Thursday, November 25 2010 18:35
Motor Insurers Bureau of Armenia introduces a number of amendments to Motor Third Party Liability tariff plan
ArmInfo. The Council of Motor Insurers Bureau of Armenia has changed the tariff policy of Motor Third Party Liability Insurance (MTPL). The new tariff policy has already been approved by the Central Bank of Armenia (CBA), Deputy Chairman of the CBA Vache Gabrielyan said at today's press conference. He stressed that the tariff policy has been revised in car owners' favor.
For his part, Executive Director of Motor Insurers Bureau Vahan Avetisyan explained that the amendments imply somewhat different calculation of the MTPL policy value of truck transport, public transport, and car trailers. He recalled that earlier the engine capacity was not among the factors influencing the value of insurance of trucks and public transport vehicles. The new tariff policy implies different values of the policies for trucks and public transport vehicles with different engine capacities. For instance, according to the amendments, the minimum value of the insurance policy for trucks and public transport vehicles with an engine capacity not exceeding 80 h/p is reduced to 26 thsd AMD against the formerly fixed 37 thsd AMD. The owners of trucks and public transport vehicles with an engine capacity of over 80 h/p will pay for insurance by 15 thsd AMD less, i.e. 39 thsd AMD against the former 54 thsd AMD.
According to the new tariff policy, car trailers are still among the risk factors, and the value of insurance policy for them will be increased by 3-11 thsd AMD. Their former value was 19 thsd AMD. Vache Gabrielyan stressed that the given amendments do not concern the car trailers being used in villages.
To recall, Armenian insurers started selling MTPL policies starting 18 Oct 2010. The Law on MTPL will come into force on 1 Jan 2011. According to the tariff plan worked out by the Motor Insurers Bureau and approved the Central Bank of Armenia, the minimum amount of the insurance premium is 18634 AMD, and the maximum one is 110313 AMD.
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