What does the comprehensive insurance premium depend on?
Seesam takes a personal approach to every customer while calculating the payment of comprehensive insurance, taking into consideration the following factors:
- Information about the policy holder (e.g., previous traffic behaviour, customer relations with Seesam)
- Information about the vehicle (e.g., value, age)
- Choice of insurance covers
- Amount of risk for own account
What is the market value of the vehicle?
In case of a new vehicle, the market price equals the price at the shop, in case of a used car the average selling price plus VAT.
Why is the sum insured not indicated on the policy when a vehicle is insured?
The vehicle is insured based on the principle of full value insurance. According to that, every individual case of damage is indemnified based on the vehicle’s market price prior to the accident. All in all, the amount indemnified during the insurance period may exceed the vehicle’s market value prior to the loss event. As the insurance sum is not specified, the customer does not have to reconstitute the insurance amount in the extent of the paid indemnity to avoid under-insurance in case of further damage.
NEW! Why is leasing value coverage necessary?
In recent years, the market value of vehicles has fallen quickly. The present value of a vehicle leased as new just a few years ago can today be worth thousands of euros less than the residual value indicated in the leasing contract.
If the vehicle is destroyed or stolen, the insurance compensates for the vehicle’s market value, as common practice. If, however, the market value is lower than the residual value of the leasing, a person may find himself owing a large amount of money to the lessor. The leasing value coverage compensates for the residual value of the leasing in case of full damage of the vehicle, if it exceeds the vehicle’s market value.
NEW! Does my car need leasing value coverage?
Leasing value coverage is meant for those vehicles that meet all of the following conditions:
- The vehicle is a car or light truck in normal use
- The first registration of the car has taken place in the Estonian Motor Vehicle Registration Centre (ARK)
- The vehicle belongs to the lessor*
- The vehicle is up to 7 years old
- The residual value of the vehicle’s leasing is up to EUR 32 000
* The following leasing enterprises active in
What is the new value coverage of a vehicle?
In case of new value coverage, Seesam undertakes to buy a destroyed or stolen vehicle for its purchase price, if:
- the vehicle has been purchased as new and it has been in the ownership or possession of only one person (excluding the dealer);
- the vehicle has been insured immediately after its initial registration in the Estonian Motor Vehicle Registration Centre (ARK);
- the vehicle was recorded in the
ARK register less than a year ago; - the mileage does not exceed 30 000 km;
- the estimated repair cost or amount of damage is more than one-half of the purchase price of the insured vehicle.