20 years of the OSAGO law: how tariffs and payments have changed

20 years ago, Compulsory third party liability insurance (OSAGO) began to operate in Russia. Starting July 1, 2003, all motorists were required to purchase a policy in order to be able to travel on the roads of the country. How OSAGO prices have changed during this time – in the material “Kommersant”.

In 2003, the limits for payments under OSAGO were set at 160,000 rubles. when causing damage to property and 240 thousand rubles. damage to human life and health. For 20 years, they were raised only once – in 2014: up to 400 thousand and 500 thousand rubles. respectively. These limits are still in effect. At the same time, the average amount of payments has more than quadrupled over 20 years – from 20.8 thousand rubles. up to 86.5 thousand rubles.

The base recommended OSAGO tariff in 2003 was set at 1,980 rubles. for an individual and 2375 rubles for legal entities. It did not change until October 2014, when the Central Bank introduced a new system, which established a tariff corridor with maximum and minimum values. The growth of the base rate ranged from 23% to 30%, which led to a sharp increase in the cost of OSAGO in 2015. The final cost of the policy was also influenced by the coefficients, which were repeatedly increased. As a result, the average cost of a policy has increased by 3.8 times over 20 years.