About CASCO insurance. All the useful information on CASCO

Why do I need CASCO?

CASCO is an optional motor insurance that covers damage to YOUR OWN vehicle. Thus, while the MTPL insurance policy compensates damage caused to third parties, CASCO compensates the INSURED, regardless of who is at fault for the accident.

CASCO covers damage caused by accidents, malicious actions by third parties, and natural disasters, as well as damage resulting from the theft of the vehicle, its components or parts. Thus, if there is an increased risk of theft of your car, CASCO can be a solution for minimizing potential losses.

Although CASCO involves insuring the vehicle, most companies offer the possibility of insuring additional equipment, as well as the life and health of the driver and their passengers.

When taking out a CASCO insurance policy, companies offer various types of benefits, such as towing in case of an accident, 24/7 assistance, or a replacement car during the repair of your own vehicle.

Depending on the contract concluded, CASCO can offer protection both in the Republic of Moldova and beyond its borders (Europe, Turkey and the CIS).

In addition to the standard risks covered, CASCO can be customized with additional coverage and services, depending on preferences and needs.

CASCO is an optional motor insurance that covers damage to YOUR OWN vehicle. Thus, while the MTPL insurance policy compensates damage caused to third parties, CASCO compensates the INSURED, regardless of who is at fault for the accident.
CASCO covers damage caused by accidents, malicious actions by third parties, and natural disasters, as well as damage resulting from the theft of the vehicle, its components or parts. Thus, if there is an increased risk of theft of your car, CASCO can be a solution for minimizing potential losses.
Although CASCO involves insuring the vehicle, most companies offer the possibility of insuring additional equipment, as well as the life and health of the driver and their passengers.
When taking out a CASCO insurance policy, companies offer various types of benefits, such as towing in case of an accident, 24/7 assistance, or a replacement car during the repair of your own vehicle.
Depending on the contract concluded, CASCO can offer protection both in the Republic of Moldova and beyond its borders (Europe, Turkey and the CIS).
In addition to the standard risks covered, CASCO can be customized with additional coverage and services, depending on preferences and needs.

What factors influence the cost of CASCO insurance?

The conditions of CASCO insurance vary from one company to another, both in terms of insured risks, excluded risks, the deductible amount, and in terms of insurance premiums and their payment terms.

Unlike MTPL insurance, the insurance premium for CASCO is much higher. The insurer initially collects and analyzes all the necessary information, and subsequently issues an offer.

The price of a CASCO insurance policy may vary depending on:

the characteristics of the vehicle

the model/make
the age of the vehicle
the market value.

the options and contractual clauses

the insured risks – more risks, a higher price;
the presence/absence of the deductible and its amount – the higher the deductible, the lower the insurance premium;
the age, driving experience and number of persons authorized to drive – the lower the age and experience, the higher the insurance premium will be;
the insurance term – if the duration is less than one year, it is generally not more advantageous, as certain benefits present in a one-year insurance contract are excluded;
full payment or installments – usually, full payment reduces the price of the insurance;
the driver's history – the more responsible the driver, the lower the premium will be. Discounts may be offered to cautious drivers with no claims or few previous claims;
territorial extension – the larger the covered territory, the higher the premium amount will be.

It should be noted that certain insurance companies cover various risks only as special clauses, for which an additional amount is paid, which makes the initial insurance amount appear lower – due to the fact that certain risks were not included, such as: repair at the dealer, insurance of additional equipment, etc.). Therefore, before taking out a CASCO insurance policy, it is necessary to be thoroughly informed about the risks not covered by it.

All the rights and obligations of the parties are found in the concluded CASCO insurance contract. Thus, it is extremely important to carefully read the contractual clauses, especially those relating to the covered risks, exclusions (uncovered risks), the deductible amount and its type, and the procedures for notifying and settling the claim.

To avoid possible misunderstandings at the stage of paying compensation, it is necessary to request as much information as possible from the insurance consultant/broker.

What is the deductible? Who is deductible insurance suitable for?

The deductible is the part of the claim borne by the insured. That is, it is the part of the value of each claim borne by the car owner and not by the insurer.
The amount of the deductible differs and varies from one insurance company to another. It can be applied as:

FIXED AMOUNT

(the same amount is deducted for each individual claim. It is advantageous for those who do not want to pay a large amount in case of major damage. Disadvantageous – for cases of minor damage);

percentage of the insured amount

(e.g.: a car insured for 10,000 euros, with a deductible of 1% of the insured amount (100 euros); in case of damage whose repair costs 500 euros, the insurer will pay 400 euros, and the owner 100 euros. In a second insured event, of 100 euros, the insurer will pay nothing, and the owner will pay the full 100 euros);

percentage of the value of each claim

(e.g.: a car insured for 10,000 euros with a deductible of 1% of the claim value; in case of damage whose repair costs 500 euros, the insurer will pay 495 euros and the owner 5 euros. In a second insured event, of 100 euros, the insurer will pay 99 euros and the owner 1 euro).

Thus, depending on the type of deductible, you must be very careful about what you select, as there are very large differences between the amounts owed by each of the parties, a percentage of the claim value not being the same as a percentage of the insured amount.

The type and amount of the deductible influence the cost of the insurance. If the insurance policy does not provide for the application of a deductible, the amount of the insurance premium is higher, and vice versa.

The deductible has a role of encouraging responsibility rather than being an additional fee. It gives responsible drivers, who are not prone to minor accidents, the opportunity to save money. However, if the driver is not experienced and wants to obtain compensation even for the smallest damages, then it is preferable to take out insurance without a deductible.

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Information related to CASCO insurance

When the insured event occurs:
- take all necessary measures to save the vehicle and eliminate the causes that could produce additional damage;
- notify the competent authorities (police, firefighters, etc.) in order to subsequently obtain documents proving the occurrence of the accident;
- if a third party is found guilty of causing the accident, make a copy of their insurance policy;
- notify the insurance company in writing within 24 hours (excluding weekends and public holidays) in case of total or partial theft, and within 48 hours for cases of partial or total damage;
- present the damaged vehicle to the insurance company within 3 working days from the date of the accident, in order to settle the insured event, or allow the insurance company's representative to carry out the inspection at the location of the vehicle.
The following documents are required to obtain compensation:
- the insurance contract (insurance policy) accompanied by the fiscal receipt or other document proving payment of the insurance;
- the certificate issued by the competent authorities, confirming the occurrence of the insured event;
- a copy of the vehicle's registration certificate; a copy of the vehicle's periodic technical inspection report; a copy of the driving license of the person driving the vehicle at the time the insured event occurred, and, in the case of legal entities, also a copy of the waybill or power of attorney;
- the order to initiate, suspend or terminate criminal prosecution (as applicable), which is submitted in case the insured risks occurred as a result of unlawful actions by third parties;
- the order recognizing the insured as a civil party (injured party), as applicable;
- copies of the reports on the finding of administrative offenses, in case of traffic accidents, accompanied by copies of medical expert reports, the traffic accident diagram, and the explanations of the participants submitted to the offense file;
- a copy of the compulsory motor liability insurance policy of the person responsible for causing the damage (in case of traffic accidents).
- Request from the insurance company the report on the finding and assessment of the damages;
- Request from the competent authorities (police, firefighters, etc.) original documents regarding the causes and circumstances of the accident, as well as its consequences;
- Request from the bank the document demonstrating the amount of money transferred to you by the insurance company. If the insurer has refused to grant compensation, request the company to present the refusal in writing;
- Carry out your own expert assessment, using the services of independent experts;
- Draw up a document with all your claims regarding the compensation amount or the refusal of compensation and submit it to the insurer. Do not forget that any request addressed to the insurer must be registered, stamped by the insurance company, with the incoming number and date of receipt indicated, or sent by registered letter;
- If your request is not settled amicably by the insurer, draw up and file a lawsuit;
- If you win the case, request the enforcement of the judgment;
- To warn other people about the problematic insurance company, you can leave comments on specialized websites;
- If you wish to have the insurance company sanctioned, you can contact the supervisory authority (National Commission for Financial Markets).
- the insured vehicle is operated with an expired technical inspection report;
- the vehicle is operated in violation of the provisions of the Road Traffic Regulations, referring to the vehicle not being equipped with winter tires intended for cold-season driving, during the period from December to March inclusive;
- failure to inform the insurer in writing within 48 hours from the occurrence of the accident, in case of damage to the vehicle, and within 24 hours in case of theft of the vehicle;
- at the time of the theft of the vehicle, the registration certificate and the keys were inside/in the cabin of the vehicle;
- operation of the vehicle outside the territory covered by the contract;
- the vehicle is driven by a person not authorized to drive the vehicle under the insurance contract;
- the insured vehicle is driven by a person without a valid driving license for the respective category, or whose driving license has been withdrawn/revoked, or whose right to drive has been suspended;
- the driver of the insured vehicle drove while intoxicated by alcohol or under the influence of narcotic/drug substances, or evaded the medical examination to determine these conditions.

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CASCO insurance