Insurance
How to check insurance?
Insurance can be checked by contacting your insurer and asking whether the policy is valid and fully paid.
How to find your insurer
The MTPL (OCTA) insurer of a car can be found using the ltab.lv website.
By entering the vehicle registration number, you can check the OCTA — the responsible insurer’s name and the policy validity period will be shown.
For other policies there is no shared register. However, if you are legally entitled to obtain such information, you can contact all insurance companies operating in Latvia.
How to record an insurance compensation payment (accounting)
For any insurance compensation, the insurer provides a decision — a document that justifies the paid amount.
How insurance works
Insurance is risk transfer.
It transfers the financial loss risk arising from a specific but unpredictable event to the insurer in exchange for payment (a premium).
If the specific event occurs, a claim can be submitted to the insurer for compensation or service provision.
How health insurance works
Health Insurance
Health insurance works in two ways:
Reimbursement of receipts —
If the medical institution you visit does not have a contract with your insurer, you must pay from personal funds. Afterwards you submit the receipt to the insurer and they reimburse it according to the policy terms.
Direct settlement —
If your insurer has a contract with the medical institution and you present your policy before payment, part or all of the cost is paid immediately by the insurer.
How health insurance works
When you purchase a health insurance policy, it specifies which medical services are covered. If these services are needed during the period of validity of the policy, the insured person makes use of them and the insurer pays for them in accordance with the terms of the policy.
How to order the European Health Insurance Card (EHIC)
The European Health Insurance Card (EHIC) can be ordered by submitting an application to the National Health Service (NVD) at www.vmnvd.gov.lv. This card is free of charge and confirms that you are socially insured. Within the European Union, you are entitled to emergency medical healthcare.
What health insurance to choose
If you don’t have specific coverage requirements and price is not important, choose the broadest possible policy with more covered services and fewer limitations. This will protect you against most medical expenses.
If budget matters but needs are unclear, rely on an insurance broker’s recommendations.
An insurance broker sees many client policies and helps clients get maximum value from them, which makes them a good advisor.
Even with a very limited budget, a broker can help.
By asking the right questions, you can precisely define what must be included in the policy and what can be excluded.
How to insure a car
Vehicle insurance
MTPL (Motor Third Party Liability) insurance for cars is most conveniently purchased online. Enter “MTPL” into Google search and choose an insurance calculator that suits you and compares prices from several insurance companies. Be careful with calculators that offer only one price — this is most likely the price of a single insurance company, but it is worth comparing prices. MTPL prices can differ several times over.
If you want to purchase CASCO insurance, use the services of insurance brokers. By comparing offers from several insurance companies, insurance brokers will find the option that best suits your needs.
How to insure a tractor
If you want to purchase MTPL (Motor Third Party Liability) insurance for a tractor, use the MTPL calculators available online. Enter “MTPL” into Google search and choose an MTPL calculator that suits you and compares prices from several insurance companies. Be cautious of calculators that offer only one price — this is most likely the price of a single insurance company, but it is worth comparing prices.
If you want to insure a tractor against damage or theft, be sure to use specialised machinery insurance. This is not the same as CASCO insurance (they are often confused), but rather a specific product designed for insuring mobile work machinery. It provides appropriate risk coverage that protects against the most common incidents that occur with this type of equipment. Use an insurance broker.
How to insure a scooter
It is best to insure an electric scooter online. Enter “MTPL” into Google search and choose an MTPL calculator that is convenient for you and compares prices from several insurance companies. Be cautious of calculators that offer only one price — this is most likely the price of a single insurance company, but prices are worth comparing. Even MTPL prices for electric scooters can differ several times over.
If you want to insure your electric scooter against damage, not just against the possibility of causing losses to others, then ask your property insurance provider: can this be included? Will the coverage also be valid outside the property address?