What is CASCO: what determines its cost, deductible
In simple terms, CASCO is property insurance against various cases. This type of insurance applies to cars and only on a voluntary basis, with the exception of the case if you purchase a car with an auto loan. CASCO in auto-lending is usually a mandatory clause of a loan agreement, since the bank needs guarantees of the integrity and safety of the collateral, and the collateral is the car you bought.
What does CASCO insure against:
- Accident – scratched the car in the yard. What to do? It is necessary to notify the insurance company, find out the package of documents that you will need when processing the insured event, call law enforcement officers (traffic police);
- Damage – some hooligan ran on the roof of your car. What to do? It is necessary to notify the insurance company, find out the package of documents that you will need when you make an insured event, call law enforcement officers (PPS);
- Hijacking – left the store, but no car. What to do? It is necessary to notify law enforcement officers, inform the insurance company, find out the package of documents that you will need when processing the insured event;
- Natural disaster – a branch fell on the roof of your car. What to do? It is necessary to notify the insurance company, find out the package of documents that you will need when processing the insured event, call the Emergency Situations Ministry officials;
True, not every policy can cover all of these points, as the car hull insurance is full or partial. Only a full type of insurance will save your property from all adversity, but the truth and the price of this product is not small. You can save on insurance only in two ways – to insure a car with a partial hull insurance, for example, to refuse from natural disasters or to purchase a hull insurance with a franchise.
CASCO franchise what is it?
Franchise, to say in simple words – this is the option when in case of an insured event you must partially pay for repairs. An example would be the following situation: CASCO with a deductible of 15,000 means that when an insured event occurs, you pay 15,000 rubles, and if this money is not enough, then the insurance company adds. True, this type of insurance is not suitable for banks in lending, banks love full AVTOKASKO.
Documents required for registration of CASCO:
- Application form of the insured;
- Driver’s license;
- Certificate of registration of the vehicle.
CASCO when buying a car on credit
One of the frequently asked questions to insurance agents when applying for a loan – do I need a hull insurance? The answer is YES, since it is a guarantee to the bank that it will not receive a security in case of your inability to pay a broken car. With all this, you can buy insurance only in those insurance companies that the bank trusts, otherwise the bank may not accept this policy. CASCO issued with you on the day of treatment. CASCO needs to be extended for each year of lending, and if you do not pay for CASCO, you will have to pay the loan, because in the best case the bank will penalize you and increase the interest rate. And in the worst case, break the insurance contract and withdraw your car. Therefore, you must pay for CASCO. But this question must be discussed with the insurance agent and make sure that it is spelled out in the contract.
What determines the cost of hull insurance:
Age. The younger the driver, the more expensive the policy, and the age is considered for the youngest driver;
Experience. If you are a novice driver (experience less than 3 years), then the hull insurance will be “golden” for you, because your inexperience in driving is a big risk for the bank. Experience is considered to be the “youngest” of all those who are allowed to drive drivers;
Insured car. If the car is at risk (often hijacked or this model is subject to frequent accidents), then the insurance will be more expensive.