General rights under the "CASCO" insurance policy

General rights under the "CASCO" insurance policy

Last change: 20.03.2013
Topic: Motor Insurance

The information for today's and yesterday's material is being posted in the new draft of the Financial Supervision Commission at tvoitefinansi.bg.

According to the experts from the Financial Supervision Commission, the clients must first choose whether to sign a "Casco" insurance policy that is covering all risks or part of the risks thereof and whether to pay the insurance premium in full or in several installments.

When an insurance event occurs, clients are entitled to compensation from the insurance company to the extent of the harm done from the damage that has occurred.

One should know that if the vehicle is leased, then the compensation is paid to the owner of the car, or in other words to the lessor, unless the insurance policy expressly states that the compensation should be paid to the lessee.

Each of the clients may agree on deductibles, resulting in uptake of part of the responsibilities in case an insurance event occurs. The amount of the deductibles may not exceed 50 percent of the insurance sum under the contract. The deductibles amount must be specified in the insurance contract.

The owners can transfer their rights and obligations under the insurance policy contract in case the ownership of the vehicle is transferred to a new owner. If the client does not want to transfer the insurance policy to the new owner, it will be terminated and the insurance company shall refund the amounts paid by the client to the end of the contract.

Last but not least, every client must restore the insurance coverage to the extent of the initial insurance sum when the coverage has been reduced in case of payment of compensation by adding an additional sum to the premium sum paid by the client to ensure that any subsequent damage will be assessed according to the initially agreed insurance sum.

Source: www.insurance.bg 

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