More on that Mandatory Vehicle Insurance
Insurance for vehicles registered in Georgia will soon become mandatory, with the respective package of amendments being discussed by the Georgian parliament.
“The compulsory insurance of vehicles is among the leading obligatory insurance in international practice. Due to negligence, inattention, inadequate knowledge and improper maintenance of the means of transport by its drivers, the increase in road accidents leads to unforeseen consequences,” the explanatory note to the bill reads.
It also says that mandatory insurance creates material guarantees, on the one hand for the driver and on the other for the victim when an accident occurs.
The draft law determines the minimum and maximum amount of annual insurance according to the category of vehicle.
The cost of insurance per annum for different types of transport is to be as follows:
• Motorcycle with an engine capacity over 50 cubic centimeters: GEL 75.00 to GEL110.00
• Cars with maximum permissible weight of 3,500 kg, and no more than eight seats (not including driver's seat): GEL 100.00 to GEL 150.00;
• Buses with more than eight seats (not including driver's seat): GEL 210.00 to GEL 310.00
• Car trailers: GEL 50.00 to GEL 75.00
• Agricultural vehicles, self-propelled cars: GEL60.00 to 90.00 GEL.
From 1 March, all vehicles which are registered abroad and enter Georgia for at least 15 days require a motor vehicle insurance policy.
A policy can be obtained at the border checkpoint. The fee depends on the type of vehicle and duration needed. The document may be issued for 15, 30, 90 or 365 days.
The insurance covers both physical and material injuries inflicted to a victim of a road accident. Heavy bodily injuries will be 100% covered, while less serious injuries will be covered either at a rate of 30% or 60%.
The insurance will not cover damages or injuries that result from non-standard conditions such as damage that results from the transportation of hazardous substances, damage caused by terrorist attacks, military operations and military maneuvers, as well as that inflicted during competitions, practicing or tests.
By Thea Morrison
Image source: Economic Times