CASCO insurance can be purchased by any vehicle owner or holder who wants to protect himself from unforeseen expenses ie if your car has been damaged regardless of who was to blame for the collision and whether the culprit is known at all.
The most popular cases when you have to use a CASCO policy:
- Collision with another vehicle
- Collision with an animal
- Damage to the windshield, windows, hatches or mirrors
- Body damage (scratches, bumps)
- Car robbery - stolen accessories, belongings left in the cabin, moldings, roof rack, mirrors and other parts.
- Car theft
- Complete destruction of the vehicle (when the car can no longer be repaired)
- Accident on the road - damage to the tire, out of fuel or incorrect fuel, cannot start the car and other cases when help is needed to continue the journey.
Now let's take a closer look at each of the above cases.
Collision with another vehicle
As is already known MTPL is mandatory. If you have caused an accident and damaged another car then your MTPL will cover the costs of repairing the other car. But if your car has also suffered in an accident (and you do not have a CASCO) then you will have to cover the losses yourself. But if you have a CASCO then the CASCO policy will cover the damage to your car even in cases when the collision was caused by you.
If you are not at fault for the road traffic accident then the expenses of your car will be covered by the insurer of the guilty party. Sometimes there may be a situation where you do not have information about who has caused damage to your car, for example, the culprit has left the scene or someone has damaged your car maliciously while the car is parked. You don't have to worry about it if you have CASCO insurance. In this case contact your insurer immediately, find out if you need to call the police at the scene and follow your insurer's instructions.
Collision with an animal
The paths of wild animals cannot be established and explained. Often you have to get through with fear alone, but often so happily everything does not end and in such cases the cost of car damage can be especially unpleasant.
What to do in case of a collision with a wild animal or any animal at all? It is MANDATORY to report this fact to the police. Usually, the police do not drive to the scene, but they register a call, which will later be needed as proof to your insurer that the accident really happened. REMEMBER: Without registering an accident with the police, the insurer may reduce or refuse to pay compensation for damage caused after a collision with an animal.
If the animal has been injured and is on the road then in order to take care of the safety of other road users you should also call the State Forest Service which will take care of removing the animal's body from the road. No one will punish you this unfortunate event.
As in any insurance situation it is best to call your insurer immediately and make sure you take the right action. This will ensure that there is no misunderstanding between you and the insurer later.
Damaged vehicle windows
The car's windows are most often damaged when a stone is "lifted" from the front car and thrown into the windshield of your car. Noone really is to blame for this, because these things just happen.
Most insurers consider all the glass in a car including windows, sunroof and rear window to be insured with this risk, but it is definitely worth making sure of it before purchasing a policy.
An interesting fact about the windshield repair. Nowadays in case of damage to the windshield, there is an alternative to replacing the windshield - it can also be repaired. There are companies in Latvia that repair the damaged area, so it is not necessary to change the whole windshield. With a special vacuum technique the damaged area is leveled and filled. It should be noted however that the windshield can be repaired only if it has not started to crack.
Body damage (scratches, bumps)
Have you heard of cases when leaving the car in the supermarket parking lot and after returning it is found that the car has a bumpes or scratches? This is classic body damage risk covered by CASCO insurance policies. Often the culprit has left the scene. Without CASCO insurance such losses would have to be covered out of pocket. What to do in such a case? As in any situation it is advised to first contact your insurer and find out if it is necessary to inform the police.
Car robbery
This tends to be equated with illegal actions by third parties. Rear-view mirrors, car headlights, alloy wheels, non-standard equipment, tape recorders, roof racks and their equipment are stolen, as well as many other things we would not even think about. Often thieves also covet items left in the car, such as handbags and computer bags. Be attentive and do not leave attractive belongings in the car.
In CASCO policies theft is a standart risk and is offered by all insurers. But theft of belongings left in the car, on the other hand is something else and you should make sure that this risk is included in your CASCO policy.
Car theft
Although for many CASCO policy buyers this risk seems insignificant, because "no one will steal my car", this should not be forgotten, because we can never know which cars will be coveted by thieves tomorrow.
In the CASCO policies of all insurers this is the basic risk and the difference can be only in 2 parameters:
- What will be the theft risk deductible
- What security system will the insurer ask you to install for the risk of theft to be valid.
Vehicles purchased completely new from the dealer are usually already equipped with factory alarms. If you have purchased the vehicle from another person, a car park or ordered it from a different country you should always make sure that the alarm is on and in working order.
In order for the risk of theft of a CASCO policy to be valid most insurers require a light and sound alarm as a minimum. If the car brand or the specific model is more popular among the thieves or the car is more expensive then the insurers will have stricter safety requirements.
That's not all! Although your car will be equipped with the required security systems, the next factor to consider is the theft deductible in your policy. It can range from 0% - 20% of the value of the car. If you have equipped the car with the security systems required by the insurer then there should be no problems and the deductible of theft is likely to be 0%. However if the deductible is higher find out why. If one or more security systems required by the insurer are missing the deductible for theft may be higher than 0%.
Risk of theft if the car was purchased through a lender
CASCO policies in which the theft deductible is from 15-20% banks tend to reject. What to do in such cases? - The car must be equipped with a better, safer alarm system then the insurer will lower the deductible and the bank will accept the policy. After all it's also for your own convenience, because in the event of a car theft the complications and unwanted experiences will definitely be greater than the cost of installing security systems to your new vehicle.
ANOTHER USEFUL HINT! If the car has only one ignition key then many insurers will set the deductible for theft higher as standard. To avoid increasing the deductible you must go to the car hop to recode the existing key and make a spare key. If you try to bypass this rule and say nothing to your insurer then in the case of a stolen car insurers will be entitled to pay you less money, because you will not be able to show the second ignition key.
Complete destruction of the vehicle
If the car suffers a collision and its repair costs exceed the value of the car or the repair estimate is economically unreasonable, then the car is written off and it is called Total Vehicle Loss. It all depends on how much the repair costs are compared to the real value of the car. This is also the basic risk of the CASCO policy, which is included in the CASCO policies of all insurers. The deductible for total loss is usually in the range of 0-20%.
What does the size of this deductible depend on? Often from car applications such as trucks, vans and other vehicles that are used for transportation and operated in traffic very intensively. Another factor is the car's power the higher the car's power the higher the risk of car's total loss.
Roadside Assistance 24/7
One of the best helpers for any vehicle owner and user is the Roadside Assistance service. If the car has been damaged and it is not possible to continue with it then it is necessary to call a tow truck. If the car has a flat tire and you do not know how to replace it, it will be done for you. If you forgot to refuel and it ends up, it will be delivered to you. If you can't start the car in the morning, specialists will come to you and help you start it. One call and helpers are on the way! You should also be interested in such insurance risk, because not all insurers offer this in standard CASCO policy.
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