Insurance is an integral part of the life of every person in modern society. We strive to insure property, our life and loved ones as profitably as possible. Insurance may be compulsory and voluntary.
Each person who first encountered this topic immediately raises many questions: which company is best to contact? What type of insurance to choose? On what period? In order to make the right decision for yourself, you should get at least a primary idea of what the insurance system is, how it works and what is the benefit of using it.
The concept of insurance is inextricably linked with a term such as a deductible, which is that part of the insured's damage that is not indemnified by the insurance company in the event of an insured event. The policyholder voluntarily chooses insurance for himself with or without a deductible, as well as independently determines its size and type. The deductible amount can be fixed or fixed as a percentage of the total insurance amount.
In practice, there is a franchise unconditional and conditional. The latter provides for the payment of funds by the insurance company only if the damage caused exceeds the amount indicated when concluding the insurance contract . For example, you decided to insure a car for one hundred thousand rubles and chose a conditional deductible in the amount of 20 thousand rubles. If in case of an accident the damage caused to the car will be less than the specified amount, i.e. less than the deductible, insurance payments will not be made.
Unconditional deductible in insurance represents a part of the damage caused as a result of an insured event that is not subject to compensation from the insurer. For example, you also insured your car for 100 thousand rubles, while choosing the type of unconditional deductible in the amount of 20 thousand rubles. In the event of an accident in the amount of up to 20 thousand rubles, the payment of funds will not be made. If the amount of damage caused is, for example, 21 thousand rubles, the insurance company will pay you an amount of 1 thousand rubles. Unconditional franchise valid, as a rule, regardless of the amount of damage caused.
At first glance, this payment system may seem very unprofitable. In fact, an unconditional franchise gives tidy drivers who rarely get into minor traffic accidents a good opportunity to save on insurance. The franchise is beneficial not only to the insurer, but also to the insurance company, since it allows you to significantly reduce many operating expenses in connection with a decrease in the number of calls.
Of course, everyone decides which species to choose. An unconditional franchise is more beneficial for novice drivers with a short driving experience, since according to statistics, it is they who most often get into minor traffic accidents.
It should be noted that the deductible in insurance is not particularly popular in our country, since most citizens simply do not understand the meaning of this term and the full benefits of its use. In addition, it is very difficult for Russians to come to terms with the idea that in some cases, even having paid an insurance premium, they will have to repair the car at their own expense. In foreign countries, the unconditional deductible in insurance, on the contrary, is quite popular because it allows you to significantly save the budget and maintain the status of the so-called break-even client even in the event of a minor accident.