CASCO: is it necessary to issue a policy, conditions of registration, type of vehicle, rules for calculating the coefficient and the insurance tariff rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In the article, we will figure out whether CASCO is necessary. How is this service calculated correctly, and what affects the cost of the policy?

More and more Russian citizens understand that auto insurance is such an important service, using which you can prevent a huge number of unpleasant consequences of driving on the roads. Everyone wants to secure their future. Trust in insurance companies is gradually growing, and at the same time, the number of insured cars is increasing every year. The most popular insurance at the moment is CASCO. Whether it is necessary to draw it up, we will tell below.

Description

Description of CASCO must begin with the fact that this product is designed to protect property from all kinds of risks, no matter what it is. However, most often CASCO means auto insurance. There are two main risks for which this product is purchased.insurance:

1. Damage - damage to the car as a result of an accident, falling on it of foreign objects, as well as loss as a result of vandals, etc. Such risks mainly determine the cost of the insurance policy, since such cases occur most of all.
2. Theft or theft - the insured will be paid only if his car becomes a thief. In fact, real thefts are quite rare today, however, this type of insurance is very popular.

Usually, CASCO is understood as a combination of these two risks, but many insurance companies sell them separately. Thus, almost all insurers can insure a car only against the risk of damage, however, a policy exclusively with the risk of theft or theft exists only in rare cases.

Customers often ask if a car needs CASCO.

What's the point?

To put it simply, the essence of this insurance is as follows - the client pays money, and in return the insurance company promises to pay him a certain amount in the event of an insured event. There are two things to consider here:

1. A certain amount can be presented in cash or material equivalent (for example, if the client selects the option "get paid for repairs"). In the latter case, everything is clear - the car must be restored to the form in which it was before the accident. In the first case, not everything is so simple - it is possible that the amount of money that the client receives from the insurer will not suit him, for example, it will not be enough for repairscar. This happens because the insurance company and the client estimate the cost of car repairs differently.
2. Insured event - there may also be a misunderstanding between the insurance company and the client regarding what exactly can be considered as such.

Type of vehicle that is covered by CASCO insurance - any. You can insure not only a passenger car, but also another vehicle.

To understand if a CASCO policy is needed, we will find out what documents are required for registration.

Documents

In standard cases, the following documentation is required for registration:

• application, which is drawn up in free form or in the form established by a particular insurance company;
• passport of a Russian citizen or other document that allows you to identify his personality;
• certificate of registration of a legal entity - in cases where a CASCO policy is issued on a vehicle owned by the organization;
• car passport - PTS;
• registration documents: sales contract, vehicle registration certificate, invoice, all kinds of customs documents, etc.

In fact, the list of required papers is established by the insurance company in each individual case. However, the above list is standard.

Do I need to issue CASCO and how to do it?

Design process

Today, the standard algorithm for this procedure includes:

• preparation of all necessary documents in a particular case - this is a vehicle title and a passport of the car owner, as well as driver's licenses of all persons allowed to drive it;
• after that, you need to contact the selected insurance company to conclude an agreement - for this you must provide the car for inspection;
• drawing up a personal offer for a specific client - it is important to read it before signing the contract;
• payment of insurance premium;
• issuance of the CASCO policy, insurance rules and payment receipt to the client.

Basic CASCO tariff

Many policyholders are concerned about the most relevant tariff rates for CASCO this year. Such a policy is voluntary, because motorists want to purchase it at the most favorable price, but at the same time have more guarantees of receiving compensation in the event of an insured event.

The last time tariffs were changed in 2017, however, even today they remain very relevant. The coefficient can be calculated in advance using an online calculator in order to know the exact amount for a particular insured event.

The last time tariffs were changed in 2017, however, even today they remain very relevant. The coefficient can be calculated in advance using an online calculator in order to know the exact amount for a particular insured event.

What influencesprice?

Let's highlight below some of the most important coefficients in CASCO, which are used in almost all organizations:

• Tbu - is the base coefficient.
• Ki/gv - year of manufacture and degree of wear of the car.
• Kf – franchise.
• Tx - the possibility of car theft.
• Qvs - experience and age of the driver.
• Cr – installment plan.
• Kpo - the presence of an anti-theft system.

Calculation formula:

CASCO=(TbuKi/gwKvsKfKr)+(TxKi/gvKpoKr)

Thus, the approximate amount of the policy is calculated. To get the exact figure, it is better to contact the Online Calculator service from the official website of the insurance company or drive to the office.

Do I need CASCO insurance, it is important to find out in advance.

Coefficient calculation rules

Comprehensive car insurance calculation is carried out quickly and without the use of complex formulas. There are two ways to calculate: manually or online. The latter is especially popular. It's really very convenient. The user only needs to enter all the necessary information into the database, and the program will calculate on its own.

So, is CASCO necessary? What is its advantage?

Positive moments of CASCO

Since this type of insurance is voluntary, everyone decides for himself whether he needs it or not. Among the main advantages are:

• opportunity to reduce material costs in case of significant damage to the vehicle;
• psychologicalprotection from trouble.

Is it always necessary to do CASCO? What are the disadvantages of this type of insurance?

Negative qualities

Its disadvantages are:

• high price of an annual insurance policy;
• real risk of receiving an insurance payout of less than the damage suffered;
• significant loss of time during the application and further settlement of the insured event.

Once using this type of car insurance, many customers are wondering if CASCO is needed for the second year? This is a purely individual preference of each client. If nothing happened to the car in the past year, you should not hope that the owner of the vehicle will be lucky next year. There are different situations, and no one is insured against them, except for the owners of CASCO policies.

How is the coefficient formed?

The calculation of the company's risks and the formation of CASCO coefficients are carried out by insurance actuaries. These employees regularly monitor loss ratio statistics, both within the company and in the service market as a whole. Insurance actuaries often use official government data. At the same time, they take into account the statistical parameters of road accidents and their participants. In addition, periodic monitoring of thefts is carried out. If the employees of the company issuing the policy reveal that several cars of the same model have been stolen in a short period of time, it will be almost impossible to insure profitably in this organizationidentical car.

Based on the information received, actuaries use specialized mathematical formulas to calculate the probability of a certain insured event occurring.

Besides, there is one more important point. Leading auto insurers have recently seriously thought about installing telemetry systems. This equipment helps to track many parameters, including the speed of a car and the driving style of an individual. To date, individual companies are already using telemetry to measure insurance risk. The principle of determining the tariff for this insurance is quite simple. When taking out an insurance policy, the car owner installs telemetric equipment on his car, which is recommended by the insurer, and receives a significant discount for this. In the future, the tariff is adjusted depending on the driving style. Careful drivers are en titled to some discounts, but violators of traffic rules will have to pay more for an insurance policy.

We have considered whether the car needs CASCO. But to draw it up or not, each owner of the car will decide for himself.