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Motor Vehicle Casco Insurance in Bulgaria

Motor Vehicle Casco Insurance in Bulgaria

The Motor Vehicle Casco Insurance (or Motor Own Damage Insurance) provides an indemnity for theft, damage or full destruction of your motor vehicle.
Risks covered
You can choose to take out a Motor Vehicle Casco Insurance for the following risks:

FULL CASCO INSURANCE covering losses as a result of:

  • fire and natural disaster
  • road traffic accident
  • impact from and/or crash into other material objects (apart from road traffic accidents)
  • third party malicious act (vandalism)
  • theft of the whole motor vehicle
  • robbery of the motor vehicle.

PARTIAL CASCO INSURANCE covering losses as a result of:

  • fire and natural disaster
  • impact from and/or crash into other material objects (apart from road traffic accidents)
  • third party malicious act (vandalism).

MINIMAL CASCO INSURANCE covering losses as a result of:

  • fire and natural disaster: fire; explosion; flooding; volcanic eruption; land sliding and ground movements; windstorm; overturning of motor vehicle or impacts by objects driven by a windstorm; heavy rains; lightning; hail; impacts by ice fragments or a large mass of snow falling over the motor vehicle; accidental impacts by objects as a result of any of the aforesaid natural disasters.

Period and territorial scope
The Motor Vehicle Casco Insurance is valid on the territory of the Republic of Bulgaria for a period of one year. The cover of the Casco Insurance can be extended outside the Republic of Bulgaria. Some insurance companies include the extended insurance outside the Republic of Bulgaria as a free clause in the standard Casco Insurance policy.

Insurance premium
The insurance premium is set as a percentage of the insured sum as per the valid tariffs of the insurance company. The insured sum is set by the Insurer and depends on the type of the vehicle, model, age, purpose, etc.
Insurance companies offer installment payment plans of the annual premium, as you can also choose the currency of your insurance.

Insurance indemnity
In case of an occurrence of an insured event the insured person must notify the insurer within 5 business days; and in case of a theft and/or a robbery of a motor vehicle - no later than 24 hours.

The indemnification for the damages can be done as follows:
- As per an invoice from an official garage – reimbursement of the costs calculated in the original invoices submitted from an official garage
- Repair of the vehicle in an authorized garage of the insurance company
- As per a submitted original invoice from another garage after the explicit consent of the insurer
- As per an insurer expert assessment based on the unified methodology for claims settlement and indemnification for damages caused to motor vehicles (Regulation No 24 dated March 8th, 2006 issued by the Financial Supervision Commission)
- In case of total loss/damage – when the total costs for repairing the motor vehicle exceed 75% of the insured sum and also when at the time of the occurrence of the last damage the insurance indemnities paid up to that moment exceed 80% of the insured sum. 

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