Every driver must have an insurance document in addition to a driver’s license and technical passport. The electronic policy guarantees compensation for damage to property and the health of the injured party because of an accident. You can buy car insurance from insurance companies or online. You will also read in this article, do you need insurance on a car that doesn’t run? Ever wondered about that? Let’s move on to the article.
As of today, every car owner is obliged to have MTPL insurance.
Under the contract, the insurance company is obliged to compensate the party who was injured in the accident on behalf of the person responsible for the accident. This includes repairs to the vehicle and treatment of the passengers and the driver. In most countries, the “Insurance Act” has special features – it provides for the benefits of the car and the benefits of the car insurance.
What types of car insurance are there
In the global insurance market, we can distinguish the following types of policies:
- Insurance of one car, which can be driven by one or more individuals. This policy will be the cheapest
- One physical person issues an insurance policy for several cars
- An insurance policy covers a whole group of people or even an unlimited number of drivers. The cost of this insurance will be the highest, but you can even use it to drive a car if the insurance is issued to another person
What benefits can retirees count on
The government of some countries has taken care of providing benefits to pensioners when arranging MTPL insurance. Special conditions have been created for this group of car owners. They receive a discount of about 50% on the insurance policy of a motor vehicle. To take out an insurance contract, the owner must meet a few requirements:
- The vehicle can only be owned and used by the insured
- The vehicle must be in technically sound condition
- engine volume should not exceed 2 500 cubic cm
- The driver and other road users are responsible for the road worthiness of the vehicle and their actions on the road.
Who does not need car insurance: MTPL benefits
The following categories of people are not required to purchase an MTPL insurance policy:
- disabled war veterans
- combatants
- people with category 1 disabilities
- drivers of a vehicle owned by a group 1 disabled person.
What does the cost of MTPL insurance depend on
The price of the insurance policy is influenced by the following factors:
- term of insurance
- driving record
- type of vehicle (car, truck, bus, motorcycle, trailer)
- engine capacity (for motorcycle and car)
- tonnage (for a truck)
- number of passenger seats (for the bus)
- place of registration of the vehicle owner
- benefits for the driver.
You can get the exact price of the insurance policy directly from the JunkCarsUs insurance agent before issuing the document.
