Anyone can have an accident and damage the car, so insurance is needed to cover losses not only to yourself but also to a third party.
What is insured knowledge?
Insurance is the transfer of risks that are specific but unpredictable and cause financial loss to the insurer of a person or organization in exchange for payment. If a specific event has occurred that meets the insurance conditions, the person or organization may submit a request to the insurer for the payment of indemnity or the provision of services.
Insurance is a way to reduce uncertainty. Purchasing it can prevent even large losses.
Why is it necessary ama apdro knowledge?
According to the law, all drivers must have MTPL car insurance, but it only indemnifies the injured party. However, it is important to insure a car that covers losses in other cases as well.
Before purchasing an insurance policy, it is important to read its terms and conditions, as the policy offered by each company may differ with the coverage of accident indemnities and the conditions for payment of indemnity.
Damage insurance means that regardless of who caused the damage (fire, natural disaster, traffic accident, falling objects, thieves, etc.), the insurance company will pay the indemnity. The amount of this compensation depends on how much is needed to remedy it.
How to di ir apdro types of knowledge?
MTPL insurance – MTPL is a compulsory insurance for the owner of a land vehicle. It is mandatory and necessary for all vehicles involved in road traffic. Driving without MTPL insurance is punishable by a sum of 85 to 120 euros and two penalty points.
The MTPL policy covers the civil liability of the owner or authorized user of the vehicle for damages caused to a third party in a road traffic accident. Those who are involved in a road accident and have not been found guilty, such as the driver, passenger, pedestrian, etc., are entitled to it.
MTPL indemnifies for damage to both a person and property. The compensation limit is EUR 5,000,000. Expenses such as treatment costs, loss of ability to work, moral damages and others are reimbursed. The limit of compensation for damage to property is EUR 1,000,000. Damage to the vehicle, destruction of the vehicle, evacuation of the vehicle and roads, structures and buildings are compensated.
The price of the MTPL policy is determined based on the type of vehicle, purpose of use, bonus-malus class drivers and other influencing factors.
CASCO insurance – CASCO is a voluntary car insurance that covers a wide range of risks, such as car damage, robbery or theft. This insurance is not compulsory, but it also covers cases where the driver is at fault.
The CASCO policy covers the vehicle against damage that can be caused by various reasons. The amount of this compensation depends on how much is needed to cover the damage. Compensation for the death of a vehicle means that the vehicle has been damaged in such a way that it cannot be repaired. The remuneration in this case is covered based on the market value of the vehicle.
The price of a CASCO policy is influenced by various factors – the value of the car (the higher the market price, the higher the price of the CASCO policy), the chosen deductible, payment schedule, area of operation (usually Europe, but can be reduced to Baltic or CIS countries), as well as other factors (reason for using the car, car make, model and age).