2024-03-15 15:48:22
There may be another increase after code changes
The mandatory liability insurance can be 30% or even more expensive if the driver has had an accident in the last 3 years. This is clear from the criteria that most companies apply to calculate tariffs.
On Wednesday, the government adopted changes to the Insurance Code that introduce the bonus-malus system. Under it, those who follow the rules receive discounts on the price of the policy, and drivers with violations pay more. Each insurer decides for itself what methodology it will use to calculate the prices, and can use data from the Guarantee Fund. It has a register of claimed damages in accidents.
Most companies in practice have already implemented a system with different weighting of evaluation criteria. This also explains the significant differences in car policy prices.
Most companies rate more powerful cars as riskier because high speed is a factor in more serious accidents. As a rule, they bet that 50% of the premium over the base price of the policy is formed by the power of the engine, the price of the car and the year of manufacture, as well as the town where the car is most often driven.
The remaining 50% of the price of “Civil Liability” is determined by the driver’s age, experience, as well as the list of his accidents for a certain period.
Thus, with the same parameters of the car, the difference in the price of the insurance can reach 140 BGN, depending on whether there are accidents or not. With most companies, the increase for the offending drivers is between BGN 61 and BGN 92. There are also insurers where the price does not depend on the accidents.
But a large number of companies give discounts for the simultaneous conclusion of “Civil Liability” and “Casco”.
A new increase in policies may occur after the final adoption of the changes in the insurance code. The reason is that the limits of the paid benefits under “Civil Liability” are being raised. For damages in which there is bodily injury or death, the value rises from BGN 10.42 million to the BGN equivalent to EUR 6.45 million. For property damage, the change is from BGN 2.1 million to EUR 1.3 million.