COMPREHENSIVE, THIRD-PARTY LIABILITY, AND MANDATORY LIABILITY INSURANCE
WHAT IS COMPREHENSIVE INSURANCE AND WHAT ARE THE DIFFERENCES BETWEEN IT AND MANDATORY TRAFFIC INSURANCE
Unlike mandatory traffic insurance, comprehensive insurance is a type of insurance that covers damage to the policyholder’s own vehicle resulting from an accident. Although it is sometimes confused with mandatory traffic insurance, unlike mandatory traffic insurance, it is not mandatory to purchase and there are no legal penalties for not having it. As mentioned above, while mandatory traffic insurance covers damages caused to the other party in an accident, comprehensive insurance covers damages to one’s own vehicle. In short, comprehensive insurance is a type of private insurance that provides coverage for the policyholder’s vehicle and protects against certain risks. These risks include traffic accidents and resulting damages, theft of the vehicle or attempted theft, as well as damages such as the vehicle catching fire, and personal injuries. Comprehensive insurance assumes full or significant liability for these damages—depending on the specifics of the incident—and ensures that such situations are covered. Another key difference from traffic insurance is the cost of comprehensive insurance. Since the premium framework for traffic insurance is standardized and determined by the government, comprehensive insurance premiums vary depending on the specific coverage limits and the circumstances covered. Because comprehensive insurance is a more comprehensive type of coverage compared to traffic insurance, it is more expensive when compared to the cost of traffic insurance. In terms of duration, however, they are similar; both types of insurance have a one-year term and must be initiated with the condition of annual renewal or payment.
SOVTAJ, SOVTAJ FEE, AND THE SOVTAJ PROCESS
The sovtaj fee is a concept that particularly arises within comprehensive insurance; this concept refers to the process of selling damaged property with the insured person’s consent. The salvage process reduces the insurance company’s expenses and losses. The salvage value reduces the compensation the insurance company is required to pay; furthermore, if the damage is not fully covered, it reduces the amount of compensation to be paid.As mentioned above, the insured’s consent must first be obtained for salvage. If consent is granted, the damaged property is transferred to the insurance company’s custody and sold. Upon sale, payment procedures are carried out in accordance with established procedures between the insured and the company. The revenue generated from the undamaged parts of the property is deducted from the compensation amount the company is required to pay. This amount, which is mentioned and deducted, is referred to as the salvage value. The salvage value is calculated by including all relevant amounts, such as the original price of the damaged property, depreciation, its current value, and the proceeds from the sale. The salvage value in question is determined by an expert report, and the amount stated in this report is paid by the insurance company to the insured.
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