NEWSROOM

While the premium production was around TL 900 billion in 2020, it reached the limit of TL 1.2 billion in 2021 in the Optional Financial Liability Insurance (IMM), which secures vehicle owners against excess of the damage limit.

*** This release is originally published in Turkish.
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ISTANBUL (TR) - The rise in repair costs brought along premium increases in traffic insurance. According to the 2022 compulsory traffic insurance tariff announced by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), the monthly maximum premium amounts in traffic insurance were increased by 1.5% and the maximum premium in traffic insurance was increased by 20%. According to the new tariff effective as of February 1, traffic insurance ceiling prices start from 1,300 TL for cars and go up to 5,600 TL. Stating that the compulsory traffic insurance guarantees the coverage of the damages that occur after a possible accident within certain limits, Accountkurdu.com and Koalay.com Commercial Director and Executive Board Member Can Paksoy said, “The new tariff includes the compensation payments of the other party's damages in defective accidents with 50 thousand TL per vehicle, accident It is limited to 100 thousand TL per person. The traffic insurance owner has to cover the damages above these amounts. Optional Financial Liability Insurance (IMM) guarantees vehicle owners against exceeding the damage limit.

Covers all material and physical damages

Referring to the fact that the IMM coverage can be added to the compulsory traffic insurance or motor own damage policy as well as purchased externally, Can Paksoy made the following assessment on the subject: “In the face of the increase in motor vehicle and compulsory traffic motor insurance prices, companies started to offer this coverage as a separate type of insurance. IMM, which is a completely optional coverage type, covers the material and physical damages of the other party and also protects the insurer against excessive demands. Non-pecuniary damages, which are not included in the traffic insurance, can be added to the IMM, which is valid within the borders of Turkey, within certain amounts. Since moral damages are difficult to measure, the assurances offered in this direction should be clearly stated in the guarantee and the details of all guarantees should be conveyed to the insured. Some motor insurance policies may also include IMM coverage. It is a great benefit for the insured to review their motor insurance policies, learn the IMM limits, if any, and purchase an external IMM cover if they have no or low limits.”

Demands for IMM accelerated

Stating that the ever-rising repair costs increase the demands for IMM coverage, Can Paksoy said, "Premium production is increasing at IMM, which offers unlimited options for moral damages that are not covered by traffic insurance, as well as material and physical damages in the event of an accident. Premium production, which was around TL, reached the limit of TL 1.2 billion in 2021. This rate is expected to increase even more in the coming years.” said.