SAFAKNA TURKEY – The number of registered vehicles has exceeded 26 million. All vehicle owners, regardless of vehicle type, must have motor third party liability insurance. In the event of a possible accident (material and bodily), compulsory motor third party liability insurance partially or fully compensates for the damage caused to the “other party”, depending on the degree of fault. The fine for not having travel insurance for this year is 436 lira (when paid in 15 days it becomes 327 lira). If the vehicle turns out to be uninsured, there are additional travel and parking costs.
CEILING PRICE APPLIES
For the last 6 years, since April 12, 2017, a “ceiling price” has been applied in motor third party liability insurance. In other words, insurers cannot exceed the increase rate set by the state. Each province has a tariff cap based on a risk map. This rate increases monthly. However, hikes can sometimes be extended due to increased costs. In addition, multipliers are updated monthly.
ADJUST FOR MONTHLY GROWTH
Taking into account the costs and prices of vehicles, insurance prices have changed frequently in recent times. The increase in the maximum price compared to the previous month was 1 percent until December 31, 2021. From February 2022, a multiplying factor of 1.50 percent began to apply. In addition, a one-time increase of 20 percent has been made since February 1. Then, from May 1, the monthly coefficient became 2.25 percent. Immediately thereafter, an additional 25% increase in maximum motor third party liability insurance premiums was implemented from 1 June.
UPDATED IN SEPTEMBER
Since September 1, a new one has been added to the successive increases. Thus, while road insurance premiums have been increased by 20 percent since September, the monthly increase rate has been increased from 2.25 percent to 4.75 percent. If rates do not change as of this month, the increase will continue.
DISCOUNT WITHOUT DAMAGE REDUCED
On the other hand, while the maximum premium rates for compulsory motor third party liability insurance have been increased, the discount rates for non-claims premiums have been reduced. The rates of discounts and surcharges are determined in accordance with the insurance price declared for the 4th step. According to this; premium discount rates are set at 42% instead of 45% for the 7th pillar, 22.5% instead of 30% for the 6th pillar, instead of 15% for the 5th pillar. Also, premiums for payments due to damage to issued policies were reduced from 50 to 45 percent for the 3rd level, from 100 to 90 percent for the 2nd line, from 150 to 135 percent for the 1st level. line. .
PREPARING A NEW LOCATION
Recently, preparations have begun for new traffic insurance regulations. The steps, which currently range from 1 to 7 depending on the driver’s risk, will be applied in the range from 0 to 8 when the rule is implemented. A zero figure would represent a group of “very risky drivers”. This group will include those who have more than 3 accidents per year, and their insurance premiums will increase by 200 percent. The eighth step will be for “very good drivers”. This will include those who have not been involved in an accident within 5 years, and their policies will have a 50 percent discount. The new application is planned to be implemented in February.
WHAT IS A STEP?
Vehicle insurance premiums are determined in 7 steps. For those who buy a vehicle for the first time and hit the road, step starts at step 4. When drivers have an accident, they go down to step 1. Those who have never been in an accident for three years in a row go up to the 7th step. The closer you get to the 7th category, the cheaper the insurance, and the closer to the 1st it becomes more expensive. If the first year of the policy is closed with damage, the cost of insurance increases by 50 percent. For those who close with damage for the third year in a row and fall into step 1, prices increase by 150 percent.
HERE ARE THE LIMIT PRICES REALIZED THIS MONTH ACCORDING TO PROVINCES (TL)
HERE ARE THE LIMIT PRICES REALIZED THIS MONTH ACCORDING TO PROVINCES (TL)
HERE ARE THE LIMIT PRICES REALIZED THIS MONTH ACCORDING TO PROVINCES (TL)
HERE ARE THE LIMIT PRICES REALIZED THIS MONTH ACCORDING TO PROVINCES (TL)
HERE ARE THE LIMIT PRICES REALIZED THIS MONTH ACCORDING TO PROVINCES (TL)
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