Motor third-party liability insurance

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What does it consist of?

THE INSURANCE IS MANDATORY for all vehicles which are registered in Bulgaria and have not been immobilized. It covers the liability of individuals and entities in case they cause financial or non-financial damages to third parties, including pedestrians, cyclists and other road-users, in relation to owning and/or using a vehicle within the territory of Bulgaria and the other member countries of the EU as well.

What is the term?
THE TERM OF THE INSURANCE is one year. In particular cases the law allows for Motor third-party liability insurance to be concluded for a shorter term: vehicles with temporary or transit registration; concluding frontier insurance; concluding insurance for self-propelled machinery; concluding a Motor third-party liability insurance by companies conducting the import and sale of vehicles; concluding insurance for a slow-moving vehicle.

Where does it apply?
THE INSURANCE APPLIES within the territory of the member counties of the European Union, the European Economic Area, Switzerland, Andorra and Serbia. How is the yearly premium determined?THE YEARLY INSURANCE PREMIUM for Motor third-party liability insurance is determined on the basis of different indicators showing different risk factors. Among them is the type of the vehicle, the engine size, the total weight, and number of seats in the vehicle. Additional factors may also be taken into consideration such as: some specific characteristics of the vehicle, the operator’s driving experience, whether the vehicle owner is an individual or business entity, whether the insurance premium is paid as a lump sum or in installments, etc.IN CASE AN EVENT OCCURRS WITHIN THE TERRITORY of a member country of the European Economic Area, the driver’s Motor third-party liability insurance provides coverage in each member country in accordance with its laws, or the coverage in accordance to the law of the territory where the vehicle is usually located, when the latter coverage is higher.

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