The costs of casco insurance depend, among other things, on the cover. In addition, the premium will also depend on the risk of damage and the amount the insurer has to pay out in the event of a claim. Below are the various factors that determine the costs of casco insurance. This page describes the situation in the Netherlands.
Risk of damage
The costs of casco insurance are influenced by the risk of damage. The greater the risk, the more expensive the premium becomes. Some factors are simply common sense, but other factors follow from statistical data. The following factors, among others, influence the risk and therefore also the costs of casco insurance:
| Influencing factor | Explanation |
|---|---|
| Characteristics of the car | Statistically, a fast or heavy car is involved in damage more often, for example because the owner also drives faster or more dangerously. |
| Use of the car | A car used for business often covers more kilometres, which increases the risk of damage. |
| Number of kilometres driven per year | The more a car is used, the greater the risk of damage becomes. |
| Age | Statistically, young drivers have damage more often than older drivers. That is why they pay a higher premium with most insurers. |
| Number of no-claims years | When a policyholder has more no-claims years, this is probably because the policyholder has better driving skills or uses the car less at dangerous times. This means the risk is lower. |
| Driver’s history | A driver who has previously had a driving ban, has had a lot of damage in a short period or has a criminal record represents a greater risk. |
| Years of experience | A new driver represents a greater risk than an experienced driver who has held a driving licence for longer. |
| Place of residence | Someone who lives and works in a village will use the car less often in busy cities, where the risk of damage is greater. |
The insurer does have various ways of limiting the risk. That is why insurers sometimes include exclusions under which they do not pay for damage, or all kinds of restrictions. This is the case, for example, for driving under the influence of alcohol or medicines.
Compensation to be paid by the insurer
It is not only the risk of damage that determines the premium of casco insurance; the amount the insurer has to pay out in the event of damage is also relevant. That amount depends directly on the list price (catalogue value) or the current value of the car. The current value depends on several factors:
- The age of the car
- The number of kilometres driven
- The car’s accessories
- The state of maintenance
The policyholder can keep the premium down by choosing a cheaper car or by choosing a higher excess. A larger part of the damage is then borne by the policyholder. This always results in a nice discount.
The insurer, in turn, sometimes does what it can to limit the compensation it has to pay. The policy conditions may contain all kinds of exceptions and restrictions. For example, a higher excess often applies to the soft top of a convertible.
Casco insurance cover
Casco insurance comes with two types of cover. There is limited casco cover and all-risk insurance. Limited casco cover only covers a number of types of damage, such as storm damage or fire damage. As a result, the risk for the insurer is of course much lower, and this results in much lower costs. With all-risk insurance, in principle all types of damage are covered, even when the policyholder causes an accident themselves. As a result, the risk is much greater, and so are the costs of casco insurance. However, many insurers also include exclusions in all-risk insurance, which allows them to limit the risk and the premium.
Read also: Casco insurance insurers and Compare casco insurance.
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Frequently asked questions about the costs of casco insurance
Up to what amount can I increase the excess?
This varies from insurer to insurer. With most insurers, the excess can be between €0 and €750. The benefit you get also depends on the insurer. In general, however, someone who is low on the no-claims ladder (bonus-malus ladder) gets a greater benefit from increasing the excess than someone who has already built up a high no-claims discount.
Who benefits from increasing the excess?
Increasing the excess is particularly interesting for people who rarely or never have damage. The downside, though, is that the premium discount is actually lowest for them. For young people, increasing the excess is rarely a good idea. Insurers usually already impose a much higher excess on them, and they already have to pay hundreds of euros extra in the event of a claim.
How much will my premium go up after a claim?
For limited casco damage, the premium goes up with hardly any insurer. With some insurers it does, because an extra discount you have earned can be lost, but the effect of this is limited. For other damage that falls under all-risk cover, there are consequences for the premium, unless you have a no-claims protector. The exact consequences differ per situation. So check with the insurer beforehand and, if it is to your advantage, you may decide to pay for the damage yourself and not submit a claim.
Is classic car insurance cheaper or more expensive?
Classic car insurance is always cheaper than regular car insurance. This is because insurers calculate the premium differently. For example, the age of the driver and no-claims years are not taken into account. On the other hand, a number of strict requirements do apply. With most insurers, for example, the car may be driven a maximum of 7,500 km. What counts as a classic car also differs from insurer to insurer. With the ANWB, for example, a petrol car must be more than 25 years old and a diesel or LPG car more than 40 years old. Cars between 15 and 25 years old are usually treated by insurers as youngtimers, not as classic cars.
How do I know how many no-claims years I have?
You can ask your insurer for this. The car insurer has to tell you every year in any case. In addition, when a policyholder cancels the insurance, the insurer will record the number of no-claims years in Roy-data, the central register of no-claims years used by Dutch insurers. This means other insurers can see straight away how many no-claims years a prospective policyholder has.