan offers worldwide protection for up to 5 years, while the 'Riesig' plan provides unlimited worldwide coverage. This could be crucial for frequent travelers.
Additional benefits in the 'Riesig' plan:
The 'Riesig' plan also includes a best coverage guarantee. If another insurer offers better terms, your claim will be handled as if you had that better plan. There’s also a previous conditions guarantee, meaning if your prior insurance had more favorable terms, those will still apply under the new policy.
Conclusion:
Both plans provide excellent coverage, but the 'Riesig' plan by Adam Riese offers more comprehensive benefits, particularly for those who travel frequently, have building projects, or require extra protection against intentional damages or legal claims. At just €4 more per year (€42.82 for 'Riesig' vs. €38.41 for 'Relax'), the additional coverage could be well worth the investment.
For more personalized advice, feel free to reach out to us at NeoDirect. We’re here to help you find the right coverage for your needs. Thanks for watching!