What determines the price of CASCO policy
CASCO is one of the most common types of car insurance in Russia. The insurance guarantees monetary compensation in the event of an accident, theft, various damages, etc. In addition to the car itself, its equipment is also subject to insurance. There are two types of insurance – partial and full, which differ in value. Full insurance – payment is made in the case of all types of damage, partial has a narrow list of payments.
The price of the policy depends on various factors affecting the decreasing and increasing coefficients.
1. Driving experience. The experience is calculated from the moment of obtaining a driver’s license to the time of receiving insurance. Moreover, it is considered a formal term of ownership, despite the fact that the driver could not drive a car all this time. CASCO offers to new drivers a higher rate, since they are most likely to be involved in an accident. Such drivers are paid compensation only in case of incidents with minor damage. This includes maneuvering in difficult conditions, such as in a garage or in a parking lot.
2. Driver’s age. The main rule – the younger the driver, the more expensive the policy. This is due to the fact that the young driver has little driving experience and a high risk of getting into an accident. Moreover, young people are more prone to risky maneuverability on the roads and the manifestation of their emotions. Some tend to get into an accident, thus expressing their driving style and attracting attention. The cost of insurance does not depend on whether the person has moved to the next age group. For example, the actual operation of the car falls on 25 years, although registration for insurance was made at the age of 24 years 10 months.Thus, it will be beneficial to insure about six months before the birthday. The insurance rate rises for people under 21 and over 65 years. If several people are allowed to drive one car,
3. Gender driver. This may seem strange, but gender plays its part in the cost of the policy. If you are a woman, your rate will be lower than that of men. Affects female accuracy and caution on the roads.
4. Car model. The probability of theft, driving style of the driver, the cost of repair work and the replacement of certain parts of the car depends on the model and make. For example, according to statistics, Japanese and German cars are most often hijacked. The owner of a fashionable sports car will in any case correspond to the status, try its power when driving, which is impermissible for Russian roads. It happens that the same for the cost of car parts during the repair are different. Therefore, differences in price groups will affect the cost of insurance. All of the above is specifically taken into account when making a CASCO and affects the price of insurance.
5. Year of manufacture of the car. During the payment of cash compensation, the wear of parts will be taken into account, i.e. insurance depends on the year of manufacture and the market value of the car. Thus, the insurance rate will increase with decreasing cost per car.
6. Anti-theft system. The presence of an installed alarm will affect the price of the policy. As a rule, the anti-theft system affects the risk of theft and theft of valuable things. Moreover, different insurance companies have their own list of technical capabilities for protecting the car, affecting the cost of the hull insurance policy. Brokers who will acquaint you with conditions of the various companies will help you to understand all this.
7. Car loan. If your car is purchased on credit, then hull insurance will cost you dearly. The bank will require you to complete the type of insurance, which will be expensive. Often included in the insurance and interest of the bank, which recommends the insurance company to its customers.