Casco insurance sales stay steady at 21% in 2014

Automotive

Despite both sales of new and used cars jumping by 10% and 20%, respectively, in Hungary last year, the number of vehicle owners opting for casco voluntary vehicle insurance remained at around 21%, the online insurer of General Group genertel.hu reported on Friday based on its own survey of the market.

Some 491,926 used cars and 67,000 new cars were sold last year, yet the number of casco insurance holders has stayed around 812,000 for the last couple of years, which means approximately 21% of the 3.8 million registered cars are insured as such in Hungary, the survey notes. It added that approximately 90% of vehicle owners choose to have casco insurance based on the price.

Casco insurance compensates for all damages or losses to a vehicle caused by the owner of the vehicle during a sudden and unforeseeable event, as well as for losses caused by a third party.

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