10 percent price hike in traffic insurance

With the start of the new year, the price hikes for traffic insurance have been announced. The most affordable traffic insurance price in Istanbul has risen to 3,706 liras.

Within the scope of mandatory traffic insurance, a 'ceiling price' system has been in effect since April 12, 2017, and insurers cannot exceed the increase rate determined by the state. While these ceiling prices increase at certain intervals, flat rate hikes are also applied regularly. For example, on May 1, 2023, a 5 percent hike was applied to the ceiling price. Additionally, as of May, two new steps, 0 and 8, were added. Previous steps were ranked between 1-7.

The authority to increase the DKK, which the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) is authorized to use, was exercised in January with a 10 percent increase. This increase was reflected in the traffic insurance ceiling prices.

On the other hand, while the lowest traffic insurance ceiling price for automobiles in Istanbul was 3,369 liras on December 1, 2023, this price rose to 3,706 liras as of January 1, 2024. The amount drivers will pay varies according to the steps determined based on their involvement in accidents.

As an important note, these ceiling prices may be lower due to competition between insurance companies. Therefore, it is recommended that those who want to purchase insurance get quotes from 2-3 different insurance agencies.

PRICES BY PROVINCE

News Source: 12punto