Truck Insurance: Financial Supervisory Authority (ASF) consulted with the carriers’ associations regarding the maximum tariffs for RCA for the next period, for high-risk insureds. For example, for a truck owner exceeding 16 tons, the price starts from a base of 9,662 lei for category B0, to which the Bonus/Malus classes apply.
ASF announces that, in accordance with the legislation in force, if the RCA policies offered for sale have values that exceed the level of the reference tariff multiplied by 1.36 (ie increased by 36%), these policies will be redistributed by BAAR at the value of the maximum tariff thus obtained, to which the corresponding Bonus/Mauls classes are applied.
For example, in the case of freight transport, for a truck owner exceeding 16 tons, who during this period experiences a significant increase in RCA policy rates, the maximum sale price established by the procedure stated above is 9,662 lei for the category B0 (reference rate 7,105 lei x 1.36 = 9,662 lei). All other bonus classes will thus have significant reductions compared to the maximum sales rate, explains ASF
For example, in the case of freight transport, for a truck owner exceeding 16 tons, who during this period experiences a significant increase in RCA policy rates, the maximum sale price established by the procedure stated above is 9,662 lei for the category B0 (reference rate 7,105 lei x 1.36 = 9,662 lei). All other bonus classes will thus have significant reductions compared to the maximum sales rate, explains ASF.
The Financial Supervision Authority thus comes to the support of some socio-professional categories that are affected by the sale prices of RCA policies, practiced in the last days by insurance companies.
ASF specifies that, in order to apply this way of calculating the maximum tariffs for RCA, transporters’ associations were consulted and they agreed to this approach, which will be valid for the next period.
We also remind you that the Financial Supervision Authority requested all insurance intermediaries to immediately inform all clients of the fact that, if they receive offers from at least three different insurers whose RCA insurance premiums are 36% (“N” factor – https://www.baar.ro/asigurati-cu-risc-ridicat/) higher than the reference rate, related to the risk segment of which they belong, are included in the category of high-risk insured persons, according to Law no. 132/2017. This type of customer can request an offer for the conclusion of an RCA contract from the Bureau of Motor Vehicle Insurers in Romania (BAAR).
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The decision of the ASF to cancel the authorization to operate off the Insurance-Reinsurance Company CITY Insurance SA, the definition of the state of insolvency, and the promotion of the opening request for compensation published, on Monday – September 27, 2021, in Official Gazette, Part I, no.. 921. Currently, the Fund Insured Guarantee – FGA will pay CITY customers or claimants within 60 days.
The FGA will pay a maximum of 500,000 lei for insurance claims, according to the decree issued by the Monitor (compared to the previous 450,000 lei). The Guarantee Fund is authorized to pay the creditors of the guarantee, 60 days after the date published in the Official Monitor of Romania regarding the decision to cancel the work permit the insurance company.
The Client Guidance
If a customer receives offers for RCA policies, from most insurers, above the reference rate, he can contact the Bureau of Motor Vehicle Insurers in Romania (BAAR), to be allocated to one of the insurers at the price of the reference rate, at which the N factor (percentage based on damage rate) is added.
The prices of RCA policies for trucks, offered by four insurers that have the truck segment in their portfolios, are between 14,400 lei and over 17,000 lei over a 12-month period, according to data obtained by ZF following a simulation carried out by an insurance broker.
The data obtained by ZF are strictly based on a simulation carried out by a broker for a legal entity, on a Ford F-MAX van, over 16 tons, with an engine over 12,740 ccs, on diesel, the year 2021, class B0
Truck Towering Insurance
For years, transporters have felt the need for a competitive towing product for heavy vehicles – trucks, tractors, TIR, etc. Now, this product exists with reasonable coverage limits and excellent prices. With international (European) coverage, City Insurance’s truck towing insurance product is one that meets the needs of the market. The product is for vehicles registered in Romania, which have a maximum age of 12 years from the date of entry into insurance and a maximum authorized weight of at least 3.5 tons, used for transporting goods.
We have two packages that cover in the case of Tractor Heads or tractor head assemblies – semi-trailer (including for anonymous semi-trailers) accidents, theft, fire, and additional services – transport and accommodation of the driver at the hotel or at home, as the case may be.
- The Minimum Package with a cost of 106 Euro per year (withdrawal 1500 EUR Recovery 3000 EUR)
- The Maximum Package with a cost of 144 Euro per year (withdrawal 3000 EUR Recovery 5000 EUR)
- To each one can be additionally added clauses of Troubleshooting (cost 574 Euros per year) or Troubleshooting including tires (cost 670 Euros per year)
- The following services are provided, within the limits of the insurance:
- Intervention, towing, and/or transport: EUR 1500-3000;
- On-site repair (accident, breakdown, tyres): EUR 600,
- Accommodation for people in the vehicle (1/2 nights): 60/80 EUR/night
- Vehicle recovery (including off-road recovery): 3000-5000 EUR,
- Insured transport (or driver) for the recovery of the vehicle: 500 EUR
- Transport of people by: first-class train (or “economy” class plane): 500 EUR
- Or rented vehicle, standard category / SDMR: maximum 2 consecutive days/ event
- Taxi transport of people in a vehicle for a maximum distance of 100 km
The benefits of this product are multiple: first of all, you don’t have unexpected expenses related to towing the truck or transporting the driver; then you have fast round-the-clock access to top providers specialized in the assistance of TIR operators and verified repair centers; last but not least, you are supported by polyglot operators who can help you, speaking with you in Romanian, in European countries.
For any additional details about TRUCK TOWING INSURANCE policies, including the offer, do not hesitate to contact me on messenger at @teasiguricuAdrian, by phone/WhatsApp at tel:+tel:+40769955776, or by email adrian.stoica@justasig