Raises payouts to EU level: what the new law on motor insurance changes
29 May 2024 17:51
In Ukraine, the rules of motor insurance for owners of motor vehicles have changed. Thus, for two years in our country will gradually increase the amount of compensation to victims of road accidents.
The corresponding law was adopted by the Verkhovna Rada on 21 May 2024, reports Kommersant Ukrainian 
We are talking about Law on compulsory insurance of civil liability of owners of land vehicles, the draft of which the Verkhovna Rada received as early as 22 December 2022. The document brings the norms of motor insurance to European standards. According to its authors, Ukraine needs a reform of “car insurance”, because some norms of domestic legislation are outdated and do not meet the needs of all road users.
What will change for road users
- insurance amounts for damage to life and health will be changed step by step. Now, regardless of the number of victims, pay about 320 thousand UAH. After a gradual increase in two years this payment will amount to UAH 1 million;
- compensation for damage to property of the victim will increase from UAH 160 thousand to UAH 2 million per insured event regardless of the number of victims;
- payments will be increased up to UAH 20 million for one insured event (we are talking about harm to human life and health);
- settlement of road traffic accidents in which only a car was damaged will become direct;
- the victim will be entitled to direct settlement of the insured event even if his car is insured and the other vehicle is not. Accidents involving two cars, each of which was insured, also fall under this scheme;
- the policyholder will apply for insurance payment directly to his insurer, bypassing the perpetrator of the accident;
- it will be possible to make an application for insurance indemnity in case of a road accident without the police;
- victims of road accidents will be able to receive guarantee payments for bankrupt insurers several times faster (now it takes years, and it is proposed to take up to 60 days).
