Car insurance is the property insurance and it is divided into insurance of transport as the property (complex of devices and machinery) and insurance liability of the owner of the vehicle as a source of increased danger. The car insurance contract is a bilateral and it is in written form. According to the terms the […]
Car insurance is the property insurance and it is divided into insurance of transport as the property (complex of devices and machinery) and insurance liability of the owner of the vehicle as a source of increased danger.
The car insurance contract is a bilateral and it is in written form. According to the terms the parties of the contract are the insurer and the insured but third parties and beneficiaries could also be recognized as the parties of the contract.
Only vehicles in good condition, owned by the insured on the property right, the full economic management or operational management, registered by public authorities could be insured by the insurance company.
Particular insurance policy may provide the insurance company liability for all insurance risks and for any combination thereof. The insurance of civil liability or driver and passengers’ personal insurance for case of traffic accidents could also be additionally included to the car insurance contract.
Also, in addition can include liability insurance or personal insurance of the driver and passengers in case of an accident.
The insurance of transport as the property provides insurance coverage for vehicles and additional equipment in case of their full actual loss, i.e. complete loss of the principal functions of the device, or damage, i.e. a partial loss of the principal functions and (or) major, minor and incidental functions of the vehicle.
Under the contract the object of insurance is the property interests of the insured person related to the possession, use and disposal of the vehicle due to damage, destruction or theft of the vehicle.
Typically the car insurance includes a range of insurance risks, unanticipated events. And to minimize the consequences of such risks the insurance of the car and of the additional equipment is carried out:
• Insurance risk «damage» – loss or damage of the vehicle which occurred as a result of: accident, fire, explosion, collapse under ice, lightning, storm, hurricane, rain, hail, heavy snowfall, earthquake, debris flow, landslide, landslide floods, floods, other natural disasters as well as illegal acts of other people. The illegal actions of other people must be distinguished from the circumstances recognized as the force majeure (riots, armed conflicts).
• Insurance risk «loss of presentation» – reduce the real value of the vehicle which occurred as a result of repairs being made to correct damage resulting from the events of the insurance risk «damage».
• Insurance risk «roadside assistance» – in case of failures of some units, systems, components and devices (except for radio, audio, video and television equipment which was installed on the vehicle additionally) that impede the movement of the vehicle and that need the help op specialists to be removed.
• Insurance risk «riving away» – the loss of the vehicle as a result of theft or embezzlement. In this case it is necessary to provide your insurance company with confirmation of the request to the law enforcement.
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