Most households in Malta hold more than one insurance policy. A car cannot be driven without cover.
A mortgage lender will require home insurance, and landlords ask tenants what they have insured. Private health plans are common as well.
Most insurance in Malta is bought through a broker rather than directly from an insurance company.
Third-party motor cover is compulsory
Every vehicle on a Maltese road must have at least third-party insurance. This covers injury and damage you cause to other people.
It does not cover your own car. Comprehensive cover includes your own car as well, and most drivers here choose it.
The price depends on the car, your age and your claims history. If you have a no-claims record from another country, most insurers will accept it if your previous insurer sends a letter.
A broker works across several insurers
A broker is not tied to one insurance company. They have agreements with several insurers and send your details to all of them.
You then get the best price from that group instead of one company’s price. The main insurers in Malta include Gasan Mamo, Mapfre Middlesea, Atlas Insurance, ELMO and Argus.
The broker is paid a commission by the insurer, so you do not pay them a fee.
The MFSA regulates insurance brokers
Insurance brokers in Malta must be enrolled with the Malta Financial Services Authority under the Insurance Distribution Act, Chapter 487. This is a legal requirement.
It is worth checking that a broker is enrolled before you pay anything. An enrolled broker has to answer to the regulator for how they sell policies and how they handle your money.
Private health cover
Malta has a public health service. Residents who pay national insurance can use it.
Private health cover does not replace it. It gives you shorter waiting times, a private room and a choice of consultant.
Most private plans here are bought by families, or by companies for their staff. If you are not covered by the public system, check what you are entitled to before you buy a private plan.
Boat insurance
Malta has a large number of registered pleasure boats. Marine insurance is written by specialist insurers rather than general ones.
A boat policy covers where the boat is kept, how far it travels and who is allowed to sail it. Most general insurers do not offer this, so boat owners here usually go through a broker.
Home insurance
Owners insure the building. Tenants insure only their own belongings, which costs less than most renters expect.
Landlords insure the building and usually add liability cover, in case a tenant is injured in the property. Check which of the three applies to you before you buy, because the wrong type of policy will not pay out.
Renewals and claims
You are not tied to the same policy every year. At renewal a broker can take your details back to the insurers and compare prices again.
Many people renew automatically and pay more than they need to. Ask for a comparison a few weeks before the renewal date.
If you need to claim, the broker deals with the insurer for you and follows the claim up. This is one of the main reasons people use a broker instead of buying a policy online.
You can also move an existing policy to a broker part way through the year, although most people wait until it is due for renewal.
About Peak Insurance Brokers
Peak Insurance Brokers has worked in Malta since 1996. They are enrolled with the Malta Financial Services Authority under the Insurance Distribution Act, Chapter 487.
They are independent brokers, so they compare policies across Maltese and international insurers. They arrange motor, home, health, marine, travel and business insurance.
They also arrange contractors all risk, personal accident, pet and life policies.
General enquiries: 21252571. Claims: 27250250. Their website is peakins.com.
