The new rules of the Superintendence of Private Insurance (SUSEP) for automotive insurance contracts begin to apply this Wednesday (1). The agency’s idea is to make several criteria more flexible, in order to expand the number of insured vehicles in the country. In 2019, only 16% of cars registered in Brazil were insured.
Susep wants to make the contracting of insurance something more personal and that suits the different needs of the contracting parties. One of the main changes is the possibility of linking insurance to the driver, not the property. This should be positive for people who share a vehicle or have more than one car in the garage and for app drivers who use rental cars.
Owners of older models, who are not the target of robberies and thefts, can opt for a plan that only covers accidents, for example. With these changes, the expectation is that insurance will become cheaper for contracting parties and, mainly, that new customers will be attracted to this market.
According to the National Federation of General Insurance (FenSeg), the new regulation should make contractual relations between policyholders and insurers more transparent. According to the organization’s president, Antonio Trindade, product standardization is no longer the preference in the performance of insurance companies, which should increase competitiveness and innovation in the sector.
Other important changes
- In the list of changes, there is the so-called “hull cover”, which allows the choice of one or more types of risk, including theft, robbery, collision or fire;
- Now, auto insurance can also be taken out in conjunction with other types of protection, such as residential and business;
- Insurers now allow partial coverage of the value of a vehicle;
- Insurers may provide that repairs will only be covered if they are carried out in a workshop that is part of an accredited network;
- A deductible may be charged for cases of full compensation for fire, lightning or explosion.
The insured also has the option of being reimbursed for only half of the total value of the vehicle in the event of an accident, but paying a lower amount in the total contract. There is also the option of coverage per kilometer driven. In this modality, a fixed amount is charged, which is increased based on the distance covered, a good option for those who use the car sporadically.
Via: Northeast Diary
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