- The mandatory civil liability insurance will only compensate the repair costs of a third party and not of one’s own vehicle. That is why a CASCO insurance is required to cover the damage produced to the vehicle responsible for the accident, along with many other risks. When taking out a CASCO insurance, a wide range of risks can be added to the policy, depending on the customer’s preferences and the insurance company.
- The price of such a policy will go up along with the risks added, the age of the car and other factors such as age, driving frequency, the environment in which the car is used – urban or rural – and the type of vehicle. For example, a sports car will be placed in a higher risk category, as well as a vehicle driven mostly in the city, where the traffic is more intense, thus the risk of an accident is higher. Along with cars, a CASCO policy can be taken out for motorcycles, scooters, ATVs, utility vehicles, trailers and semi-trailers alike.
Generally, the risks covered by a CASCO policy are the following:
- Collisions, impacts, strikes, rollovers, skids, scratching, falling objects;
- Malevolent actions of third parties, vandalism;
- Fire, lightning strike, explosion;
- Damage caused by hail, flooding, storms, hurricanes, earthquakes, landslides or land collapse, the weight of snow or ice, snow avalanches;
- Vehicle or components theft;
- The insurer also provides compensation within the limit of the insured sum for the costs related to the transport of the damaged vehicle (a single transport for each event), with the aim to salvage or repair the vehicle.
Some insurance companies can cover some additional clauses in the policy, such as:
- Driving outside of public roads;
- Entering flooded areas;
- Damages produced by animals;
- Damages which are exclusive to the rims and wheels;
- The loss or theft of keys;
- Accidents to the passengers of the vehicle.