Property insurance is quite popular in Russia today. Naturally, cars are most often insured as a source of increased danger, and movable property. For this, several different types of insurance are used - from mandatory to voluntary. One of the most popular voluntary insurance is Casco. Many car owners pay for it, but do not fully understand the intricacies of this type of insurance.
There is no decoding for the abbreviation Casco. This is due to the fact that Russian insurers simply made a tracing paper from a Western term, without suffering from literal translation and creating their own.
What is Casco
Casco is a category of insurance in which a car is insured for several risks at once - theft and damage. Moreover, since Casco insurance is voluntary, the car can always be partially insured, for example, only for the risk of theft. Therefore, experts distinguish two types of insurance:
- complete;
- partial.
Based on these names, it can be understood that in the first case, payments will be made in full, and in the second - in part (the insurance will cover only those costs that are associated only with the losses specified in the insurance).
Casco insurance is aimed at protecting the interests of the vehicle owner, which, for example, does not happen in the case of CTP.
Voluntary car insurance against various risks in full is required when buying a car on credit. In this case, until the full repayment of the loan, the bank becomes the beneficiary.
What can be insured under Casco
Casco usually insures different types of vehicles. These are motorcycles, buses, cars, trucks, tractors, tractors, and even trailers.
Voluntary insurance protects the owner of the car from theft or damage to the vehicle in the event of an accident, fire, any natural disaster, hooliganism and other actions that have led to damage to the car.
It is worth remembering that if you decide to intentionally damage your car in order to receive insurance payments, you will not succeed. In this case, you will be denied payments. You will also not get paid if you are drunk driving.
Casco calculation conditions
If you purchase incomplete comprehensive insurance, for example, against damage, the minimum insurance period will be 1 month, the maximum - 5 years. Full comprehensive insurance can be purchased for a period of six months to a year.
An important criterion when calculating the cost of a comprehensive insurance policy is the age of the car. So, for example, you can buy a voluntary insurance policy for Russian cars not older than 5 years and for foreign cars not older than 7 years.
There is no law regulating such insurance, for example, with compulsory insurance. All rights and obligations of both the vehicle owner and the insurer are limited by the Federal Insurance Law.
In addition, it is worth remembering that the cost of comprehensive insurance is not the most budgetary figure. It can be estimated at 10% of the cost of the car, and in a large amount, depending on the car brand. However, if we assume that the hypothetical risk has come true, the cost of repairing or buying a new car to replace the stolen one will be much higher.
