Tuesday, February 8 2011 12:40

One-third of Armenian car owners have no motor third-party liability insurance


ArmInfo. One-third of Armenian car owners have not made motor third-party liability insurance (MTL) contracts yet, the Armenian Police reported.

As of Jan 30 2011 a total of 434233 vehicles were registered in the country and 306,000 MTL contracts were made.

In addition, 12853 car owners applied for de-registration of their cars and returned number plates and certificates.

Experts say that many car owners have to refuse from their cars because of too high cost of MTL. The Law On MTL came into force on Jan 1 2011. The fine for not having MTL policy is 50,000 drams. According to the tariff plan approved by the Central Bank of Armenia and worked out by the self- governing organization "Motor Insurers' Bureau", the minimal amount of the basic insurance premium is 18634 AMD, and maximum - 110313 AMD.
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