According to the newly established traffic insurance regulation, the cost of policies that are not completed on time will increase exponentially.

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A new era is beginning for traffic insurances. With the decision of the Constitutional Court, an important change regarding traffic insurance policies will be implemented in vehicle sales. Accordingly, starting from December 5, 2024, the 15-day insurance period granted to the new vehicle owner after the sale of the vehicle will be eliminated. With the new regulation, the vehicle owner will be required to obtain a traffic policy on the day of the vehicle sale.

COSTS OF UNTIMELY PROCESSES WILL INCREASE DRAMATICALLY

The 15-day period application aims to protect the other party in case of accidents that may occur due to the failure to obtain a traffic policy after purchasing a new vehicle. It is stated that insurance policies that are not obtained on time may be subject to penalties, and these penalties will increase dramatically. Premium amounts may increase by up to 50%, with a 5% increase for each month. Additionally, in the case of a fault accident without a traffic policy, any material or bodily damages that may be caused to third parties will be paid by vehicle owners who do not obtain a policy.