Omavastuumäärät

Omavastuumäärät, a Finnish term, translates to "deductible amounts" or "own responsibility amounts" in English. It refers to the portion of a loss or expense that an insured party is responsible for paying before their insurance coverage begins to compensate them. This concept is prevalent in various insurance policies, including motor insurance, health insurance, and property insurance.

The primary purpose of an omavastuumäärä is to share the financial risk between the insurer and the insured. It discourages minor claims, which can help to keep insurance premiums lower for everyone. For the insured, understanding the omavastuumäärä is crucial when choosing an insurance policy. A higher omavastuumäärä typically results in a lower premium, while a lower omavastuumäärä leads to a higher premium.

In practice, if an insured event occurs and the cost of the damage or expense exceeds the omavastuumäärä, the insurance company will cover the amount exceeding the deductible. If the cost is less than or equal to the omavastuumäärä, the insured will bear the full cost themselves. The specific amount of the omavastuumäärä is agreed upon when the insurance contract is made and is clearly stated in the policy documents. Different types of insurance and even different policies within the same category can have varying omavastuumäärät.