Bulgarian high risk drivers will pay more for MTPL insurance starting 2018

The Financial Supervision Commission in Bulgaria has decided that beginning with 2018 drivers with a "spottiness" driving history will pay a higher fee for the MTPL insurance, reports Novinite.

The deputy-chairman of the Financial Supervision Commission has spoken before Bulgarian media about the changes to be implemented in the process of acquiring MTPL policies. As effective from the beginning of 2018, insurance companies will have access to drivers' personal records kept by the Ministry of Internal Affairs. This will allow insurance companies to review the driver's history and adjust the price of the mandatory vehicle insurance according to their record.

As an example, the deputy-chairman gave the situation in which a driver with a clean slate goes to get his vehicle insurance. Upon revealing his history, the company sets the price of the insurance at BGN 100 (~ EUR 50). If a driver with a bad history record, who has caused accidents over the past few years, goes through the same process, the price he pays may go up by 200% or, depending on the severity of his violations, reach up to BGN 600 (~ EUR 300).

Speeding, sudden change of direction and not keeping the recommended distance from other vehicles will be some of the main points by which the rise in the insurance's price will go up. It has been stated that among them, speeding is the most dangerous, as it was the main reason for 30% of traffic accidents. Among other nonenviable data, Bulgaria is first in Europe on traffic accident related death per capita.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all