Insurance coverage is a set of events stipulated by the conditions of the company that may lead to damage and the organization’s obligation to pay accordingly. Such an accident may be, for example, harm to persons as a result of the activities of an enterprise that is insured in connection with the loss or damage of cargo during transportation due to a shipwreck and the like. This concept is especially common in the car insurance system.
The concept
In short, insurance coverage is the direct obligation of the company to compensate the customer for loss or damage resulting from the actual occurrence of an insured event.
Such coverage is a certain amount of liability, or a list of certain risks that the company assumes, undertaking, in case of their occurrence, to pay the necessary amount as part of the compensation. The insurance coverage reflects the measure of satisfaction of the interests of the company by the company. This term is used to designate the amounts provided for reimbursement and to determine the list of risks against which the property is insured.
CASCO coverage: rules
What is CASCO insurance coverage? In order to promptly receive compensation for damage caused, an application is required as soon as possible. That is, to inform about the occurrence of the insured event. The deadline is three days, and one worker in the theft of a vehicle. After the accident, you should call the telephone number indicated in the policy in order to receive further instructions from a personal agent.
A full list of documents that are necessary for the payment of insurance damage under CASCO in the event of an accident is always presented on the official website of each company. Next, we will discuss the established time periods that must be observed as part of the reimbursement to customers.
Payment terms
This information is always indicated in the contract. The countdown is from the filing date of the last document. The time period for CASCO insurance coverage is given to the company in order to carry out two actions. First, evaluate the very reason for receiving a financial payment of damage for the insured event. Secondly, determine its size.
Modern insurance companies have all the necessary technical facilities for the quality and speedy implementation of many required examinations. Which significantly reduces the time for receipt of payment, saving the client’s time.
What does exclusion from coverage mean? When is a firm entitled to refuse?
When is insurance coverage impossible?
There are a number of cases where recovery of compensation under hull insurance is not carried out:
The policy was expired.
The owner intentionally caused harm to his own car.
In the event that the operating conditions of the vehicle specified in the contract did not meet, then the occurrence of the insured event is invalidated.
The machine was driven by a person who does not have rights to this (including the owners themselves in a state of drug or alcohol intoxication).
There may also be other reasons for refusal, which must be prescribed in the contract.
Sum of insurance payments and damage assessment
Compensation amounts directly depend on many different factors. For example, on the type of insurance, the use of additional options. In order to identify the exact size of insurance coverage, companies resort to independent and objective examination services.
It is worth emphasizing that the protection of health and life is not provided for in all voluntary insurance programs. But, if under CASCO the recovery of compensation for this type of damage is not provided, the client can always count on receiving money at the expense of compulsory motor liability insurance of the accident originator. Provided that he is not such.
Indemnification
CASCO insurance coverage, as a rule, can be of two types:
In the form of cash compensation.
As part of the direction of the car for repair to a service station.
Having executed documents according to the rules and observing all the required manipulations, clients can count on the maximum payments under CASCO.
What should be done to get paid
To do this, it is recommended that the following conditions be met:
Immediately call the police at the scene of the accident.
Never move the vehicle or touch it.
It is not advisable to negotiate with the other participants in the incident, thereby bypassing state bodies.
After the fact of compiling the protocol, it is required to study it with attention.
In the near future it is recommended to contact the insurance organization.
Providing the entire package of documents that is installed and required by the insurer.
What documents will be required
In some situations, the company may require an additional package of documentation, which, in the opinion of the organization’s employees, is necessary to restore the full picture of the incident. But mainly from customers it is required to provide the following set of securities:
Presentation of an identity card by a citizen.
Providing the original and a copy of the driver’s license along with the registration documentation for the car.
Availability of the CASCO policy.
Presentation of the accident scheme certified by the traffic police.
In the event of theft, they provide the key rings remaining from the car along with chips and keys.
Among other things, a hijack is required to provide a copy of the criminal case.
It must be remembered that the list of documents may vary and vary depending on the specific case.
Thus, in the insurance coverage, specialized companies include a variety of risks, which are stipulated by the rules. Clients can choose for themselves exclusively relevant ones and the type of appropriate coverage. Responsibility under the policy may be extended (subject to the occurrence of any of these risks, with the exception of cases previously specified in the agreement) and limited (for a specific list). In the framework of CASCO and auto insurance, a set of incidents includes an accident along with theft, actions of third parties, natural disasters and the like.
We considered that this is insurance coverage.