"Without spending a single penny out of pocket, I avoided a 3 million tenge loss"
In January, Almaty resident Nazarhan Uan was exiting a side street and failed to notice a car driving on the main road. Although he pressed the brakes, due to the slippery road, his car didn’t stop in time and collided with the other vehicle. Nazarhan was deemed at fault in this accident.
“We immediately called the traffic police and processed everything. The owner of the other car said, ‘My car is under warranty from the dealership, and official dealers use only high-quality parts. I will have it repaired only there.’ Fortunately, I had CASCO insurance, so I immediately agreed. The advantage of CASCO is that it covers the repairs for both my car and the other party’s,” says Nazarhan.
According to him, the other party’s car was a Hyundai Elantra. The front bumper, headlight, and other parts were damaged. The official dealer assessed the damage at a significant amount – 3,100,000 tenge.
“The left side of my car was also completely scratched. I replaced the door and fender, and had it repainted. That cost around 160,000–180,000 tenge. All expenses for both vehicles were covered by CASCO. Of course, the repairs took some time with the insurance. But not a penny came out of my pocket,” Nazarhan explains.
"I couldn’t repair my car through the official dealer under warranty"
Salima Bagashar got into a car accident less than a year after purchasing a new car from the dealership. In February of last year, while driving west on Abay Avenue in Almaty, a driver suddenly came out of Auezov Street and collided with her car. The driver ran the red light and entered the intersection.
“The front part, fender, and door of my car were seriously damaged. The coolant leaked. In general, we had to switch places,” says Salima.
However, the at-fault driver only had mandatory insurance. He paid the maximum amount allowed by his policy. But Salima was unable to have her car repaired at the official dealership under warranty.
“The other driver’s insurance covered the maximum amount, but it wasn’t enough for repairs at the official dealer. Because of this, I had to forfeit the dealership warranty and get the repairs done elsewhere. If the other driver had CASCO insurance, he could have covered both my damages and his own, as calculated by my official dealer. After that, I bought CASCO myself. Because the road is unpredictable. We never know what might happen or what we might face,” Salima says.
"Mandatory insurance protects only the injured party in an accident"
According to Halyk Insurance expert Dauren Zhampeisov, many people believe that mandatory insurance will solve most problems and cover all expenses. This is a misconception.
“Mandatory insurance only covers damage to the vehicle, health, or property of the party injured in an accident caused by you. Damage to your own car is not covered by this insurance. You will need to repair it at your own expense,” says the expert.
He explains that the compensation under mandatory insurance is calculated according to specific rules established by the National Bank. It calculates the amount needed to restore the car to its pre-accident condition.
“Mandatory insurance compensates not at a price determined by a single service center, but at a price calculated using specialized software. The cost of parts is based on the market price of new, original parts available in the same region. The calculation also takes into account the age of the vehicle. For example, if the car is still under warranty, the cost of parts and labor will be based on documents from the official dealer. The older the car, the lower the potential compensation,” says the Halyk Insurance expert.
"CASCO – Insurance that protects your car from various accidents"
CASCO is voluntary insurance. This policy covers repair costs for both your vehicle and the other party’s, regardless of who is at fault in the accident. Additionally, CASCO reimburses damages in full or according to the agreement not only in the event of an accident, but also in cases of theft, a tree falling on the car, or natural disasters, among others. According to the expert, compensation under CASCO is determined based on the agreement signed with each individual.
“Usually, the damage to the vehicle is assessed using invoices from a repair shop or official dealer, evaluations from independent experts, or the insurance company’s own report. If the insurance company evaluates the damage itself, it follows the rules established by law. However, when calculating the payment, a ‘deductible’ is considered – meaning you pay a portion of the loss yourself. If the car is not insured for its full value, the payment will also not be full,” the expert explains.
Expert Dauren Zhampeisov strongly recommends getting CASCO insurance for new and expensive cars.
“A new car is expensive. If something happens – for example, it’s damaged or stolen – it will cost a lot to repair it or replace it. CASCO covers these losses. That’s why, for people who’ve purchased a new car, CASCO is the most reasonable decision that protects both money and peace of mind,” says the Halyk Insurance expert.
What is CASCO Лайт?
CASCO Лайт is a simplified form of voluntary insurance that only applies in case of a traffic accident. Here, the customer can choose the insurance tariff. It is especially convenient when there are no financial means to fully insure the vehicle.
“For example, if you’re not at fault in the accident, but the mandatory insurance compensation from the other driver is not enough to repair your car, CASCO Lite will help cover the remaining damages,” says expert Dauren Zhampeisov.