Compulsory vehicle insurance continues to get more expensive, even though RCA rates are capped under current regulations. The offers received by drivers are almost twice as high compared to the previous year.
RCAs are getting more and more expensive
Those affected by the substantial rate increases can request price alternatives from the Auto Insurers Bureau, but the process to resolve the request can take up to two weeks.
According to the legislation, insurance companies are obliged to apply the rates from February 28, 2023 and adjust prices by a maximum of 6.8%. However, the reality indicates increases of up to 45% compared to the previous year.
According to Observator, a driver from Ilfov, in class B8, paid 950 lei per year for an RCA policy last year. Recently, the same driver received an offer of almost 1,400 lei from the same company. For an RCA policy valid for 6 months, another company offers a rate over 500 lei higher compared to the previous year.
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“The prices had a positive evolution. It is calculated based on that reference, but it is quite difficult to predict what the agreed price is at that time, maybe a certain customer benefited from a promotional price and from here there can be such a big difference”said Dorel Duta, president of UNSICAR, for the quoted source
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According to the rules, those who receive at least three offers with a difference of at least 36% from the reference rate can request assistance from the Bureau of Romanian Auto Insurers (BAAR) to obtain a more advantageous price. Carriers accuse the authorities of a lack of supervision over insurance companies.
“Like if we don’t pay our policy when it’s due, we also have some penalties, but we can be included in a database as a bad paying customer and later we can no longer benefit from this facility.
We are talking about a range of prices and it is difficult to compare”said Dorel Duta, president of UNSICAR, for OBservator.
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The RCA rate cap remains in place until the end of June. Until then, the Parliament will adopt a new law that will reform the insurance system in Romania, allowing payments in installments for RCA policies.
