Reasons for issuing new forms
The main reason for replacing old forms of civil liability insurance for car owners with a new version was the fight against fraud. The replacement took place on July 1, 2021. At that time, out of approximately 42 million MTPL policies sold during the year, 1 million were counterfeits. Thus, insurers decided not only to strengthen the protection of the insurance document, but also to remove counterfeits from circulation. The replacement of old forms with new ones took place with the support of all government bodies that are in one way or another related to this process, including the traffic police.
All innovations, including color changes and the introduction of additional protective elements, increased the cost of the OSAGO form (about 6 rubles) by 10%. According to statements from insurers and the insurance market regulator, such a rise in price did not and will not affect the amount of insurance premium for policyholders.
The changes included in the new version of the document will be convenient both for the policyholders themselves, and for insurers and traffic police officers. For example, the QR code that the insurance company will apply will contain information about the contract, the car owner (including the series and number of his passport), and the vehicle. Using the RSA application, the traffic police inspector will be able to read this code and obtain all the necessary information without accessing electronic databases.
What do the experts say?
At a press conference, the deputy director of the financial policy department of the Ministry of Finance said that very soon draft amendments to the law on compulsory motor liability insurance, which allow reinsurance, will be available. According to experts, compulsory motor liability insurance should increase in price, since the tariffs are not enough. Over the past 3 years, the price of cars has increased by up to 45%. In addition, spare parts and paint materials have also become more expensive. With in-kind compensation, the wear and tear of parts is not taken into account during the repair process; only new ones are installed.
Want to know how to earn over 450% per annum in the stock market?
Get a free course on investing in high-yield instruments that brought in more than $1 million in 2021.
I, Andrey Abrechko, an investment expert with 12 years of experience and the founder of the Academy of High Profit Investments, invite you to take part in my free course, where you will learn:
— which instruments are the most profitable in 2021;
— what are IPOs and SPACs and how to start making money on them from 100% per annum;
I will analyze my real case, where I will show with a clear example how I managed to make more than 450% per annum for 2020.
The course consists of 5 small lessons that will be sent to you via Telegram and you can watch them at any convenient time.
Follow the link and start free training
