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- Count to the minute: from April 7, ultrashort CTP for 24 hours will be launched in the Russian Federation
Count to the minute: from April 7, ultrashort CTP for 24 hours will be launched in the Russian Federation
In Russia, it was allowed to conclude CTP policies for 24 hours. The new rules will start working on April 7, the National Insurance Information System told Izvestia. The settings are changed at the request of the Central Bank. Such contracts will help taxi drivers, as well as drivers who rarely use cars, but want to go, for example, to the country or drive the car to another place. The motorist should not overpay for the extra insurance period, the Central Bank noted. A one—day policy will be much cheaper - its cost starts from 130 rubles. And after the launch of verification and fines for the absence of CTP on cameras, the issue will become even more relevant. Izvestia understood how the new system would work.
How the new CTP policies work for 24 hours
From April 7, ultrashort CTP policies will be launched in Russia for 24 hours. Such a change in settings is introduced at the request of the Central Bank, Nikolay Galushin, General Director of the National Insurance Information System (NSIS), told Izvestia.
To date, "one-day" policies already formally exist, but their validity ends at midnight regardless of the time of registration, explained Irina Frank, CEO of Frank Auto. So, if a driver buys insurance at 23:30, it will expire in 30 minutes. Because of this, such policies are economically unprofitable and are almost not in demand.
This creates an unfair situation where a person pays for a full day, but in fact can only get an hour of coverage. The new rules eliminate this problem by making the insurance period transparent: exactly 24 hours from the date of purchase," the expert noted.
CTP policies for 24 hours can be purchased as early as April 7, Roman Lobodin, director of the AlfaStrakhovanie Compulsory Insurance Department, confirmed.
— With the introduction of short policies in March last year, the topic of accurate time tracking has become more relevant. The motorist must pay for the product he needs without overpaying for the extra insurance period, the press service of the Central Bank told Izvestia.
They stressed that a more accurate accounting of time during the registration of the "avtograzhdanka" will help better meet the needs of citizens.
The Central Bank clarified that there is currently no legal ban on the registration of CTP policies with an indication of the exact time in hours and minutes for the start and end of insurance. However, technical training of all bases is needed. The NSIS is launching such an opportunity. At the same time, the CTP law stipulates that the contract is concluded for at least one day, the regulator added.
Increasing the flexibility of the system will make it more convenient, says Alexey Yanin, Managing Director for Ratings of insurance and investment companies at Expert RA.
The change in the validity period of one-day policies is made in the interests of users, says Alexey Bredikhin, director of the ACRA Financial Institution ratings group. According to the previously operating system, a short trip was supposed to end on the same day it started. Obviously, this created inconvenience for customers who wanted to finish their trip the next day, but had to buy two days' worth of coverage before the 24 hours were up.
The new system eliminates overpayment for unused hours, which is especially important for drivers who rarely drive, Irina Frank added.
Although this method will be convenient for individual customers, it may have negative consequences for the entire insurance market and law-abiding car owners, fears Egor Svetlov, head of the methodology department for OSAGO and the Green Card at Rosgosstrakh. For example, it can increase the number of drivers without a policy, because people will forget to extend such short-term protection, and increase the number of fraud in accidents, said Egor Svetlov. Insurance companies will also have to change their business processes, which is quite expensive.
Who benefits from ultrashort policies and how much they cost
One-day policies will be mainly of interest to taxi drivers, Roman Lobodin believes. According to Yandex Taxi and its customers, the market has been waiting for this for a long time, said Alexander Shcherbakov, Deputy head of the Department of Methodology and Underwriting of compulsory insurance of IC MAKS. According to him, such short policies are a niche product. It will be especially useful, for example, to taxi drivers and the self-employed, who sometimes earn extra money in their spare time and rent not one, but different cars each time.
Such policies can also be useful for short one-time trips by car, which is rarely used, added Alexey Yanin, Managing Director for ratings of insurance and investment companies at Expert RA. For example, to drive a car from one parking lot to another, get to the cottage, or even bring a rare car to the exhibition, the expert noted.
One-day policies can also be useful for drivers when renting a car if insurance is not included in the tariff. And also, for example, to sellers and buyers of supported cars who need to apply for coverage during a test drive or to drive a car, says Irina Frank from Frank Auto.
The average price of annual CTP in 2024 was 7.6 thousand rubles, said Evgeny Ufimtsev, president of the Russian Union of Motor Insurers (RSA). The number of concluded contracts reached 44.8 million. Of these, one million accounted for short-term policies. At the same time, the average price of one-day CTP varies from 130 rubles (this price is paid, for example, by taxi drivers under corporate contracts) to 1.2 thousand rubles, for example, for novice drivers.
The price of a one-day policy is significantly higher than the cost of an annual policy divided by 365 days. Therefore, these insurances are potentially more profitable for insurers. However, short-term CTP is more unprofitable, Irina Frank noted.
She explained: firstly, they will be used more often by drivers who consciously choose inexpensive coverage for risky trips, for example, during rush hour or in bad weather conditions. Secondly, there is a risk of fraud: unscrupulous car owners may try to issue a policy after an accident, if the accident is not recorded by cameras. Thirdly, processing a large number of short-term applications increases the burden on insurers' IT systems, which leads to an increase in operating costs.
Nevertheless, the retrofitting of the short-term CTP system is especially relevant in the light of the imminent launch of the verification of policies on traffic cameras, Irina Frank believes. The camera system is expected to be operational on June 30.
The use of traffic cameras to monitor the availability of CTP stimulates additional demand for both short-term and traditional annual policies, Alexey Bredikhin believes. Some drivers who have not previously purchased insurance will find it more profitable to pay the contract rather than risk paying fines for driving without protection.
Especially if the price for a daily policy turns out to be comparable to a fine, Irina Frank agreed. Currently, according to the RSA, about 10-15% of cars in Russia drive without a policy. This measure will reduce the number of such drivers, but the effect will be moderate, the expert believes.
Переведено сервисом «Яндекс Переводчик»
