Insurance companies are actively launching new products with a franchise and a limited set of risks to make policies cheaper amid the crisis. Representatives of the companies told Izvestia about this.
Thus, in the near future RESO-Garantia plans to expand the VHI segment with products with a franchise, as well as start offering limited coverage for voluntary auto insurance. MAKS is developing CASCO with a deductible, which is not applied when repairing a car if the culprit of the accident was identified, and it turned out to be not the insured.
Demand for such products increases during crises as customers lose purchasing power. At the same time, it should be borne in mind that some risks are not taken into account in the reduced coverage, and in the case of a franchise, the consumer will have to pay the established amount in case of an insurance claim, said Igor Ivanov, Deputy General Director of RESO-Garantia.
Against the backdrop of current events, for example, car prices have increased significantly, which has affected the cost of CASCO. However, insurers should offer a mass product and find an opportunity to reduce the prices of policies, for this they will start launching new products with a franchise and a limited set of risks, the All-Russian Union of Insurers reported. The companies also noted that they expect an increase in demand for such policies.
Read more in the exclusive Izvestia article:
“No one takes risks: insurers launch cut policies at low prices”