The decision concerning vehicle owners will be implemented as of May 1, 2024. Anyone who owns a car should pay attention to this detail. Here are the details of the new decision that will be applied to vehicle owners as of May 1, 2024…
The new regulation for traffic insurance that vehicle owners must carry was announced by the Insurance Regulation and Supervision Agency. The new regulation goes into effect as of May 1, 2024. While vehicle owners will be relieved with this regulation, they will also be affected by the increase. So, how much is 2024 traffic insurance? How much have vehicle insurance increases been made? Here are the details about traffic insurance…
30 PERCENT INCREASE HAS BEEN MADE
As of 2024, traffic insurance fees have been increased by SDDK (Insurance Regulation and Supervision Agency). The decrease in the rate of taking out policies with the 30 percent increase made by SDDK was remarkable. Following the reactions of vehicle owners to the fees and the decrease in policies, a new regulation was made to increase the price. It was learned that the new regulation will come into force as of May 1, 2024.
NEW DECISION FROM SDDK AS OF MAY 1
As of the beginning of May 2024, the Insurance Regulation and Supervision Agency has been updating the fees according to the “Damage cost index”. When determining traffic insurance, the increase in vehicle repair and parts prices will be based on the minimum wage increase and the increase in inflation. Traffic policies, which increase by 5 to 10 percent every month, are expected to decrease to 2 to 3 percent after May 1.
2024 TRAFFIC INSURANCE STATEMENT
Selin Revenue, one of the representatives of the insurance industry, said about the regulation prepared by the Insurance Regulation and Supervision Agency regarding traffic policies: “Inflation and determination of the minimum wage affect the cost index. If there is no second increase in the minimum wage in July, traffic policies will not increase much. Prices will be determined depending on vehicle increases, repair and parts costs, and the increase in the minimum wage. By comparing these, the price index is determined. “While insurance companies make a small increase, drivers will not object to the prices,” he said.
While this is the case for traffic insurance, since automobile insurance policies are a private insurance type, they are not valid at the same rate in these costly policies. Insurance companies can make free pricing for car insurance.
DRIVERS NEED TO BE CAREFUL ABOUT FAKE POLICIES
TSB (Turkish Insurance Association) warns vehicle owners not to be victimized by those who sell fake policies, as is the case in many other ways. In its statement, TSB states that citizens should be careful about people who introduce themselves as insurance agency representatives when purchasing traffic insurance. He emphasizes that vehicle owners should research insurance agencies thoroughly in order to avoid financial losses and to avoid being at fault in traffic.
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