A turning point for motor and traffic insurance: What will happen to prices?
Following the 25 percent additional tax imposed by the US on imported vehicles, vehicle prices and insurance costs have been redefined. As updates to motor and traffic insurance tariffs continue, whether prices will rise in Turkey has become a subject of curiosity. According to experts, now is the best time to get motor insurance!
The US decision to impose a 25 percent additional customs duty on imported vehicles has increased both vehicle prices and motor and traffic insurance premiums. Insurance costs are also expected to rise, particularly as parts prices in the US increase.
WILL TURKEY BE AFFECTED?
Since motor and traffic insurance premiums are directly related to vehicle value, vehicle owners are awaiting statements from insurance companies. Experts, however, have stated that a similar price increase is not expected in the Turkish market. According to Turusan Bağcı, Chairman of the TUKONFED Insurance Commission, there are three factors that affect motor insurance prices: vehicle price, parts costs, and exchange rates. The rise in the cost of imported parts, in particular, has directly affected insurance premiums as it increases the cost of repairs following damage.
A PERIOD OF PROMOTIONS FOR MOTOR INSURANCE
Following the US's high tax implementation, if some automotive companies redirect their stocks to the Turkish market, a decrease in vehicle and parts prices may be observed. According to experts, in this case, it seems possible that motor and traffic insurance prices could also be pulled down. Despite rising parts costs, a promotional period for motor insurance prices is currently ongoing in Turkey. Experts state that getting motor insurance by mid-May could be advantageous, emphasizing that this period should not be missed, especially for new vehicle owners.
NO-CLAIM DISCOUNT
Noting that drivers can achieve significant savings with no-claim discounts on motor and traffic insurance, Bağcı said, "A discount of up to 60 percent can be applied to motor insurance for drivers who have had no claims for 4 years." Similar discounts will also be valid for traffic insurance.
As of April 2025, the current average traffic insurance prices in Istanbul are as follows:
Step 4: 13,490 TL
Step 8 (50 percent discount): 6,132 TL
Step 0 (200 percent increase): 36,789 TL
News Source: 12punto
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