Motor insurance policy: for whom it is mandatory and what situations it covers

Any person who has a motor vehicle is obliged to purchase a third party liability motor insurance policy. There are a number of such policies and some of them are mandatory, while others are optional and cover different types of risks or are valid in particular geographic areas. The information was published by the National Bank of Moldova as part of the information campaign carried out in concert with the National Commission for Financial Markets in the framework of the financial education project “Learn. Give Sense to Money”, IPN reports.

The civil liability insurance for motor vehicles is a mandatory insurance policy valid on the territory of the Republic of Moldova. The Green Card is an insurance policy that is mandatory for owners of motor vehicles involved in international traffic and protects third parties as a result of road accidents outside the country. CASCO is optional and covers damage caused to the own motor vehicle on Moldova’s territory and in other countries. The damage can be caused not only in traffic accidents, but also by natural factors, such as hail or storm. The CASCO policy is purchased in addition to the civil liability insurance or the Green Card.

In case of an accident, the involved parties can resort to an amicable settlement, which is a simplified procedure for documenting the accident that does not necessitate the presence of the police at the scene. If the value of the caused damage is under 10,000 lei, the drivers involved in the accident have civil liability insurance and the one to blame admits guilt, the drivers can fill out a special form for an amicable settlement.

If an accident is caused by a person who does not have civil liability insurance or the person leaves the place of the accident and cannot be identified, the street victims protection fund can be used based on an application filed to the National Bureau of Motor Vehicle Insurers.

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