Russian drivers will now be able to obtain compulsory motor third-party liability insurance (MTPL) contracts for a period of one day to three months. The relevant law came into force on March 2 RIA News.
Before this, vehicle owners could sign MTPL contracts with a limited period of vehicle use of not less than three months per year.
According to the law, a short-term MTPL contract will enter into force three days after the insurer submits the necessary documents for its conclusion, unless the contract stipulates a shorter period for its entry into force. At the same time, it is prohibited to change the validity period of any compulsory traffic insurance contract.
Before that the Central Bank of Russia took the initiative We have set an upper price limit for new types of short-term MTPL policies.
According to the Central Bank draft, the cost of MTPL policies for a period from one day to three months cannot exceed the regular annual policy price for a particular vehicle owner. When calculating the price of short policies, insurers will need to apply a discount factor for the duration of the contract. The cost will also be affected by the driver’s age and experience, the region, and other factors.
Formerly in the State Duma rejected The idea of compensating for damages under compulsory car insurance due to icicles falling on the car.