Motor third party liability insurance (OSAGO) is a compulsory vehicle insurance in Ukraine. Every driver must have a valid policy, just like a vehicle registration certificate or driver's license. The question often arises as to how to decipher this abbreviation.
OSAGO insurance - decoding
OSAGO is an abbreviation that stands for "Compulsory Third Party Liability Insurance." In other words, OSAGO is car insurance.
The full name of this type of insurance is quite long and complicated, so even official insurers have started using convenient synonyms such as "Auto insurance", "Car insurance", etc.
Auto insurance is required by the current legislation, so the absence of a policy is an administrative offense punishable by a fine from law enforcement.
Why do you need OSAGO?
But even if the possibility of a fine does not motivate you to take out a car insurance policy, it is worth noting that this policy can save you from possible significant expenses. So, if an accident occurs due to your fault, the insurance company will cover the losses of a third party for the amount specified in the policy. As of 2024, the following insurance limits are relevant:
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UAH 130 thousand for property
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UAH 260 thousand for life and health
Of course, you have the opportunity to extend the insurance amounts by taking out a Additional coverage policy, and if you do this on our platform, you will also be able to compare offers and receive a timely reminder of the need to renew!