05.12.2024 13:20
The Turkey Insurance Association announced that it has become mandatory for buyers of second-hand vehicles to obtain a valid compulsory financial liability insurance in their own name before the sales transaction. With the new regulation, a policy check will be conducted during the vehicle transfer process.
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The Turkey Insurance Association (TSB) reminded that the 15-day traffic insurance period for second-hand vehicle purchases ended on December 5, 2024, and announced that it has become mandatory for second-hand vehicle buyers to obtain a valid compulsory financial liability insurance in their name before the sale transaction takes place.
According to the statement made by TSB, it has been reported that it has now become mandatory for vehicle buyers to have a valid compulsory financial liability insurance in their name before the sale transaction.
DECISION VALID AS OF TODAY
The statement recalled that the Constitutional Court's decision, which came into effect on December 5, 2024, made a change in the "Regulation on the Execution of Vehicle Sale, Transfer, and Registration Services" published by the General Directorate of Security of the Ministry of Interior, which is the executor of the Highway Traffic Law. With this change published on December 4, 2024, it was stated that it has become mandatory for vehicle buyers to have a valid compulsory financial liability insurance in their name before the sale transaction.
ADDITIONAL PREMIUM COSTS WILL BE ELIMINATED
In the statement indicating that, based on the Constitutional Court's decision, second-hand vehicle buyers are required to have valid traffic insurance before the sale transaction, the following expressions were included: The sale transaction cannot be carried out by notaries until the insurance policy is processed in the system. It is anticipated that this regulation will provide significant contributions to the insurance sector. With the new regulation, the additional premium costs arising from the traffic insurance valid for 15 days after the sale of the vehicle will be eliminated for previous vehicle owners. Additionally, the possibility of new buyers being on the road without insurance will be eliminated, and the rights of the previous vehicle owner will be protected. Based on the rationale of the Constitutional Court decision that came into effect today, changes have been made in the "Regulation on the Execution of Vehicle Sale, Transfer, and Registration Services" by the Ministry of Interior and the Ministry of Justice.
THE PRESENCE OF UNINSURED VEHICLES ON THE ROAD WILL BE ELIMINATED
The statement emphasized that with this published change, it will be checked whether there is a valid compulsory financial liability insurance in the name of the buyer before the sale of the vehicle.
With the regulation made in the regulation on the execution of vehicle sale, transfer, and registration services, it has been stated that it has become mandatory to determine whether there is a valid traffic insurance in the name of the person to whom the vehicle transfer will be made as of the date of sale and transfer. It was stated that "The sale transaction can only be carried out after the notaries check whether the insurance policy is valid. This regulation will provide numerous positive contributions to the insurance sector. The 15-day additional protection period in old policies will be eliminated, the new vehicle owner's ability to drive without insurance will be prevented, and thus the use of uninsured vehicles will decrease. It is expected that trust in the insurance sector will increase."
TRAFFIC INSURANCE POLICY WILL BE CANCELLED AT THE BUYER'S REQUEST
The statement noted that there will be no additional processing obligation for agencies, and that agencies will only be obliged to cancel the old policy after the sale of the vehicle, which will ease their workload.
The statement also mentioned that citizens can obtain their vehicle registration documents after the policy is issued; however, if the sale or transfer transaction is not completed, the traffic insurance policy issued in the name of the person who will acquire the vehicle through sale or transfer will be cancelled at the buyer's request.
The collected premiums from the cancelled policy will be refunded to the buyer without any deductions, and it was stated in the announcement that "The Insurance and Private Pension Regulation and Supervision Authority has made the necessary circular changes regarding this process. Citizens who withdraw from the sale or transfer transaction will be able to cancel their policies and get their premiums back. This regulation will ensure that citizens can safely take to the roads. It will prevent the grievances experienced before and will prevent the use of uninsured vehicles."
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