Motor and Home Insurance

Motor insurance

What is Motor Own-Damage Insurance (Kasko)?

Motor Own-Damage Insurance (Kasko) is voluntary cover for damage the insured vehicle may suffer from risks named in the policy. The subject is the vehicle itself. Damage caused to other people is the subject of compulsory motor third-party liability insurance.

Compulsory motor third-party liability insurance and Kasko are not the same product. Compulsory motor third-party liability insurance primarily covers legal liability for bodily injury and property damage caused to third parties, subject to statutory limits and conditions. Kasko is voluntary protection for the insured vehicle against the risks listed in the policy. Having one does not replace the other.

What protection may Kasko include?

The headings below may be available depending on the policy. Not all of them are standard in every Kasko contract. Additional services are included when they are stated in the quotation.

• Impact or collision
• Theft of the vehicle, or attempted theft
• Fire
• Flood, hail and certain natural events named in the policy
• Glass damage
• Roadside assistance
• Towing
• A replacement vehicle
• Other additional services defined in the policy

Natural-event cover should not be treated as one undivided heading. Which event is included, and any limit or deductible, is set out on its own terms. The duration, class and trigger of a replacement vehicle are also set out in the policy wording.

What to check when choosing Kasko

• Check that the vehicle value stated in the policy is current and accurate.
• Read the scope without adding extras you do not need.
• If there is a deductible, ask what amount would remain with you.
• See whether repairs are through a contracted workshop, an authorised workshop or another arrangement.
• Read replacement-vehicle terms together with the time and use limits.
• Ask which natural events the related covers include.
• Check the limit of additional covers separately from the main cover.

Home insurance

What is home insurance?

Home insurance helps protect the home and, depending on the policy, the belongings inside it against a range of risks. Building cover and contents cover are separate headings. Which of them is on the policy depends on the contract selected.

The product is voluntary. Which risk is included, at what sum insured and with what deductible, depends on the contract. The size of the home, where it stands and the declared value of the contents affect the cover.

Which risks can be included?

Depending on the policy, the headings below may be available. The list is a set of examples to look for in the quotation, not a promise that every policy includes them.

• Fire
• Water damage
• Theft
• Storm and certain natural events named in the policy
• Broken glass
• Contents cover
• Assistance services

Water damage does not treat every leak in the same way. Theft cover can also depend on the nature of the belongings and on how the event occurred. If assistance is included, the policy wording shows whether it arranges a repair or covers a cost.

Are DASK and home insurance the same?

DASK (Compulsory Earthquake Insurance) and home insurance are separate products with different scopes. Under the applicable rules, DASK covers direct material damage to insured buildings caused by earthquakes and by earthquake-related fire, explosion, tsunami and landslide, subject to policy limits. Home insurance may provide additional protection for contents and other risks such as fire, water damage and theft, depending on the policy selected.

Which product is compulsory for a given property is assessed against the legislation and the nature of the building. The two products may complement each other. Each policy should be reviewed separately according to its own terms and conditions.

Earthquake cover under DASK and the other risks in a home policy are followed in their own policy wordings. Household contents are not part of DASK cover.

Owners and tenants

An owner’s first concern is often the building itself. A tenant’s first concern is more often the belongings brought into the home, and certain liabilities that can arise from their own use. That is not a rigid rule. Building and contents sums insured can be arranged separately in the policy.

A tenant who does not own the home may not always need building cover. An owner should not declare a contents sum insured for belongings that are not theirs. The appropriate cover is determined according to ownership or tenancy status when the quotation is prepared.

Similar risks for a workplace

Fire, water damage, theft and assets such as fixtures or stock also arise in workplaces. Separate commercial insurance may be available for those risks. The need is considered against the type of activity and the value declared.

A home policy is not used in place of those needs. A workplace requires its own quotation. Global Emeklilik looks at the home and the workplace through separate questions.