CMTPLI policies for passenger taxis become more widespread in Russia
In 2023, compulsory motor third party liability insurance (CMTPLI) policies issued for passenger taxis numbered 248,000. This is 39% more than over the previous year, according to the Bank of Russia’s review. The upward trend was mostly associated with the federal law on taxis that became effective in 2023. Now, the authorities may suspend passenger and luggage transportation permits if taxi drivers do not have a special policy. However, nearly 113,000 taxi drivers put on the regional registers failed to buy special CMTPLI policies for taxis.
The price for a CMTPLI policy averaged ₽27,800, which is only 5% more than a year before. Taxi drivers using private or rental cars tend to drive much more carefully and cause road accidents less frequently than taxi company drivers. This is why the price of an insurance policy for taxi drivers — individuals is two times lower on average than that for taxi companies.
The number of insured events in 2023 under CMTPLI policies for taxis purchased a year before decreased by 10%. Nevertheless, the frequency of insured events under such policies is 6.6 times higher than under policies for other cars.