One bad news for millions of car owners struggling with fuel hikes came from compulsory traffic insurance. While the ceiling premium in traffic insurance has been increased by 1 percent as of February 20, monthly ceiling increases have been determined as 1,5 percent.
Insurance and Private Pension Regulation and Supervision Agency (SEDDK) amended its Regulation on Tariff Implementation Principles in Highways Motor Vehicles Compulsory Liability Insurance.
With the change made in the duplicate number of the Official Gazette yesterday, the ceiling premium in compulsory traffic insurance has been increased by 1 percent as of February 2022, 20. However, it was decided that the monthly ceiling increases would be applied as 1,5 percent, to be valid on the same date.
In case of cancellation of the traffic insurance policy, it is stipulated that the premium accrued to the insurance company cannot be less than 40 TL and 32 TL of this premium will be accrued as agency commission.
In addition, with an additional article added to the regulation, it was decided that SEDDK could introduce discounts or increases of up to 10 percent in addition to the premium discount and increase rates according to the fuel type and emission values of the vehicles.