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The deductible occurs in various types of insurance. Including in mandatory third party liability insurance. And if every vehicle owner is obliged to purchase this policy, then it is important to be aware of all aspects of the document. And the deductible often remains a vague, not fully understood point for drivers. Let's take a closer look at the MTPL policy and the deductible:
Let's try to explain in simple language what a "deductible" is. This is a fixed amount of money that is not paid by the company that insured the driver in the event of an insurance claim. These costs are borne by the driver himself.
Let's give an example: a driver bought an OSCPV policy with a deductible of 2 thousand hryvnias. An insured event occurred due to his fault and someone else's car was damaged. The repair cost 50 thousand hryvnias. Of these, 48 thousand hryvnias will be covered by insurance, and the remaining 2 thousand (deductible) will be paid by the driver from his own money.
If the damage was insignificant and the repair cost 2 thousand, then the company that issued the document does not care about payments at all. All 2 thousand is covered by the policyholder.
It is important to remember that the deductible applies only to material damage and is not related to health / life. Such compensation does not apply to the car owner.
That is why the size of the deductible affects the cost of MTPL. With a deductible of 2 thousand - it is much cheaper to insure than with zero. In the second case - the cost of insurance will be maximum.
Ukrainian legislation clearly states: the size of the deductible should not be more than 2%. Since the insurance limit for payment of material damage is 100 thousand hryvnias, the maximum deductible, respectively — 2 thousand hryvnias. And the minimum deductible is zero.
Usually, insurance policies are sold with such deductibles as: 0 hryvnias, 1 or 2 thousand hryvnias. But there are also 500 hryvnias or one and a half thousand.
Conditional: if the amount of damage is less than the franchise, then the driver simply pays himself. If the amount is higher, then on the contrary, the company pays, and the driver does not cover the franchise. This is convenient, because in the case of small expenses you do not need to bother with documents and contact the insurance company, and for large ones — pay some of their money.
Unconditional: the client always pays the full amount of the deductible, no matter what the amount is: 2 thousand or 30 thousand. Everything that is above this amount is taken care of by the insurance company. In the MTPL, there is only this option.
In some cases, the deductible is calculated differently: a fixed amount (0, 1, 2 thousand) or interest (from 0 to 2%).
1. An insurance policy without a deductible is more expensive. But at the same time, if an accident occurs — the difference in price will be equalized, because you will pay these 2 thousand personally.
So, you may have to give up what you tried to save. But still: for a policy without a deductible, you pay for sure, and the deductible - only if an insured event occurs through your fault. And what is the probability that this will happen?
2. An insurance policy with a deductible will save time and nerves in the event of minor road accidents. For example: there was an accident with minor damage. The client must pay minor repairs to the victim. The repairs cost 1 thousand 800 hryvnias. And the deductible is 2 thousand - so the client pays himself. You don't need to waste time writing applications to company representatives, providing checks, waiting for consideration and further compensation.
Another situation: there was an accident, your expensive car was damaged due to your fault, the repairs cost 80 thousand hryvnias. Then it's worth filing an application so that the company covers the costs. It turns out that you don't need to mess with documents if you accidentally scratched the paint on someone else's car.
1. Selling insurance with a 0% deductible is profitable, because the client pays more. At the same time — he may never get into an accident during the 1 year of insurance, which means this money will go to the company's treasury.
2. Selling a document with a 2% deductible is profitable because it reduces the total amount of compensation per year. Imagine how many cases occur on the road when a driver hits a headlight, glass, or scratches the paint of a car. Multiply all these small compensations by the number of customers — you get a significant amount.
3. With a 2% deductible, the company has much less paperwork. There is no need to deal with every small insurance case, check all documents and receipts. So the company also saves time by selling customers insurance with the maximum deductible.
Conclusion: both parties are interested in the existence of a deductible. But some people, in order to save money in the event of a possible accident, choose a 0% deductible. However, the savings are questionable, since this type of insurance is more expensive.
Study all the points of the insurance terms and conditions to buy car insurance without overpaying, and also save yourself from unnecessary worries with compensation for minor losses.
And to avoid falling for scammers, check the company on the official website of the Motor Transport Insurance Bureau of Ukraine before buying.
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