Prices for light-duty trucks insurance cut to AMD 26,000 in Armenia

PanARMENIAN.Net - Vice Chairman of the Central Bank of Armenia (CBA) Vache Gabrielyan said that some amendments to tariffs for mandatory vehicle insurance were introduced during a sitting of the Bureau of Motor Vehicle Insurers of Armenia.

The amendments have been fixed and put into force during a sitting of the CBA Board, Gabrielyan told a press conference.

CEO of the Bureau Vahan Avetisyan said for his part that the amendments refer to subdivision of trucks into two categories – up to 80 horsepower and above 81 horsepower. “The minimum cost of insurance policy for light-duty trucks have been cut to AMD 26,000 against previous AMD 37,000,” he said.

Besides, a car with a trailer is considered to be an additional risk factor for mandatory vehicle insurance. “Earlier, a separate insurance premium had been set at the amount of AMD 19,000 for a trailer. As a result of long negotiations, we decided that a trailer is an additional risk factor, while an average additional insurance premium will total AMD 3,000-11,000, depending on purposes of its usage and vehicle type, to which it is connected,” Avetisyan noted.

Vache Gabrielyan clarified that earlier trailers had been put on the list of vehicles subject to mandatory insurance to simplify the procedure of insurance. However, under the law, they are not subject to mandatory insurance. “Thus, it was decided to consider vehicles with trailers to be an additional risk factor,” Gabrielyan said.