MTPL policy (Motor Third Party Liability Insurance) is compulsory insurance in Latvia, which must be purchased by every vehicle owner. Its main purpose is to ensure the payment of compensation to injured people and vehicles in the event of road traffic accidents caused by the insurance policyholder.
There are several important aspects of MTPL policy that a vehicle owner should be aware of:
Mandatory: Every motorized vehicle used on public roads must be insured with an MTPL policy. Operating on the road without an insurance policy is illegal and may result in a fine.
Insurance period: MTPL insurance can be purchased for different terms - from one month to one year. The chosen term depends on the frequency of use of the car and the wishes of the owner.
Prices: The price of the policy may vary depending on various factors, including the capacity of the vehicle, the frequency of use, the age and experience of the driver, as well as the conditions offered by the insurer itself.
Compensations: MTPL policy provides that the insurance company will compensate the losses caused by the driver of the insured vehicle. Compensation can cover medical costs, vehicle repair expenses, and other related damages.
Liability limit: The insurance coverage of the MTPL policy is limited, and the maximum amounts that the insurer will pay out for various types of losses are determined.
Insurance companies: Several insurance companies in Latvia offer MTPL policies. It is important to evaluate the offers of different companies in order to find the best solution in terms of price and services provided.
Bonus system: OnGo.lv offers bonus systems where you can get a discount for the purchase of the next policy for each accident-free year. It encourages drivers to be more cautious and promotes responsible driving.
Reporting accidents: In case of a traffic accident, it is important to contact the insurance company as soon as possible and inform them about the accident. All details of the event must be included and all available evidence must be attached.
It is possible to supplement the mandatory insurance with CASCO: Although MTPL policy offers basic vehicle owner's liability insurance, many choose to additionally purchase CASCO insurance, which will cover damages to the insured vehicle itself, regardless of who was at fault in the accident.
In general, the MTPL policy is an important and mandatory part of the operation of any vehicle, which provides a financial safety net for both the driver and third parties in road traffic. It is important to choose your insurer carefully and understand the terms of your MTPL policy to avoid unpleasant surprises in the event of an accident.
