What the elements of an insurance contract are and what to watch for when signing one
Automatically translated summary. The full text is available in Romanian.
An information note produced under the National Financial Education Campaign, implemented by the National Bank of Moldova and Independent Think Tank “Expert-Grup”, explains the main provisions of insurance contracts in the Republic of Moldova. It advises policyholders to read contracts carefully before signing and to know which terms can be negotiated.
Under the Civil Code, a contract contains standard provisions: the parties, the insured risk, the period of validity, and the conditions for cancellation and renewal. Errors, such as a wrong vehicle registration number, can delay or even block compensation. Policyholders are advised to consult an insurance professional or a lawyer if anything is unclear.
Negotiable provisions often affect the premium: insured risks, territorial limits, exclusions, liability limits, the deductible, premium payment terms and the claims procedure. Deductibles are the provision most often ignored in Moldova; higher ones usually mean lower premiums. The final price also depends on risk factors, discounts and whether the insurance is mandatory or voluntary, for example CASCO on a car bought on credit. The note concludes that everything is negotiable except legally required insurance.
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