Starting from April 1, 2023, the insurance premiums applied in the insurance sector will be liberalized, allowing each insurance company to offer its customers services with a price-quality combination based on its model.
The company has developed and approved by the Bureau of Auto Insurers of Armenia its model for calculating insurance premiums in the field of motor vehicle accidents, the maximum amounts of main and basic insurance premiums, as well as the methodology of the Bonus-Malus system are defined by the Bureau.
Below we present the indicators based on the Company Model:
1. The minimum and maximum amounts of the main and basic health insurance premiums.
|
Index Name: |
Minimum limit |
Maximum limit |
|
Main insurance premium |
41․000 AMD |
41․000 AMD |
|
Basic insurance premium |
32․500 AMD |
55․300 AMD |
2․ Risk factors:
The risk factors affecting the insurance premium defined by the company are:
Type of vehicle,
The power of the vehicle's engine (horsepower),
The legal status of the insured,
Place of registration of the insured.
3. The applied regulatory coefficients depend on the terms of the insurance contract.
|
Regulatory factors depending on the term of the contract (applies to the annual insurance premium)
|
|
|
Term of insurance
|
Regulatory factors |
|
11 months to 1-year |
1 |
|
From 10 months to 11 months inclusive |
0.95 |
|
From 9 months to 10 months inclusive |
0.85 |
|
From 8 months to 9 months inclusive |
0.77 |
|
From 7 months to 8 months inclusive |
0.7 |
|
From 6 months to 7 months inclusive |
0.65 |
|
From 5 months to 6 months inclusive |
0.6 |
|
From 4 months to 5 months inclusive |
0.5 |
|
From 3 months to 4 months inclusive |
0.4 |
|
From 2 months to 3 months inclusive |
0.33 |
|
From 1 month to 2 months inclusive |
0.25 |
|
From 16 days to 1 month inclusive |
0.2 |
|
From 11 days to 15 days inclusive |
0.15 |
|
10 days |
0 |
Insurance premium calculator