Market Value of Insured Cars Unified

Azerbaijan Insurers Association (AIA) will prepare a table of a single assessment to determine the market value of cars.

As the head of the organization Orkhan Bayramov told Turan, the decision was taken yesterday at a meeting with the participation of specialists of departments to assess insurance claims and underwriting, organized following a meeting of the AIA committee of voluntary insurance.

This will eliminate the differences that occur between the insurer and customers in determining the value of the insured vehicles in the coming years, the insurance rate, and the insurance amount to be returned to the insurer by the cancellation of the contract.

The market value of the vehicle will be determined depending on the brand, date of production and the country in which the vehicle was manufactured.

Based on certain factors (percentages) will be calculated how the car will lose in value in relation to its initial value. Thus, the debate will be eliminated on the amount of insurance and insurance charges on second-hand vehicles.

In November 2014 the Azerbaijani insurance companies concluded 78,185 insurance contracts on compulsory insurance of vehicle owners (CTP), which collected premiums totaling 6.1 million manat. Over the same period, payments were made on 1,017 requirements totaling 1.2 million manat. --17D-