How to calculate CASCO for a car yourself?

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

Every car owner wants to protect their vehicles from all sorts of troubles. And it can be not only an accident on the road. The car can be stolen from the garage, or a tree can fall on it in the parking lot - in a word, anything can happen. In these cases, good insurance will help to compensate for the damage. But it would be nice to know how to calculate CASCO for a car. What determines the cost of this policy, you will find out in the article.

Types of CASCO

First of all, it is worth noting that CASCO is a voluntary insurance that has an individual character. There are two main types of this policy:

• Full insurance. It provides for payments that cover any loss or damage from theft or damage to the car. This is if the terms of the contract are not violated.
• Partial insurance. Itprovides for payments only for specific cases, which are prescribed in the terms of the contract. It is easy to guess that partial insurance will cost the car owner much cheaper than full insurance. But the final cost will vary greatly depending on the risks chosen.

You can calculate OSAGO and CASCO for a car yourself. And already at home in a calm environment, consider the feasibility of additional insurance, weighing all the pros and cons.

CASCO price components

The cost of OSAGO is clearly established by law and is fixed. Therefore, it will be the same for all insurance companies. The price of a CASCO policy in different organizations can vary greatly. It depends on the current base rates and many factors. But still, all insurance companies rely on standard criteria, which are taken into account in the calculations. Usually these are the following odds:

• age and gender;
• driving experience;
• bonus-malus;
• registration area;
• franchising and other factors.

Coefficient of age and sex

The first thing that insurers look at before calculating CASCO for a car is the age and gender of the car owner. Years of research have proven that people under 22 and over 65 are the most at risk on the road. According to statistics, they are the most likely to be the culprits of the accident. The rest of the citizens are considered more or less reliable category, so they are cheaper insurance.

Also of considerable importance is the gender of the person driving the vehicle. Women are considered at risk, but men are considered more experienced drivers. Of course, everyone is different, everyone has their own characteristics, but insurance agents have to generalize.

Seniority ratio

It is believed that the more driving experience, the more experienced a person is on the road. And this means that insurance will be cheaper. The minimum coefficient, which is equal to one, is assigned to those who have spent more than three years behind the wheel and whose age is at least 22 years old.

However, here it is worth considering an important condition before calculating CASCO for a car on your own. If an unlimited number of drivers are allowed to drive a vehicle, then the highest coefficient is taken. If certain people specified in the contract can drive a car, then the agent will make a calculation for the one who has the least driving experience.

Bonus-malus coefficient

This is a very pleasant criterion that applies to all careful and experienced drivers. It is assigned during the preparation of the contract to those who did not participate in the accident. Otherwise, this coefficient is called a discount for accident-free driving.

If insurance payments have not been made for ten years, then the agent can reset half the cost of the CASCO policy. But for those who often become the culprit of accidents, the bonus-malus ratio works the other way. It can almost triple the price of insurance.

Territory coefficient

Before you calculate CASCO for a car yourself, you should study the table of territory coefficients. The figures will differ depending on where the vehicle was registered. Each region and city has its own coefficient. So, in Sevastopol and Simferopol, the minimum value is 0.6, and in Chelyabinsk and Murmansk the maximum is 2.1. As you can see, the difference can be very large.

Availability of a franchise

The final cost of a voluntary policy is becoming unaffordable for many citizens. One way to purchase insurance much cheaper is to include a franchise in the terms of the contract. This means that the amount of damage will be registered, which is covered by the car owner at his own expense. At the same time, the cost of insurance is significantly reduced. But buying a franchise is only worth it if you're willing to take the risks.

If you are thinking about how to calculate CASCO for a car so that it turns out cheaper in the end, consider this option. And the agents themselves often offer their clients to purchase a franchise, despite a significant reduction in the price of the policy. Either way, the company benefits. All minor damage (dents or scratches), which occur most often, will be paid by the owner of the car.

Vehicle Features

Insurers must take into account the make and model of the car. They have access to a database on the number of thefts of certain cars. For them, there is an increasing CASCO coefficient.

Alsoincreases the price of the policy the cost of the car. If it is with mileage, then the average market price for a similar vehicle is taken. If it was purchased in the salon, then the agent is obliged to calculate CASCO for a new car, based on the price from the sales contract.

Also, the insurance percentage depends on the age of the car. The newer it is, the more expensive the policy will be. But it should be borne in mind that upon reaching a certain age of the vehicle, CASCO is no longer issued for it. And each company has its own threshold.

Other components of the policy price

When choosing a salon where the car will be repaired, approximately 20% of the final cost of the policy is added to the insurance. In order not to raise the price, agents provide their list of recommended service centers. New cars will be repaired under the warranty of an authorized dealer.

If there are anti-theft devices in the car, the CASCO price is also reduced. Moreover, in some companies, certain cars are generally not accepted without security systems for concluding a contract.

You can calculate the cost of CASCO for a car at a reduced price if you previously purchased insurance from another company. Usually in this case, a discount of about five percent is given for trusting a new client.

Other factors. Each company has its own additional criteria, on which the cost of CASCO depends. This may be the availability of a paid parking space or a garage, valid insurance forother property in this company, payment by installments, placement of advertising information on the car and much more. The list of such factors should be specified in the selected organization.

Can I calculate CASCO insurance for a car myself?

There is an opinion that it is much more difficult to determine the cost of CASCO yourself than an OSAGO policy. And indeed it is. The fact is that the calculation procedure is complicated by numerous criteria and coefficients that are simply not available to a simple layman, since they are not open information.

You can only calculate the approximate price of the policy, which usually does not exceed 20% of the value of the car. For more accurate calculations, you will have to call or even visit several insurance companies in order to choose the best option for yourself. If you are interested in how to correctly calculate CASCO for a car, you will have to thoroughly study the tariffs, coefficients, discounts and promotions of a particular company. Only after that it will be possible to try to determine the final amount of insurance. But even in this case, there is a high risk of making a mistake with the figure, since there are many pitfalls.

A more accurate and easy way to find out the price of CASCO on your own is to use special online services that many companies have. But they will be discussed later.

Formulas for determining voluntary insurance

Speaking about how to calculate CASCO for a car (credit or personal), it is worth noting that insurance agents do this using formulas. Of course, each company will have its own calculations. But there are two most common formulas.

First. The cost of the car (CA) must be divided by the product of all possible coefficients (K), and then you get the amount of insurance.

CASCO=SA / (K1K2K3…)

Second. Specific indicators will be included in this formula.

CASCO=(Damage ratioYear of manufacture factorAge and seniority factorFranchise factorInstallment factor) + (Theft factorYear of manufacture factorInstallment factorAnti-theft factor).

You can try to calculate the cost of insurance using these formulas, but in most cases the result will be far from reality. You need to know the exact ratios of a particular company. One thing is for sure, that for credit cars the price of CASCO increases by almost 40%.

Calculation examples

Let's look at specific examples of how to calculate CASCO for a car yourself using formulas, if the coefficients are known in advance.

Let's say the vehicle will have one owner, he is 21 years old. He has a passenger car with an engine power of 110 hp. With. The car is new and has never been in an accident. It was registered in the Moscow region. Driving experience is two years.

CASCO=base rateengine powerage and seniority coefficientregion coefficientdriving restrictionbonus malus.

We substitute the current coefficients of the company andmaking calculations.

CASCO=19801, 21, 71, 711=6,867 (rubles). This is how much a one-year voluntary policy will cost.

Let's consider another case. The car is new with a capacity of 120 liters. s., it is registered in the Krasnodar Territory. The owner is 35 years old, and the driving experience is 10 years. Several persons will operate the machine.

The formula is the same as above.

CASCO=20001, 7121, 71=11,560 (rubles).

Judging by the examples, determining the size of CASCO is not so difficult. But what to do if you don't know the formulas, coefficients of a particular company, and they don't want to share them? It doesn't matter - there is a way out!

Calculations using online calculators

Specially to facilitate self-determination of the amount of insurance, many companies create convenient services on their websites designed for this purpose. Using online calculators, it allows you to calculate CASCO for a car from Rosgosstrakh, Ingosstrakh, Alfastrakhovanie, Soglasie and other companies. Understanding how this tool works is not at all difficult. The services are accompanied by hint instructions and a chat where you can ask the consultant all your questions.

In just a few minutes you can find out the final amount of CASCO. To do this, you need to fill in all the fields of the proposed parameters. Usually this is the tariff, model and make of the car, year of manufacture and price, gender, age and driving experience of the owner of the car. Some calculators have a button that can be used to decreaseCASCO cost. She offers to choose a franchise or some special products that lower the final price.

However, it should be borne in mind that the result obtained, although close to the real one, is still indicative. Therefore, you should not be surprised if, using formulas or an online calculator, you get one amount, and the consultant in the office calls another. But in view of the increasing cases of fraud and overpricing of insurance, it is useful to know how to calculate CASCO for a car yourself.