Drivers will be able to buy the obligatory Third Party Liability insurance from next month by between 5% and 10% cheaper, insurers told Monitor.
At the end of the year, more people traditionally change the mandatory policy, and in the fight for clients, insurance companies make more advantageous offers. Currently, the price of Civil Liability for cars with an engine capacity of up to 1,700 cubic meters is between BGN 180 and BGN 200.
This practically means that if customers research the market, they can find offers lower by about BGN 20. However, the better prices will be valid only within the campaign for renewal of policies and only for some companies.
However, the expectations of the insurers are that in general there will be no significant changes or there will be a slight increase in the range of BGN 10-10. "In the last 3 to 5 years the price of the policy is going up", commented Nikolay Genchev from the Association of Bulgarian He explained that this was due to higher insurance limits and increasing claims, but due to competition in the market, no significant changes in the price of Civil Liability are expected by the end of the year.
According to Kosta Cholakov, who is the executive director of a leading insurance company, no significant changes are expected either. Genchev also explained that insurers are increasingly segmenting the market and raising prices only for certain groups of drivers. For example, this is the case with owners of more than 4 vehicles. For them, the price of Civil Liability is 500% higher, it is clear from the offers of the companies published on the website of the Financial Supervision Commission (FSC).
Already in the summer, some insurance companies raised prices for drivers from Vidin, Silistra and Ruse. This is due to the problems with the so-called Romanian insurance, explained the industry. Traditionally, in these cities the policy costs more, because cars with Bulgarian registration numbers and insured in our country are driven en masse by drivers in Romania. Thus, the risk is higher, and in case of accidents the compensations are more salty.
Young drivers also pay more for Civil Liability. For example, in some companies, drivers under the age of 25 have to pay around BGN 520 for the policy. This applies to cars with an engine capacity between 1600 and 1800 cc. The price of the insurance can reach as much as BGN 780, if we are talking about powerful SUVs with an engine capacity of over 2,500 cubic meters. Other insurers increase the price by 100% for drivers up to 30 years.
Some companies sell insurance with a surcharge of 25 percent for drivers who drive their car for less than a year. Often the price jumps if the driver has caused a car accident in the last 3 years. On the other hand, conscientious drivers can enjoy discounts.
Source: profit.bg
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