For vehicles
Vehicle insurance will provide you security against unforeseen financial loss if your vehicle gets into or provokes traffic accident, as well as covers indemnity for vehicle theft or robbery
Motor Hull Insurance - CASCO
CASCO insurance indemnifies losses that have arisen to the insured vehicle because of vehicle owner’s, driver’s fault and/or in case of robbery, theft and vandalism. Currently CASCO insurance is pressing matter because number of theft cases is growing and people do not have additional savings to cover losses in case of vehicle theft or robbery. For that we recommend to provide yourself CASCO insurance – to buy peace of mind paying just some hundreds of euros!
Insured risks
CASCO insurance covers for losses arisen from:
- traffic accident;
- illegal action of a third person (theft, robbery, vandalism);
- explosion, fire (including internal ignition);
- storm, hail, lightning, flood;
- earthquake, avalanche, landslide;
- falling objects;
- glass crack;
- effect of animals and birds (not in result of traffic accident).
! Here is the list of all risks; however, not all insurance companies have included these risks in CASCO coverage!
Deductible is part of loss specified in the policy as fixed sum or percentage. In case of accident you will have to undertake the deductible.
! Some insurance companies in their CASCO conditions have mentioned that deductible changes depending on number of claims made.
Insurance sum is market value (price a vehicle could be sold for today) of the insured vehicle (including all equipment). It is utmost sum an insurance company could pay for loss and damages as indemnification.
! Vehicle insurance sum should be defined objectively and correctly to avoid underinsurance and overinsurance.
Vehicle photos, what are necessary for first CASCO insurance contract, please send to info@smartins.lv. More detailed information about correct photographing procedure could be found in the instruction.
CASCO insurance terms and conditions can be found here: BALTA, BAN, BTA Baltic, Compensa, ERGO, Gjensidige, IF P&C, SEESAM.
Motor Third Party Liability Insurance (MTPL)
Each vehicle taking part in road traffic (uses public roads) needs to be insured with MTPL policy. This policy protects vehicle’s owner against coverage for third parties losses arising from traffic accident.
Insurance object is vehicle owner’s or legal user’s liability for losses done to third parties in traffic accident.
MTPL insurance covers for losses arising from traffic accident:
- To owner of injured vehicle (stated as guiltless);
- To an injured third person, if property is damaged (building etc.);
- Pedestrians – even though guilt of the owner that caused an accident has not been proved;
- Driver of a vehicle which has suffered (damage to health, life);
- Passengers who were inside vehicle that has caused an accident (damage to health, life);
If traffic accident is caused by a vehicle whose owner does not have MTPL insurance, Motor Insurers’ Bureau covers for losses to a third person. Later Motor Insurers’ Bureau through court action recovers all expenses from an owner of guilty vehicle.
! Thus always re-register a vehicle to a new owner when selling it!
Insured liability limit is maximum amount of money that insurer of a guilty party or Motor Insurers’ Bureau will pay to third persons to cover for losses arising from an accident. The limit of insured liability for indemnification of personal losses is up to 5 000 000 € for each injured person and up to 1 000 000 € for property loss per accident.
! Losses that are not indemnified according to the Law or exceed insurer liability limit a third party is empowered to claim in a court from owner of a vehicle that caused an accident.
Insured territory is territory where MTPL policy is valid. It is valid in all European Economic Area countries, full list of countries available here. If you are traveling by your vehicle to another country, not included in the list, you need another form of Motor Third Party Liability Insurance – Green Card. If you need Green Card, please contact us and we will help you!
Law of Motor Third Party Liability Insurance read here!
