Over 911,000 cars compulsorily insured in Azerbaijan in 2013

Photo: Over 911,000 cars compulsorily insured in Azerbaijan in 2013 / Business News

Baku, Azerbaijan, Jan. 7

By Abbas Akhundov - Trend:

Over 911,900 cars were involved in compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan in 2013, Compulsory Insurance Bureau of Azerbaijan (ISB) said on Jan.7.

Only ISB members have right to work on CTP. The Compulsory Insurance Bureau includes 12 companies: Paşa Sığorta, Atəşgah Sığorta Şirkəti, Standard Insurance Sığorta Şirkəti, AtaSığorta, Xalq Sığorta, AXA MBASK Sığorta Şirkəti, AZSIĞORTA, Alfa Sığorta, "Azərsığorta" State Commercial Insurance Company, Meqa Sığorta, İpək Yolu Sığorta и Azərbaycan Sənaye Sığorta.

These companies insured the liability of owners of around 55,800 cars in December, some 19,800 of which were brought to Azerbaijan for transit purposes.

The fees on CTP amounted to 3.9 million manat in December 2013 and as of the full year - 69.3 million manat.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounts to 50 manat and is used in regard to cars with an engine capacity of up to 1500 cubic centimeters. With the increasing volume of the engine (from 1,500 to 5,000 cubic centimeters), coefficients from 1.5 to five are added up to the cost. Coefficient five is used for cars with an engine capacity of over 5,000 cubic centimeters.

Previously, insurance premium for all passenger cars was 10 manat.

The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes was signed for a period of one month, and the insurance amount equals 25 percent of the annual premium for the vehicle.

The official exchange rate on Jan.7 is 0.7845 AZN/USD.

Translated by L.Z.

Edited by C.N.

Follow us on Twitter @TRENDNewsAgency