Car insurance: Everything you need to know, the fines for uninsured vehicles

In order to inform the public about the new legislative framework on car insurance, the Association of Insurance Companies informs that the Law 4261/2014, which radically changes the context of compulsory motor insurance for both the insured and the insurance companies , has been in place since the May 5th, 2014.

The main changes brought by the new law, which should be known to all insured, may be summarized as follows:

• The insurance has a specified period, its just applied for the period mentioned in the insurance policy (date and time).

• Renewal of insurance or a new contract is permitted only with the prior payment of the premium. In practice this means that the law allows the insurance company to surrender the insurance, if it hasn't previously received the corresponding premium.

• The sticker insurance is repealed. Evidence for checks of police officers is now the insurance, which all insured must maintain in their vehicle.

• If the insured has paid the premium on procedural grounds but have not yet received the insurance, the law provides that for 5 days, the insurance shall be evidenced by proof of payment of the premium, which should be kept in the vehicle along with the document the insurance company associated with it.

• The fines imposed on offenders identified by police authorities to move with an uninsured vehicle amount in accordance with Law 489/1976 as amended applies in: EUR 1,000 for buses and trucks of public use, 500 for passenger and other vehicles and 250 euros for motorcycles.

Moreover, the diploma, authorization and license for 6 months are removed from these offenders.

While especially if uninsured vehicles involved in an accident, the signs and the authorization removed for two years and on conviction in three years. Furthermore, there is always criminal liability of offenders.

The Association of Insurance Companies informs the new regime in car insurance and stresses:

- Read carefully the newsletters of our insurance company, know the exact date and time of start and end of your insurance

- Care for the timely renewal or conclusion of your insurance

- Don't stay another minute uninsured

- Don't take any risk. For authoritative information on changes in the legislative framework you can contact the insurance company or the insurance ombudsman.