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:
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:
How to Switch to Euroasia KASKO
Changing your insurance provider for an auto loan is fully legal. The process includes:
Estimating your savings at eai.uz
Choosing the appropriate plan
Completing the online application in 3 minutes
Notifying your bank of the insurer change
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.
