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What are the types of car insurance?
Every vehicle owner has to deal with insurance. Every year, drivers pay certain amounts to insurance companies. It is important to understand the types of car insurance in Ukraine in order to choose a reliable service provider and ensure the protection of personal financial interests in the event of an insured event.
Motor third party liability insurance
MTPL is a compulsory insurance policy. Without it, it is impossible to register a car and pass a technical inspection. Driving a vehicle without CTPCI is punishable by a fine.
The way the insurance works is that if the driver causes an accident through his or her own fault, causing damage to other road users, the insurance company that issued the policy will reimburse the damage. If someone damages your car, the culprit's insurance company will pay for the repairs. The subjects of insurance are the interests, life, health, and property of third parties.
The cost of the policy, coverage, and limit of liability are regulated by law. Currently, the following rules apply:
- up to UAH 130,000 - compensation for damage to property;
- up to UAH 260,000 - compensation for damage to life and health;
- up to UAH 50,000 - when issuing a Europrotocol without the participation of the police.
You can take out an MTPL policy at the offices of companies or on their official websites. The electronic version has the same legal force as the paper version. The cost of the policy is regulated by adjustment coefficients, the value of which is set by law. The final amount is affected by the place of registration, type of vehicle, driving experience, and engine size. Last year, the average price exceeded UAH 600.
Motor hull insurance
The object of the CASCO insurance policy is the insured driver's car. The comprehensive package of services includes a set of force majeure circumstances in which the driver and passengers may find themselves: hijacking, theft, an accident caused by a third party or the driver, vandalism, fire, damage to the car as a result of a natural disaster.
Full CASCO covers all possible types of damage and theft, while partial CASCO covers only losses.
Buying insurance is a voluntary decision of drivers. The cost of the policy is not fixed, it is determined by the insurance company. The service is used by motorists who own expensive vehicles. The list of acceptable risks is determined by the driver.
Hull insurance contracts include a deductible. This is the amount that is not compensated by the insurer. The most expensive policies have zero deductibles. Tariffs are influenced by theft statistics in the region of car registration, the cost of spare parts and service station hours, the age and power of the car, the availability of additional services in the contract, and other factors.
There are two ways of compensation: a referral for repair at a service station, which will be paid by the insurer, and a cash payment determined by independent experts or representatives of the insurance company.
Before entering into a contract, you need to make sure that the service provider has a licence, study the terms and conditions of the insurance contract, and clarify situations of refusal to pay.
Mechanical and electrical breakdowns
This type of insurance is a new product on the Ukrainian market. Its purpose is to protect against unforeseen expenses for repairs and spare parts in the event of a car breakdown. A sudden malfunction can cause a disruption in the delivery of goods, and the repair period will reduce business revenues.
Insurance is also called an extended warranty. The service is provided by car manufacturers and insurance companies. The contract comes into force after the main warranty expires.
The service is available to owners of new and used vehicles. There are age and mileage restrictions for used cars.
The policy is not issued to the owner, but to the vehicle, so it is transferred to the new owner upon sale, which is a competitive advantage. Any car (car, truck, cargo, passenger) can be insured against mechanical and electrical breakdowns, except for special vehicles that are operated with increased load. This category also includes cars participating in sports competitions, taxis, and ambulances.
When concluding a contract, a list of parts and electronic components is drawn up that the insurance company will replace free of charge in the event of a breakdown. Electronics in modern cars rarely break down. If this happens, you will need to fix the fault at a service station. This can take time and be costly. The policy helps out in such situations.
Some insurers include in the contract payment for the time of forced downtime for repairs. This option is beneficial for owners of commercial vehicles.
Insurance for drivers and passengers
Voluntary insurance for drivers and passengers is available to cover the costs of restoring their own health and the health of loved ones who have suffered as a result of an accident. If you have a policy, the company compensates for
- medical expenses;
- costs of establishing disability as a result of an accident. The amount of compensation is determined by the group assigned;
- partial disability (0.2%, but not more than half of the contract amount);
- expenses for a fatal outcome. The payout is 100%.
The sum insured is determined for the whole car or for each passenger seat.
Driver and passenger insurance is mandatory for transport companies that are legal entities. The policy covers losses incurred during road trips. The programmes are beneficial for organisations. If an incident occurs in the course of duty, the management bears the financial costs associated with the work-related injury. If you have a policy, they are paid by the insurer.
Private individuals also benefit from receiving compensation, as the CMTPL does not cover payments to restore the health of the culprit of an accident.
To receive compensation, the insured person submits an application to the insurance company, an accident report in the prescribed form, a sick note, a disability certificate, and a copy of the death certificate.
