Car insurance in Ukraine will nearly double in price on January 1, 2025. The main reasons are new insurance regulations in line with European standards and the rise of the dollar. Reports TSN. This information was shared by Kontrakty.UA.
The director general of the All-Ukrainian Association of Automotive Importers and Dealers, Oleg Nazarenko, discussed this in a comment to the Telegram channel "Trukha".
One of the factors contributing to the increase in car insurance prices is the new insurance rules that will come into effect in 2025. The reform aims to implement norms that are currently in place in the EU.
Specifically, free pricing for "auto liability" policies will be introduced. Insurance payouts will gradually rise to European levels. For instance, in the first phase, payouts for car repairs will increase from UAH 160,000 to UAH 250,000, while treatment for the injured will rise from UAH 320,000 to UAH 500,000.
These provisions will primarily influence the cost of car insurance in Ukraine.
Additionally, the deductible will be eliminated, and car repairs at service stations will be covered without considering depreciation.
What will change:
- Payouts for car repairs and treatment for the injured will increase to UAH 250,000 and UAH 500,000 (+UAH 90,000 and +UAH 180,000 respectively),
- The deductible will no longer be necessary, as insurance will cover car repairs without factoring in depreciation,
- Injured parties in accidents will be able to claim payouts from their insurers rather than from the insurance companies of the accident's perpetrators,
- Payout processing times will be reduced to 60 days,
- Limits under the European protocol will be abolished, allowing for full compensation.
Moreover, recently, MP Nina Yuzhanina stated that volunteers are being fined for transferring vehicles to military units and provided further details.