Car insurance is no longer expected to cost the same for everyone, it will depend on the driver's age and experience
The prices that drivers will pay for compulsory vehicle insurance will be differentiated based on the factors that affect the risk of causing damage.
In the draft regulation "On determining the level of technical provisions and risk factors for compulsory insurance products in the transport sector", the Financial Supervisory Authority (FSA) has defined a list of risk factors that insurance companies seem to use for calculate the premiums that executives must pay to secure their assets.
This draft regulation is still under discussion and has been sent to insurance companies for opinion.
Factors proposed by the FSA are the age of the vehicle, motor power, the circuit where the motor vehicle is registered, the energy source of the vehicle (electric or non-electric), the age of the insured and experience in driving the vehicle. Other factors that are recommended to be applied by insurance companies are Bonus-Malus (damage history), the purpose of using the vehicle, the annual distance described as well as other risk factors that make it possible to differentiate the premium based on the risk that carries the insured.
As provided by the new law on compulsory insurance in the transport sector (which came into force in July this year), the Bonus-Malus system can be used voluntarily by insurance companies. However, insurers have clearly stated that they have no desire to apply the Bonus-Malus system in the Albanian market conditions, so it is not expected that in the near future there will be incentives for good drivers and penalties for those with a history of damages.
Currently, insurance companies directly use fewer risk factors in calculating premiums, mainly vehicle age and motor power. Other factors that can significantly affect the risk of damage, such as the age or experience of the driver, the area where the vehicle circulates, etc. today are not taken into consideration.
Projektrregullorja përcakton se tarifat e primit të sigurimit të detyrueshëm nuk mund të ndryshohen më shumë se dy herë brenda një viti kalendarik. Shoqëritë e sigurimit duhet të njoftojnë AMF të paktën 30 ditë kalendarike përpara aplikimit të tarifave të reja të primit dhe depoziton në Autoritet bazat teknike, faktorët e riskut dhe vlerësimet aktuariale të përdorura për llogaritjen e këtyre primeve, të shoqëruara me opinionin e aktuarit të autorizuar të shoqërisë.
AMF mund të urdhërojë rishikimin e tarifave të reja të primeve, nëse konstaton se baza e të dhënave për hartimin e tabelave të primit nuk është e saktë, ose shoqëria e sigurimit nuk ka vepruar në përputhje me parimet aktuariale dhe metodologjinë e përdorur për përfshirjen e faktorëve të riskut të përcaktuar në rregulloren në fjalë.
The draft regulation sets out some additional requirements in terms of transparency. The insurance company should publish risk premiums, risk factor coefficients (accompanied by cases of their application in practice), as well as compulsory insurance premiums (prices), on its website and keep them posted on the page throughout the implementation period. Also, signs with insurance premiums must be posted at every point of sale of the company, throughout the period of their implementation. / Monitor