What is Compulsory Traffic Insurance?
Mandatory Traffic Insurance is a type of insurance that is regulated in the Highway Traffic Law No. 2918 and that every vehicle on the road has to take out. It has to be renewed every year. Compulsory traffic insurance is an insurance that is mandatory for every vehicle owner and that guarantees bodily and material damages that may be given to the other party at the time of damage. Vehicles that do not have compulsory traffic insurance cannot drive. This type of insurance is valid within the borders of the Republic of Turkey. Compulsory traffic insurance does not cover the damage of the vehicle it is made, it only covers the damage of the other vehicle that it damaged.
Vehicles that do not have compulsory traffic insurance or that have expired are processed (tied) in such a way that they are prevented from entering the traffic where they are seen. Every vehicle owner is responsible for obtaining compulsory traffic insurance and renewing it before the expiry of the insurance period. Vehicles of those who do not have this compulsory insurance are taken to the parking lots of traffic branches. So it is not possible to continue on the road by paying a fine. The vehicle is immediately banned from traffic. It is not easy to get the vehicle back after that. In order to buy the vehicle, traffic insurance must be made. The situation is informed to the officers in charge by going to the parking lot where the vehicle is located. The document must be served. After that, a fine is paid because the vehicle is on the road without insurance. A fee must be paid for each day the vehicle stays in the parking lot.
The limits in compulsory traffic insurance vary according to the type of damage that will occur in a traffic accident. In case of any loss of life, the amount to be given to the relatives of the deceased is different from the amount to be paid for hospital expenses in case of injury. Likewise, in case of material damage only, the amount to be paid differs. In such cases, the amount to be paid changes every year, so there is a change in the premiums to be paid every year.
What are Traffic Insurance Coverages? Compulsory traffic insurance guarantees and limits are determined by the Undersecretariat of Treasury and are the same for all insurance companies. However, the price and payment terms differ according to the companies.
Within the scope of compulsory traffic insurance, some differences occur due to variables such as insurance guarantees and limits, model year of the vehicles and profession of the license holder.
The guarantees given under the scope of traffic insurance are as follows.
- Death and treatment coverage per person; Death and treatment costs to be paid for each person in case of damage,
- Coverage for death and treatment per accident; Covers the death and treatment costs of each person in an accident in the event of damage,
- Material damage coverage per vehicle and accident; In the event of a damage, it covers the material damages to be given to the other party,
Traffic insurance, besides being compulsory, is an insurance that protects vehicle owners financially in terms of covering the damages to the other party. Traffic insurance, which is one of the first factors to be considered in any police control, should not be neglected.