CTP Insurance Premiums Fell in November
The Bureau of Compulsory Insurance (CIB) in November gathered in the framework of compulsory insurance of civil liability of vehicle owners (CTP) 6.1 million manats (minus 0.1% to November 2014). According to the information, this amount is the result of conclusion of 73,885 contracts (minus 5.5%).
Overall, from January to December, it collected 71 million manats (9%) for 899,857 contracts concluded (+5%),
Selling insurance policies on CTP began on December 16, 2011 after the establishment of the new tariffs. The basic rate (for vehicles with an engine capacity of 1500 cub. cm) is 50 AZN. The following are the coefficients (1.5 to 5) with an increase in engine size. The maximum rate is valid for vehicles with an engine capacity of more than 5 thousand cub. cm., for which the owner pays 250 manat per year.
Owners of buses and minibuses with the number of seats from 9 to 16 pay 150, and with more than 16 seats - 200 manat.
Motorcyclists, tractor owners and other agricultural machinery pay 50 manat. --17D-
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