CASCO insurance for a credit car - calculating the cost of the policy

Typically, motorists take out a voluntary CASCO insurance policy for an annual period. However, it is possible to insure a car for both a shorter and a longer period. Car owners who plan to use the car only for the next few months will benefit greatly by taking out a deal for a shorter period.

CASCO insurance for a period of more than one year is rarely concluded. When purchasing a policy for a long-term period, the driver loses the discount if the bonus-malus coefficient decreases (for accident-free driving). Also, a motorist cannot predict the wear and tear of a car in the long term. How to choose the most suitable period of CASCO insurance?

How long is the policy valid?

How long is the insurance policy valid? The duration of its validity largely depends on what tariff the policyholder chose, for what period the contract was originally designed, etc.

Depending on the insurance company, the car owner can choose for a rather limited period of time, which is suitable for specific situations.

For example, a specially created tariff for car insurance only on weekends. This means that the “net” period of use of CASCO will be shorter, which means you will have to pay less.

The standard insurance period is one year. During this time, the insurer can evaluate the statistics of a particular client:

• how many accidents involving the policyholder occurred during this year;
• how much his car has become cheaper;
• whether the rate of theft of his car model has decreased and other nuances.

If desired, the vehicle owner or other interested party, when purchasing a CASCO insurance policy, can choose a program with a longer validity period. For example, for 2 years. But this is not always profitable. Insurance policies with a six-month validity period, designed for 3 months or 1 month, are in much greater demand. We talked about this in more detail here.

Possibility of obtaining car insurance for less than a year

We discussed the absence of legislative restrictions on the sale of short-term risk insurance policies for a car above. However, the question of whether it is possible to make CASCO insurance for a month or other periods of less than six months requires an extended answer.

The decision on the advisability of offering certain insurance products in a particular region is made by insurance companies. Specialists weigh the pros and cons and submit their proposals to management, who makes the final decision. It all depends on whether there is an insurer in your region from whom you can apply for CASCO insurance for six months, 3 months, a month or shorter periods.

In what cases is it advisable to take out insurance for a month or six months?

We have already said that if you constantly insure your car, purchasing CASCO insurance for short periods is not economically profitable. Nevertheless, there are cases when the purchase of just such policies is completely justified. The most common cases when it makes sense to purchase short-term insurance are:

• Selling a vehicle. The owner has put the vehicle up for sale and expects it to be purchased soon enough. There is no point in spending money on annual insurance. You can purchase a cheaper policy for one or more months.
• A car was purchased in one region of the country and registered in another. When transporting, transport is exposed to increased risk, which, of course, should be insured. But in this case it makes no sense to buy a policy for a year; cheaper short-term insurance is purchased.
• The vehicle is only used part of the year. For example, agricultural machinery operates seasonally, many car owners in cold regions of the country do not use their cars in winter, etc. When stored in garages or in protected areas, vehicles are exposed to significantly less risks than during their operation. Accordingly, it makes sense to purchase insurance for several months when using a vehicle for a limited period of time a year.
• End of loan payments. If a vehicle is collateral under a loan agreement, banks require it to be insured. Often banks impose certain insurance conditions and even specific insurance companies. If the insurance conditions offered by the lender are unfavorable or the client plans to refuse to insure the vehicle altogether after the end of payments, it makes sense to purchase a short-term policy.

When is short-term CASCO advisable?

Let's start with the newest type of insurance - per-minute, hourly CASCO. Such insurance is necessary for short-term car rental with a per-minute payment, the so-called “car sharing”.

Often operators providing their cars offer several rates for short-term car rental. There are options when the tariff includes a CASCO policy with a deductible, where minor liability passes to the user of the vehicle, subject to fault in the accident. There are also tariffs at which, regardless of the driver’s guilt, there will be no obligation to cover losses.

Fifteen-day or weekly insurance may be of interest to drivers who transport cars or rent cars.

If your voluntary car insurance policy is coming to an end and you plan to sell your car soon, then taking out a policy for 1 or 3 months is suitable for you.

Also, CASCO for 3 months or one calendar month will be of interest to car enthusiasts who are not completely sure about choosing a car and do not exclude the option of selling the car after a month's break-in.

Final loan payments may also be the basis for taking out insurance for a short-term period. After all, banks that provide car loans often oblige you to insure your vehicle with specific insurance companies, where rates sometimes exceed the average rates for the city.

Why do you need short-term car insurance and in what cases can it be useful?

Insurance companies do not want to take financial risks, so they set high prices for policies. Sometimes car owners do not see the practicality of purchasing an annual policy. But when concluding an insurance deal for a short period, the policyholder pays a lot of money. Therefore, in order to obtain short-term CASCO insurance, there must be significant circumstances:

• The voluntary car insurance policy expires, and the owner of the vehicle is going to sell the car;
• the car was purchased recently, the owner is not entirely sure of the choice and wants to sell it in the near future;
• seasonal use of the machine;
• the driver is engaged in driving a car from one city to another;
• change of car owner;
• final payments on the loan (sometimes banks issuing car loans oblige you to insure your car with a specific company, where average rates are higher than city rates);
• signing an insurance contract with another organization.

Short-term car insurance is necessary if it is not financially possible to buy a policy for a longer period.

What determines the choice of CASCO insurance period?

The problem of the modern CASCO car insurance market is that it is quite easy to find a reliable insurer that offers optimal insurance conditions, acceptable rates and flexible terms of the insurance period that the future policyholder could choose.

It is very important to find a suitable tariff that takes into account the following parameters:

• the duration of the contract is convenient for the client;
• favorable rates and final cost of the policy;
• maximum risk coverage;
• availability of additional protection options;
• availability of a free service;
• the possibility of prolonging the agreement on preferential terms;
• taking into account accident-free operation and all possible bonuses to provide discounts to the client.

In addition, a potential policyholder will always be pleased if he can make his own calculations in advance on the insurance company’s website, which would coincide with reality.

Many popular insurance organizations even offer a bonus - a discount of up to 5-10% if you sign up for a policy directly on the website, for which appropriate opportunities are provided.

Therefore, you need to pay attention to this in order to reduce the cost of a product that suits your time frame as much as possible.

However, the choice of policy duration may depend on the following main points:

1. How old is the car - is it included in the group of increased risk of operating a vehicle that can often break down.
2. How often does the owner use the car?
3. What experience does the car owner have in driving vehicles?
4. Is there a possibility that the owner will soon sell the car?
5. Regular CASCO or transit, when moving a car from one region of the country to another.
6. Whether the car is on loan or not, whether it is tied to the terms of the car loan agreement with the conditions of being pledged to the bank for a specific period of time.
7. Is the car available for short-term rental using the car sharing method?

In the first case, insurance organizations pay attention to the age of the car and its condition.

If the car is quite old and often breaks down, then insurers will most likely not want to insure for a long time such property, for which it is already known that frequent damages will have to be covered by insurance.

The new car is quite strong, in excellent condition, and shows minimal disruptions while driving on the roads. Companies will be happy to insure such a car for as long as possible.

The same may also apply to those car brands that are at risk of theft and theft.

There are cars that are most often targeted by criminals and swindlers - but insurance companies are not very willing to protect them for a long time.

In the second case, we are talking about the seasonality of car use. It makes no sense for the owner of a car to insure it under CASCO if he uses it only for trips to the country during the season - from April to September, let’s say.

Or, if the motorist uses the car, on the contrary, only in winter, or wants to protect it in winter from illegal actions of third parties (bullies), if the car is idle during the winter in the yard of the house.

Then it is enough for him to insure against certain risks only for a certain period of time.

Therefore, you will need to find an insurer that would provide its services with the conclusion of a voluntary car insurance agreement for 3, 6 or 10 months.

In the third case, the interest in purchasing insurance for a certain period of time concerns directly the driver’s ability to drive a car.

Most often, CASCO insurance for the risk of an accident (property risks and coverage for damage in case of violation of civil liability by the driver) protects young and inexperienced drivers.

They try to buy such insurance for the longest possible period, but at a price. And when a period of confidence and experience sets in, they may be interested in shorter terms.

This includes cases where the driver does not have a very good accident-free insurance history.

In the fourth case, the driver is sure that he will soon sell the car, so set aside a forecasted time for this - for example, 3 months, during which he plans to find a buyer.

There is no point in him haggling with the future buyer about the cost of the car minus insurance if he can immediately take out a CASCO policy for 3 months.

The same applies to those circumstances when a car is driven from one place to another, from one region of Russia to another. In the fifth case, when moving a car to the place of its new registration, it is simply enough to issue a transit CASCO insurance for a period of 20 days.

How is the price calculated?

There is no need to talk about a single price for CASCO, since each company has the right to use its own formulas and tariff rates when making calculations. However, there are a number of factors that have a significant impact on the final cost of the policy. Among these, in particular, we can note:

1. Driving experience. An inexperienced vehicle driver will pay more for insurance than his more experienced colleague.
2. Car make, service life (“age” of the vehicle) and its cost.
3. Presence/absence of anti-theft devices.
4. Number of drivers allowed to drive.
5. Presence/absence of insured events over the past period, etc.

You can independently calculate CASCO insurance for any period, including 1 or 3 months, by using the online calculator on the website of the selected insurer, having previously found out what restrictions they impose if a short-term contract is drawn up. You must be careful when entering information into the calculator. After all, for example, when you sign up for a monthly CASCO insurance, you don’t have to count on paying for the policy in installments.

The cost of this document directly depends on the period for which it is purchased. If the latter is 1 month, then the price, in comparison with the annual one, will be lower on average by 30%, the cost of a 3-month policy will be 40-50%, and a six-month policy will be 30-40%. Some insurance companies use seasonal coefficients that reduce the price. Insurance with a deductible will also be cheaper.

We figured it out for how long you can take out a CASCO policy, but is concluding short-term contracts justified? Yes, this is often beneficial for the car owner, in particular when purchasing a voluntary car insurance policy for a long period is simply impractical. It’s good to know that it is possible to insure your “iron horse” for other periods, even shorter, for example, a week. Such insurance companies as VSK, SOGAZ, ERGO-Rus are ready to provide such a service.

Validity period selection options

What determines the duration and duration of the insurance period and how not to make a mistake with the choice? Every client wants to find a reliable insurance company, reasonable prices and a convenient program.

When choosing a CASCO tariff, it is important to consider the following criteria:

• low rates and reasonable final price;
• the duration of the agreement required by the client;
• maximum possible damage coverage;
• the presence of additional options in the contract;
• the ability to extend insurance if necessary;
• discounts and bonuses for accident-free driving.

Please note that insurers do not like to issue such insurance. As a rule, they avoid short-term transactions or significantly inflate the cost to recoup their expenses. Finding a suitable option for a car enthusiast is not so easy and quick, so before choosing the period for which you need insurance, decide why and why you need a CASCO policy.

Terms in different insurance companies

To understand which insurance company is more reliable and promising, just look at its ratings, which are assigned to it by the people and expert analytical services.

As an example, let’s look at some insurance companies, or more precisely, what terms they offer when concluding deals on the voluntary type of CASCO car insurance.

Table of validity periods of CASCO policies in different insurance companies in Russia:

The promptness of consideration of the application and the organization of the registration procedure are also important criteria when choosing an insurance company.

You should also look at the range of services, additional services, as well as insurance risks for which the insurance company undertakes to protect the policyholder and his property.

You also need to pay attention to the method of payment for the policy - if you are not able to pay its full cost right away, then it is better to agree to a product with installments or a deductible.

The terms of CASCO insurance vary - from several hours to several years, depending on why insurance is needed and under what circumstances it is used.

Typically, per-minute insurance is agreed upon in advance with the partner company that provides car sharing services.

And the terms that are standardly offered for future policyholders to independently select a product range from 3 to 12 months.

You can find offers where the policy will be issued for a longer period, but the maximum you can issue such a policy is only for 5 years.

What affects the cost of Casco in 2021?

Casco insurance protects the owner of the vehicle from financial and moral problems due to theft, theft of individual spare parts and parts, or damage caused in other ways. However, every year the price of a policy in Moscow and not only increases and hits your pocket. What is the reason for this, and how to reduce the cost of insurance? The CASCO calculator in 2021 helps answer the second question. If you enter the data correctly, the amount will be quite acceptable.

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What determines the cost of the policy?

As a rule, the basic Kasko tariff is 5-10% of the market value of the car. But the final price of the policy is also affected by:

1. Age and driving experience. If the driver is under 21 years of age, you will have to pay more. However, as after 65 years.
2. Year of manufacture of the vehicle. The older the car, the higher the price of Casco.
3. Make, model and class of car.
4. Equipped with anti-theft alarm.
5. Franchise.

There are other factors that influence the rise in cost of Casco: the car was purchased on credit, other drivers are included in the insurance, additional services.

It’s hard to calculate on your own how much all this will cost. It's faster and easier to use our CASCO cost calculator in 2021. Fill out all the fields of the form, and within 2-3 minutes the program will provide information about offers from different insurance companies.

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CASCO for six months

Registration and purchase of a CASCO policy for up to six months is possible at the offices of the following companies:

• Rosgosstrakh provides the possibility of obtaining insurance for one or three months, subject to the obligatory condition of having an anti-theft system.
• RESO offers various options for voluntary insurance with a short period of validity. Depending on the presence of an anti-theft system. If there is an anti-theft system, the insurance policy is issued with a deductible. In the absence of such a system, you will be forced to purchase insurance at an inflated rate, without the possibility of establishing a deductible.
• Agreement . Depending on the current cost of the car in the automotive market, the company provides the possibility of a minor franchise of 2-3%
• Ingosstrakh . Tariffs under the insurance contract are high, which is compensated by the absence of any restrictive requirements.

CASCO for 12 months

There are situations when taking out a CASCO insurance policy for a car for 1 year would be a reasonable and only right decision.

If you purchase a car on credit, the obligation to purchase a voluntary insurance policy arises from the collateral agreement.

It also makes sense to take out an annual insurance policy, provided that you have only recently received your license and do not have the necessary skills and practice to drive safely.

If your car is one of the most stolen cars, then it would be wise to insure your vehicle so you can sleep peacefully at night.

Where can I apply for short-term CASCO insurance?

Today, various insurance companies offer to issue a CASCO insurance contract for 1-3 months. For example, short-term CASCO is included in the list of insurance and Intach services. Rosgosstrakh also offers to issue an insurance agreement for 6 months.

When choosing an insurance company, you should take into account not only the terms of cooperation and the features of insurance programs, but also the reliability of the company. Small insurance companies are sometimes ready to accommodate the client halfway and offer excellent short-term programs, but in fact it can be very difficult to obtain insurance compensation from them.

We recommend reading: CASCO insurance policy 50 to 50: program features

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Dependence of the cost of CASCO on its validity period

The CASCO tariff consists of a number of indicators. Moreover, the calculation formulas for different Insurers may be different. As a rule, the type of vehicle, year of manufacture, make, model, number of drivers, their age and experience, region, insurance program and term are taken into account. The term coefficient for a standard annual contract is 1. It must be borne in mind that when applying for CASCO for a short-term period, its price is not directly proportional to the price of a standard annual policy . You should not expect that a six-month policy is 2 times cheaper than an annual one. Its price will be approximately 60-70% of the annual value.

Long-term

Long-term CASCO insurance is more profitable and convenient for careful drivers, as well as for those people who do not intend to exchange their car for a new one in the near future. In any option, such a policy is beneficial for any driver, despite the fact that you need to spend a certain amount on the purchase, which may seem quite large to many. After all, no one is insured against the possibility of getting into an accident, and payments under the issued policy will be calculated for each individual case.

Voluntary CASCO provides the opportunity to choose an insurer, as well as a certain insurance option that will correspond to the client’s preferences and capabilities. In particular, the policyholder can independently determine the set of options and risks he needs, and he is not tied to any specific period and can buy CASCO for a year, three or five years at once.

Required documents

Each company requires a unique set of documents from its clients, and therefore it is best to clarify the conditions in advance with representatives of the insurer, but there is a certain list that is common to all organizations:

• an application from a person wishing to issue an insurance policy (must be drawn up in accordance with the form of the insurance company);
• passport of a Russian citizen of the citizen who is going to enter into an agreement, as well as all persons who will be allowed to drive a vehicle under insurance;
• the driver's license of each person who is permitted to drive the insured vehicle;
• technical passport of the car;
• vehicle registration certificate, which is issued by traffic police officers when registering it.

Also, some companies require a certain number of additional documents depending on the specifics of a particular situation.

In particular, you may be required to provide the following documents:

• power of attorney for the right to drive a car, as well as to draw up an insurance contract on behalf of the owner (the power of attorney must be certified by a notary and provided by an authorized person acting on behalf of the owner of the vehicle);
• invoice for the cost of the car, if the car is purchased through an official dealer;
• purchase and sale agreement if the car is purchased on the secondary market (used car);
• documents on state registration of the owner of the car, if he is a legal entity.

To receive compensation for car repairs under CASCO, you must carefully comply with all the terms of the insurance contract with the company.

Price

The most common option is to issue a CASCO insurance policy for a period of one year, since almost every insurance company annually reviews its accepted rates, and often does this downwards if the client meets certain requirements - has a long driving experience, has been cooperating with one insurer for a long time, and also does not get into any accidents.

It is also worth noting that cost reduction can be achieved by constantly reducing the cost of the insured car.

Among other things, the cost of a CASCO policy is also affected by the age of the car and its owner.

Conditions

In order to minimize your risks of not receiving payment during the process of registering a long-term CASCO insurance, it is important to consider the financial performance of the insurance company you have chosen, and also pay attention to the following terms of the contract being drawn up:

• a complete list of insurance risks, from which some of the most possible events may be excluded;
• the presence of a franchise, which provides for the payment of a certain part of the damage caused to the car by the owner of the vehicle;
• the option of paying compensation, which can become extremely unprofitable if the wear and tear of individual components is taken into account;
• the maximum possible insurance amount that should cover possible damage;
• the total number of insured events, the beneficial ones of which are unlimited;
• procedure and conditions for payment of compensation upon the occurrence of an insured event;
• payment period, which must be clearly limited to a certain period of time after filing the application without any additional conditions.

How to calculate the cost of a short-term policy

The cost of spare parts for cars and installation work is constantly growing. For this reason, the price of CASCO policies is constantly increasing. In addition, the cost of the policy is affected by the content of the insurance contract. There are various options for reducing the cost of insurance by limiting insured events, introducing deductibles and other changes. Naturally, each company has specific formulas that determine the cost of a specific insurance product.

On the insurer's website you will find a CASCO calculator, in which you need to enter the car data and the period for which you want to purchase the policy. The calculator will give you the required amount. Some sites offer to compare the cost of similar CASCO policies from different insurers. You can also contact insurance brokers - these specialists work with several insurers and will help you choose the most favorable insurance conditions. You will have to pay for their services.

Short term

Despite the fact that the standard CASCO program in most companies is designed for a year, some organizations offer their clients to take out a policy for a shorter period.

Rates

In accordance with the current legislation, CASCO is regulated and regulated by the state only in the general insurance procedure, while each company has the right to set tariffs independently. That is why the conditions that are initially offered by many insurers may be quite similar to each other at first glance, but in fact they differ significantly.

Short-term policies cannot be renewed, and they are not subject to all sorts of discounts that can normally be given to drivers for accident-free driving. If an annual policy is canceled at the request of the policyholder, the amount to be paid will be calculated in accordance with short-term rates.

When choosing an insurance company, you should not pay attention to those offers that are the cheapest. It often happens that with such conditions, insurers attract clients due to financial difficulties, which can ultimately result in the complete collapse of the company and, accordingly, the impossibility of obtaining compensation in the event of an insured event.

Minimum CASCO policy validity period

Is it possible to get CASCO insurance for one month, and what is the minimum insurance period? Specialists from different insurance companies answer this question differently. In the voluntary insurance market there are no strict regulations establishing norms, tariffs and rules. Each insurance company has the right to establish the most optimal conditions. For some Insurers, the minimum CASCO validity period may be one week. Others offer an insurance product that provides a policy for one insured event. It is possible to issue a policy for one, three and six months .

Insurers do not really welcome insurance for a short-term period, since they bear the labor costs and other expenses for concluding the contract in full, and the benefits are generally small.

Is it worth buying a short-term CASCO policy?

Practice shows that insurance for a month and other short periods is unprofitable for the car owner. If such a need arises, it is recommended that you familiarize yourself with the insurance conditions of several insurance companies. In order to save your budget, you can consider various economy programs, inquire about the possibility of paying in installments, about the possibility of insurance for an incomplete amount (i.e., not for the full cost of the vehicle). If insurance is needed because a vehicle is being transported from point to point and a car carrier is used, then it is more advisable to use the Cargo Insurance product. The conditions and price differ in many ways from CASCO. When purchasing insurance for a given period, choose the conditions that are most interesting to you, compare programs, carefully read the rules and nuances of the contract, and also study the reliability rating of insurance companies. Know more, pay less!

Advantages and disadvantages of short CASCO

Among short-term periods, the most popular offers are those with a duration of 3 or 6 months. Typically, such CASCO policies are purchased for the summer and autumn periods by summer residents who do not use the car at other times of the year.

Among the advantages of a non-standard policy period, the following can be noted:

• In the short term: in some cases, the motorist does not overpay for the period during which the car is not used;
• In the long term: the insurance company may make concessions and offer more favorable insurance conditions.

However, non-standard CASCO validity periods have more negative features. The benefit in the short term is often too small and does not justify the efforts made to obtain insurance.

When transporting a car over long distances, the car owner often loses more money if he takes out voluntary insurance for a week. Car transporter services that include cargo insurance are often cheaper.

Often the short-term CASCO period is not beneficial for both parties to the transaction. Insurance companies are afraid of encountering fraudsters, which leads to higher policy prices. Also, the probability of an insured event occurring within the time specified in the contract is quite small.

If a driver wants to take out a voluntary insurance policy, but does not have the required amount, it is better for him not to purchase a short-term CASCO period, but to buy the document in installments. However, if an accident occurs, the owner of the vehicle will have to pay the remaining amount to compensate for the damage.

Is it worth buying a short-term policy?

It is advisable to purchase a short-term CASCO insurance policy only when the end justifies the means. Considering that the price for a short period will not be proportional to the cost of a standard document, its purchase will be justified by a high probability of risk. We list some situations when it makes sense to take out short-term CASCO insurance:

• lack of experience of the car owner;
• The credit period for this vehicle ends;
• at the moment there is no financial opportunity to purchase a policy for a year, so they are purchasing for several months with the possibility of extension;
• took for temporary use an expensive or often stolen car according to statistics;
• Are you planning to drive a new car?

In all other cases, short-term CASCO insurance is issued at prices that are completely unattractive to the client.

For those drivers who have definitely decided to buy a short-term policy, it is important to analyze the offers of competitors and select the most favorable conditions.

If you do not have the opportunity to pay the entire amount at once for a long period, then you should try to get an installment plan with a maximum breakdown by month. This way you and your car will be protected and insurance won’t break your pocket.

For what period can a CASCO policy be issued?

A CASCO policy is rarely issued for a long term. The majority of those wishing to buy voluntary insurance policies for 3–5 years are fleet owners. Insurance companies provide them with special rates. Most motorists choose standard CASCO insurance – for a year. It is not profitable to apply for a longer period: it is impossible to predict the wear and tear of the car. Long-term insurance deprives the driver of the right to receive a discount when the Bonus-Malus coefficient (BMR) is reduced for accident-free driving.

Vehicle owners are interested in whether it is possible to issue a CASCO policy for only 3 months. There is such a possibility. CASCO for 3 months, or seasonal insurance, is often issued for the winter, when accidents on the roads increase. The policy is purchased by drivers who work during a specific season. Insurance for 3 or 6 months is popular among summer residents. The seasonal policy is valid during summer and autumn; at other times the car is not used. This is beneficial for motorists who plan to use their car only in the near future.

Insurance companies are reluctant to enter into short-term deals, although the insurance period is not limited by a time frame. The law does not establish a minimum period for which an insurance transaction can be issued, so the contract can be concluded for 5 years or only for a day.