Motor vehicle insurance for young people

Every motor vehicle that is used in traffic must be insured with motor liability insurance. Whenever a collision or some other form of damage occurs, the motor liability insurance will compensate any personal injuries that occur during the accident. Motor liability insurance also indemnifies for damage caused to the vehicle or property of the innocent party. 

If, for example, another driver causes a rear-end collision and damages your vehicle, their motor liability insurance will cover both the damage to your vehicle and any medical treatment expenses should you be injured as well. 

In addition to the mandatory motor liability insurance, you can increase the coverage provided by your insurance with voluntary comprehensive motor vehicle insurance. Comprehensive motor vehicle insurance covers your car against various types of loss or damage, and you can tailor your cover to meet your needs. As a customer of Pohjola Insurance, you can choose from three different comprehensive motor vehicle insurance policies: Medium Motor Insurance, Standard Motor Insurance or Super Motor Insurance, which provides the most cover. Please note that some comprehensive insurance plans are not available for older vehicles.

Comprehensive motor vehicle insurance provides several types of accident covers for your car. For example, parking cover compensates any damage caused by an unidentified person to your car while it is parked. Windscreen cover compensates damage caused by, for example, a rock hitting your windscreen. Collision cover compensates the repair costs caused by a collision or if your vehicle is run off the road.

The no-claims bonus is an incentive scheme where your accumulated bonus percentage decreases the amount you pay for your motor vehicle insurance. When you drive without making any claims under your motor vehicle insurance for a full insurance period, your bonus level will increase for the next insurance period. The more bonuses you accrue, the larger the discount to your motor vehicle insurance. 

The motor vehicle insurance bonus system is comprised of two separate bonus schemes: 

• The motor liability insurance bonus
• The collision cover bonus for comprehensive motor vehicle insurance (collision cover not included in Medium Motor Insurance)

The motor liability insurance bonus

The starting bonus for new drivers under the motor liability insurance is always 40%, but if you drive carefully and have no accidents, you can reach the 80% maximum bonus level in as little as five years. When you drive for two years under the maximum bonus level, you will be provided with bonus cover for your insurance. This means that claiming one loss covered by motor liability insurance within a single insurance period will not reduce your bonus. 

Collision cover bonus for comprehensive motor vehicle insurance 

The deductible and maximum compensation specified in your insurance policy will come into play should an accident occur. When an accident occurs, your deductible is the amount that you will pay yourself. For losses covered by your motor liability insurance, the deductible is always 0 euros, but the deductibles for comprehensive motor vehicle insurance vary depending on your choices, covers and the damage that has occurred.

Maximum compensation refers to the maximum amount covered by the insurance in the case of an accident. This maximum compensation varies from cover to cover.