KASKO for Auto Loans: Why Euroasia Beats Bank Insurance

Auto loans have become the main way of purchasing vehicles in Uzbekistan. However, the hidden costs of mandatory KASKO insurance can significantly increase the total cost of a loan. More than 15 banks across the country offer car loans with interest rates ranging from 16.99% to 31.5%, often requiring borrowers to purchase expensive KASKO policies from partner insurance companies.

The Problem with Bank KASKO Insurance

Bank-issued KASKO policies typically cost borrowers between 0.6% and 1.8% of the loan amount per year. For high-risk borrowers, the cost may reach up to 8% over a five-year period. For example, a 250 million UZS car loan can result in an overpayment of 7.5 to 20 million UZS just for insurance — not including loan interest.

The main drawbacks of bank KASKO include:

• Inflated rates due to exclusive agreements with partner insurers

• Limited choice of insurance companies

• Lengthy paperwork (1–3 days)

• Slow claims settlement (30–60 days)

• Insurance cost included in the loan principal, increasing interest payments

The Solution: KASKO from Euroasia Insurance

Euroasia Insurance offers full-featured KASKO insurance through three flexible plans. Each plan provides substantial savings compared to bank offers, while maintaining a high level of protection.

LITE Plan (starting from 1.3%)

The LITE plan is the most budget-friendly full KASKO option, starting at 1.3% of the vehicle’s value per year. It’s ideal for borrowers who want reliable coverage at the lowest possible price.

Coverage includes:

• Total loss (theft, destruction)

• Damage from traffic accidents, even if the policyholder is at fault

• Natural disasters (hail, floods, hurricanes, earthquakes)

• Professional damage assessment

• Basic third-party liability insurance

• Personal accident insurance

For a vehicle worth 300 million UZS, the LITE plan costs 3.9 million UZS per year — 600,000 UZS cheaper than the average bank rate with similar coverage.

SMART Plan (starting from 1.5%)

The SMART plan offers an optimal balance between price and protection, with extended coverage for a modest premium. It is recommended for most car owners as the best all-around choice.

Additional features over LITE:

• Increased third-party liability coverage up to 10 million UZS

• Personal accident insurance increased to 15 million UZS

• Free windshield replacement

• Compensation for minor damage without a police report

• Taxi reimbursement during repairs

• Free roadside evacuation after an accident

For a 300 million UZS vehicle, SMART costs 4.5 million UZS per year, providing significantly more benefits at the same price as basic bank KASKO.

DELUXE Plan (starting from 2.2%)

DELUXE offers maximum coverage and premium services for high-value vehicles or customers who want the most complete protection available.

Additional benefits over SMART:

• Third-party liability coverage up to 20 million UZS

• Personal accident coverage up to 25 million UZS

• Designated driver (sober driver) service

• 24/7 roadside assistance

• Priority processing of insurance claims

The DELUXE plan for a 300 million UZS vehicle costs 6.6 million UZS per year. Though similar to bank pricing, it delivers a much broader service package.

Real-Life Savings Examples

Example 1: Chevrolet Cobalt worth 280M UZS

Bank KASKO (1.6% for a young driver): 4.48M UZS/year

Euroasia LITE: 3.64M UZS/year

Annual savings: 840K UZS (4.2M over 5 years)

Example 2: Hyundai Elantra worth 200M UZS

Bank KASKO (2.0% for used vehicle): 4M UZS/year

Euroasia SMART: 3M UZS/year

Annual savings: 1M UZS (4M over 4 years)

Example 3: Toyota Camry worth 500M UZS

Bank KASKO: 6M UZS/year

Euroasia DELUXE: 11M UZS/year

For expanded coverage, the premium is only 5M UZS more

Reliability and Service Quality

Euroasia Insurance has been operating for over 25 years, serving more than 15,000 clients and paying out over $15 million in claims. The company holds licenses in 17 insurance classes and is fully regulated under Uzbek law.

Key advantages:

• Online policy issuance in just 3 minutes

• Claims settled within 3–5 business days

• 99.7% claims payout ratio

• 24/7 support via 1147 hotline

• Mobile app for managing policies

Choosing the Right Plan

LITE is ideal for:

• Budget-conscious drivers

• Owners of older or used vehicles

• Experienced drivers with a good record

SMART is recommended for:

• Most car owners seeking balance

• Family drivers who value extra services

• Owners of new mid-range vehicles

DELUXE is perfect for:

• Premium car owners

• Frequent travelers

• Drivers seeking top-tier service

How to Switch to Euroasia KASKO

Changing your insurance provider for an auto loan is fully legal. The process includes:

1. Estimating your savings at eai.uz

2. Choosing the appropriate plan

3. Completing the online application in 3 minutes

4. Notifying your bank of the insurer change

5. Receiving your new policy

Long-Term Benefits

Savings on insurance allow for early loan repayment, which also reduces interest payments. For a 250 million UZS auto loan, KASKO from Euroasia Insurance can save you 5–15 million UZS over the loan term — equivalent to 2–6% of the vehicle’s value.

Conclusion

With three flexible plans, KASKO from Euroasia Insurance offers optimal solutions for borrowers of all categories. Each plan ensures full vehicle protection while delivering substantial savings compared to bank insurance. Your right to choose an insurer means you can start saving today — and redirect those savings toward your more important financial goals.