The benefit for the injured party is a guarantee to receive compensation for damages (for car repairs) under the law. For the party at fault, the benefit is that he is relieved of his obligation to pay compensation for damages resulting from the traffic accident (the insurance company compensates the losses for car repair) under the Law.
For example, if there was a traffic accident through a fault of a client, the insurance company undertakes to compensate the damage to the injured party within the limits of insurance amounts.
Sums insured are equal all over Ukraine and regulated by the Law:
- 130 thousand UAH for material damage (repair of a car of the injured party);
- 260 thousand UAH for damage to health or life.
To increase the insured sum for damage to another car, it is possible to draw up an additional extension. It is a contract, which increases the amount the insurance company will cover in case of a traffic accident through the fault of the client. Under CMTPL insurance, the insurance company can cover maximum 130 thousand UAH (approximately 5 thousand USD). It is possible to buy from 100 thousand UAH up to 1 million UAH. Price of such contract is from 185 UAH up to 650 UAH.
The automobile insurance policy is valid for any driver, who drove the vehicle on legal grounds (technical passport and driving license of appropriate category). It means that the car insurance policy will also cover other drivers, not only the insured. Exception is the policy that is issued with discounts. If the policy is issued with the discount of 50%, the insurance will be valid only for the beneficiary (pensioners, war veterans, category II invalids, persons who suffered as a result of the Chernobyl disaster (category I or II).
There is a fine from 425 UAH to 850 UAH
for not having an automobile liability insurance.