The Third Party Liability insurance may become more expensive due to the increase in compensations

The compulsory Third Party Liability insurance for car owners may become more expensive due to changes in the Insurance Code, submitted by the government in parliament. This warning came from insurers who are dissatisfied with the planned removal

By: bnr.bg

Jan 06 2025
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The Third Party Liability insu

The compulsory Third Party Liability insurance for car owners may become more expensive due to changes in the Insurance Code, submitted by the government in parliament. This warning came from insurers who are dissatisfied with the planned removal of the 5,000 BGN cap on compensation for individuals outside the closest circle of people killed in a road traffic accident.

The 5,000 BGN cap was temporarily introduced until the adoption of a methodology for determining compensation amounts, but such a methodology has not yet been adopted. The European Commission considers the Bulgarian cap to be contrary to the 2009 Directive relating to insurance against civil liability in respect of the use of motor vehicles.