All car owners in our country every year are faced with the need to arrange car insurance. The basic insurance packages for car owners are CTP or CASCO. Each of them performs various functions, with one type of insurance being compulsory, and the other purely voluntary. What you need to choose when applying for a policy - CTP or CASCO? What is the difference between these types of insurance?
Difference in Insurance Packages
A document on car insurance must be carried with each driver and should be presented to the traffic police if necessary. If we look at the policy, we can immediately see what is in front of us - CTP or CASCO. What is the difference between these types of insurance?
An A4 format document with the signature of OSAGO is called a compulsory insurance policy. It should be carried by everyone who drives their own car. It is this type of insurance services that we need to purchase annually from insurance agents. CASCO is a voluntary type of insurance. What agreements should be concluded with the UK - CTP or CASCO? In order to answer this question, it is necessary to understand in more detail the features of each type of insurance.
What is the feature of OSAGO?
At its core, this type of car insurance does not protect the car or the health of the driver, but the civil liability of that citizen in the event of a road accident. What does it mean?
In the event of an accident, the culprit of which is the car owner insured under OSAGO, the damage to the injured people will be compensated not by the driver himself, but by the insurance company. In this case, damage caused to the car of the culprit will not be compensated. Thus, compulsory motor third-party liability insurance insures unknown persons and their property, if as a result of the actions of the guilty party they will be damaged. The maximum amount of insurance compensation is regulated at the legislative level. Currently it is 400 thousand rubles. In case of severe damage or death, the amount of compensation may be even higher. But in certain cases, the insurance company has the right to reimburse the compensation paid by the OSAGO payer.
When is compulsory motor third party liability insurance indemnified?
Under existing laws, compulsory car insurance payments will be provided to the victim in only two cases:
- If the victim is a participant in a road accident and recognized as the affected party, according to the traffic police reports. The guilty party should in this case be known and have at the time of the accident a valid and paid insurance policy.
- If the policy holder was found guilty of an accident, but he was not drunk, he behaved appropriately and provided his car for inspection - in this case, compensation for the victims will be paid at the expense of the insurance company. If the cost of processing your deck is 10 thousand rubles, and the damage caused is estimated to be five times more, then representatives of the insurance company will compensate the damage in the amount of 50 000 rubles, and the culprit of the accident will not pay anything.
What is hull insurance?
It is advisable to start the discussion about CASCO with a standard question asked by all novice motorists: "CTP or CASCO - which is better for the driver?" This wording is fundamentally wrong - because, in addition to the fact that both insurance packages are related to cars, they are not united by anything else. If compulsory motor third-party liability insurance protects civil liability, then CASCO insures completely material values - the insurance package includes compensation for theft or damage to the car. Both insurance packages complement but do not replace each other. Therefore, the question - CTP or CASCO: which is better - is meaningless. These insurances cover completely different concepts, therefore, in order to compensate for any possible damage, you will have to pay both of these policies.
When is CASCO indemnified?
You can rely on compensation from the insurance operator in case of proven theft, damage or damage caused to the car. In some cases, the injured owner of the car can also count on compensation for health reasons - if this clause has been separately specified in the insurance contract.
CTP or CASCO: what to choose?
Now it’s not so difficult to say that a liability insurance contract is binding in our country . The acquisition of the MTPL policy is supervised by many financial institutions. This RSA - the Russian Union of Auto Insurers, and the Central Bank, which is the regulator, and various bills and regulations. CASCO - insurance is purely voluntary. The provision of material compensation insurance is regulated only by the Law on Consumer Protection and the Civil Code of the Russian Federation. Therefore, by acquiring an insurance policy, you can take care of hull insurance, but not vice versa. The policy of voluntary car insurance does not exempt from the need to purchase insurance.
Regressive requirements
The concept of a regressive claim exists in all insurance companies and does not depend on what type of insurance you used - compulsory motor liability insurance or hull insurance, or something else. In some cases, an insurance company is not required to pay an insurance premium. For example, if the culprit of the accident disappeared from the scene of the accident, did not provide the vehicle for inspection, was in a state of intoxication. In this case, the whole burden of financial payments in compensation for damage falls on the shoulders of the culprit of the accident.
CTP or CASCO policies must include a clause on regressive claims in the insurance contract. It stipulates cases in the event of which the insurance company may initiate a civil lawsuit and sue the compensation issued back. This usually happens if:
- the victim leaves the scene of the accident before the arrival of the traffic police;
- does not provide his car for inspection;
- is intoxicated or intoxicated;
- another.
In these cases, the insurance agent has the right to recover in court the entire amount paid to the victim (if the MTPL agreement is meant) or to the policy holder (if it comes to CASCO). CTP or CASCO payments occur only after payment of the insurance policy.
What type of car insurance is cheaper?
The second important issue is the cost of car insurance. CTP or CASCO - which is cheaper? We have to upset you - it will be cheaper to pay the damage caused to another person than to compensate for the losses caused to your own vehicle.
MTPL tariffs are regulated by the state - in all insurance companies the conditions for obtaining compulsory motor liability insurance are the same, and a motor citizen in different insurance companies will cost the same amount. Insurance operators set the cost of CASCO themselves, and it depends on many factors - from the statistics of hijackings of this car model to the level of competence of the driver.