Insurance – automobile

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Introduction. When driving on the public roads, all the participants are facing a big number of risks which can lead to minor or major accidents caused by them or by other drivers. You can easily find yourself in a situation where you practically have very low chances of avoiding the incident. These were the reasons why the state enforced a law where every driving public road participant is bound to have a standard motor vehicle liability covering. Another type of Insurance is the motor third party liability one where you as a driver have an option on whether you want it or not.

Motor Vehicle Liability Insurance As I mentioned earlier, this type of Insurance is being enforced by the state thus it is mandatory. The reason for this is that in case of a motor vehicle accident, no matter the gravity, the party that was injured and had no fault to fairly get a compensation for the damages suffered. Another mandatory rule is that when you as a individual or as a legal person sign a motor vehicle liability insurance contract, the company gives you a vignette which you are bound to put it into the vehicle’s windshield.

It is recommended that the individual should sign the motor vehicle liability insurance through a authorized dealer in the moment the vehicle is purchased. In case a person whishes to sell his vehicle he can receive payment for the remaining period until the Insurance expires only if the motor vehicle did not suffer damages in the insurable period. This type of Insurance can be purchased from any authorized Insurance company for a period of time starting from 6 to 12 months, it is active only from the moment of signing. The territorial limits are also mentioned in the policy but in most of the cases there are some basic territorial spaces.

* Within the European Union member states and those being part of the Economic European space. * Within Romanian territory. * The territory of the states that link two of the EU country members in which there is no national office. In case of an incident, both parties must address to the culprit’s Insurance Company with an observation act issued by the traffic police or with an amicable observation. This type of observation is usually drawn when the incident produced by the motor vehicles is a light one with no injuries and both parties agree who caused the incident.

Comparison between Motor Vehicle Liability of Allianz Tiriac and Generali Romania Founded in 1890, Allianz is one of the largest financial groups in the world reaching in 2004 a number of 96,9 billion Euro. It is found in more than 70 countries and it has a number of 700 member companies which Allianz worked with. The MVL validity is first of all active within the country, within the Economic European Union having also Switzerland, Andorra and Croatia included and within the states that do not have a national office but link two countries from the EU.

The incurred damages supported by Allianz include personal injury or death including damages without patrimony, material damages, damages due to the lack of use of the vehicle damaged and, if the case, the court costs incurred from the injured person. Indemnity Limits are established within the Romanian territory by the insurers and have as principles the rules of the insurance supervisory commission. In 2011 they were set at: * For material damages : 750. 000 EUR per incident. * For injuries: 3. 500. 000 EUR per incident. In 2012 they were set at: * For material damages: 1. 000. 000 EUR * For injuries: 5. 000. 000 EUR Generali Group.

The Generali Group is on of the most important players in the Insurance market world wide. It operates in over 60 countries having a number of 500 companies with 80. 000 in total. The mixted promotions of life and non-life insurance packages brought the company an important place in countries like Germany, France, Austria and Spain as well as in countries outside of Europe ( Argentine, Israel and India). As a main advantage, Generali Group has gain most of the clients by entering the Romnian market with new and most importantly, advantageous promotional packages which include special prices at the acquisition of car insurances.

One of the most used promotional packages is the MVL+MTPL one which states the fact that when purchased, the price will not only decrease but also the MTPL will have a wider territorial range spreading to more than 45 countries in which the MVL is valid at the moment of signing it. Motor Third Party Liability(MTPL) MTPL is an insurance policy that protects your own vehicle from theft or any damages that it may suffer, whether you are responsible or not. How does MTPL help you? Nowadays cars represent a necessity, not a luxury as in the past.

With the increased number of the cars, the number of risks and unpleasant events are raised as well. Yet you do need to have the assurance that you can rely on your car every moment on a daily basis. MTPL insurance does not replace the mandatory MVL. Usually they only offer MTPL car insurance for vehicles aged between 0-8 years (most insurers), 0-12 years (some insurers) or vintage cars. The car is insured at a value which has to be very closed from the real value. The value is established by the insurer as following: * It is established the value of the car when it was new.

* Wear is applied at the value of the new car, based on an own table of each insurer, based on the age of the car (computed since the car was manufactured), where you decrease from the new value, thus obtaining the real, current value of the car. Optionally you can add the special facilities of the car, obtaining the insured fee. What is a franchise? Franchise is that part from the value of each damage that the owner of the car bears. Franchise can be established: * Fixed value based on every damage; * As a percent from the insured fee, based on every damage; * As a percent from the value of each damage. Risks covered by MTPL?

MTPL covers only the damages produced to the insured vehicle, as long as this vehicle is legally registered, and belongs to the owner enrolled in the insurance policy. The legal obligation of a MTPL insurer is that following a insured event, the insurer has to pay the return of the vehicle at a good state, by repair or replacement. The risks are divided into 4 main categories: a. partial damage (traffic accident, no matter who has the blame; parking damage whether you see or not the responsible man) the damage is made from the beginning by the insurer and it usually stands between 75-80% from the total amount insured.

b. total damage (in this situation the insurer completes a statement in which he states that the car cannot be brought at safe parameters). c. partial theft (the theft of some parts belonging to the car; at this category are included damages made by a robber: broken window deteriorated board, even the cases where a tentative car theft are made). d. total theft (disappearance of the car ). The insurer will always indemnify the effect of a assured risk, not the cause. Risks that are not covered by MTPL?

The situations are different from one insurer to another, but in most cases they are not covering the damages from the following situations: 1. when the driver does not meet the legal requirements for driving (without a license or with a suspended license, under the influence of alcohol or drugs etc). 2. when the car does not meet the legal requirements for running (or any missing parts that can be proven by the insurer). 3. when the driver is not entitled to the policy owner expressly requested 4. damages to tires where the wheels are not affected. 5.

damages where you crossed water with your vehicle. 6. damages made by spraying with chemical substances. 7. damages made by the owner. 8. damages made by the owner or family relatives from the position of passengers, pedestrian or when the car is parked. 9. the theft with suitable keys: MTPL reimburse only burglary. Comparison between MTPL policy from Allianz-Tiriac and Generali Romania. Allianz-Tiriac, one of the largest auto insurers in Romania, it helps you to take care of your car with insurance specially designed for you. Advantages by having an MTPL policy from Allianz:

* insurance premium calculated according to the characteristics of your car * flexibility – the ability to choose, in certain circumstances, for the right insurance solution points: with or without deductible. * the possibility of paying the insurance by premium rates. * simple and effective notification of the damages. * networks of service stations with national coverage. * payment of the repairs without delay, regarding the direct settlement between Allianz-Tiriac and the repair partner units. At Generali Romania you can benefit from the following advantages: * roadside assistance in every country. * discounts up to 50% for renewal of MTPL.

* also if you have a minor, you benefit from special discounts at the settlement of the contract. * discounts if you also choose a franchise, not applicable if the damage is made by other drivers. Conlcusion As a conclusion I think MTPL is very useful and a must have in our days due to the increase of the vehicles, the fact that risks are also growing, as well as vandalism and auto theft. It is better to pay a sustainable fee in order to feel safe, with that being said we all should pay a price so that we can stay relaxed at any time of the day or night and not to take the risk of getting unlucky. Better safe, better insured.

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