Currently, every person who is somehow connected with cars has at least a general idea of what CASCO and CTP are. The differences between the two types of insurance are quite significant, but not everyone knows which policy and what protects the driver.
There is a lot of information available to all owners of vehicles, but not everything is clear to the average person. That is why this is an article written in simple language, without the use of special terms. After reading it, each driver will understand insurance, if not as a professional, then as an experienced amateur, absolutely for sure.
CTP - what is it?
MTPL - the worldwide accepted abbreviation, literally stands for Compulsory Auto Civil Liability Insurance. Note liability insurance (!), Not the vehicle. That is, concluding a policy CTP, insurance company assumes the responsibility of the driver who caused damage to another vehicle. Usually an insured event occurs in the event of a traffic accident.
Another important fact: compulsory insurance. Since 2003, each owner of the vehicle (of course, who uses it) is obliged to issue an insurance policy. In case of his absence, firstly, the owner faces a fine in the amount of from 500 to 800 rubles. Secondly, in the event of an accident due to the fault of the driver who did not buy the insurance policy, the perpetrator will pay the damage from his own pocket. Whereas if there was insurance, the payment would be made at the expense of the insurance company.
Unfortunately, the repair of your own car under the CTP policy is not provided. But in the insurance market there are two types of motor insurance: CASCO and CTP. The differences between them are in the subject of insurance, but this will be discussed further.
CASCO is ...
CASCO is not an abbreviation, and verbatim decryption does not exist, but many motorists and insurers mistakenly give the following definition. CASCO - comprehensive auto insurance apart from liability. However, this definition correctly conveys the essence of this insurance. The owner can insure his vehicle against theft or damage, or both. Damage can be caused both in the event of an accident and due to natural disasters. This is a good policy CASCO. MTPL does not give such protection to the car. In addition to car theft, the CASCO insurance policy protects against theft of individual parts and accessories of the car specified in the policy.
CASCO is voluntary insurance, the owner independently decides whether to take out insurance for him or not. There are no fines or other administrative penalties for the absence of a CASCO policy. When applying for a policy, it is worth paying attention to the rules established by the insurance company, among which there may be special requirements for installing a security alarm, requirements for car security at night and others. It is very important that the contract describes in detail what the insurance company means by the terms "theft", "damage", "theft". The responsibilities of both parties must also be duly set out. Otherwise, the policyholder may be quite legally denied payment.
So, you know what CASCO and CTP are.The differences between them are significant, and the similarity is only in the fact that both are registered in the insurance company, which everyone chooses independently, often focusing on the cost of insurance.
Laws are not drawn up just like that, thanks to compulsory car insurance the problems arising from the compensation of damage have become much less.
Cost of CTP
The cost of a motor third-party liability insurance policy depends on the base rate and the coefficients applied to this owner and his vehicle. The base rate, on the one hand, is set by insurance companies independently, but on the other hand, it cannot go beyond the limits established at the legislative level. Odds are also regulated by the Government of the Russian Federation. How much will insurance cost the owner? CASCO and compulsory motor liability insurance are calculated differently, so first we list the coefficients that affect the cost of the compulsory policy. So, the calculation takes into account: the territory of use of the car, the type and power of the vehicle, the period of use of the vehicle, the length of service and age of all drivers allowed to drive this car, the number of drivers (limited / unlimited), and the class assigned to the driver. The class determines the maximum possible discount. Data on drivers is contained in a single database and must be taken into account when drawing up an insurance policy.
CASCO cost
The price of the CASCO insurance policy is significantly different from the CTP insurance policy, moreover. The cost of CASCO and CTP insurance - the differences between them also lie in this. What affects the amount of insurance? Firstly, the technical characteristics of the vehicle: year of manufacture, make, model, etc. Secondly, tariff options that the policyholder can choose at his discretion. You should be aware that these two policies are not interchangeable, then there is if there is a hull, you need insurance surely! Let's talk more about the factors affecting the cost of hull insurance.
An important factor is which option the insured chose: partial CASCO means protection against theft or damage. The full CASCO insurance option means protecting the car from both of them at the same time. Also, the cost of the policy will also be affected by how the payment will be made. This may be a repair at a service station selected by the insurance company; repair at the station selected by the insured, or cash payment. As in the calculation of compulsory motor liability insurance, the cost of hull insurance is affected by the experience and age of drivers who are allowed to drive a vehicle. It is possible to issue a CASCO "multidrive", that is, a policy that does not imply a limit on the number of drivers. In some cases, the cost of such a policy may be lower than the cost of a conventional hull.
To choose the best option, you need to calculate CASCO and CTP in all insurance companies whose branches are located in your village.
CTP payments
In order to maximally fully tell all the subtleties concerning CTP payments, it will take a lot of time. We will tell you what needs to be done so that the insurance company cannot refuse to pay. It should be remembered that all cases are individual, but if you are sure that you should be compensated for the damage caused, but the insurance company refuses to do this, it is necessary to resolve this issue in court. Cash payments under CASCO and CTP are carried out taking into account depreciation of the car, which can reach 80%.
Step by Step Actions
So, if an accident occurs, you must:
- Record the contact details of all possible witnesses (phone number, address, and registration number plate).
- Call the traffic police (the wait can be from half an hour to 4-5 hours).For information, if the amount of damage is less than 25 thousand rubles, then it is not necessary to call employees, you can fill out the form yourself traffic accident notices.
- Fix all damage to the phone camera.
- Contact the insurance company at the telephone number indicated in the policy and get a plan of further actions from it.
- Get in the traffic police all the necessary information.
- In the period specified by law (15 days from the date of the accident), contact the insurance company with a request for payment.
- To conduct an examination.
- Get paid.
Payment is made by bank transfer, therefore it is necessary to provide the insurance company with a personal account number.
CASCO payments
Payments are made according to the conditions agreed upon at the conclusion of the contract. Either in cash, or repairs are carried out at a service station selected by either the insurance company or the owner of the vehicle. Experienced motorists advise fixing the place of the accident, all the damage so that the insurance company could not refuse to pay.
Definitely, the owner of the car will be refused payment if it is proved that he intentionally caused harm in order to receive a cash payment.
CASCO or CTP - what to choose?
Despite the similarity of insurance policies, the question of what to choose should not arise among vehicle owners. MTPL is compulsory insurance that compensates for the damage caused to the injured party. CASCO - voluntary insurance that allows you to receive payment for the repair of your own vehicle. There is a significant difference between CTP and CASCO, and only an uninitiated person can confuse these two types of insurance policy.
Now you own the basic information regarding car insurance. You know what CASCO and CTP are, the differences between them, what to count on in the event of an insured event. Knowing your rights and obligations is the main rule of all motorists!
