With the regulation change published in the Official Gazette, Compulsory Traffic Insurance premiums were regulated for 2024. The decision, which will affect the first three months of next year, shows that the maximum monthly premium increase rate will be 5 percent.
Maximum premium increase rate for Compulsory Traffic Insurance has been announced
According to the information in the Official Gazette, for January, February, March and April 2024 Compulsory Traffic Insurance monthly maximum premium increase rate is 5 percent will be. Starting from May, pricing will be made every month according to the damage cost index.
With the change, the premium amounts, which will increase by a certain amount in the first 4 months of 2024, will be updated in line with the new damage cost index every month starting from May. Thus, premium amounts will be determined under economic conditions along with cost increases.
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In the statement in the Official Gazette, it was stated that “The traffic insurance ceiling price will be 5 percent per month for January, February, March and April 2024, and starting from May 2024, it will be calculated every month based on the maximum premium amounts of the previous month according to the damage cost index.”
TurkStat data will also be used in the damage cost index calculation. Accordingly, the minimum wage increase will be 45 percent, the price increase for spare parts and accessories will be 30 percent, the increase in vehicle prices will be 15 percent, and the increase in maintenance and repair prices will be 10 percent.
on the other hand Insurance Board Presidencyhas the right to make adjustments to the damage cost index-based rates that will be applied starting from May, with the increase rate determined for January-April 2024. This means that percentage rates may change.
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