Finance

Finance

Automobiles in Azerbaijan to be insured on new compulsory system

17 December 2011 15:15 (UTC +04:00)

Baku. Ali Ahmedov â€“ APA-Economics. Several significant changes are planned in the â€œRule of calculation of amounts of insurance fees on compulsory insurance of civil responsibility of car ownersâ€ approved by the Ministry of Finance. According to rules, calculation of insurance fee will depend on the type of car, its power, belonging of car to individual or legal entity, as well insurance e date of driver. Bonus-Malus system will be applied for determining of insurance date of driver.

Consequently, when the annual insurance tariff is accounted, base insurance fee (AZN 50) and the indexes on Bonus-Malus system will be taking into consideration. When this index increases, the insurance tariff for driver will be increased, too.

Indexes on type of cars are determined on some categories. This depends on engine in vehicle. For example, if the engine is 1,501-2,000smÂ³, this index will make 1.5. It means the owner of VAZ-2107 or Azsamand will pay AZN 75.

Insurance tariff for buses and microbuses will depend on their seats. So that the index for 9-16 seats will make 3. According to new rules, if the owner is legal entity, the tariff will be calculated with additional 20%.

Bonus-Malus system will be accounted by taking the insurance accidents occurred by driver into consideration.

If anyone insures the car for the first time, the insurance type, will depend on type of the car. For subsequent insurance, other factors will be taken into consideration.