OPTIONAL FINANCIAL LIABILITY INSURANCE

            

 WHAT IS VOLUNTARY LIABILITY INSURANCE?

In normal life, when it comes to covering damages resulting from a traffic accident, we may see that the limits of compulsory traffic insurance are sometimes exceeded and become significantly strained. While this exceeding of limits is often considered financial, we cannot ignore the existence of situations involving life-threatening circumstances. Considering these situations, in cases of damage or fault resulting from a traffic accident, voluntary liability insurance is a type of insurance that covers the damages of the person or persons at fault, rather than having to bear the costs themselves. This type of insurance, usually added to comprehensive insurance policies, covers damages that are not covered by mandatory traffic insurance or are outside the scope of coverage, within the limits specified in its own policy. This type of insurance also protects the insured against both legitimate and unjustified claims and demands. This comprehensive aspect makes it easier for those seeking insurance to choose this type of insurance. Voluntary liability insurance is a type of insurance valid only within the borders of Turkey. While its terms and coverage include compensation for non-pecuniary damages, non-pecuniary damages cannot be measured as easily and precisely as pecuniary damages, and therefore must be included and specified separately in the coverage. Naturally, insurance policies that include non-pecuniary damages in their coverage will have additional financial differences. Like any contract in law, the terms and conditions of a Voluntary Liability Insurance contract must be clearly and explicitly explained to the policyholder by the insurer. More comprehensively, this insurance covers damages caused by the vehicle owner to third parties. Furthermore, it covers physical or material damages resulting from traffic accidents that are not covered by mandatory traffic insurance. For these reasons, Voluntary Liability Insurance is a much more comprehensive type of insurance than mandatory traffic insurance. Just like mandatory traffic insurance, it provides the insured with support and benefits for as long as they are insured, in the event of a traffic accident or other incident covered by the insurance. Due to its scope, Voluntary Liability Insurance is seen by the insured as a very comprehensive and life-saving insurance. Under this insurance, the death, injury, or impairment of health facilities of third parties, or damage to their "things" (property), can be covered by the Voluntary Liability Insurance, subject to review of relevant legislation and within the framework of the law.

OPTIONAL LIABILITY INSURANCE AND COMPULSORY TRAFFIC INSURANCE

While mandatory traffic insurance only covers material damages in traffic accidents and its coverage is not sufficiently broad, optional liability insurance has a much broader scope and covers not only material damages but also moral and physical damages. This is a significant difference between the two in terms of coverage. Both insurances are available to the insured for the duration of the insurance period, and since optional liability insurance can be purchased as an additional coverage for comprehensive car insurance, it is also valid for one year, like mandatory traffic insurance. Despite these differences, they also share some common features.

HOW TO BENEFIT FROM VOLUNTARY LIABILITY INSURANCE?

In the event of a traffic accident in which an insured person has purchased mandatory traffic insurance and there are damages and faults not covered by this mandatory insurance, the insured person must notify the insurance company within at least 5 business days. While optional liability insurance provides coverage per vehicle, claims for damages and losses in accidents involving motor vehicles must be filed within 2 years from the date the injured party learns of the damage or fault (i.e., the person liable for compensation), and in any case within 10 years from the date of the accident; otherwise, the claim will be time-barred.

HUSEYIN DOGAN