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Today, most banks offer car loan programs with mandatory CASCO insurance, which assumes that you insure your car in case of damage to it.
If you take out insurance casco online for a car on credit, remember that in this case the bank is the beneficiary. In the event of an insured event, the insurance company pays monetary compensation to the creditor bank, because until you pay the full amount of the debt, it is he who is the owner of the vehicle.
Many banks cooperate with certain insurance companies, therefore, when concluding a credit agreement, they may impose an insurer on you. But you can refuse it, because it is mandatory to have insurance, and it does not matter where you take it out.
Choice of insurance companies
The choice of insurance companies is quite wide, and almost all of them provide the service of registration of CASCO for a car on credit. Before insuring your car, make sure that the insurance company has a sufficiently high level of accreditation. Of course, in the case of independent selection of the insurer, the bank can put forward certain requirements to the borrower, for example, issue CASCO based on the non-aggregate liability limit (the insurance amount does not decrease during the year, the car is insured at its full cost).
If you decide to issue casco online for a car on credit, it must be remembered that the choice of the insurer must take place before the conclusion of the credit agreement. At the time of signature, the insurance must already be valid. If you take out a car loan and agree to the insurance terms offered by the creditor bank, then both the contract and the insurance are drawn up on the same day. As a rule, such a transaction must be attended not only by bank employees, but also by a representative of the insurance company, as well as a notary public.
CASCO policy for a car on credit is extended every hour. The cost of the insurance is added to the entire amount of the loan, and in case of delay, interest will accrue, which, accordingly, will be higher than the interest on the loan itself.
When choosing an insurer, be careful: choose a reliable one so that in the future you do not have any problems with compensation for damage caused to a car that was purchased on credit.
