VIDEO: Drivers Temporarily Closed Republic Square

Drivers are holding a protest in Republic Square against the increase in compulsory insurance fees.

The decision was made by the Association of Insurers of Armenia. For the first time, the annual insurance premium for car insurance will become 41,000 AMD, regardless of engine power. Previously, the cost of compulsory insurance was differentiated, ranging from 26,000 to 53,000 AMD depending on engine power. Now, a uniform base price is being established for everyone.

The Association of Insurers explained: “The increase for insurers in the low-risk and basic group, which make up the majority in the system, will be between 1,500 and 3,000 AMD, while for the small percentage of insurers in the high and medium-risk groups, this increase will be more significant.”