After the great increase in automobile prices, now the traffic insurance hike has come to the agenda. The expenses of automobile owners continue to increase, especially after the gasoline and diesel price hikes, which also contributed to the dollar increase in the last year. According to the latest information, both the total hike will be made for traffic insurance and the monthly increase amount will be increased.
Bad news for car owners, compulsory traffic insurance hike is on the way
The cost of owning a car in Turkey continues to increase. New hikes have emerged for traffic insurance mandated by the state. According to the information shared by Erol Şahin on Twitter with the decision of the Official Gazette, the maximum premiums increase by 10 percent.
In this sense, this maximum premium increase for trucks and towing vehicles will be at the level of 10 percent. In other vehicle groups, this rate will be around 20 percent.
The monthly increase amount for compulsory traffic insurance increased from 1.5 percent to 4.75 percent. It is also among the expectations that the number of vehicles without traffic insurance will increase after this hike, which has been experienced nearly three times.
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Compulsory traffic insurance is a type of insurance that every driver who owns a vehicle is obliged to have. Insurance agencies, on the other hand, are obliged to determine the premiums of this insurance within the limits determined by the state. The traffic insurance hike will come into effect on September 1, 2022.
Especially after the dollar crossed the 18 TL limit in the last period, vehicle prices started to increase one after the other. Car owners have faced a huge hike in the last year. The reflection of the increase in gasoline and diesel prices in the world, the increase in the dollar and the global economic contraction after the pandemic increased all costs.
Turkey, on the other hand, is trying to impose a sales ban on new cars in order to prevent the fluctuations in new and second-hand car prices. Accordingly, drivers who will buy new cars will not be able to sell their vehicles for six months.
Are you considering buying a car after the compulsory traffic insurance hike? Do you think the prices of new and used cars in Turkey will increase even more? We welcome your comments below the news.