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MTPL — is mandatory liability insurance. But simply buying insurance is not enough. It is important to choose it correctly, and if necessary — increase the insurance compensation limit. We will talk about how to choose insurance and increase the insurance limit. As well as about the changes that Ukrainian drivers should expect in 2020:
Liaison insurance of vehicle owners is necessary for safe driving on the roads. MTPL must be issued. A fine for lack of insurance — is the least problem that a driver may face. But if he becomes the culprit of a road accident — he will have to compensate the injured party from his own pocket. Usually, the amounts are beyond the means of the average driver. And to prevent such situations from happening, there is a "motor insurance policy". You pay for the policy (once a year) and a small deductible, and in the event of an accident - the insurance company takes on all costs.
The motor insurance policy covers the damages caused by the client. This may be damage to another vehicle or the lives of passengers / pedestrians.
To avoid falling for scammers, check the information about the insurance company on the website of the Motor Transport Insurance Bureau of Ukraine.
The motor vehicle insurance covers the costs of repairing the injured party's car, as well as treatment if someone is injured. The limit is set separately for transportation and treatment. In 2019, this is 200,000 hryvnias for treatment and 100,000 for vehicle repairs.
You can calculate the cost of repairs with an independent expert or entrust this matter to an insurance company. But, you must admit, the amounts for 2019 do not seem so large. If a driver damages an expensive car in an accident - 100,000 hryvnias will not be enough to cover the repairs. In this case, the driver pays the rest of the amount out of his own pocket. To prevent this from happening - you need to increase the insurance limit in advance.
What to do so as not to pay the difference in the cost of repairs yourself? Take out Voluntary insurance, in addition to the standard OSCPV policy. This document allows you to increase the insurance compensation limit.
So, in some insurance companies, you can increase the limit for compensation for life losses from 200,000 to 250,000 hryvnias, and for car repairs from 100,000 to 250,000 or even 850,000 hryvnias.
An additional voluntary civil liability policy allows you to really insure your liability in the event of an accident. After all, if the treatment is fully covered by the regular policy, then car repairs are often more expensive.
You need to indicate the number of the already valid OSCPV policy issued by a Ukrainian insurance company. In addition, for an additional fee, you will be given another document that will expand the insurance limit. The cost of the document depends on the amount by which you decide to expand the insurance indemnity limit. And the policy is issued, like the OSCPV, for 1 year.
How does this insurance work? For example, the insurance indemnity limit for a car in your policy is 100,000 hryvnias. An insured event occurred and an expensive car was damaged due to the driver's fault. Its repair cost 150,000 hryvnias, which exceeds the OSCPV insurance limit. Then the 50,000 hryvnias that are not enough for the repair are paid at the cost of an additional auto policy.
Both options provide for both a paper and an electronic version. The second document is not required to be shown during the inspection. It will only be needed in the event of an insured event.
If we talk about a regular policy, then it is better to choose an electronic version. You can check it immediately on the MTIBU website, it will not get lost or damaged. You can always print a new copy and carry it in your car, and the electronic version will be on your smartphone.
Since the end of September 2019, the limits have been increased by 30% and are 130,000 hryvnias for property and 260,000 hryvnias for health.
From the new year, 2020, an even greater change in the insurance limit in the OSCPV policy is planned. Thus, insurance payments for car repairs will increase from 130,000 to 500,000 hryvnias. And for damage to health or life, payments will increase from 260,000 to 1,000,000 hryvnias immediately.
Changes to the limit are planned in 2025, when the amounts will increase to 8,000,000 hryvnias for vehicle repairs and 20,000,000 for compensation for damage to life or health.
However, such laws will come into force only in 2020 and will apply to insurance issued after the amendments are made. Until then, to protect yourself, you need to take out voluntary additional insurance. This is the only way to increase the insurance compensation limit for a car.
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