MTIBU has been regulating the insurance market for a long time and this time warned all insurance companies, agents and aggregators about the impossibility of providing discounts for customers when purchasing an international Green Card insurance policy. The ban will come into force on 01/01/2023 and failure to comply with this requirement leads to unpleasant fines from the MTIBU.
Are the conditions the same for all insurers?
The green card has the same conditions for its owner, regardless of the insurance company. Absolutely any insurance has the same insurance limits, cost and coverage by country. Only thanks to the discount, the consumer could get a more interesting price.
Why removed the ability to provide discounts on insurance?
In fact, insurance companies have never directly been able to provide a price different from the declared MTIBU. All insurance companies must receive payment for the full amount of the cost of insurance. For this reason, the popularity of insurance aggregators, which sold insurance at good prices, has greatly increased in Ukraine. And there are several points that influenced the ban on discounts:
It is very difficult for insurance companies to compete with their own partners due to the higher price for the same service.
Many agents and aggregators, in order to conquer the market, provided a larger discount than was allowed. This led to a massive reduction in the prices of all competitors.
People are so used to the fact that a discount on insurance is “as it should be”, that they began to abuse it when contacting insurance companies and MTIBU with questions: “Why can they provide a discount there, but you can’t?”
Different prices for the same service confused customers, because it is difficult to imagine insurance with the same conditions at a radically different price. As a result, people could not determine why they should overpay directly to the insurance company if they could buy cheaper.
What awaits the Green Card insurance market in 2023?
Of course, aggregators will look for other ways to win customers, such as bonuses, cashbacks to a personal account for buying other insurance products, and other methods.
But in any case, if the MTIBU checks and fines those who do not adhere to the rules, then soon we will receive an approximately equal pricing policy for everyone who provides a Green Card to a consumer. And the following parameters will influence the choice of insurance:
Indicators of insurance companies from the official source of MTIBU in terms of payment speed, reliability, etc.
The quality and credibility of an insurance aggregator, agent or the insurance company itself
Ease of checkout and payment
Customer focus, speed of response and reviews of the insurer
Why choose KIRINS when applying for a Green Card?
We have been on the Ukrainian market for quite a long time and during this time we managed to win a large number of satisfied customers. This became possible thanks to the professionalism of our managers, the speed of answers to customer questions, the convenience of processing, paying and returning insurance policies.
Since the beginning of the war, we have provided one of the best prices for the Green Card to Ukrainians, as we understood the importance of every hryvnia saved.
We are grateful to everyone who made a contribution to our project and entrusted the most important thing - the safety of personal money and nerves in such a difficult time.