Economy, Business And Markets

60% Rise in Motorcycle Insurance

60% Rise in Motorcycle Insurance60% Rise in Motorcycle Insurance

Since the extension of incentives that waived the penalties for motorcyclists without insurance, there has been a 60% increase in third-party motorbike insurance, said the director of Personal Injury Indemnity Fund.

"The number of motorcycle insurance policies per day was around 1,800 before the new incentives kicked in but now it has nearly reached 3,000 per day," Ali Jabbari was also quoted as saying by IBENA.

Personal Injury Indemnity Fund is offering three incentives. The primary one is related to waiving the previous fines for those lacking insurance.

The incentive which, according to Jabbari came into effect on February 19, will be effective until the end of the year (March 20, 2017) and will be offered by all insurance companies.

Jabbari asked for media cooperation to promote the culture of insurance throughout the country.

More than 90% of some 10 million motorcyclists in the country are uninsured.

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