Attention second-hand vehicle buyers: Mandatory as of today!

The Insurance Association of Türkiye (TSB) has announced that the 15-day traffic insurance period for second-hand vehicle purchases ended as of December 5, 2024, reminding second-hand vehicle buyers that it has become mandatory for them to have a valid compulsory financial liability insurance in their own name before the sales transaction takes place.

"BUYERS MUST OBTAIN COMPULSORY LIABILITY INSURANCE"

According to the statement made by the Insurance Association of Türkiye, it was reported that for second-hand vehicle purchases, it has now become mandatory for vehicle buyers to have obtained a valid compulsory financial liability insurance in their own name before the sales transaction.

The statement recalled that the decision put into effect by the Constitutional Court (AYM) as of December 5, 2024, introduced an amendment to the "Regulation on the Execution of Vehicle Sales, Transfer, and Registration Services" published by the General Directorate of Security of the Ministry of Interior, which is the executor of the Highway Traffic Law.

It was stated that with this amendment published on December 4, 2024, it has been made mandatory for vehicle buyers to have obtained a valid compulsory financial liability insurance in their own name before the sales transaction.

In the statement, which noted that based on the Constitutional Court's decision, second-hand vehicle buyers are required to obtain a valid traffic insurance before the sales transaction, the following expressions were included:

"NOTARY WILL NOT APPROVE THE SALE UNLESS INSURANCE IS PROCESSED INTO THE SYSTEM"

"The sales transaction cannot be carried out by notaries until the insurance policy is processed into the system. This regulation is expected to provide significant contributions to the insurance sector.

With the new regulation, the additional premium costs arising from the traffic insurance that was valid for 15 days after the sale of the vehicle for former vehicle owners will be eliminated.

"GRIEVANCES OF FORMER VEHICLE OWNERS WILL BE PREVENTED"

Furthermore, the possibility of new buyers being on the road without insurance will be eliminated, and the rights of the former vehicle owner will be protected. Based on the justification of the Constitutional Court decision that will enter into force on December 5, an amendment has been made to the 'Regulation on the Execution of Vehicle Sales, Transfer, and Registration Services' by the Ministry of Interior and the Ministry of Justice."

The statement emphasized that with this published amendment, it will be checked whether there is a valid compulsory financial liability insurance in the name of the buyer before the vehicle sale.

"INSURANCE POLICY WILL BE CHECKED"

It was conveyed that with this regulation made in the regulation on the execution of vehicle sales, transfer, and registration services, it has become mandatory to verify that there is a valid traffic insurance in the name of the person to whom the vehicle transfer will be made as of the date of sale and transfer, and the statement added, "The sales transaction can be carried out after the notaries check whether the insurance policy is valid.

"TRUST IN INSURANCE WILL INCREASE"

This regulation will provide numerous positive contributions to the insurance sector. The 15-day additional coverage period in old policies will be abolished, the new vehicle owner will be prevented from entering traffic without insurance, and thus the use of uninsured vehicles will decrease. It is expected that trust in the insurance sector will increase," the statements were used.

"THE BURDEN ON AGENCIES WILL LIGHTEN"

Stating that there will be no additional transaction obligation for agencies, the statement noted that agencies will only be responsible for canceling the old policy after the sale of the vehicle, and this situation will ensure that their workload is lightened.

The statement also conveyed that citizens can receive their vehicle registration documents after the policy is issued, but if the sale or transfer transaction is not completed, the traffic insurance policy issued in the name of the person who will purchase the vehicle through sale or transfer will be canceled upon the buyer's request.

"IN CASE OF CANCELLATION, THE POLICY PREMIUM WILL BE REFUNDED WITHOUT DEDUCTION"

It was stated that the premiums collected in the canceled policy will be refunded to the buyer without any deduction, and the statement provided the following information: "The Insurance and Private Pension Regulation and Supervision Agency has made the necessary circular amendment regarding this process. Citizens who give up on the sale or transfer transaction will be able to cancel their policies and get their premiums back.

This regulation will ensure that citizens enter traffic safely. Previous grievances will be prevented, and the use of uninsured vehicles will be blocked."

News Source: 12punto