New Regulation for Compulsory Traffic Insurance Premiums

New rules have been introduced for compulsory traffic insurance premium calculations. The increase, which has been calculated as 2 percent since May, will also include items such as inflation and minimum wage in the coming period.

In today’s issue of the Official Gazette, Concerning all vehicle owners A decision was published. “Regulation on Amending the Regulation on Tariff Application Principles in Highways Motor Vehicles Compulsory Liability Insurance” and motor vehicles compulsory traffic insurance Payments are now subject to new rules.

The government has made a decision as of May 2023 and has announced that the insurance premiums will be paid every month. 2 percent increase he had done. However, from now on there will be a different premium determination system. According to the new decision, the monthly increase rate will be applied as 5 percent. In addition, in the calculation of the damage cost index, the increase in the minimum wage inflation rates will also be taken into account. Insurance and Private Pension Regulation and Supervision Agency may make a discount or reduction on the calculation made. do not increase will also have the authority.

The decision published in the Official Gazette is as follows:

ARTICLE 1- In the second paragraph of the temporary article 11 of the Regulation on Tariff Implementation Principles in Highways Motor Vehicles Compulsory Liability Insurance published in the Official Gazette dated 14/7/2007 and numbered 26582, “2% monthly starting from May 2023 (maximum premium amounts of the previous month) following the phrase “, as 5% per month (each month based on the maximum premium amounts of the previous month) for the months of January, February, March and April 2024, and starting from May 2024, each month according to the damage cost index. The phrase “based on the maximum premium amounts of the month” has been added, the following sentence has been added after the second sentence of the same paragraph, and the last sentence of the same paragraph has been changed as follows.

“In the damage cost index calculation; Minimum wage increase rate announced by the Ministry of Labor and Social Security with 45% weight, expenditure index – price increase rate of spare parts and accessories of personal transportation vehicles announced by Turkish Statistical Institute (TUIK) with 30% weight, expenditure announced by TURKSTAT with 15% weight. index – price increase rate of motor vehicles and expenditure index announced by TURKSTAT with a weight of 10% – price increase rate of maintenance and repair of personal transportation vehicles are taken into account.”

“The Board determines the monitoring and correction factor on the damage cost index, taking into account the damage frequency, damage costs and other issues, with the increase rate determined for January, February, March and April 2024, and the rate determined by the index as of May 2024, down to zero.” It is authorized to reduce the amount or increase it by up to two times.”

ARTICLE 2- Table 13 and Table 14 in the annex of the same Regulation have been amended as in the annex, the attached tables have been added to the same annex after Table 14, and the phrase “Footnotes for Tables 9, 10/A and 11:” after Table 16 has been replaced with “Table 9” , footnotes for 10/A, 11 and 15 have been changed to:”.

ARTICLE 3- This Regulation shall enter into force on the date of its publication.

ARTICLE 4- The provisions of this Regulation shall be enforced by the Chairman of the Insurance and Private Pension Regulation and Supervision Agency.

Click for the attachment.

The decision published in the Official Gazette here You can access it via the link.


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