This product has the biggest market share of the voluntary insurances.
Against an insurance premium paid, the Insurance company provides protection, covering the full lost or partial damage to motor vehicles /MV/, as well as covers the incurred additional expenses as a result of insured events in case of the occurrence of certain risks, stated in the policy’s General terms /Clauses/.
Subject of the insurance are all types of land motor vehicles (MV) (excluding rail motor vehicles) with own engine and the devices attached to them with Bulgarian registration plates. With additional agreement, subject to this insurance can become MV with foreign registration plates.
Requirements for entering in Casco policy:
Territorial coverage:
The insurance is valid at the territory of Republic of Bulgaria and European Union state members and at the territory of the countries, members in the International agreement “Green Card”. Usually, the Insurers do not cover damages of the risks “Theft of the entire MV”, “Robbery of the entire MV”, when the event occurred at the territory of Russia, Ukraine, Moldova, Belarus, Albania, Bosnia and Herzegovina, Republic of Kosovo.
Covered risks
The Insurer covers the full loss or partial damage of the insured MV, caused by risks, conditionally grouped in the following clauses:
“Casco” insurance provides the opportunity for agreement of coverage of excluded risks or additional specific services. Usually, such covers are with additional premium charged. They cannot be concluded individually, but always as additions to a main clause, usually to the Clause All risks.
Exceptions
Indemnity is not provided for damages, caused:
Insurance sum and real value:
The real value is determined by the Insurer, based on the year or manufacturing, equipment, technical state, mileage etc., according to the methods in force.
The insurance sum is the sum for which the MV is insured and which is stated on the insurance policy. It cannot exceed the actual value of the MV as to the date of the entering in the policy.
Each indemnity paid, as per partial damage, reduces the insurance sum, except for the cases with provided regression. In case of paid indemnity, the Insured person has the right and it is advisable to re-insure the MV up to the initially determined insurance sum by paying an additional premium. Otherwise, the Insurers apply the principle of under-insurance and reduce the indemnities for subsequent damages by a relevant percentage.
Insurance premium
The insurance premium is determined by the Insurer based on the covers, chosen by the insured person. The amount of the premium is determined based on tariff currently in force.
When a deferred payment of the premium is agreed and in case of occurrence of insured event, the unpaid deferred installments become required. The Insurer will pay the indemnity after the above installments are paid.
Insurance term: One year.
Relations in case of the occurrence of insurance event
The insured person must inform all competent authorities /police, fire brigade etc./. Within 24 hours from learning about the occurrence of Theft or Burglary, the insured individual must inform the Insurer. In case of the occurrence of other insured event, the time-frame for provision of information is 3 to 7 days.
Insurance indemnity
With partial damages, the Insurer determines the amount of the indemnity by one of the following methods:
In case that the amount of the insurance indemnity, determined by any of the above described methods exceeds 70% of the real value of the MV as to the date of the occurrence of the insured event, a total damage is present. In case of a total damage, the Insurer pays the insurance sum or the remainder of it, but not more than the real value of the MV, reduced by the value of the fit units, assemblies and details.
In case of theft or burglary of the entire MV, the Insurer pays the insurance sum or the remainder of it, but not more than the real value of the MV as to the moment of the occurrence of the event.