Insurance in Latvia is mandatory civil liability insurance for drivers, intended to cover damages caused by road traffic accidents. Mandatory Civil Vehicle Insurance – protects not only the driver, but also third parties who may suffer in road traffic accidents.
The principle of insurance is quite simple: if you caused damage to another vehicle, property or health in a traffic accident, your MTPL insurer will cover the damage, instead of you having to pay for the consequences out of your own pocket.
- Validity and purchase: The policy can be valid from one month to one year. It can be purchased both in person at branches of insurance companies and from us.
- Pricing criteria: Prices may vary depending on various factors such as vehicle type, engine capacity, driver's years of experience, driving experience and even the place of registration.
- Obligation: Do not drive on the road without a valid policy. Incomplete or expired policies are considered non-existent, which may lead to a fine being imposed on the driver
- Liability: The policy does not cover damages caused to the policyholder himself or his vehicle. CASCO insurance is required to cover them.
- Reimbursement: In the event of an accident MTPL will cover damage, injury to health, or death caused by the insured vehicle.
- European area validity: The policy is valid in the countries of the European Economic Area, as well as in other countries that have joined the Green Card system.
If you are involved in a traffic accident, you should:
- assistance should be provided to the victims, if necessary;
- the responsible services must be informed – the police and emergency medical assistance;
- a road traffic accident declaration must be made or the police must be waited for to make a report of the incident;
- after the accident, you must contact your insurance company and provide all the necessary documents and information about the incident.
When choosing an insurer, consider not only the price, but also the company's reputation, quality of customer service and reimbursement procedures. It is better to choose a reliable insurer, even if the premium might be slightly higher than other providers.
Remember that insurance is the guarantor of your financial security and that of other road users. By choosing the right insurance policy and following the rules carefully, you can reduce many of the risks associated with road traffic.
