This insurance, which is compulsory for motor vehicles on highways and also called liability insurance or traffic insurance, is valid for automobiles, trucks, motorcycles and other road vehicles.
What is Car Insurance?
Related regulations in the Turkish Republic of Northern Cyprus, as per Chapter 333 Motor Vehicles (Third Party Insurance) Law, every vehicle owner is legally obligated to take out, in case of damage, the insurance made in order to secure the material damage and bodily damage that may occur on the other party. It is called car insurance or traffic insurance. Coverage limit and advisory tariff premium of vehicle insurance are determined and published by the Undersecretariat of Treasury and Finance. With vehicle insurance, security is provided both for the person who took out the insurance and for the other party.
What is Vehicle Insurance Coverage?
If you have damaged another vehicle with your vehicle in traffic thanks to the vehicle insurance, this material damage to the other party is paid by the vehicle insurance.
At the same time, the damages you give to the goods belonging to public institutions (electric pole, street lamp, bus stops, etc.) and the damages you give to personal property belonging to third parties (house, shop, etc.) will also be covered by the insurance.
In addition, the hospital expenses of the other party and financial compensations to be paid by the driver who is deemed to be defective in case of death will also be covered by the traffic insurance.
The privileges and services covered by all this traffic insurance are valid within the country of insurance. You can get detailed information about insurance services with different privileges and green card insurance from insurance companies.
What is the Difference Between Motor Insurance and Traffic Insurance?
Traffic insurance, which is compulsory for everyone, covers the damage to the other party's vehicle or health. On the other hand, motor insurance insures your vehicle and your health in case of an accident. Insurance coverage covers damage to your vehicle, theft and similar situations. For these reasons, the cost of motor insurance is also charged within the scope of your insurance policy.
Is Compulsory Traffic Insurance Renewed?
Vehicle owners should have compulsory traffic insurance when they buy their vehicle for the first time. After that, the vehicle insurance has to be renewed. The renewal date determined by the authorities is 1 year. In other words, 1 year after you have taken out insurance, you should have your car insurance again.
Damages that occur during the period when the vehicle is insured will affect the amount of the premium to be paid for renewal in the next year. If no damage occurs, a no claim discount is applied to the insurance of the next year and this discount increases from year to year. Otherwise, if the vehicle is damaged, a damage surcharge is applied.
Turkish Republic of Northern Cyprus Mandatory Car Insurance
Regulations on compulsory traffic insurance in the Turkish Republic of Northern Cyprus are covered in Chapter 333 Motor Vehicles (Third Party Insurance) Law. The content of the vehicle insurance and the services offered to the vehicle owners are the same as standard. As a result of the date determined by the authorities, the vehicle insurance, or in other words, the compulsory traffic insurance must be renewed.
You can find detailed information about the insurance agencies you can apply for in the TRNC and their payment terms on the internet.
