Motor insurance in Turkey financially guarantees any damages to your vehicle as a result of certain risks.

Motor insurance is one of the automobile insurances and its objective is to compensate the damages to the vehicle which belongs to the insurant. It is issued to ensure that compensation is paid to the insured in the cases where any land vehicle is damaged, burnt, stolen, etc. outside the will of the insured.

The motor insurance covers the damage on the vehicle which belongs to the insured, not the other party’s vehicle. The objective of the motor insurance is to compensate the damages to the motor vehicle that belongs to the insurant.

Why Should We Have Motor Insurance?

Motor insurance is optional. The motor insurance includes a number of coverages which are not included in the scope of traffic insurance. In traffic insurance, the risks of the other party are covered in case of an accident/damage. If the faulty party is the policy owner, the expenses of the other party which is involved in the accident are covered by the traffic insurance. If you are the faulty party and you do not have motor insurance policy, only the expenses of the other party will be compensated and your expenses are not covered in the traffic insurance. By having motor insurance, primarily you secure your own risks in case of an accident.

If you cannot afford a new vehicle when your vehicle is stolen, you should absolutely have motor insurance!

Motor Insurance Coverage

Motor insurance is an optional insurance. In addition to standard coverage such as being burnt or stolen, the insurance coverage can be extended with additional indemnities in accordance with the insured’s demand. Unless otherwise specified in the policy, the motor insurance is only valid within the borders of Turkey.

Beginning and Notice Periods in Motor Insurance

The motor insurance begins on the payment date. If the policy amount is to be paid in instalments, the insurance begins on the down payment date. Unless otherwise agreed between the parties, the motor insurance begins at 12 o’clock local time in Turkey and ends at the same time on the expiry date. In motor insurance, the insurant is obliged to notify the insurer that the risk has occurred within 5 business days following the incident that caused damage to the vehicle.

In the event that the risk has occurred, the insurer is obliged to notify the damage and compensation amount to the insured within 15 days at the latest after the documents regarding the damage are delivered to the insurer.

• Which Risks Does the Motor Insurance Cover?

The most important point to be noted when having a motor insurance is to chose the motor insurance coverage according to your needs. Motor insurance covers hard collaterals of crash, burning and stealing.

• What is Motor Insurance with Exemption?

Motor insurance with exemption usually responds to the needs of consumers who are about to renounce from having motor insurance because it is over their budget.

What Are the Collaterals of Motor Insurance?

Motor insurance, which is a type of property insurance, is an insurance which aims to pay a compensation in cases where a land vehicle is damaged, burnt or stolen while moving or parked and thus compensate the financial damages.

Motor insurance is optional. Due to different coverages, there is different pricing. Motor insurance coverage is the most important aspect of motor insurance.

Crashes, fire, stealing or attempts to steal the vehicle and inflation are included in standard motor insurances. However, when you have a motor insurance with only standard coverage, you would have no compensation when your vehicle is damaged due to flood since it is not covered in the motor insurance. This is the one of most frequent problems in motor insurance claims in our country.

Which Collaterals Does a Standard Motor Insurance Cover?

Motor insurance policy covers the following collaterals basically:

Crash

Both while moving and being parked, damages occurred when a fixed or moving object crashed into the vehicle as a result of sudden and external impacts, when the vehicle crashes into such object, when the vehicle crashes, rolls over, falls or turns over and the financial damages occurred as a result of third parties’ actions with bad intentions or malice.

Burning of the Vehicle

A fire and explosion as a result of an accident,

Stealing or attempted stealing of the vehicle,

Damages occurred when your vehicle is stolen, attempted to be stolen or the radio, phone and similar accessories in the vehicle are stolen.

Which Collaterals Can Be Added to the Motor Insurance Policy?

When buying the policy covering standard collaterals, you can include any additional collaterals as you like. Additional collaterals offer financial guarantee against damages which may occur in various circumstances.

Additional collaterals include compensation for natural disasters, damages occurring as a result of social acts and terrorism and intervention of authorities, inflation collateral, depreciation, not falling collateral, aid collateral and loss of use collaterals.

Since compulsory traffic insurance does not protect you from the risks in traffic and other risks, you should have motor insurance in addition to compulsory traffic insurance.

Make sure that your investments are secure, protect your assets with insurance!