Tuesday, January 24 2012 16:59
RESO: Over one-fourth of Armenian drivers have not yet signed a motor third party liability insurance contract
ArmInfo. Over one-fourth of the Armenian drivers have not yet signed a motor third party liability insurance (MTPL) contract, CEO of RESO insurance company Samvel Grigoryan said at today's press conference. He explains the considerable shortfall of MTPL insurance premiums by the fact that a certain part of the drivers has no additional money for insurance. One more reason is connected with the local drivers' low awareness of the system of fines for the lack of MTPL policies, and some drivers simply underestimate the seriousness of their violations.
Grigoryan recalls that the drivers can sign an MTPL contract for 3 months and hereby evade serious fines in the future and party solve their money problems. Moreover, on the basis of certificate the company offers the potential insurees to receive a loan worth the amount of the MTPL policy.
According to him, the Road Police of Armenia has already a single data base about the drivers and can trace any violations and find out the lack of the MTPL policies. All the uninsured drivers will receive a written message about their violations and will be fined.
To recall, the fine for the lack of insurance policies is 50,000 AMD in case the Police reveals the lack of the policy on the spot. In this case, the driver, which is the party at fault, pays not only the fine, but also covers the damage of the aggrieved party himself. The fine for the untimely conclusion of MTPL contracts is 5,000 AMD for each ten days of delay, but no more than 50,000 AMD over the year. The fine for a forged token is 150,000 AMD.
To note, RESO insurance company was founded by RESO Guarantee, one of the largest insurance companies in Russia. According to the Ranking of Insurance Companies of Armenia by the Agency of Rating Marketing Information (ArmInfo), in Jan-Nov 2011 RESO collected 2.213 bln AMD premiums (4th position in the market), the insurance payments amounted to 718.169 mln AMD.