Insurance compensation for accidents

Insurance compensation for accidents

Tirana, 9 August 2016/Independent Balkan News Agency

Road accidents, as one of the problems that has become very acute this year, also bring financial damages.

According to regulations approved in 2011, all those involved in an accident where damages are caused, are entitled to seek compensation.

In its June report, Financial Monitoring Authority says that compensation payments from January to June 2016 grew by 29,92% compared to the same period a year ago and the majority of compensations relate to motor damages with around 1,255 million ALL or 66.13% of the total of damages paid.

The law on the mandatory insurance states that the obligation of the insurance company is represented by minimum coverage limits valid on the accident day. According to this law, for damages involving death, health damages and health deterioration caused in an accident, varies from 5 to 20 million ALL. In terms of damages caused to the vehicle, the minimum coverage is from 50 thousand to 2 million ALL. /