The head of Coop Kindlustusmaakler, Raivo Piibor, said that if earlier a person who applied for Casco insurance on the bank’s website was sent an offer by e-mail within one working day, now a comparison of the services of seven providers and the best offer are displayed immediately, and the contract can be concluded in just in a few clicks.
“Concluding insurance contracts is becoming easier and more convenient. There has also been an increase in people’s awareness of various risks and ways to reduce them. As a result, insurance has become more popular. For instance, last year, insurance costs per inhabitant of the country increased by 21%: in 2021 the average cost of insurance per person was 365 euros, while in 2022 it is already 406 euros,” he added.
According to Piibor, the cost of Casco insurance has been affected by the increase in the cost of spare parts and repair work. Comparing April of the last year with this April, the total amount of Casco payments has increased by 26%. According to Coop Pank’s statistics, the average annual cost of Casco insurance is now 580 euros, or slightly less than 50 euros per month.
To compare Casco insurance options and conclude a contract on the Coop Pank website, you must enter the vehicle registration number, the policyholder’s details and select the insurance period. Casco insurance policy can be concluded for one year and up to 60 days before the start of the insurance period. You can pay for insurance monthly, quarterly, every six months, or in a single payment for the whole year.
Casco insurance is voluntary vehicle insurance that helps prevent major financial losses. In addition to traffic accidents, Casco also compensates for damages caused by crime and natural disasters.
Casco insurance offered by Coop Kindlustusmaakler covers five main risk categories. These include damage to the vehicle as a result of fire, traffic accident, natural disaster, theft, or vandalism; collision with an animal or bird without deductible; repair or replacement of windows without deductible; repair or replacement of optional equipment installed by the manufacturer, as well as road assistance.
You can also choose additional protection options for the Casco policy. Raivo Piibor noted that the most popular additional coverage option is a replacement car. Other options include new value insurance, lease value insurance, lease payment insurance, trailer insurance, luggage insurance, accident insurance, and technical failure insurance. Piibor added that when comparing offers, one should pay attention to the fact that the conditions for additional coverage may differ from company to company.
Estonian-owned Coop Pank is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking is 160,400. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.