Today, compulsory insurance has become a very important issue as it is a legal requirement. Compulsory insurance is insurance that protects both the insured and third parties against risks such as accidents and natural disasters. These insurance policies are also monitored by public institutions to ensure public safety and criminal penalties are applied if not taken out. Here you will find the definitions, scopes and types of compulsory insurance.
What is compulsory insurance?
Compulsory insurance is insurance that must be taken out to protect us against the risks in our lives. These insurances protect both insured parties and third parties and cover any damage. At the same time, it is inspected by the public to ensure the general safety of society and criminal penalties are applied if it is not done.
What is compulsory insurance coverage?
The coverage and coverage of mandatory insurance differs per type of insurance and the policies of the insurance company. But in general, mandatory insurance coverage may include:
- Payment of material and/or moral compensation in the event of direct damage to persons or goods.
- Repair of damage caused by accidents or replacement of damaged goods.
- Providing financial support to next of kin in the event of death.
- Cover the costs of treatment and benefit from health services.
- Protection of public goods and the environment.
There are many types of compulsory insurance in our country. Here are some of the most common types of compulsory insurance:
1. Compulsory Traffic Insurance
Covers material damage caused to third parties as a result of traffic accidents. In the event of death, it provides support to the relatives of the deceased.
2. Green card insurance
It is a kind of insurance with international validity. It is mandatory for those who want to drive abroad.
3. Mandatory Earthquake Insurance (DASK)
It is a type of insurance that people who own real estate should have to protect themselves against earthquake risks. This insurance aims to cover material damage that may occur as a result of an earthquake.
4. Travel Health Insurance
It offers protection against health problems that can occur when traveling abroad. It is necessary to take out this insurance when applying for a visa and in cases where some countries make it mandatory.
5. Compulsory Road Transport Financial Liability Insurance
“Mandatory Road Transport Liability Insurance”, which is mandatory for the vehicles used for passenger transport by carriers operating in Turkey and having a legal license, is activated in case of accidents that may occur during the transportation process from the point of origin to the destination, including the “breaks” of the passengers traveling in the vehicle. It covers the rights of passengers in case of physical damage in an accident. This insurance falls under the compulsory insurances according to the Road Transport Act of 10.07.2003 and numbered 4925.
6. Road passenger transport Compulsory seat Personal accident insurance
“Mandatory Seat Personal Accident Insurance for Road Passenger Transport”, which is mandatory in passenger transport, is one of the mandatory insurance policies that domestic and international passenger transport companies must have for their vehicles. This type of insurance also insures people against injury, death and physical damage in the event of an accident.
7. Mandatory liability insurance for hazardous substances and hazardous waste
Hazardous substances and hazardous waste The compulsory liability insurance, which must be taken out in production facilities and vehicles transporting hazardous substances, insures people against physical and material damage suffered directly by third parties. The increased production and transport of dangerous goods in our country in recent years has led to increased awareness of insurance.
8. Compulsory Liability Insurance for Coastal Facilities Marine Pollution
Mandatory liability insurance for coastal facilities Marine pollution, one of the mandatory insurance policies, is an insurance policy that binds business organisations. due to the situations arising from the coastal facility, the pollution or the risk of pollution arising in the maritime jurisdiction areas consisting of Turkey’s internal waters, territorial waters, continental shelf and exclusive economic zone; cleaning costs, costs to be incurred for the transport and disposal of the collected waste, legal liability of the insured in the event of injury or death of third parties, the insurance amount stated in the policy will be settled.
9. Private Security Liability Insurance
The “Financial Liability Insurance Private Security” is one of the mandatory insurances, which guarantees the damage that the guards of private security companies can cause to third parties. This insurance is a kind of insurance that binds people who run security companies. The insurance covers damage caused to third parties as a result of the intervention of the security guard in the event of any event whatsoever.
10. Mandatory Medical Malpractice Liability Insurance
This insurance, which covers private entrepreneurs or doctors with their own practice, is part of the compulsory insurance. The insurance covers the insurance company’s insurance against the amount stated in the policy for the indemnities and related costs demanded from the doctors for the damage they cause in the course of their profession.
11. Certificate of Liability Insurance
“Certificate Financial Liability Insurance”, which should be made mandatory to cover the damage incurred by the persons or organizations holding qualified electronic certificates and third parties in the event that the activities of the Electronic Certificate Service Provider (CSP) are not are carried out in accordance with the Electronic Signature Act, is an insurance covering liability.
12. Mandatory Package Travel Insurance
The “compulsory package travel insurance”, which is mandatory for travel agents, insures people against accidents and other situations that may occur during the organized trip.
Why is car insurance compulsory?
Car insurance has been made mandatory to cover financial losses from traffic accidents. This insurance provides financial security for other drivers and owners of personal vehicles.
What is Compulsory Earthquake Insurance?
Compulsory earthquake insurance is a type of insurance that protects homes and workplaces in Turkey against earthquake risks. It is required by law.
Why should I be compulsory insured?
In addition to legal obligations, compulsory insurance also offers financial security against possible risks. By purchasing these insurance policies, you can protect yourself and others and minimize potential financial losses.