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CASCO Insurance
CASCO (from the Italian word casco - helmet) is the insurance of a vehicle against risks that may arise during the operation of the vehicle.
"Full CASCO" means insurance against all possible risks, while "partial CASCO" covers only some risks.
CASCO insurance means only insurance of the vehicle itself and does not include insurance of liability to third parties, insurance of the driver and passengers, property (cargo insurance) transported in the vehicle.
Objects of insurance
The subject of the motor hull insurance are means of land transport - trucks, cars, special cars, motorcycles, trailers and some other vehicles owned by legal entities or natural persons, including additional equipment and facilities, which are in the possession of the Insured on the basis of ownership, use or disposal.
The insurance is provided at rates that depend on the type of vehicle, its age, value, type of use and storage conditions. This type of insurance also takes into account the driver's length of service, cases of involvement in traffic accidents, duration of insurance and some other factors.
Insured risks
The main risks are damage, destruction, theft of the vehicle, damage caused mainly by damage or structural destruction of the body and mechanisms of the vehicle (cars, ships, airplanes, railroad cars), and does not include insurance of passengers, transported property, crew and third-party liability.
The sum insured (the amount within which the Insurer is obliged to pay in the event of an insured event) is determined within the limits of the actual market value of the vehicle at the time of the conclusion of the insurance contract.
Insured events
Insured events are the following:
- Theft - loss of the insured vehicle as a result of unlawful taking by theft, robbery or plunder;
- Theft - loss of the insured vehicle as a result of unlawful taking by means of theft, robbery or looting;
- Illegal acts of third parties - illegal acts of third parties not related to the unlawful taking of the insured vehicle, namely: destruction of the insured vehicle as a whole, damage, destruction or theft of its individual parts, components, assemblies, mechanisms;
- Road accident (traffic accident);
- Natural phenomenon - lightning, rockfall, landslide, earthquake, flood, mudflow, subsidence, landslide, rockfall, avalanche, hail, hurricane, storm, rainstorm, tornado, falling trees;
- Fire or explosion (other than arson).
Insurance Premium
The amount of the insurance premium depends on the following factors
- the sum insured (the value of the vehicle)
- the selected insurance risks (full CASCO or individual risks)
- the conditions of storage and operation of the vehicle
Interesting facts
In 1928, the "CASCO" risk - against damage to a car while driving and in parking lots as a result of natural phenomena, collision with other vehicles or objects, overturning or falling of a car, fire, explosion of the engine or fuel tanks and criminal acts of third parties - was insured in the amount of 2% of the value of the car.
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