Yuriy Ostrovsky  

Driving in Ukraine Safely: How to Protect Your Vehicle with CASCO Insurance

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CASCO Insurance is one of the most popular motor vehicle insurance products. Unlike obligatory motor third party liability insurance CASCO coverage is completely voluntary and allows car owners to feel more secure when driving in Ukraine.

Which risks are covered by CASCO insurance?

Traffic accidents, malicious mischiefs, car thefts, fires, acts of God, animal impacts as well as fallen objects of various nature are the regular occurrences such insurance covers. Insurance companies take the following factors into consideration when quoting the price for CASCO insurance: vehicle’s brand, model, value, year of manufacture, place of registration, deductible amount, driver’s experience etc.   There are a lot of insurance companies which stake on CASCO insurance as their priority direction of business development. While offering compatible prices for this product they can boast pretty speedy and quality claim settlement as well. Nevertheless CASCO insurance is usually an unprofitable line of business for the majority of insures. It’s reasonable to keep in mind for those who is thinking of driving to Ukraine and insuring their car in our country. Therefore the best option would be to choose the insurance company which offsets the negative balance of motor vehicle insurance by less unprofitable kinds of property.

How to choose the right insurance company?

According to the statistics, 3 out of 10 cars get into the traffic accidents in the course of the year
According to the statistics, 3 out of 10 cars get into the traffic accidents in the course of the year. The choice of insurance company should be made after careful consideration. Speaking about insurers of national origin, they are more compatible in terms of prices only. At the same time international insurers operating through their offices in Ukraine put much effort in effective claim settlement as well. That’s why it should be taken into account when choosing the insurance partner for your vehicle.

What if your vehicle is pledged?

For those driving in the Ukraine in a vehicle which has been given to a bank as a pledge, CASCO insurance is a compulsory requirement.  Of course, the price for such insurance is higher since bank’s interest is also taken into account. Voluntary CASCO insurance would cost you around 4-6 % while the insurance purchased in accordance with bank’s requirements would cost 6-8 %. It’s no wonder that the price indirectly indicates whether insurance company intends to pay for the possible damage to a car or not. It’s quite evident that dumping price strategy can prove that for some reason insurance company is willing to knowingly conclude unprofitable contracts. Why? It actually makes sense if a company does not plan on paying any indemnity under them.

Which vehicles can be insured under CASCO agreements?

It’s worth mentioning that not every car can be insured under CASCO agreement. If you are thinking of driving in the Ukraine in a retro car, you can hardly count on insuring under CASCO agreement let alone insuring it without adjustment for wear and tear. Cars which are more than 10 years old can be insured only with adjustment for wear and tear. This means that if a car needs to be repaired you will either have to settle for the secondhand spare parts or pay the difference between those and the brand new spare parts from your own pocket. All is actually fair in this case since the insurance company is liable to pay the indemnity sufficient to purchase the spare parts which are equally worn to those which have been damaged. Vehicles over 15 years old are frequently denied insurance coverage at all. However the exception can be made for the vehicle fleets which include a couple of pretty old cars


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