Yuriy Ostrovsky  

How to Minimize Your Expenses for CASCO Insurance

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To begin with, I’d like to contradict the common belief that CASCO insurance is too expensive to be worth purchasing. If you are looking to minimize your expenses when concluding such agreements feel free to consider the following options which allow you to pay less without jeopardizing indemnity payments.

1. New European or American player

If an international insurer enters Ukrainian market intending to build up a client list, they might be tempted to offer damping prices to win over a market share. That is the best chance for you since you will receive guaranteed indemnity as the insurer will at no cost risk their honest name. Normally the losses suffered by their Ukrainian affiliate would be irrelevant and easily covered by the gross profit earned by entire insurer’s group of companies. It’s not worth denying indemnity just to lose the reputation at a new market.  

2. New Ukrainian player

Should a new Ukrainian company decide to build up its reputation it is also likely to offer low prices at first as well as timely indemnity. At the same time it’s worth remembering that if something goes wrong and the expansion plans fall through, the claim settlement might become a problem.  

3. Market expansion by the existing player

Normally CASCO is an insurance product with high loss ratio.  However in some cases insurers are willing to sacrifice higher revenue in order to keep you as their Client in other lines of business. That is quite rare, but if you are among those lucky ones, feel free to accept the lower CASCO insurance rate and be confident in the speedy claim settlement process.

4. Retaining Clients with low loss ratio by existing insurer

If you have been working with the same insurance company for a several years with no claim history, you are entitled to the lower insurance rate
If you have been working with the same insurance company for a while with no claim history, you are entitled to the lower insurance rate. All the Insures are interested in long-term partnership with such Clients.

Apart from the above mentioned scenarios there is another one in which a local Ukrainian company offers the damping price with no further intention of standing by their contract obligations. It’s wise to be aware and stay away from such market players.


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