The auto insurance market offers 2 products - CASCO and OSAGO.Their acquisition is beneficial to vehicle owners: most of the risks are covered by insurance companies. Both types of insurance supplement each other. In this material, we will understand what distinguishes CASCO from OSAGO.
Distinction 1.
insurance policy OSAGO - motor third party liability insurance, which is mandatory. The insured and the insurer enter into relations by virtue of the law. The driver has the right to drive the vehicle if he has concluded the contract of compulsory motor TPL insurance. Otherwise there is a violation of the law of Russia.
CASCO - type of voluntary insurance. A car enthusiast as a policyholder chooses whether he needs this product or not. If the decision is positive, a contract is concluded with the insurance company. Relations arise in accordance with the law.
Distinction 2. Object of insurance
The object of compulsory insurance is the property interests of the owner of the car, which arise in cases of damage to health, life, property of citizens while using the vehicle.
The policy of OSAGO protects against financial problems during an accident. The victim receives money from the insurance company of the guilty driver. Responsible for an accident motorist does not compensate damage from his own pocket. The organization with which the contract is concluded is calculated.
Damage to the vehicle of the motor vehicle guilty of an accident is not covered by insurance. Compulsory third party liability insurance covers third parties - victims, not the insured person.
CASCO supplements motor third party liability insurance. The object of additional auto insurance is a vehicle. The CASCO contract provides for cases:
- ACCIDENT
- car damage by foreign objects
- vehicle damage during natural disasters
- vandal action
- theft, car theft.
The motorist with CASCO guilty of an accident is always calm. All damage to his vehicle will be covered. When stealing or destroying the car, the insurance compensates for the full cost. A wide range of envisaged risks - plus CASCO.
Difference 3. Insurance price
There is a difference between OSAGO and KASKO in the issue of pricing. Prices for the first insurance product are set by the state. Tariffs of OSAGO are established, regulated by legislative acts.
The price of compulsory insurance is affected by:
- type of vehicle, owner type( legal person, individual)
- customer experience( calculated from driving experience and age)
- territorial reference( the law establishes separate tariffs for certain regions of the country).
The cost of CASCO depends on:
- of the insurance organization, its pricing policy
- complex of options included in the insurance according to the decision of the customer
- car brand, its model, equipment.
Organizations establish coefficients based on analysis of statistics of insured events. Experienced adult drivers with a family car have a chance to purchase CASCO at a minimum rate. With this category of motorists associated less risk for damage.
Difference 4. Bankruptcy of the insurance company
The difference between OSAGO and KASKO is manifested in unforeseen situations related to the termination of the insurance company. The company's bankruptcy, possible revocation of the license scare car enthusiasts and cause a desire to save on insurance.
The issues of OSAGO, except for insurance organizations, have the right to regulate the Russian Union of Motor Insurers. He is responsible for the obligations of companies that are not able to make payments for OSAGO for objective reasons. The union is contacted if the company responsible for the road accident ceased to exist or went bankrupt.
CASCO is worth buying in a proven company with a positive reputation. For additional insurance, the Union of At-insurers is not liable. With the collapse of the insurance company will have to apply to the courts.
The main differences between CASCO and compulsory motor third party liability insurance are given in the table.
| parameters | Hull CTP | |
|---|---|---|
| Form | Voluntary insurance Compulsory insurance | |
| object | property interests of the insured vehicle | |
| Price | regulated by the state insurance company is established | |
| Action in case of bankruptcy of the insurance company | Contacting PCA | to court |