The Central Bank of Russia has attempted to set an upper price limit for new types of short-term compulsory motor insurance policies that will appear in 2024. This was reported by Interfax.
According to the Central Bank draft, the cost of MTPL policies from 1 day to 3 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.
The Central Bank states that owners of old model vehicles may request short-term compulsory car insurance when transferring their vehicles to someone else.
Changes to remove the mandatory annual validity period for compulsory automobile insurance policies will come into force on March 2, 2024. Now vehicle owners can get a policy for at least 3 months a year.
Former automobile expert named Advantages of removing MTPL from the list of registration documents.
Russians before saidHow not to buy a fake MTPL policy?