Car insurance: what has changed since July 2nd?
The Motor Vehicle Liability Policy is in fact the only compulsory insurance coverage for motorists. This is a fundamental coverage that protects at the same time the assets of those causing an accident and the rights of the victims. All motor vehicles circulating on our roads are required to be insured. And for many motorcyclists and motorists, already burdened by expensive petrol, the cost of the RCA policy represents an important expense that is renewed every year. The companies have been advertising their offers for a long time, focusing particularly on discounts and concessions. But they don’t always do it correctly.
Starting from July 2nd, however, the estimates must be more transparent and the costs clearly explained. So let’s see what rules have been introduced by the Ministry for Economic Development, with the decree published in the Official Journal on 17 June last.
Car insurance: what has changed since July 2nd
As we have seen, insurance companies advertise the cost of coverages to attract customers. But the total cost of a policy, called a premium, consists of the basic conditions of the compulsory insurance policy on civil liability and any additional additional conditions.
Very often the customer, attracted by particularly convenient standard conditions reported in advertising, finds himself buying additional expensive coverages. And often these additional covers are not a real protection for the underwriter. But understanding an insurance contract thoroughly isn’t always easy.
With the Decree of Mise 54/2020 each insurance company, in determining the price of its coverages, will be obliged to clearly highlight each cost item and the related coverage.
The standardized model
To facilitate the consumer, the MISE and the Insurance Supervisory Institute have prepared a standard model that the companies will have to submit to the customer when the contract is proposed. A standard model drawn up according to the logic of transparency and clarity will certainly help the citizen more than a thousand different advertising brochures.
The model prepared by Mise will be of great help in comparing the various proposals of the companies. It will highlight all possible additional conditions and all ancillary clauses.
The joint action of the Ministry and IVASS aims to give citizens the possibility of making a more informed choice, helping them to choose the most suitable offer for them. A help that should discourage even the very serious but still widespread malpractice of false RCA insurance policies.
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