New tariffs for insurance: how to change the cost of the policy

June 18th. The Bank of Russia on its official website published a draft of instructions on the limits of base rates and tariff coefficients for CTP, as well as on the procedure for their use by insurers in calculating the cost of CTP policy.

This is the first step in the reform of CTP. It is assumed that as a result of this reform, insurance companies will be able to assign more reasonable prices for policies, depending on the situation with loss. And also will be able to approach more individually to each client. It is planned that this approach will reduce the cost of the policy for experienced and age drivers in non-profitable regions. For drivers in an accident, the cost of the policy will increase. However, it is too early to say what such changes will lead to.

The tariff corridor

The changes suggest the expansion of the tariff corridor:

• the lower limit for all modes of transport will be reduced by 20%,
• the upper limit will be reduced by 10.9% for motorcycles and scooters%,
• the upper limit will be reduced for cars owned by legal entities by 5.7%.
• the upper limit for the rest of the transport will increase by 20%.

In the end, individuals owning cars, the tariff corridor will be from 2 to 4 746 942 RUB It within these limits, insurers will set a baseline rate from which to deduct the cost of insurance policy.

Experts believe that the competition will not allow insurance companies to set maximum tariffs. But car owners reasonably fear that insurers will not miss the opportunity to raise prices. 20 percent on top is a good raise.

Insurance companies are required to develop a tariff, publish it on the official website of the company and notify the Central Bank about it.

Driver history and bonus-Malus

Important! The history of the driver will not be reset, even if he did not purchase a policy for a year.

The bonus-Malus coefficient, the value of which depends on the accident rate of the driver, will be set once a year. However, he will be only one. Currently, the driver may have several such coefficients. Such a situation may arise if a citizen has his own car, insured by CTP, and he is included in other CTP policies. How many policies, so many odds. This situation leads to disputes with insurers and sometimes to unjustified overstatement of the policy cost. When the bonus-Malus ratio is one, there will be no such problems.

In the transition to the new system, the driver will be assigned the minimum of the available coefficients.

For legal entities will be assigned one bonus-Malus coefficient for the entire fleet. Now it is different for each car in the fleet. This situation also leads to confusion and fraud on the part of the owner of the fleet.

They won't reset the driver's history. The assigned coefficient will remain with the driver even if he does not insure the car during the year. Now, if the driver, for example, did not purchase a year CTP policy, its history is burned. And when you purchase a new policy bonus-Malus will again be equal to one.

Coefficients of experience and age

Instead of the four coefficients, acting previously, they will be 50. The lowest coefficient will be assigned to drivers over the age of 35 and over 3 years of driving experience. It will be 0.96, instead of the current unit. For young and inexperienced drivers the coefficient will increase.

So for drivers under the age of 21 and driving experience less than 2 years, the ratio will be 1.87 (instead of 1.8).

Worst of all will have to drivers of middle age (22 – 34 years) with driving experience of more than 3 years, for them the coefficient will be increasing. So, the insurance policy will rise in price.

Insurance rate coefficient depending on the age and experience of the driver admitted to driving

When the document will be adopted and enter into force is unknown. Public discussion of the document will last until June 20. Deputy Chairman of the Bank of Russia Vladimir Chistyukhin previously stated that the document is scheduled to be adopted in August.

The text of the document can be found on the link-an Indication of the Bank of Russia "on the limits of the basic rates of insurance tariffs, insurance tariff coefficients, requirements for the structure of insurance tariffs, as well as the procedure for their application by insurers in determining the insurance premium under the contract of compulsory insurance of civil liability of vehicle owners".

#CTP #CTP rates #CTP news #CTP 2018 # bonus-Malus

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