MTPL policy can be purchased for a month
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On Tuesday, April 18, the State Duma adopted in the first reading a bill to reduce the minimum validity period of an OSAGO policy to one month. This change is being made to reduce the number of instances of car use without a policy. Today, car owners have the right to conclude OSAGO agreements, taking into account the limited use of vehicles for three or more months a year.
The government supported the bill with the condition of finalizing it for the second reading. They consider it necessary “to provide for the possibility of independent determination by the insurer of the tariff policy for short-term OSAGO contracts”, since with such short-term insurance there are increased risks of an insured event and fraud. In addition, it is proposed to give insurers the right to set a delay in the commencement of such contracts after the submission of an application for their conclusion.
The Russian Union of Motor Insurers (RSA) believes that OSAGO contracts for a period of one month will lead to additional expenses for motorists. Twelve MTPL policies for a period of one month will be more expensive than the usual annual policy of compulsory “autocitizen”. At the same time, short-term contracts are more unprofitable than contracts for a period of a year. According to the statistics of the PCA, the average payment under short-term OSAGO contracts, for which the period of use falls on the warm season, at the end of 2022 is 112.4 thousand rubles, which is about one and a half times higher than the average payment as a whole. Therefore, the premium under a contract with a validity period of one month will be noticeably more than 1/12 of the cost of an annual contract, assures the PCA.
The PCA also believes that such policies can reduce the protection of victims in an accident. Currently, when concluding an annual OSAGO policy, you can specify the period of use of the car for a period of three months or more. If the car owner who has entered into such an agreement becomes the culprit of the accident outside this period, the victim in the accident will still receive payment from the insurance company, and the insurer will then present a recourse claim against the culprit.
Meanwhile, according to insurers, such policies may be suitable for one-time trips. Vitaly Knyaginichev, head of the Ingosstrakh Retail Business Directorate, believes that this policy is most relevant for wealthy people who own several vehicles and rarely use some of them for one-time trips.
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