CASCO provides confidence that in case of damage or theft of the car, the insurance company will compensate for the financial loss. But in practice, not all cases have the expected happy end. Sometimes protection fails due to the unscrupulousness of the insurer, but most often due to annoying mistakes made by the insured. What “rakes” should not be stepped on when arranging a car insurance policy?
Mistake 1: taking the insurer at their word
The first rule of the insured is “trust, but verify”. Many insurers promise quick payouts without unnecessary bureaucracy, but not all deliver on their promotional promises.
When choosing an insurance company, do not focus solely on the price of car insurance. Take the time to conduct a small investigation into the reliability and financial stability of the insurance company. Look for information on the level of payouts and premium increases for the last six months or year, read reviews on forums and independent platforms.
Mistake 2: reading the contract diagonally
Voluntary car insurance is not regulated by law, so insurers have the right to set their own “game” rules. One company may require an expert’s conclusion and a certificate from competent authorities even for minor accidents, while another may settle minor losses without a car inspection and office visits.
An insurer may refuse to compensate for theft from an unsecured parking lot, while another organization may not “nitpick” about the place of overnight storage. Before ordering car insurance online, carefully read the contract on the website. Pay attention to the “Exclusions” section, which lists the main reasons for denial of payments.
Mistake 3: chasing cheapness
Cheap full CASCO is a fantasy. Protection from most common risks costs at least 5–7% of the car’s value.
Do not rush to agree to an attractive offer with a large discount: find out how much car insurance costs with other insurers under similar contract conditions. If you want to save money, include a deductible in the contract, agree to repair the car at partner service stations, or reduce the list of risks.
Mistake 4: not insuring body kits and other additional equipment
If the car is equipped with any elements of external or internal tuning, clarify before signing the contract whether CASCO coverage extends to them. Many companies insure additional car equipment separately, which needs to be considered when purchasing insurance online in Ukraine.