Bonus-malus discount system takes effect in Armenia

Bonus-malus discount system takes effect in Armenia
January 7, 2013 - 14:22 AMT

PanARMENIAN.Net - Motor Insurers’ Bureau of Armenia approved introduction of RL1-040 regulations on “bonus-malus discount system when calculating the amount of mandatory liability insurance premium .” The regulations took effect on January 1, 2013.

According to Bureau’s official website, “bonus-malus” discount system is generally applied in insurance business during changes in the amount of the insurance premium.

The system will enable drivers who avoided insured accidents within 270 days prior to January 1 to get 3% discounts.

Motor Insurers’ Bureau of Armenia calls on all drivers to avoid accidents as all the cases to occur starting Jan 1 will serve a basis for application of a ranking system fining the insured for one and more road accidents with relative increase in the bonus-malus premium.

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