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President of the Russian Union of Automobile Insurers (RUA) Evgeny Ufimtsev spoke about the prospects for abolishing legal restrictions on the cost of mandatory car insurance. This allows
– The right of insurance companies to determine the amount of the discount coefficient for short OSAGO policies (for a period of one day to three months) becomes a precedent when the insurer can de facto freely determine the costs of a mandatory motor vehicle policy. This will demonstrate the willingness of insurers to switch to free rates for mandatory motorcycle liability insurance,” said Evgeny Ufimtsev.
We remind you that on March 2, 2024, drivers will have the opportunity to take out mandatory car insurance for a period of one day to three months. It is believed that such short-term insurance is intended, for example, for owners of vintage cars, during the temporary transfer of the vehicle to another person and in other life situations. The insurance company has the right to set a price for such a policy. The only restriction is that it cannot exceed the price of MTPL for a year.
“The way insurers deal with rates for short-term policies will show how necessary further regulation of rates for compulsory motor insurance is,” says Evgeny Ufimtsev.
Currently, the maximum cost of mandatory motorcycle liability insurance is limited by the tariff corridor established by the Central Bank of Russia.
– The right of insurance companies to determine the amount of the discount coefficient for short OSAGO policies (for a period of one day to three months) becomes a precedent when the insurer can de facto freely determine the costs of a mandatory motor vehicle policy. This will demonstrate the willingness of insurers to switch to free rates for mandatory motorcycle liability insurance,” said Evgeny Ufimtsev.
We remind you that on March 2, 2024, drivers will have the opportunity to take out mandatory car insurance for a period of one day to three months. It is believed that such short-term insurance is intended, for example, for owners of vintage cars, during the temporary transfer of the vehicle to another person and in other life situations. The insurance company has the right to set a price for such a policy. The only restriction is that it cannot exceed the price of MTPL for a year.
“The way insurers deal with rates for short-term policies will show how necessary further regulation of rates for compulsory motor insurance is,” says Evgeny Ufimtsev.
Currently, the maximum cost of mandatory motorcycle liability insurance is limited by the tariff corridor established by the Central Bank of Russia.
Source: Avto Vzglyad
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
