Getting insurance in Austria: Step-by-Step Guide for Expats

Austria requires 4 mandatory types of insurance: health insurance (covered by employers for residents), unemployment insurance, third-party car insurance, and homeowner insurance. The country spent 10.4% of GDP on healthcare in 2017, and 99% of Austrians have health coverage through the government-regulated system managed by the Financial Market Authority.

Overview of insurance in Austria

Most people in Austria have various forms of insurance, ranging from personal liability to pet to life insurance. Generally, insurance in Austria is governed and licensed by the Financial Market Authority; therefore, it is reasonably priced and easy to access.

Health insurance is a priority for the Austrian government. In fact, it spent a significant 10.4% of its GDP on healthcare in 2017. And given that 99% of Austria population has health insurance coverage, the alpine country is certainly doing something right.

Which insurance is legally required in Austria?

When you move to Austria, it is important to know that there are a few forms of insurance you must have, as follows.

Health insurance

Everyone visiting or living in Austria must have health insurance. Conveniently, for residents, employers handle the logistics For arranging this. This is because a portion of your paycheck goes towards your health insurance; meanwhile, your employer also contributes a certain amount.

Unemployment insurance

Unemployment insurance kicks in when you lose your job or become unemployed in Austria. Fortunately, provided you meet certain age requirements and have worked above a certain threshold you should qualify for this. Generally speaking, you will usually receive 55% of your income, for 20 weeks.

Car insurance

If you plan to buy or own a car in Austria, you must have car insurance. Specifically, you will need third-party car insurance, which covers harm or damage caused to others in an accident.

Home insurance

If you buy a house in Austria, you will need to get standard homeowner insurance. This will cover you against things such as fire, burglary, and storm damage.

Optional forms of insurance in Austria

Aside from arranging the mandatory insurance in Austria, you might decide to get additional insurance to put your mind at ease.

Home contents insurance

Home contents insurance covers damage to the contents of your house due to fire, burglary, storms, tap water leakage, and glass breakage.

Travel insurance

Travel insurance is useful because it provides not just trip cancellation and interruption, but also health insurance in other countries.

Pet insurance

If you plan on bringing your furry family member to Austria, you will need to take care of a few things including registration and insurance.

Personal liability insurance

Personal liability insurance provides coverage if you or your dependents cause injury to other people or damage to other people property.

How to choose an insurance provider in Austria

There are some important questions you should ask yourself while selecting an insurance policy including what is covered, deductible amounts, claims processes, and language accessibility.

How to complain about an insurance company in Austria

If you have a problem with your insurance company, your first step should be to bring it up with the company itself. However, if you cannot reach a resolution that way, you can turn to the Financial Market Authority.