The purpose of the CASCO policy
CASCO insurance is intended to protect the car owner from unexpected financial expenses related to car theft, robbery, road traffic accidents and damage caused by other people. These are only the main risks, but in competitive conditions, insurance companies have additional risks included in the policy, such as technical assistance on the road, transportation after an accident, car replacement, etc.
How to Purchase a CASCO policy?
In order to purchase a policy, the insurer will have to submit data about the vehicle and the desired risk coverage, after which the insurer evaluates at what price and under what conditions they are ready to insure the car. If the offer matches the needs of the car owner, an insurance contract is concluded. The car is then inspected and photographed to record its visual condition and existing damage, if any.
What are the Terms and Conditions of a CASCO policy?
Many forget that insurance consists of both the policy printout and the terms of the contract. The policy is only a confirmation of the conclusion of the contract, while the terms of the contract contain all the relevant information about the operation of the policy. Often, policy buyers only skim through the policy, but do not delve into or read the policy terms. Of course, the rules are not the most pleasant reading material -20 pages of complex terms and incomprehensible sentences. However, in order to know the rights and obligations of the parties and to avoid unpleasant surprises, one needs to pay close attention to the terms.
How to use a CASCO policy?
The policy is usually purchased for one year. In order for it to be valid, you must carefully follow the payment deadlines, especially if the policy is divided into several payments. Also remember to notify the insurer immediately of any changes that may apply to the insurance contract. Many forget to inform the insurer about – change of car owner or user, change of age of the youngest user, change of territory of use, etc. Without correct information, there could be circumstances that become the basis for reducing or refusing insurance compensation.
CASCO and accidents - what happens next?
When an accident occurs, it is important to handle it according to the terms of the contract and the circumstances of the accident.
In compliance with the deadlines specified in the contract, the accident must be registered with the insurance company by submitting an insurance claim.
You will need to go to a car repair shop, where a quote for repairs will be prepared and sent to the insurance company.
The insurer approves the repairs to be carried out, and the garage repairs the car.
In practice, we observe that clients often do not know, forget or are confused about what to do after an accident, so we always recommend our clients to contact us immediately so that we can guide them through the difficult situation.
Get in touch with us today to ensure our guidance when you need it. +371 26 668 558
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