As Kommersant reports with reference to the Central Bank’s draft instructions, the cost of mandatory motorcycle liability insurance with a validity period of one day to three months cannot exceed the price of annual insurance. When making calculations, insurers will be obliged to use a reduction factor, but the regulator does not limit its value: companies determine this themselves, depending on the situation and the characteristics of the driver. The law on a new type of policy will come into effect on March 2, 2024.
Meanwhile, prices of ‘short’ policies will be influenced by driver experience and age, break-even ratio, territorial coefficient and vehicle power. According to the Bank of Russia, passenger car drivers will have issued 488,000 three-month policies in 2022.
As Kommersant reports with reference to the Central Bank’s draft instructions, the cost of mandatory motorcycle liability insurance with a validity period of one day to three months cannot exceed the price of annual insurance. When making calculations, insurers will be obliged to use a reduction factor, but the regulator does not limit its value: companies determine this themselves, depending on the situation and the characteristics of the driver. The law on a new type of policy will come into effect on March 2, 2024.
Meanwhile, prices of ‘short’ policies will be influenced by driver experience and age, break-even ratio, territorial coefficient and vehicle power. According to the Bank of Russia, passenger car drivers will have issued 488,000 three-month policies in 2022.
Source: Avto Vzglyad
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