What are the types of car insurance today?

What are the types of car insurance today?

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A car is no longer a luxury: it is often a necessity dictated by the pace of modern life. However, when buying such a vehicle, its owner acquires not only a pleasant advantage, but also problems, often expensive: we are also talking about car insurance. Therefore, every driver must understand why it is necessary to insure their car, as well as understand the variety of car insurance to make the right decision. Let's consider all these problems in the article.

Why do you need car insurance?

The number of cars on the roads is on the rise, along with the number of accidents in which vehicles and people (drivers, passengers and pedestrians) can suffer. One of these accidents can cause significant property damage to the car owner. Both the aggrieved and the guilty parties are very lost.

What are the types of car insurance today

In such cases, car insurance comes to the rescue. It is designed to protect the financial interests of the owner of the insured vehicle. The insurance policy covers material expenses to restore a damaged car after an accident, breakdown or natural disaster, or to buy a new vehicle after a theft. Car insurance also protects the interests of a third party who has suffered from the insured car.

So, the objects of car insurance can be 3 parts: A vehicle, truck or car that has been damaged or stolen. 

  • The driver and passengers, or rather their life and health. 
  • Third party injured in the accident and their property damaged. 
  • Repaying those losses is very expensive. 

The presence of an insurance policy facilitates and speeds up this process both in material and legal terms.

Types of auto insurance

The main types of car insurance are mandatory: OSAGO, and voluntary - CASCO ... Differinsurance subjects: OSAGO protects the interests of third parties injured in traffic accidents, their lives, health and property. CASCO takes care of the insured driver's car, his life and health, as well as the passengers. There is also "Green Map" - compulsory insurance for those who travel abroad, and DSAGO - Voluntary expansion of the possibilities of OSAGO. Consider the types of basic self-insurance.

Of theft or damage

CASCO (Comprehensive Auto Insurance, Except Liability) protects against various types of damage and theft. The meaning of the abbreviation coincided by pure chance with the Italian word Casco ("helmet"), from which the name of this insurance originated. CASCO insures against any force majeure, in which the driver and his car may find themselves, except in those cases that are compensated by OSAGO

Motor civil liability insurance

OSAGO is a mandatory motor civil liability insurance. This is the most common type of insurance, since the conclusion of an insurance contract is a mandatory requirement for all car owners, provided for by the country's legislation. Without an OSAGO policy, a driver has no right to drive his car, undergo a technical inspection, and register. Failure to comply with this requirement is punishable by a fine.

The subject of OSAGO is not the insured driver, but the damage that he caused to third parties during an accident (his health, life and property). But if the driver or their car is injured in an accident, you will not receive compensation. To do this, you need to purchase another type of insurance.

You can buy an MTPL policy from any insurance company. Rates are the same everywhere as they are set and regulated by the state.

Of mechanical and electrical breakdowns

Not all cars crash or are damaged in natural disasters. However, absolutely all cars break down sooner or later.Car enthusiasts spend a lot of money annually on their vehicle repair. For more than 25 years in America and Europe, drivers have been actively using the extended warranty for various breakdowns in their car. This service is provided by both manufacturing plants and insurance companies.

In the CIS countries, this type of insurance has appeared quite recently. But not all insurers enter into such insurance contracts. The extended warranty is vehicle insurance against all types of breakdowns.

It goes into effect when the basic warranty has expired. Companies offer different options for an insurance contract. They differ in the warranty extension period (up to 3-5 years) and a list of repair services provided free of charge by the service centers.

Accident insurance for drivers and passengers

Neither the compulsory “auto-civil” HELMET nor the voluntary one take into account the cases of accidents in which the driver himself or his passengers were injured. To do this, it is necessary to take out voluntary accident insurance for drivers and passengers. This type of insurance can be purchased in combination with those listed above: it will cover the costs of treating people injured in an accident, protect the driver responsible for an accident from emaciation, and allow you to quickly resolve the dispute without legal procedures.

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