In Russia, on Sunday, January 9, a new system for calculating the cost of compulsory car insurance for OSAGO came into force. So, the cost of the insurance policy will be determined by the driver’s behavior on the road.
The innovations are connected with the indication of the Central Bank of Russia about the second large-scale change in regional coefficients in the history of OSAGO. As the regulator specified, for passenger cars of individuals, the range of expansion of base rates both down and up will be 10% (from 2224 to 5980 rubles). From this amount, insurers will be able to calculate the base rate.
For public transport, this figure will be 4.9%, and for other categories of vehicles – 30%.
“The coefficients depending on the age and experience of the driver, as well as the coefficients for the accident rate (bonus-malus coefficient, KBM) have been revised and additional calibration of regional coefficients has been carried out,” the Central Bank said in a statement.
At the same time, the norms regarding the bonus-malus coefficient (discount for accident-free driving) will come into force on April 1, 2021. This rate increases from 2.45 to 3.92.
The largest increase in the coefficient, immediately by 36%, affected small settlements in Bashkiria, writes Gazeta.Ru. Decrease in coefficients is expected in Moscow, St. Petersburg, Novosibirsk and Kazan. The increase will affect Sevastopol, Simferopol, Magadan and Nazran.
The cost of the policy will increase for young drivers without driving experience, and decrease for citizens over 40 years of age and with more than 10 years of driving experience.
Also, the increase in prices will affect those drivers, through whose fault three or more accidents were committed during the year. In turn, neat drivers will be able to get a discount of more than 50%.
The instruction of the Central Bank on expanding the border of the tariff corridor for compulsory motor third party liability insurance was approved on December 29. As indicated by the regulator, such a measure is aimed at ensuring that insurers can “further reduce the tariff for good drivers” and increase the cost of insurance for motorists with an increased level of risk.
Vitaly Knyaginichev, head of the retail business department of Ingosstrakh, in an interview with Izvestia, noted that the expansion of the tariff corridor would allow for more fair prices, while noting the need for complete liberalization of tariffs so that each company would be able to form tariffs based on its own statistics.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
