The term CASCO comes from English and represents the acronym for “Casualty and Collision”. Casco is the optional insurance of the car against accidental damage and theft. Casco does not have a place of compulsory insurance (RCA). As a rule, casco insurance is offered only to cars aged between 0 and 8 years (most insurers), 0 and 12 years (certain insurers) or collection cars. With very few exceptions, casco policies provide only legally registered cars in Romania (temporary, permanent or limited – leasing). Machine cancellation or expiration of autoimmunity automatically causes casco coverage and early termination of the policy to cease, even if the validity term of the policy has not been reached. To ensure the car after this time, there are other types of special insurance.
What is the insured value of the vehicle?
The vehicle is at a value as close as possible to the real one. The value is set by the insurer as follows:
– the new car value (as valued by the machine when it was 0 km on board), the new purchase invoice or the catalog value (Schwacke, Eurotax, Apia)
– at a new value a wear is applied, based on a table of each insurer, depending on the age of the car (calculated from the date of manufacture), which is subtracted from the new value, obtaining the remaining value (value per day) of car
– Optionally, the value of additional equipment is added to obtain the insured amount (SA)
Caution when registering the car’s equipment in the police: anything that is not in the standard equipment of the car (the one on the manufacturer’s catalogs) and is not in the policy is not assured.
What is the deductible
The deductible is that part of the value of each damage the car owner sustains. It can be determined:
– fixed, applicable to each damage
– in percentage of the insured amount, applicable to each claim
– in percentage of the value of each damage
Pay great attention to the deductibles that you accept in the police! The difference between 5% of the amount of the damage and 5% of the insured amount is high and you can be fooled. For example: for an insured car for 10,000 euros, with a 2% fractional breakdown of the insured amount (ie 200 euros), in case of a damage whose repair costs 450 euros, the insurer will pay 250 euros, and the owner 200 euro; at a 2nd damage of 150 euros, the insurer will not pay anything, and the owner will pay all 150 euros. In the same situation, if the franchise was 2% of the value of the damage, the insurer paid the first damage 441 euros and the owner 9 euros, and the 2nd damage the insurer paid 196 euros and the owner 4 euros.
What are the risks covered by the CASCO policy?
To better understand why CASCO insurance is so important, just think about the risks that CASCO policy covers. Among these we mention:
Damage caused by traffic accidents (collisions, overturns, skidding)
Fire
Explosion
Natural phenomena (floods, trains, hail, earthquake, landslide, etc.)
Accidental falls of objects on the vehicle
Theft (theft of the machine or the theft of some parts of it)
Other risks
Damage resulting from an attempted theft
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