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How the price under Civil Liability Insurance is formed

NEWS_PUBLISH_DATE 27 January 2017
How the price under Civil Liability Insurance is formed image

There are several factors that affect the value of the policy in Bulgaria:

  • The engine capacity of the car;
  • In which city is the car registered;
  • The age and driving experience of the driver;
  • Is there an accident in the last 3 years.

The power of the car is the most important factor of all, which is taken into account when determining the price of insurance. However, this is often unfair - for example, the lowest price on the market increases by 40% - from BGN 161 to BGN 224, when the same experienced driver insures a car with an engine capacity of 1300 cm2 or 2500 cm2, respectively. But if a driver declares that he has less than 1 year of experience and has already suffered a car accident, then the lowest price on the market for his car with a 1300 cm2 engine will increase by only 21% to BGN 195. That is, the price increase for risky drivers with a bad road history is nearly twice less than it is for serviceable drivers with more powerful cars. In this way, part of the risk is transferred to good drivers, who have a bad history on the road, just because they have decided to own a more powerful car. However, this will soon change. The reason is the introduction in the Insurance Code. born bonus-malus system (BMS). This means a financial incentive for decent drivers, as in the absence of accidents the price of the policy will fall, and vice versa - drivers who caused accidents or acts of violation will have to pay more.