Motor Insurance

Why insure your car?

By insuring your car you will get protection from a range of risks that may threaten you personally as a driver, your car, as well as passengers in your car.

Package of insured risks

Motor insurance package includes the following risks:

• Section I – physical damage, fire, theft
• Section II – personal accident of driver and passengers

Section I includes:

• Physical damage caused to the car including damage caused as a result of car accident or other external impact, fire, illegal actions of third parties including theft, robbery

Section II includes:

• Damage caused to the life and health of driver and passengers as a result of motor usage

You can purchase a comprehensive package comprising of both sections, or you can purchase Section I coverage only.

The following documents are required for purchase of motor insurance:

• Copy of the insured person’s passport
• Copy of the owner’s passport if not the same person as the insured
• Copies of passports and driving licenses of authorized drivers (maximum number of authorized drivers is 3)
• Copy of the car’s technical passport
• Copy of valuation act, invoice or purchase agreement (if available), otherwise market value of the car will be applied.

Cascade Insurance icjsc representatives will contact you within 2 working days after signing of the insurance policy to arrange the examination of your car. The insurance policy will enter into force only after the examination is conducted.

Benefits

• You can get the full package of financial and insurance services in the branches of HSBC Bank Armenia cjsc. Purchasing the insurance policies of one of the leaders of the Armenian insurance market – Cascade Insurance icjsc from our branches will save your time and efforts.

In case of an insurance accident the skilled professionals from Cascade Insurance icjsc will support you ensuring processing of your claim and reimbursement of damages caused to you.

How much will it cost

You can insure your car for the full amount of the car’s market value or any portion of it* (with the exception of insurance of cars purchased with a loan provided by HSBC Bank Armenia cjsc whereby insurance for the full amount of the car market value must be purchased).

Annual insurance rate for the coverage included in Section I is 2.5% of the sum insured.

The following deductibles apply to the motor insurance:

• 1% of sum insured, minimum AMD50,000
• For drivers with less than two years of driving experience the deductible is doubled
• Insurance is not provided to drivers with less than six months driving experience
• Deductible in case of theft comprises 5% of the sum insured in case an anti-robbery system is available on the car, and 10% if no such system is available

Annual insurance rate for the coverage included in Section II is 0.1% of the insured amount.

The annual insurance rate for the coverage included in Section II for vehicles purchased with loans provided by HSBC Bank Armenia cjsc is 0.09% of the sum insured during the term of the loan agreement.

The sum insured under Section II can be AMD2mln, AMD3 mln or AMD4mln for each seat in the car. Insurance under Section II can be purchased only for all seats in the car.

Important note

HSBC Bank Armenia cjsc acts as an agent of Cascade Insurance icjsc and provides the insurance product on behalf and terms of Cascade Insurance icjsc. Insurance claims have to be submitted to Cascade Insurance icjsc. HSBC Bank Armenia cjsc does not bear any responsibility with respect to payment of insurance compensation.

* If the vehicle is insured for part of its value insurance compensation will be paid in the same proportion of the sum insured and the vehicle’s full market value.