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A master policy Kasko-OSAGO may be implemented in Russia


There is no master policy format for kasko and OSAGO yet in Russia.

Russian car owners may have a chance to purchase an OSAGO insurance for 3 years, also there can be implemented a new master kasko-OSAGO policy, said in the interview the Deputy head of Ministry of Finance Aleksey Moiseev.

«A bill for liberalization OSAGO charges for further future is being drafted. Insurance companies will acquire a certain freedom in setting the charges. Some elements of liberalization while issuing a policy are being implemented, that is one will have an opportunity to buy an OSAGO policy for 3 years and get an insurance of „gold“ type. There will also be an opportunity to buy OSAGO+kasko in the same contract, like complex insurance», — told Moiseev.

At the moment, mandatory civil liability insurance contract for vehicle owners may be issued for the period from 3 months to 1 year.

Master policy format for kasko and OSAGO doesn’t exist yet, these are two completely different contracts. OSAGO contract is aimed to cover material damage to third parties, being hurt in a car accident and is a mandatory, while kasko contract provides insurance protection for car insurer and is signed voluntarily.

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