Azerbaijan discloses number of Green Card policies issued for month
Baku, Azerbaijan, Nov. 3
By Azad Hasanli – Trend:
Azerbaijan’s insurance companies that are members of the Green Card international motor insurance system, issued 2,954 international insurance policies for vehicles in October 2017, the Compulsory Insurance Bureau of Azerbaijan (ISB) said Nov. 3.
As many as 1,628 contracts were concluded with the owners of vehicles going to Turkey and Iran, 1,285 contracts with owners traveling to Russia, Ukraine and Moldova, 41 contracts – with owners traveling to all countries included in the Green Card system (with the exception of Israel and Belarus).
Premiums on international vehicle insurance contracts amounted to 192,180 Azerbaijani manats.
According to the ISB, 2,213 of the signed contracts accounted for insurance of cars, 343 of the signed contracts accounted for insurance of trucks, 269 for insurance of trailers, 129 for insurance of buses and two for insurance of motorcycles.
The Green Card system has been functioning since 1951. The system became operational in Azerbaijan on January 1, 2016. Its main objective is the settlement of claims of victims of road accidents, involving foreign vehicles, in accordance with the national legislation of a country where the accident happened.
The ISB includes 16 companies, 13 of which are authorized to sell policies of compulsory civil liability insurance for motor vehicles.
After the Law on Types of Compulsory Insurance came into force in December 2011, the base cost of a motor vehicle compulsory civil liability insurance policy is 50 manats and is applied to the cars with an engine capacity of up to 1,500 cubic centimeters.
As the volume of the engine increases from 1,500 to 5,000 cubic centimeters, coefficients from 1.5 to 5 are added up to the cost. Coefficient 5 is used for cars with an engine capacity of over 5,000 cubic centimeters.
Previously, the insurance premium for all cars was 10 manats.
There are 22 insurance companies in Azerbaijan.
(1.7003 manats = 1$ on Nov. 3)