{"id":237156,"date":"2006-01-17T09:13:00","date_gmt":"2006-01-17T09:13:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/01\/17\/automobile-insurance-to-double-major-companies-incomes-8291-eng\/"},"modified":"2006-01-17T09:13:00","modified_gmt":"2006-01-17T09:13:00","slug":"automobile-insurance-to-double-major-companies-incomes-8291-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/automobile-insurance-to-double-major-companies-incomes-8291-eng\/","title":{"rendered":"Automobile insurance to double major companies\u2019 incomes"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

(Commentary by Sergei Balaban, Infotag observer) <\/p>\n

The Moldovan Government has compelled insurance companies to use a uniform scheme of selling motor third party insurance policies. According to corresponding governmental Resolution, in 2006 the insurance of cars, depending on their engine volume, will cost the owner 300 to 1,100 lei, of motorbikes – 200-400 lei, public transport vehicles 1,000 to 2,000 lei, tractors 400 to 1,000 lei. <\/p>\n

For foreigners bringing their motor vehicles temporarily to this republic or for transit travelers, third party insurance premiums will now cost 75% more than previously. <\/p>\n

This novelty, so unpleasant for motorists, has been introduced following the September 2005 decision of the Constitutional Court which recognized the existing system of third-party insurance premiums as non-constitutional. That system had led to a legislative and administrative vacuum at the local market. <\/p>\n

Despite many attempts to reach a consensus, Moldovan insurance companies failed to maintain uniform prices on this service. Weak companies, in their desperate attempts to survive, resorted to dumping methods, lowering the prices on policies by up to 40%, which placed the business under the threat of collapse. Naturally, such companies could not be reliable in the business. <\/p>\n

So, now the Court has cancelled not only the existing order of setting insurance tariffs, but also forced insurance companies to repay damage without an account of the vehicle’s wear and tear, along with repaying the health damage to accident victims. <\/p>\n

That caused companies’ indignation. Their managers stated that if nothing changes in that sphere, they would simply cease insuring motor vehicles. Most of the insurers switched over to striking individual bargains with clients. The chief thing the contracts were used for was to determine the ceiling of the damage sum to be repaid. The contract as such is not needed by companies because it stipulates many but far from all nuances of inter-relations between the client and the company, being an undisputable proof during a court examination. <\/p>\n

With the incidence of traffic accidents steadily growing, damage sums repaid to clients is going up as well, placing many insurance companies before a threat of bankruptcy. The proportion of compulsory motor third party insurance presently constitutes about 20% of the total insurance market in this republic, and with some companies – up to 50%. Before, the insurance companies’ chief advertisement hobbyhorse was the promptness of compensation for the damage (10-20 days). Nowadays, they prefer to be silent about that, dragging the repayment moment to the latest time possible. <\/p>\n

(The full text of the commentary is available against a contract on informational servicing to be signed with news agency Infotag.) \/\/ Infotag<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The Moldovan Government has compelled insurance companies to use a uniform scheme of selling motor third party insurance policies. According to corresponding governmental Resolution, in 2006 the insur<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-237156","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

(Commentary by Sergei Balaban, Infotag observer) <\/p>\n

The Moldovan Government has compelled insurance companies to use a uniform scheme of selling motor third party insurance policies. According to corresponding governmental Resolution, in 2006 the insurance of cars, depending on their engine volume, will cost the owner 300 to 1,100 lei, of motorbikes – 200-400 lei, public transport vehicles 1,000 to 2,000 lei, tractors 400 to 1,000 lei. <\/p>\n

For foreigners bringing their motor vehicles temporarily to this republic or for transit travelers, third party insurance premiums will now cost 75% more than previously. <\/p>\n

This novelty, so unpleasant for motorists, has been introduced following the September 2005 decision of the Constitutional Court which recognized the existing system of third-party insurance premiums as non-constitutional. That system had led to a legislative and administrative vacuum at the local market. <\/p>\n

Despite many attempts to reach a consensus, Moldovan insurance companies failed to maintain uniform prices on this service. Weak companies, in their desperate attempts to survive, resorted to dumping methods, lowering the prices on policies by up to 40%, which placed the business under the threat of collapse. Naturally, such companies could not be reliable in the business. <\/p>\n

So, now the Court has cancelled not only the existing order of setting insurance tariffs, but also forced insurance companies to repay damage without an account of the vehicle’s wear and tear, along with repaying the health damage to accident victims. <\/p>\n

That caused companies’ indignation. Their managers stated that if nothing changes in that sphere, they would simply cease insuring motor vehicles. Most of the insurers switched over to striking individual bargains with clients. The chief thing the contracts were used for was to determine the ceiling of the damage sum to be repaid. The contract as such is not needed by companies because it stipulates many but far from all nuances of inter-relations between the client and the company, being an undisputable proof during a court examination. <\/p>\n

With the incidence of traffic accidents steadily growing, damage sums repaid to clients is going up as well, placing many insurance companies before a threat of bankruptcy. The proportion of compulsory motor third party insurance presently constitutes about 20% of the total insurance market in this republic, and with some companies – up to 50%. Before, the insurance companies’ chief advertisement hobbyhorse was the promptness of compensation for the damage (10-20 days). Nowadays, they prefer to be silent about that, dragging the repayment moment to the latest time possible. <\/p>\n

(The full text of the commentary is available against a contract on informational servicing to be signed with news agency Infotag.) \/\/ Infotag<\/a><\/p>\n

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