Policy Coverage of Compulsory Traffic Insurance Changed

Policy Guarantees in Traffic Insurance increased from 36.000 TL to 39.000 TL

Following certain changes in the scope of compulsory traffic insurance, these regulations will be put into practice as of July 1, the second half of the year. Accordingly, collateral limits to be paid by insurance companies in case of accidents were increased
The amendment of the traffic insurance regulation and the automatic updating of collateral amounts were published in the Official Gazette on 21 December 2018. With the adoption of this law as the date of July 1, insurance companies will pay the wages in case of material damage accidents increased.

Traffic Insurance Hike Reflected at 8.5%

In the regulation, the regulations regarding the Tariff Implementation Principles in the Compulsory Motor Liability Insurance of Highways Motor Vehicles have been changed in terms of quality of disability-death, health expenses and collateral amounts applied as of January 1, 2019. It was stated that the figures will be updated every six months automatically. With the amendment, the amount of collateral of an insurance company in case of material damage accidents is 36.000 TL, this figure is currently 39.000 Turkish lira. Likewise, the injury guarantee was increased from 360 thousand to 390 thousand pounds. The amount of collateral per accident increased from 72 thousand pounds to 78 thousand pounds. With these figures, the rate of increase applied to insurance companies was around 8.5 percent.

The vehicle groups that will be used as collaterals are as follows: Trailer and construction machinery, motor vehicles used for human transport, agricultural vehicles and special purpose vehicles, motor vehicles used to transport goods, motorcycles and freight motorcycles.

INCOME DRAWED ATTENTION SHEAR

Evaluating the changes, Seyda Köksal, Quick Insurance Tariff & UW & Technical Reporting Manager said, “With the amendment of the regulation which was enacted by the Treasury on December 21, 2018, all guarantees were shared with the public in detail. It is important that price increases are tied to the calendar in order to know which guarantees the sector will give in the future. ” Expressing the drawbacks of the regulation Koksal, “the increasingly narrowing of the market, the ongoing negative effects of the fluctuation in foreign currency, despite the necessity of vehicle owners to refrain from the traffic policy, even if the traffic branch of income-expense scissors leads to further opening,” he said.

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