There is an easy way to pay less for CASCO insurance – that is to set high deductible amount. However, there is another side to the story. In case of insured event the Insured is bound to bear more expenses to cover it from his own pocket. This article is aimed at explaining the essence of deductible amount, its influence of the insurance rate and claim settlement process.
When making a decision to purchase CASCO insurance policy it’s worth remembering that it serves as the means of protecting your vehicle from almost all kinds of unforeseen circumstances. Sometimes even those which an Insured can’t imagine. It’s not reasonable to evaluate whether or not CASCO insurance is worth paying for based on the relation between the insurance premium paid and indemnity received during the term of the agreement. Insurance allows predicting your expenses, including unexpected ones, in the first place. That’s the core purpose of such kind of insurance.
Successful claim settlement depends mainly on your careful consideration of insurance coverage options available in the market. The choice should be defined primarily by your business needs.
The base in the the word “insurance” means “fear” in Ukrainian and “sure” in English. It well may be that this etymological difference defines the different attitude towards insurance as the whole. In Ukraine people insure to get rid of fear while in the Western Europe or the USA they insure to ensure their confidence in what tomorrow brings. Nevertheless the profound understanding of the benefits of insurance as an effective means of securing financial welfare is gradually catching on. This is especially evident in the period of economic downfall. The statistics back up this trend showing that the number of insured events increase during the crisis years. Below are the grounds for this pattern.
Lately the social networks have been riddled with posts either asking to help find the stolen car or asking whether or not someone is looking for this or that plateless car in the picture. Is Facebook actually helpful in such matters? It’s hard to tell. Meanwhile, the statistics on car theft is dispiriting. In 2015 over 10,000 vehicles have been stolen with only 1/3 of them having been found and returned to their owners. The numbers are even worse when it comes to luxury cars. Only 1 out of 20 is usually found. What is more, the condition of the cars that are lucky enough to be spotted, leaves much to be desired. Is it possible to protect your vehicle from being stolen by means of Facebook? Of course, not. On the contrary, CASCO insurance is an effective tool to set your mind at ease.
Most probably you ran across wrecked cars carrying a vivid banner which said “Insured by…” more than once. In Ukraine car owners choose to express their indignation in such a creative way after being denied insurance indemnity. While the majority of disappointed clients fully hold the insurance company accountable for their misfortunes, they would be quite surprised to find out that quite many times they were the ones to blame. What are themost common mistakes that entail indemnity denial?
In accordance with Ukrainian legislation every car owner is bound to have motor third party liability insurance aimed at settling financial claims of traffic accident parties which are associated with car repair.
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