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Insurers proposed to expand the OSAGO tariff corridor
The All-Russian Union of Insurers (BCC) has proposed the Bank of Russia to expand the tariff corridor in compulsory motor liability insurance by 10% up and down. They want to do this in order to compensate for the increase in prices for car repair due to changes in the exchange rate and the coronavirus pandemic.
The Union sent a letter to the Chairman of the Central Bank, Elvira Nabiullina, with a number of proposals to mitigate the requirements for financial stability and solvency of insurers. Among them is the expansion of the boundaries of the OSAGO tariff corridor.
As they say RIA News, the union believes that the cost of restoration in the framework of OSAGO will increase due to changes in the exchange rate, and with higher prices for spare parts, insurance payments will also increase.
If the offer of the union is accepted, the minimum limit of the cost of insurance for a passenger car of individuals will drop from 2 rubles to 746 rubles, and the maximum will rise from 2 rubles to 471 rubles.