Comprehensive CASCO is not a cheap pleasure. However, insurers make concessions to motorists and develop various modifications of this popular product. How to purchase CASCO without mistakes? First, carefully understand the features of the available options and match them with your needs and financial capabilities.
Full CASCO
Typically, owners of new cars (vehicles no older than 10 years) opt for a full CASCO policy. Such insurance covers all possible risks, protects the full value of the car, and is valid for one year. The price of such protection is 3–8% per year of the car's value.
The final cost is influenced by parameters such as the age and model of the car, the experience and age of the drivers allowed to drive, the deductible amount, the list of exclusions, and other conditions. The price may also increase if car maintenance must be carried out at a specific authorized service center.
Mini CASCO
This insurance product is more often considered by owners of used cars, as it allows reducing insurance costs, and the client independently chooses the necessary list of risks. The cost of partial (mini) CASCO for a year is usually as follows:
● 1000–5000 hryvnias if protection against accidents is issued;
● 1–2% of the market price when issuing a policy against theft or total destruction of the car.
This insurance does not compensate for all car repair costs and usually implies a fixed insured amount under the contract, which may not coincide with the market price of the car. The policy is valid for 1 year.
When mini-CASCO can be beneficial:
● as a supplement to compulsory motor liability insurance (OSAGO) to receive payments for repairs to your own car after an accident;
● if the car is more than 10 years old and the owner wants to take out insurance under CASCO risks.
It should be remembered that mini-CASCO will not provide compensation for car restoration costs for many risks included in the full policy.
CASCO 50/50
This insurance option is similar to full CASCO, which covers all risks for the full value of the car. The key difference is the ability to pay only half the cost of the policy when applying. And then everything depends on luck.
The price of CASCO 50/50 is 2–4% of the market value of the car per year.
The car owner can pay only half the amount if no insured event occurs during the year. If troubles could not be avoided, then you will have to pay the second part of the cost before receiving payments.
Which option to prefer is decided by the car owner himself. In any case, the policy whose terms best meet the needs of the car owner will be beneficial.
