OREANDA-NEWS. March 29, 2011. OJSC IC ROSNO has joined efforts with BMW Group Financial Services to launch new MOD insurance services. From now on, BMW clients will be able to get an additional insurance coverage for their tires and wheels, along with covering the risk of depreciation of actual car value before the insured accident (GAP), reported the press-centre of ROSNO.

The new offers for the clients of ROSNO and BMW extend the insurance protection provided by the standard MOD insurance policy. While MOD payments take into account the depreciation, GAP1 insurance makes it possible to receive an insurance compensation of 100% of the value of a transport vehicle in case of its constructive loss or stealage. The insurance compensation paid under the GAP insurance program is calculated as a difference between the MOD compensation (taking into account the vehicle’s depreciation) and value of the vehicle as of the date of conclusion of the insurance contract. This service costs 20% of the value of MOD insurance policy.

Tire and wheel insurance guarantees compensation of costs resulting from the damage to tires and wheels in the situations when body or suspension elements do not suffer (as this is not contemplated by the standard MOD insurance) — for example, in case of a tire blowout, getting into a road pavement hole, or collision with a road curb. The value of insurance extension equals 12.5 and 22.5 thousand roubles for the wheels of up to 18’’ and, respectively, over 18’’.

Allianz Group, ROSNO’s shareholder, is BMW’s global motor insurance partner. In 2009, Allianz and BMW signed a declaration of their intention to conduct a large-scale extension of their cooperation, including the same in the development of GAP insurance. In 2011, Allianz and BMW announced the launch of similar insurance services in Germany, Italy, and France. In addition to GAP, in these countries, Allianz will offer BMW customers the insurance of loan payments (a link to the relevant Allianz news will follow later).

1 Guaranteed Asset Protection