Eighty percent of vehicles insured: Transport Authority

Transport Authority has said that eighty percent of all land transport vehicles have been insured, following the announcement of the Authority’s requirement that all land transport vehicles should obtain third-party insurance.

Chairman of Transport Authority Abdul Rasheed Nafiz, in an interview with Sun Online today, noted the support received for the requirement, and said that twenty percent remain uninsured due to lack of documents.

“The vehicles that remain uninsured are those of which registrations were not transferred after being sold, and those vehicles registered under foreign nationals,” he said.

He said that the owners of uninsured vehicles are being fined MVR750 as per regulations, and that they are also being encouraged to complete the insurance process as soon as possible.

Third-party insurance protects against claims for damage caused by your car to other people’s vehicles or properties.

The insurance premiums are divided into four categories, based on the type of vehicle.

The premiums are as follows: MVR150 for 50cc motorcycles, MVR175 for 50Ccc to 250cc motorcycles, MVR400 for over 250cc motorcycles, MVR750 for private cars, MVR1,000 for taxis, MVR1,500 for leased vehicles, and MVR2,000 for vehicles used for other purposes.

Companies that provide third-party insurance are Ceylinco Insurance, Allied Insurance, Amana Takaful and Sri Lankan Insurance.