MANDATORY FINANCIAL LIABILITY INSURANCE

WHAT IS TRAFFIC INSURANCE?

The number of traffic accidents in our country is by no means insignificant. This number is increasing every year. According to the Turkish Statistical Institute's 2021 data, a total of 187,963 traffic accidents occurred in Türkiye, 5,362 of which resulted in death and 274,615 in injury. Given this situation, law, which intersects with various aspects of life, is one of the concepts most affected by these accidents.

Parties involved in traffic accidents suffer significant emotional and financial losses. Compulsory Liability Insurance, also known as Traffic Insurance is crucial because it covers these substantial losses within certain limits. In this article, we will briefly discuss Traffic Insurance, which is mandatory in our country.

Traffic insuranceis a mandatory type of insurance required of motor vehicle operators according to Article 91 of the Highway Traffic Law. Traffic insurance compensates for damages to persons or property resulting from an accident, within certain limits. In this respect, it is a very important type of insurance for both parties involved in the accident. Some of the damages covered by traffic insurance include: the decrease in value of the damaged vehicle, the medical expenses of third parties involved in the accident, future economic losses for those who suffer disabilities as a result of the accident, and losses suffered by those who are financially dependent due to death.

In addition, compulsory traffic insurance is not responsible for covering. Examples of damages that compulsory traffic insurance is not obligated to cover include: claims for compensation attributable to the victim's own fault; claims for moral damages; claims for compensation attributable to the fault of the dependent; and consequential and indirect damages such as loss of profit and business interruption resulting from the accident.

If you experience any legal problems in this regard, you can contact us for assistance from our expert lawyers.