There is a stereotype that the acquisition of CASCO is an advantage for the owners of brand new cars, and the insurance for the “recess” is not interesting because of the high prices and strict requirements of the insurance company. Is it really? In this article we will tell you about all the nuances of the CASCO policy.
CASCO terms for used cars
Most insurers offer insurance for vehicles up to ten years old on foreign models. On cars of the Russian car industry – up to seven years old. For these cars, when making insurance, full-fledged insurance programs are offered, as well as for owners of new vehicles. That is, insurance in case of theft, partial damage and even the complete destruction of the “iron horse”. In addition, CASCO clearance when buying a used car provides for the choice of the type of cash compensation. It:
- insurance payment without depreciation;
- payment of cash compensation, taking into account the depreciation of the vehicle.
It is important to bear in mind that when making insurance for a used vehicle, it is more practical to choose payments without depreciation. Then there is an opportunity to add another 15% of the original price to the cost of the policy. But this is the case if the car was not purchased on credit.
Also often, instead of paying insurance when an insured event occurs for a used vehicle, repairs are made to the service station. Service station can be an official insurance partner. In addition, repairs are made at the repair station in the salon of the official representative, if the “iron horse” is listed on the warranty service. This option is convenient because in this case, never taken into account the depreciation and wear of the vehicle. But it is important to note that if the car is still under warranty, then it is more profitable to arrange the repair at the service station at an authorized dealer.
Cost of CASCO policy for used cars
To understand how much it costs to issue a CASCO policy, let us figure out what indicators the cost of insurance is made of. So, IC calculates a certain% of the cost of a car, considering the brand and year of manufacture. Then it multiplies it by factors that reduce or, on the contrary, increase the total amount. The coefficients used will depend on the following indicators:
- driving experience
- official marital status;
- conditions of operation and storage of the car;
- the presence / absence of anti-theft;
- and so on.
The percentage of the cost of the car obtained during the calculations is used as the basis for the cost of insurance. For a new iron horse, as a rule, seven to ten% of the cost is taken. And when calculating the total cost of insurance for a technical tool with mileage, it is usually more – sometimes it reaches 15-20%. Indicators in this case are calculated the same way as for “beushek”, and for new cars.
For the owner, just starting his driving experience, insurance of the type in question may be more than profitable. So, in the event of an accident (accident) for repairs would have to spend a huge amount. Even if the purchase of “iron friend” cost the owner inexpensively. The insurance will cover all specified expenses. Yes, insurance for a novice driver will cost a lot. Since for such car owners there are coefficients that increase the cost. In this case, the benefit to the car owner can bring the use of benefits (franchises).
How to make a CASCO policy and save
The first is the use of the above benefits when making insurance. Among other things, the preferential franchise will not take into account age criteria, if the car owner is a novice. Also, cash payments for insurance claims, including theft of a car and the complete loss of a car (as a result of an accident), will be the maximum. If the safety of the vehicle is most important, then a preferential deductible will be a great way to reduce the cost of insurance.
The second method is the mandatory accounting of the wear and tear of the vehicle when calculating the cash payment. For used cars, if the car is about one year old, this percentage is usually not less than 10%. If the car is older, then it can reach fifty percent. Repairing the machine from an official representative will also reduce the cost of insurance by almost 20 percent.
Finally, when non-payment of funds for the repair, the insurance proposes to compensate for the purchase of spare parts. And the repair is paid by the owner of the car. The owner also has the right to independently specify where and at what price the repair will be carried out. This will help reduce the cost of insurance by about 40-45%.
Where to make Hull
The following factors influence the choice of an insurance company:
- office location;
- the cost of the policy;
- a set of insurance risks;
- availability of discounts;
- availability of additional services.
But the main selection criterion is the level of reliability of the insurer. Reliability can be confirmed, for example, by rating agencies – Expert RA, NRA, etc. This indicator ensures that when the insured event occurs, the owner will not be left without a cash payment. Next, we consider how much it will cost the owner to issue a CASCO when buying a car on credit.
CASCO registration for a used car loan
When registering a loan to purchase a used car, do not forget that you will have to face several restrictive thresholds. So, the vehicle credited must be no older than three years. The mileage for the Russian “iron horse” is no more than 50 thousand km, and for foreign cars – 100 thousand km. The period for which the banking institution will grant a loan is 3-12 months. And only in extremely rare cases, banking institutions will agree to a policy for the long term. In addition, it is necessary to issue a CASCO insurance when buying a car on credit. In case of refusal of it, another 10% per annum will be immediately attributed to the car owner in the contract.