Insurance premiums are not expected to rise steeply after the introduction of a harmonization law on compulsory third party liability motor insurance, insurance companies said yesterday.
Deputies had warned earlier this week that insurance costs were expected to be subject to a drastic increase based on an EU Directive that must be implemented by June 11.
At the moment, insurance companies are expected to cover a minimum of £60,000 for material damages in the event of an accident. Based on the directive, this amount will increase to £600,000 (1 million euros).
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