Swedbank P&C Insurance AS, Latvia branch (with life products via Swedbank Life Insurance SE, Latvia branch)
Swedbank
Swedbank is a motor casco insurance for the Latvia market with online purchase and 24/7 assistance.
Direct payment
Depending on the selected package and repair option, the insurer may arrange repair directly with a service partner or an official dealer rather than reimbursing the policyholder in cash; exact settlement method is set out in the policy terms.
Geographic scope
Latvia
Cover applies across a defined list of European countries (including Latvia, Lithuania, Estonia and most EU/EEA states, the UK, Switzerland, and several Balkan and microstate territories) as stated in the policy's territorial scope definition.
Unique selling points
- Unlimited 24/7 roadside/technical assistance across Europe is included as standard, with no cap on the number or cost of call-outs.
- The annual premium can be split into equal monthly instalments without increasing the total yearly cost.
- The entire purchase journey — price calculation and policy issuance — can be completed online through Swedbank's internet bank.
- The Extra package adds trip-interruption, key-loss and personal-property cover plus vehicle transport to a repair facility on top of the Standard package's damage, fire, theft and robbery cover.
Coverage limits
Own Damage
Covered
The Standard package insures the vehicle against damage, fire, theft and robbery risks; the Extra package adds further named risks. Claims are paid proportionally to the insured sum versus the vehicle's value, minus the deductible.
Total Loss
Covered
Total loss is defined as the state of the insured vehicle when the insurer or its appointed experts consider repair technically impossible or economically unjustified; payout is made up to the insured sum.
Partial Loss / Repairable Damage
Covered
Repairable damage falls under the same general damage risk category covered by both the Standard and Extra packages, with payout proportional to the insured sum.
Theft and Robbery
Covered
Both the Standard and Extra packages explicitly cover the vehicle against theft and robbery risks, with claims paid up to the insured sum.
Glass Damage
Covered
Glass damage is not listed as a separate named risk with its own limit in the reviewed terms; it falls under the general 'damage' risk category insured under the Standard and Extra packages.
Natural Perils
Covered
Storm, falling trees, hail and similar sudden, unforeseen events fall under the policy's general insured event definition, which is covered by the Standard and Extra packages.
Vandalism
Covered
Vandalism-type damage falls under the general insured event definition of a sudden, unforeseen event affecting the insured vehicle, covered under both packages.
24/7 Roadside Assistance
unlimited
Choosing KASKO includes unlimited 24/7 roadside/technical assistance across Europe; the Extra package additionally includes vehicle transport to a repair facility.
Replacement Vehicle
No limit stated
No evidence of a replacement/rental vehicle benefit was found in the reviewed official Swedbank private KASKO sources.
Driver and Passenger Accident Insurance
No limit stated
Swedbank's business KASKO marketing page states driver and passenger accident insurance is included, but this was not confirmed in the reviewed private/individual KASKO sources.
Key conditions
Driver age and experience limit
The reviewed Swedbank terms do not state a fixed minimum driver age or experience requirement; however, the driver's age is one of the individual factors used to calculate the premium.
Repair network requirements
Depending on the chosen package, repairs may be carried out at an official dealer's workshop, as reported by at least one customer; prospective customers are advised to confirm whether free choice of repair shop applies before signing.
Territorial scope
The insurance contract is valid within a defined list of European countries including Latvia, Lithuania, Estonia and most other EU/EEA states, the UK, Switzerland and several other named territories.
Anti-theft requirements
The reviewed excerpts of the terms do not specify a mandatory anti-theft device installation requirement as a condition of KASKO cover.
Claim notification deadline
The reviewed excerpts do not specify an exact number of days for claim notification; policyholders are generally expected to notify the insurer of an insured event without undue delay.
Deductible rules
Where the deductible is expressed as a percentage, it is calculated from the loss amount, and the insurer pays out proportionally to the insured sum versus the vehicle's value, after deducting the applicable deductible.
Documents
Auto Insurance Terms and Conditions No. AUTO 0311
Terms & conditions
Policy specifics
Animal Collision Coverage
Zero deductible for collisions with animals (wild and domestic) since October 2022
SourceAll-Risks Coverage
All-risks insurance covers any sudden accident with vehicle except exclusions listed in policy conditions
SourceStandard/Extra Package Structure
Swedbank's private auto insurance terms define two selectable packages: Standard (damage, fire, theft, robbery, plus 24/7 assistance) and Extra (Standard plus trip interruption, key loss, personal property damage, plus vehicle transport to a repair facility).
SourceRepair Network Approval
Insurance payout may depend on choice of repair facility; varies by insurer
SourceDeductible (Pašrisks)
Policyholder-selected deductible amount affects premium and claim payouts
SourceInsured Vehicle Value
Accurate declaration of vehicle value is essential; inaccurate assessment may lead to claim denial
SourceSources
- https://blog.swedbank.lv/investicijas-biznesa/kasko-uznemumiem-8551
- https://blog.swedbank.lv/ipasums/auto/kasko-izvele-637
- https://blog.swedbank.lv/ipasums/auto/octa-un-kasko-ar-ko-tas-atskiras-282
- https://www.swedbank.lv/private/insurance/car/casco
- https://www.swedbank.lv/private/insurance/car/casco?language=LAT