Ukraine introduces European auto insurance standards: what will change

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European auto insurance standards are being introduced in Ukraine: what will change

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The Verkhovna Rada of Ukraine supported as a basis the reform of the auto insurance system, which should begin in the country in 2023, by adopting bill No. 8300, reports.

In particular, it is planned to increase insurance payments, new the procedure for their calculation, as well as the introduction of free pricing for OSAGO policies. Among the main provisions of the reform of the auto insurance system:

  • gradually increase the amount of insurance premiums to the level of the Member States of the European Union;
  • fast payment of guarantee payments to affected persons instead of bankrupt insurers in 60 days (now this can take years);
  • direct accident settlement without injury — this will enable the injured person to apply for payments to their insurer;
  • a new procedure for calculating the amount of insurance payment without taking into account the depreciation necessary to restore the vehicle; passengers of the vehicle that caused the accident;
  • free pricing of OSAGO policies without state regulation;
  • reduction of the period for consideration of applications for insurance payments from 90 to 60 days from the date of application;
  • approval of an exhaustive list of documents required to receive an insurance payment, and grounds for refusal.

According to the bill, the impossibility of increasing the cost of the policy for the period of martial law will be guaranteed by the second reading, said one of the initiators of the document, MP Olga Vasilevskaya-Smaglyuk.

Prepared by: Sergey Daga 

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