Each car owner wants to protect his vehicle from all sorts of troubles. And it can be not only an accident on the road. A car can be stolen from a garage, or in a parking lot a tree can fall on it - in a word, anything can happen. In these cases, good insurance will help compensate for the damage. But it would be nice to know how to calculate hull insurance for a car. On what does the cost of this policy depend, you will learn in the article.
KASKO types
First of all, it is worth noting that CASCO is a voluntary insurance that has an individual character. There are two main types of this policy:
- Full insurance. It provides for payments that cover any loss or damage from theft or damage to the machine. This is the case if the terms of the contract are not violated.
- Partial insurance. It provides for payments exclusively for specific cases that are prescribed in the terms of the contract. It is easy to guess that partial insurance will cost the car owner much cheaper than full. But the final cost will vary greatly depending on the selected risks.
You can calculate CTP and CASCO on a car yourself. And already at home in a relaxed atmosphere, consider the appropriateness of additional insurance, weighing all the pros and cons.
Component prices CASCO
The cost of OSAGO is clearly established by law and is fixed. Therefore, it will be the same for all insurance companies. The price of the CASCO policy in different organizations can vary greatly. It depends on current base rates and many factors. But nevertheless, all insurance companies rely on standard criteria, which are taken into account in the calculations. Usually these are the following ratios:
- age and gender;
- driving experience;
- bonus malus;
- territory of registration;
- franchise availability and other factors.
Age and gender ratio
The first thing that insurers look at before calculating hull insurance for a car is the age and gender of the car owner. Long-term studies have proved that the greatest risk on the road is people under 22 and over 65 years old. It is they who, according to statistics, most often become the culprits of an accident. The remaining citizens are considered a more or less reliable category, so insurance is cheaper for them.
Also of considerable importance is the gender of the person driving the vehicle. Women are classified as risky, while men are considered more experienced drivers. Of course, all people are different, everyone has their own characteristics, but insurance agents have to generalize.
Coefficient of experience
It is believed that the more driving experience, the more experienced a person on the road. And this means that insurance will be cheaper. The minimum coefficient, which equals one, is assigned to those who have been driving for more than three years and whose age is at least 22 years.
However, it is worth considering an important condition before calculating CASCO for a car yourself. If an unlimited number of drivers are allowed to drive a vehicle, then the maximum coefficient is taken. If certain people prescribed in the contract can drive a car, then the agent will calculate the one with the least driving experience.
Bonus Malus Ratio
This is a very pleasant criterion that applies to all neat and experienced drivers. It is assigned during the preparation of the contract to those who did not participate in the accident. Otherwise, this coefficient is called a discount for trouble-free driving.
If insurance payments did not occur within ten years, then the agent can lose half the cost of the CASCO policy. But for those who often become the culprit of accidents, the bonus-malus coefficient works the other way. He can increase the price of insurance by almost three times.
Territory coefficient
Before calculating CASCO for a car yourself, it is worth studying the table of territory coefficients. The rates will vary depending on where the vehicle was registered. Each region and city has its own coefficient. So, in Sevastopol and Simferopol, the minimum value is 0.6, and the maximum in Chelyabinsk and Murmansk is 2.1. As you can see, the difference can be very large.
Franchise availability
The final cost of a voluntary policy becomes too expensive for many citizens. One way to purchase insurance is much cheaper is to include a deductible in the terms of the contract. This means that the amount of damage that will be covered by the car owner at his own expense will be registered. At the same time, the cost of insurance is significantly reduced. But it’s worth acquiring a franchise only if you are ready to take risks.
If you are thinking about how to calculate CASCO for a car to make it cheaper, then consider this option. And the agents themselves often offer their customers to purchase a franchise, despite a significant reduction in the price of the policy. In any case, the company benefits. All minor damage (dents or scratches) that occur most often will be paid by the car owner.
Vehicle Features
Insurers must take into account the make and model of the car. They have access to a database on the number of thefts of certain cars. For them, there is an increasing hull ratio .
Also increases the price of the policy the cost of the car. If it is mileage, then the average market price for a similar vehicle is taken. If it was purchased in the cabin, then the agent must calculate the hull for the new car, based on the price from the contract of sale.
Also, the insurance percentage depends on the age of the car. The newer it is, the more expensive the policy will come out. But it should be borne in mind that upon reaching a certain age of the vehicle, CASCO is no longer issued for it. Moreover, each company has its own threshold.
Other components of the price of the policy
With an independent choice of the salon in which the car will be repaired, approximately 20% of the final cost of the policy is added to the insurance. In order not to raise the price, agents provide their list of recommended service centers. New cars will be repaired under the warranty of an authorized dealer.
If there are anti-theft devices in the car, the CASCO price is also reduced. Moreover, in some companies certain machines do not accept at all without security systems for concluding an agreement.
You can calculate the cost of CASCO for a car at a reduced price, if before that you purchased insurance in another company. Usually in this case, a discount of about five percent is given for trusting a new client.
Other factors. Each company has its own additional criteria on which the cost of hull insurance depends. This may be the availability of a paid parking lot or garage, valid insurance for other property in this company, installment payments, placement of advertising information by car and much more. A list of such factors should be clarified in the selected organization.
Is it possible to independently calculate CASCO insurance for a car?
There is an opinion that it is much more difficult to determine the cost of hull insurance itself than an insurance policy. And indeed it is. The fact is that the calculation procedure is complicated by numerous criteria and coefficients, which are simply not available for a simple layman, since they are not open information.
You can calculate only the approximate price of the policy, which usually does not exceed 20% of the cost of the car. For more accurate calculations, you will have to call or even visit several insurance companies to choose the best option for yourself. If you are interested in how to correctly calculate CASCO for a car, you will have to thoroughly study the tariffs, coefficients, discounts and promotions of a particular company. Only after that it will be possible to try to determine the final size of insurance. But in this case, there is a great risk of making a mistake with the number, since there are many pitfalls.
A more accurate and easy way to find out the price of CASCO on your own is to use the special online services that many companies have. But they will be considered later.
Formulas for determining voluntary insurance
Speaking about how to calculate CASCO for a car (credit or personal), it is worth noting that insurance agents do this according to the formulas. Of course, each company will have its own calculations. But there are two of the most common formulas.
First one. The cost of the car (CA) must be divided by the product of all possible coefficients (K), and then get the amount of insurance.
CASCO = CA / (K1 * K2 * K3 ...)
The second one. Specific indicators will be included in this formula.
CASCO = (Damage coefficient * coefficient of the year of production * coefficient of age and length of service * coefficient of deductible * installment ratio) + (coefficient of theft * coefficient of the year of release * installment coefficient * coefficient of the anti-theft system).
Using these formulas, you can try to calculate the cost of insurance, but in most cases the result will be far from reality. You need to know the exact odds of a particular company. One thing is for sure, that the price of CASCO increases for credit cars by almost 40%.
Calculation Examples
Let's look at specific examples of how to calculate hull for a car according to the formulas themselves, if the coefficients are known in advance.
Suppose a vehicle has one owner, he is 21 years old. He has a passenger car with an engine capacity of 110 liters. from. The car is new and did not participate in accidents. He was registered in the Moscow region. Driving experience is two years.
CASCO = base rate * engine power * coefficient of age and length of service * coefficient of the region * restriction on management * bonus-malus.
We substitute the current coefficients of the company and make calculations.
CASCO = 1980 * 1.2 * 1.7 * 1.7 * 1 * 1 = 6 867 (rubles). So much will cost a one-year voluntary policy.
Consider another case. New car with a capacity of 120 liters. with., it is registered in the Krasnodar Territory. The owner is 35 years old, and his driving experience is 10 years. The machine will be controlled by several persons.
The formula is the same as presented above.
CASCO = 2000 * 1.7 * 1 * 2 * 1.7 * 1 = 11 560 (rubles).
Judging by the examples, determining the size of the hull is not so difficult. But what if you do not know the formulas, coefficients of a particular company, and they do not want to share them? It doesn’t matter - there is a way out!
Calculations using online calculators
Especially to facilitate the independent determination of the insurance value, many companies create convenient services on their websites designed for this purpose. Using online calculators, CASCO allows you to calculate CASCO for Rosgosstrakh, Ingosstrakh, Alfastrakhovanie, Soglasie and other companies. Understanding how this tool works is not at all difficult. Services are accompanied by instructions, tips and a chat in which you can ask the consultant all your questions.
In just a few minutes, you can find out the final CASCO amount. To do this, fill in all the fields of the proposed parameters. Usually this is the tariff, model and make of the car, year of manufacture and price, gender, age and driving experience of the owner of the car. Some calculators have a button with which you can reduce the cost of hull insurance. She suggests choosing a franchise or some special products that lower the final price.
However, it should be borne in mind that the result obtained, although close to the real one, is still indicative. Therefore, you should not be surprised if using the formulas or online calculator you get one amount, and the consultant in the office calls another. But in view of the frequent cases of fraud and overpricing of insurance prices, it is useful to know how to calculate CASCO for a car yourself.