What you need to know before taking out your first Motor CASCO Insurance

Buying your first car is one of the most exciting and memorable experiences in anyone’s life. But amidst the excitement of this purchase, we shouldn’t forget the responsibilities that come with it. So, what are the key steps to protect your vehicle?

This article will help you understand what Motor CASCO insurance covers, what types exist, and how to choose the right policy for your needs.

What is Motor CASCO Insurance and why do you need it?

Whether you’re buying a new or a used car, there are a few essential steps you must go through — from registering your vehicle to taking out the mandatory “Third Party Liability” insurance.

Many drivers believe that this insurance also protects their own car — but is that really the case? “Third Party Liability” is required by law, but its coverage only applies to your responsibility as a driver toward other people and property on the road. It covers damages you cause to others, but it does not protect your own vehicle.

That’s where Motor CASCO Insurance comes in — a voluntary policy that provides financial compensation in case your car suffers partial or total damage.

A large number of new car owners assume that Motor CASCO Insurance is unnecessary, since their vehicle is under warranty for several years. However, warranties don’t cover accidents, parking lot damage, or theft.

In today’s fast-paced world, no one is immune to unexpected events — but your car can be protected with the right Motor CASCO Insurance.

Five key things to know BEFORE you sign

When you decide to insure your car, it’s important to make an informed choice that fits both your needs and your budget. Here are five key things to keep in mind before taking out a Motor CASCO Insurance policy.

     1. Scope of coverage: “Full CASCO” or not quite?

Most insurers offer three coverage options — full, partial, or minimal. The minimal coverage is the least common one, as it only includes two risks: fire and natural disasters. It’s far from enough to protect your car, especially if you’re an active driver frequently facing road challenges.

Partial CASCO expands on the minimal one by adding protection against road accidents and vandalism. This option may be suitable for older vehicles but is also less commonly chosen.

The most popular and recommended option is Full CASCO. It protects your vehicle from all the above risks, including theft, robbery, and damage to glass and tires. With full coverage, you won’t have to worry about incidents like a cracked windshield from a stone or someone scratching your car in a parking lot.

Some companies, such as Euroins, go even further by offering additional benefits like:

• Replacement vehicle – if your car repair takes longer, you’ll get a temporary replacement so your daily routine isn’t disrupted.
• Roadside assistance – includes help and services that can save you both money and stress in case of incidents on the road

     2. Insured value: How much is your car worth today?

The insured value is the amount your insurer determines as the current worth of your car. It’s based on the market value, which depends on factors such as make, model, year of manufacture, technical specifications, and more. Insurance companies may use different methods to determine this value — from an expert assessment to specialized software tools that calculate the vehicle’s real-time market price.

     3. Exclusions and general conditions

When taking out a Motor CASCO Insurance policy, it’s crucial to understand not only what risks are covered, but also which ones are excluded.

For example, driving under the influence of alcohol or drugs — aside from being strictly prohibited by law — automatically invalidates your insurance coverage.

It’s also important to note that personal belongings, such as bags, phones, or laptops, are not covered under your policy.

To avoid unpleasant surprises, pay attention to the following common exclusions:

• No technical inspection / faulty vehicle – in some cases, damage claims may be denied.
• Personal items inside the car – typically not covered.
• Missing key documents or deadlines – you must notify your insurer within 24 hours after the incident occurs.

These exclusions are standard across most insurance companies and are usually described in the General Terms and Conditions of the policy.

    4. Territorial coverage: Is your insurance valid abroad?

By taking out a Motor CASCO Insurance policy, you can have peace of mind not only while driving in Bulgaria, but also when traveling abroad. The coverage typically includes all EU member states, as well as North Macedonia, Serbia, Turkey, and Switzerland. However, keep in mind that certain restrictions may apply for some countries. That’s why it’s always a good idea to check with your insurer before you hit the road.

    5. How to make the best choice

The insurance market offers a wide range of companies and options, which can sometimes be confusing. If you’re taking out a CASCO policy for the first time and aren’t sure what exactly you need, you can consult an insurance broker. Brokers can collect offers and conditions from several insurers, helping you compare and choose the one that best fits your needs and budget.

The process of taking out a policy: What to expect?

When taking out a Motor CASCO Insurance policy, you’ll need to prepare a few documents, such as: your vehicle registration certificate or a copy of the invoice (if the car is newly purchased), your ID card, and a copy of the invoice for any additional installed equipment, if applicable.

Some insurers offer the option to purchase the policy online, but if you’re insuring your car for the first time, you’ll likely need to visit an office for a vehicle inspection and photos. An inspection is not required if your car is brand new or if you’re renewing an existing policy without interruption. It’s important to know that your coverage becomes active only after the inspection and payment of the premium.

Insurers usually offer several payment options — either in full or in installments. Keep in mind that some companies may offer discounts for one-time payments.

An investment in peace of mind — not just an expense

A well-chosen Motor CASCO Insurance policy isn’t just a piece of paper — it’s a guarantee of peace of mind and financial security. With it, you won’t have to worry about your car — your insurer will take care of that. Don’t underestimate the importance of choosing the right insurance company. The lowest premium isn’t always the best choice. Pay attention to the policy terms, the additional coverages that may benefit you, and — just as importantly — the insurer’s reputation.