Vehicle Insurance in Greece

Find out about the types of vehicle insurance available in Greece and how to make a claim...

In Greece, third party insurance is obligatory and covers the civil liability of the vehicle owner as well as that of any other driver.

Types of Insurance

There are many types of car insurance policies in Greece. They all start from the basic Third Party Liability package, required by law, which provides cover against bodily injuries and material damage caused to a third party resulting from an accident. Additional coverage and assistance can be added to the insurance policy for extra fees. Most insurance companies also provide roadside assistance. Fully comprehensive insurance (Πλήρη ασφάλιση), covering all risks and damages to the vehicle, is also available.

Cost of Car Insurance

The premium depends on various factors, such as the make and model of car, its power and its age, as well as the age and driving history of the owner and their place of residence.

Bonus-Malus System

The Greek insurance system operates a bonus-malus system (no-claims bonus), which rewards drivers with no prior accidents or claims as it reduces the premium. Every driver initially starts from the first category, at bonus-malus 10. The lowest category is bonus-malus 1, although some companies only go down to bonus-malus 2, but they do not have higher premiums. In case of an accident, caused by the policy holder and for which a claim is made, the annual rate increases, as does the bonus-malus by 2 categories. This is not the case if the policy holder took the bonus-malus protection coverage offered by the insurance company. A no-claims bonus accumulated in another country may be transferred to a Greek insurance policy, as long as the driver obtains written evidence from the present or previous car insurance company. Once a vehicle insurance contract has been signed, the policy holder is provided with a certificate of motor insurance This certificate must be signed and kept in the car at all times when driving or parking in public areas. The certificate serves as proof of valid liability insurance.

The Green Card

Greek insurers don't automatically provide a Green Card (which extends normal insurance to other European countries). When travelling outside of Greece, a Green Card should be requested from the insurance company well in advance.

Cancelling or Transferring an Insurance Contract

Insurance contracts are automatically renewed at expiry date and valid for 30 days if the premium is not paid in time. An insurance policy may be terminated at any time with a written declaration; termination takes effect after 30 days. The insurance provider reimburses any payments that have been made which cover the period between termination and the policy's expiry date.

Accident Report Sheet

There are two types of accident report forms in Greece:
  1. Statement of Accident (Δήλωση ατυχήματος)
  2. Friendly Settlement Form (Φιλικό διακανονισμό)
Both accident reports require the following details:
  • Date and place of the accident
  • Vehicle information: make, model numbers and vehicle registration numbers
  • Drivers' information: full names, addresses, telephone numbers, driving licence details
  • Details of insurers and policies of all drivers
  • Witnesses: names and addresses
  • Details of injuries
  • Details of material damage to other vehicles
  • An illustration and explanation of the accident including details of damage caused, with photographs or a sketch
  • Signatures of drivers involved in the accident
It is advisable to call the road traffic police to the scene. The police report can help determine who was at fault, even for relatively minor accidents.

Statement of Accident

If drivers involved in a car accident don't agree, or if they are unsure on how to proceed, they should call their car insurance representative to write down a Statement of Accident, in which all the relevant details concerning the road accident are summed up. A plan of the place of accident should be drawn up, and photographs of the vehicles involved and the place of accident should be taken. If the above cannot be followed, the driver of the insured vehicle should submit a Statement of Accident to the insurance company within eight days of the accident. In the event of an accident with injuries, the insurance company must be notified of the full name, address, telephone number and the hospital to which the injured were taken so that the insurance company medical assessor can visit them.

Friendly Settlement Form

If no more than two vehicles are involved in an accident, and both drivers agree on the events, a special claim form is available: the Friendly Settlement Form. This form is in Greek and should be filled out and sent to the insurance companies within one week of the accident. Both drivers should keep a signed copy. This system of direct damage payment from road accidents allows for the insured driver who wasn't at fault to be compensated by their own insurance company. To apply for friendly settlement the following is mandatory:
  • Not more than two vehicles are involved in the accident
  • The involved vehicles are insured with companies that participate in the system of Friendly Settlement
  • The accident happened in Greece
  • There is agreement of 100 percent liability from one of the two involved drivers or 50 percent joint liability from the two drivers.
  • The damage does not exceed €6,000 in material damages and €3,000 in bodily injury per individual, with a maximum limit for bodily injury of €9,000 per accident (if there is more than one injured person)

Further Information