Action policy: sales of hull insurance with reduced coverage jumped by a third
In 2024, sales of hull insurance with reduced coverage jumped by 27%, Izvestia found out. Such products occupied about a quarter of the market. Their average price is from 2 to 10 thousand, while the full insurance - about 70 thousand rubles. Boxed offers allow you to save money, but as a result, customers can get very limited coverage, which leads to deceived expectations. What conditions should be paid attention to when buying reduced policies - in the material "Izvestia".
What is mini hull insurance, how does it work and how much does it cost?
Russians began to buy hull insurance with reduced coverage more often. In 2024, sales of such products increased by 27% compared to 2023, calculated in the largest financial marketplace "Compare".
Theaverage cost of mini-hull insurance is significantly lower than policies with full coverage and varies from 2 to 10 thousand rubles, said Evgeny Fatyanov, head of partner relations in the direction of "Hull Insurance" in "Compare". He added: the conditions and content of such programs can vary greatly.
Last year, most often Russians bought protection in case of an accident caused by a driver not insured under MTPL. Often companies offer hull insurance only against major risks, such as theft of a car or total loss of a car.
In just six months, from March to October 2024, Russians bought 6.8 million mini-casco, according to data from the National Insurance Information System (NISIS), submitted to the Russian Union of Auto Insurers (RAMI). It added: such products do not provide full coverage. Therefore, it is necessary to find a balance between cheapening the policy and reducing the set of risks, because the latter leads to deceived expectations in case of an insured event.
The largest insurers have confirmed an increase in demand for mini-hull insurance in 2024. This trend has persisted since last year and is growing, said Artem Yakovlev, director of the "Casco" domain of Ingosstrakh.
In "Absolut Insurance" the number of such sold policies increased seven times in 2024, said Deputy General Director for retail sales Andrei Burlak. In MAKS the indicator has almost doubled. In other companies the growth was less: in "Soglasiya" - by 34%, in "Zetta Insurance" - by 30%. Moreover, in both companies the dynamics was greater than in 2023. In VSK sales of mini-hull insurance increased by 27%, and in "RESO-Garantia" - by 18%.
Now every fourth client when issuing a MTPL policy chooses additional protection with mini-hull insurance, reported in the press service of "Rosgosstrakh". They noted that the most popular products were those that provide protection if the client was innocent in the accident, as well as from no-policy drivers, including scooter riders and cyclists.
The increase in sales may be due to increased interest in affordable insurance against the backdrop of the rising cost of full hull insurance, says Artem Yakovlev of Ingosstrakh.
The rise in the price of spare parts also has an impact, said Pavel Yakovlev, senior product manager of the retail insurance department of RESO-Garantia. The cost of parts for 2024 has increased by 9% on average, reported "Izvestia" in RAMI. It is becoming problematic to repair a car, so even those drivers who cannot afford full hull insurance want to be more protected, explained Dmitry Sokolov, deputy director of the underwriting and product management department at Soglasiye.
He added: about a quarter of hull insurance sold in 2024 was with reduced coverage. In VSK the share reached 57%, said Dmitry Vishnyakov, head of the center of insurance portfolio management for hull insurance of the company. In "Renaissance Insurance" it is lower - just under 10%, said Vice President Sergei Demidov.
What to pay attention to when buying mini hull insurance
In the market as a whole, the main increase in demand falls on the cheapest versions of policies with minimum coverage, which are sold in addition to MTPL, explained the director of hull business development "Zetta Strakhovanie" Grigory Popov. According to him, the real value usually have products that cover, for example, total loss of the car or car theft. But they cost on average a rather weighty sum - about 30 thousand rubles.
Russians still mostly take out full hull insurance for new cars, noted in "Sogaz". Now the demand for reduced products is growing due to older cars - older than five years, said the head of the underwriting department for hull insurance IC "MAKS" Stanislav Sergeev. He added: the average price of full coverage in the company is about Br70 thousand, while the cost of cut policies starts from Br2 thousand.
Previously, customers bought the extended version because the price was more affordable, explained co-owner of the insurance broker Mainsgroup Sergei Khudyakov. In addition, they received a quality service component, when the car could be repaired after an accident within a week. Now this is not possible due to the increase in spare parts supply chains.
Thepopularity of mini-hull insurance increases during crisis periods, but it should be remembered that it is a truncated policy, the press service of SCC Auto noted. The vast majority of them do not include, for example, the most common type of compensation - accidents caused by the fault of the driver.
Due to such products can save a lot on the price of hull insurance, but even more to lose in an accident, noted in RAMI. In addition, in some cases, such reduced policies are used to manipulate losses to compensate for losses on other types of auto insurance. And as a result, inefficient products are sold.
If we talk about metropolitan areas, the risk of an accident with a policy-less driver, which is most often sold in mini hull policies, is not that common a problem, said the SCC "Auto". And if the insurance has a limit on the amount of damage, it's important to judiciously assess the cost and make of the model. For example, for more luxury cars, the limitation of Br100 thousand will be useless.
Other difficulties may arise. For example, the payment under the policy, which covers a large loss, may be limited to a fixed amount and not coincide with the value of the car or the owner's expectations, said Deputy Director of the group of ratings of financial institutions ACRA Alla Borisova. Another option is that the payment may include a deductible or apply only to certain parts of the car.
But all this is quite legal, as all details are spelled out in the contract. Therefore, you should carefully read the terms of a particular contract and not just be guided by advertising or information obtained from other sources, the expert summarized.
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