CMTPL | Motor Vehicle Insurance | Nairi insurance

insurance type

CMTPL

  • No one is safe from road accidents, even experienced drivers. All property damages and personal injuries caused in road accidents should be covered by the driver held accountable for the accident. At times the cost of the damages may amount to several millions of AMD. Under the CMTPL agreement, third party personal injuries and property damages are reimbursed by an insurance company.

    • General Information

      WHAT IS CMTPL?

      CMTPL – is a compulsory insurance of motor third-party liability that compensates for personal and property damages caused to third parties in the result of usage of a vehicle.

       

      WHAT IS COVERED UNDER THE CMTPL CONTRACT?
      Within the framework of the CMTPL contract, the following damages caused to the injured party are compensated.

      - personal damages, which includes damage to health and, as a result, loss of wages (income) and death of injured party,
      - Property damage.

       

      WHAT INSURANCE COVERAGE DOES CMTPL PROVIDE?

      The CMTPL contract provides the following coverage for one insurance event related to one vehicle.
      In case of personal damages:
      - AMD 3.300.000 – per each injured person,
      - AMD 33.000.000 -  per each insurance event.
      In case of property damages։
      - AMD 1.800.000 – per each injured property,
      - AMD 18.000.000  -  per each insurance event.

        

      LIBERALIZATION OF CMTPL INSURANCE PREMIUMS

      From April 1, 2023, the insurance premiums used in the insurance sector were liberalized, giving each insurance company the opportunity to offer its customers services with a price-quality combination based on its own model.

      The company has developed and received the approval of the Armenian Motor Insurers Bureau for its own model for calculating insurance premiums in the field of CTP, the maximum amounts of main and basic insurance premiums of which, as well as the methodology of the BONUS-MALUS system, are determined by the bureau.

       

      Below are the indicators taken as the basis of the company model effective from February 1, 2024.

       

      1. The minimum and maximum amount of the main and basic CMTPL insurance premiums:

       

      Indicator Name

      Minimum limit

      Maximum limit

      Main Insurance Premium

      41․000 AMD

      41․000 AMD

      Basic Insurance Premium

      40.000 AMD

      63.000 AMD

       

      2. The risk factors

      The risk factors affecting the insurance premium determined by the company are:
      - Type of vehicle,
      - The power of the vehicle's engine (horsepower),
      - The legal status of the Insured,
      - The place of registration of the Insured.

       

      3. Regulating coefficients, applicable depending on the term of the CMTPL contract.

       

      Regulatory coefficients are applied depending on the validity period of the CMTPL contract.

      (Applies to an annual insurance premium)

      Insurance period

      Regulatory coefficients

      from 11 months to 1 year inclusive

      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

      0.1

    • Contract Conclusion

      WHERE TO PURCHASE CMTPL POLICY?

      • Head Office of NAIRI INSURANCE
      • Branches and Agent Offices of NAIRI INSURANCE
      • Insurance Agents of NAIRI INSURANCE
      • From the stalls of NAIRI INSURANCE in the store chain "Yerevan City"
      • Ordering by 24/7 tel. number: +374 10 50 00 10
      • Online
      • Through payment terminals.

       

      Regardless of where a customer purchased the Policy, he/she pays the same amount, without any overpayment, receiving the same services.

       

      REQUIRED DOCUMENTS   

      • Passport of the owner of the vehicle (if the car is not registered in the Republic of Armenia, and if the car is registered in the Republic of Armenia, then also a social card) or identification card.
      • Technical Passport of the vehicle․

      REQUIRED DOCUMENTS FOR CMTPL POLICY RENEWAL (PROLONGATION)

      If the car was previously insured with Nairi Insurance, you can only provide those documents in which the change occurred.

    • Frequently Asked Questions

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