New rules promise to make insurance cheaper

Of the total vehicle fleet in Brazil, 84% had no insurance coverage in 2019, according to data from the National Traffic Department.

With the aim of expanding the consumer market, as of September 1, the new rules suggested by the Superintendence of Private Insurance (SUSEP) for car insurance will come into effect, which will allow more flexibility when taking out the policies and, thus, they will help ensure lower costs for the consumer.

In practice, the owner of an old vehicle, for example, who does not consider it advantageous to contract theft and robbery coverage, may opt only for insurance for accidents, such as collisions and fires, which will be more economical.

The president of the Union of Insurance Companies of Rio de Janeiro and Espírito Santo (SindSeg RJ/ES), Antonio Carlos Costa, believes that the changes will be positive for users.

“The offer possibilities are immense and the one who wins is the consumer, who will have more product options that meet their real needs”, he defends.

According to Daniel Cheida, a lawyer specializing in Consumer Law, the main change will be the flexibility allowed with the new rules, which could benefit the consumer.

“This flexibility has a positive impact precisely because the consumer is no longer obliged to contract a closed package with various types of coverage that, for him, are not interesting. In this new modality, he can choose the type of coverage he intends to contract and this makes the cost of insurance cheaper”, he analyzes.

For Tiago de Angelis Karlinski, actuarial manager of Reserves and Products at Banestes Seguros, the possibility will revolutionize the car market, especially for the consumer.

“It will bring possibilities for hiring that do not exist in the market. Today, in order to take out car insurance, the insurance must be linked to an automobile. Now there will be the possibility of hiring without this link with a certain vehicle”, he explains.

Whatever the type of insurance, the lawyer Daniel Cheida also warns that you must be aware of the conditions of the contract, whether coverage, terms or values, and whether these are adequate to the needs of the insured user.

Pay less for the contracted service

Gleyson de Oliveira Braga (Photo: Douglas Schneider/AT)Gleyson de Oliveira Braga (Photo: Douglas Schneider/AT)

If the new rules for auto insurance were already in place, application driver Gleyson de Oliveira Braga, 31, admits that he would not need to have sold his vehicles this year.

“I had four cars that I rented to app drivers. I sold three and now I’m alone with mine. I used to pay insurance for everyone, which became unfeasible”, he says.

With the changes suggested by the Superintendency of Private Insurance (SUSEP), it will be possible, for example, to link the insurance to the driver. Thus, instead of a vehicle, all the cars he drives will have an active warranty. What for Gleyson has created the expectation of saving when hiring the service. “I hope that with these rules I can pay less”.

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What is the purpose of the new rules?

  • The new rules will make it possible to customize and make policies cheaper.

  • The change aims to increase the number of insurance contracts, as only 16% of the total vehicle fleet in Brazil had insurance coverage in 2019.

What will be the main changes?

  • From now on it will be possible, for example, to link the insurance to the driver instead of the vehicle. That way, all the cars he drives will have the active warranty.

  • Those who do not want to take out coverage for theft and robbery, for example, can opt only for insurance for accidents, such as collisions and fires.

  • Partial coverage is now allowed. Instead of choosing to receive the full value of the car in the event of theft or damage, the policyholder may choose to be reimbursed with half the value.

What do experts say?

  • The novelty will revolutionize the car and insurance market, experts say.

  • For them, the new rules will allow more flexibility for consumers, in addition to guaranteeing lower costs when contracting the service.

  • Regardless of the type of insurance, specialists advise to pay attention to the conditions of the contract.

How to hire reliable insurance?

  • First, it is necessary to verify if the company is registered with SUSEP and if it is in good standing. To do this, simply search the general conditions and consult the situation on the website:

  • The assistance of an insurance broker can be important in choosing the right coverage.

  • Read the contract carefully. Before signing, it is important to be sure about the indemnity amounts and conditions.

  • Also note the exclusion clauses, that is, cases where there will be no indemnity.

Source: Superintendence of Private Insurance (SUSEP) and consulted specialists.