Insurance Guides

4 cases when the insurance payment is not enough for repairs Situations when the insurance payment is not enough for repairs are not uncommon. Why does this happen? Is it fair for an insurer to pay less than the cost of repairs? Volodymyr Shevchenko, Director General of MTIBU, spoke about how to avoid such situations and receive the missing funds. Starting from September 21, 2019, the maximum amounts of payments under the contracts of compulsory insurance of civil liability of vehicle owners (CTPCI) have increased by one third and now amount to UAH 130,000 - for damage to "hardware" (car and other property) UAH 260,000 - for damage to life and health. According to MTIBU estimates, only in 1-2% of accidents did property damage exceed the previous limits (UAH 100,000). But in the total amount of payments, such insured events accounted for about 6-7% of the money paid by insurers under the "motor citizen". In other words, we had few victims who were involve

Car insurance: the main points "You call on God, but you have to do it yourself". This proverb is very applicable to the topic of risk insurance. When you buy a car, you want to think only about the positive aspects of its use. And this is correct. However, you should not forget that a car is a means of increased danger and, therefore, increased responsibility. After all, its operation involves risks of harm to the vehicle itself, its owner, and third parties. Therefore, we hope for the best, but do not forget about the need to insure our liability (possible risks and losses). The legislator also thought about this, providing for mandatory forms of insurance for vehicle owners. In addition to compulsory insurance, no one deprives car owners of the right to additionally use voluntary insurance. In this section, we will consider in detail all the most important issues that may be related to vehicle insurance. Insurance is a rather specific type of activity. Therefore, b

What do I need to know about MTPL? Good drivers, if they know anything about MTPL, have never resorted to insurance companies. The main thing is that the policy is always in the glove compartment of the car. But what to do in case of a claim? MTPL is a mandatory civil liability insurance policy for vehicle owners. The peculiarity of MTPL is the compensation of losses and damages caused to another car, life and health of passengers. MTPL insurance rates are set by the state and it is forbidden to drive on the road without MTPL insurance. Universality and compulsory insurance The most important thing to know about the policy of MTPL insurance is that it regulates compensation for losses and damages that you, not the other party, caused to third parties - the vehicle, life and health of passengers who were in it. By insuring your third party liability, if you are at fault, you get rid of the burden of compensating for the damage caused. Losses caused by your actions to the other pa

How do insurers decide whether to total my car? A car insurance company's decision to total a car depends on the extent of the damage following an accident. Car insurance companies take into account several factors when deciding whether to total your car, including: Repair estimates List value Salvage value State laws, if applicable While each car insurance company approaches the decision differently, many insurers declare the vehicle a total loss if the estimated cost of repairs plus the salvage value equals or exceeds the car's actual cash value. The actual cash value is a car's fair market value – or, replacement cost less depreciation. Adjusters typically determine a car's actual cash value by looking to their company's proprietary database of values. Some insurers total the car if repair costs exceed a certain percentage of the car's actual cash value. Common thresholds for totaling a vehicle are 51 percent or 80 percent of the value,

5 things worse for your car insurance than an accident It turns out that there are other driving infractions and changes to your insurance coverage that will crank up your auto rates even more than an accident. While a DUI is an obvious one, who would have thought that a lousy credit rating, adding a teen driver or even speeding tickets can result in a bigger bump than an accident? What raises your auto insurance rates more than an accident? We looked at 43 driving situations encompassing common tickets, accidents and scenarios to see which ones result in a higher rate increase than an accident. An accident claim means you will typically pay around 32%, or $459, more a year for insurance. How much adding a teen driver raises your insurance Adding a teen to your policy will hike your rates more than an accident. According to our data, putting a 16-year old male on your policy will result in a 160% increase, which translates into $2,292 on average. If your new driver is female,

Car insurance for young drivers – the key facts Young drivers’ car insurance is likely to be very expensive and as a new driver it’s good to know about different coverage levels and what affects how much you pay. Here you can find out everything you need to know about new driver car insurance, how to get the best deal and reduce your premiums. Young driver insurance tips So you’ve passed your test, you’ve chosen a car, and now all you need is insurance! If you’re driving without car insurance then you’re breaking the law. You could have your vehicle confiscated, be issued a penalty fine, and have to pay to have your car released. What’s more, if you’re uninsured and have an accident, you’ll be liable for the cost of everyone else’s injuries, their damages, compensation and repairs, even if the accident wasn’t your fault. You will lose your licence and may lose your job because of this. So whilst your car insurance may seem expensive to begin with, it’s nothing c

Guide to multi-car insurance policies One of the easiest ways to save on car insurance is to insure more than one car on the same policy. When you get married, for example, you’ll save because married drivers tend to file fewer claims and thus get lower rates. A good driver discount requires a clean record. But a multi-car discount doesn’t require a lifelong commitment or scrupulous attention to speed-limit signs. Instead, it’s a reward for bringing your insurance company additional business. What are the requirements for a multi-car policy? Does the coverage need to be the same on each vehicle? Can I insure a car and a motorcycle on the same policy? What are the benefits of a multi-car policy? How big is a multi-car discount? Can I add other family members’ cars to my policy? What are the requirements for a multi-car policy? To obtain a multiple-car policy, you need to insure two or more passenger vehicles on the same auto insurance policy. It’s that simple

Home and Auto Insurance Bundling - Saving on Insurance Bundling your auto and auto insurance policies under the same company is a convenient way to save hundreds on your insurance. More than half of Americans bundle their auto and home insurance. Those who aren't doing so are handing over more money to their insurers. Bundling your policies aren't always the best choice. You may get lower rates by buying separate policies from multiple companies, but it's a good idea to get a quote if you were to bundle policies. To find out if bundling is right for you, compare car insurance rates with and without bundling. What is bundling? Most insurance companies offer bundling discounts, which just means getting two policies from the same company. It's also called a multi-policy discount and you can find it on your policy's declarations page. Bundling has other advantages besides cheaper insurance: You deal with only one insurance company. You may be able to ma