Information on motor hull insurance can be included in OSAGO policy
Information on a motor hull insurance contract can be indicated on the back of an OSAGO policy without the need to conclude a separate voluntary motor insurance agreement. This ordinance of the regulator was registered by the Russian Ministry of Justice.
The ordinance establishes the minimum requirements for the conditions of voluntary motor insurance in the case that a motor hull insurance policy is issued in this manner. The policy should cover the risks of loss (destruction) or damage to the vehicle, and may provide for a deductible, but no more than 20% of the insured amount.
In this case, the motor hull insurance policy should have the same insurance period as the OSAGO policy and should cease to be effective upon termination of the latter. The motor hull insurance policy can be terminated, including during a cooling-off period, without the termination of the OSAGO policy.
The amendments will make the process of concluding a motor hull insurance agreement more convenient for both consumers and insurers. An insurer may provide such option for both hardcopy and electronic OSAGO policies.
The document shall become effective on 8 March 2020—ten days after the official publication.