The decision to purchase insurance is an individual one. While in the case of compulsory liability insurance, we are required by law to purchase it - in the case of voluntary insurance, the decision is solely up to the person or company taking out the insurance.

The decision to purchase insurance is strictly individual and depends largely on one's lifestyle, possessions, concerns and life experiences. We cannot make the final insurance decision for you, but at 24ins.bg we can guide you on what insurance you need, which is the best offer for you, and fully assist you throughout the insurance period and beyond.

Compulsory insurance products are taken out to protect those for whom we are responsible, hence their name is usually linked to the word 'liability'. Such insurances are: Motor Third-Party Liability insurance, Work accident insurance, Lawyers' liability, Architects' liability, Constructors' liability, etc. Anyone owning a motor vehicle or practising any of the professions listed is required, apart from personal liability, by law to take out such a policy.

In the case of voluntary insurance, the answer to this question is individual to each person.

• Casco insurance will save you the hassle and loss of time in the event of an accident or theft of your vehicle.
• Property insurance - think about what could happen to your property. While less frequent, the risks to property owners remain high. Insurance covers the risks of fire, theft, earthquake, intentional or accidental unpleasant incident to your real property.
• Overseas Travel medical insurance - covers unexpected medical expenses when staying or travelling abroad.

The obligation to maintain a valid policy arises from the registration of the vehicle. Regardless of the fact that you are not using the vehicle you are required to maintain a valid Motor Third-Party Liability policy. To be exempt from the obligation to have insurance, the vehicle must be de-registered or suspended.

There are no company-specific terms and conditions. The general conditions issued by the Financial Supervision Commission in Regulation 49 of 16.10.2014 apply.

A Motor Third-Party Liability policy can be purchased by another person, but it is issued in the name of the owner on the vehicle's registration card. In case the car is driven by another person most of the time, he/she can be listed as "Usual Driver" in the policy. This is not required for the policy to be valid.

You can take out a new Motor Third-Party Liability insurance policy only after the current one is cancelled. The options for cancellation are to wait for the 14-day grace period from the due date of your second instalment, then on the 15th day, the policy is automatically cancelled by the company. The other option is to visit an insurance company office and request cancellation.

If your insurance is taken out on a pay-as-you-go basis, the company has the right to terminate it automatically if you have not made a payment within the statutory time limit or so-called "grace period", which is 15 calendar days from the date of the relevant instalment.

The insurance can also be terminated early in two other cases: if the vehicle registration is cancelled or changed. Deregistration of the car can be carried out in case of total damage due to an accident or theft, or in the case of scrapping the car it is necessary to return the registration coupons.

The other case of early cancellation is the change of ownership and registration of the car as a result of its sale. Upon sale, the insurance is not terminated and all rights and obligations under it are transferred to the buyer. The new owner is obliged to notify the insurer, submit the relevant documents (Purchase and Sale Agreement and/or new registration certificate) and has the right to terminate the insurance taken out by the old owner without giving a specific reason.

If you are pulled over, it is advisable to carry the green card issued with the policy and the sticker. If you have lost it you will need to reissue it and replace the sticker.

In this case you cannot get compensation under Motor third party insurance. If you have Casco insurance you can file a claim. However, there is a possibility that you will be denied compensation.

Unfortunately, hail damage cannot be covered by Motor Third-Party Liability. Motor Third-Party Liability insurance covers accidents that you or another driver are at fault for causing while operating a motor vehicle and covers noneconomic and economic damages you cause to third parties. In order to be covered for damage to your car and to receive compensation, you must have a Casco insurance policy. This insurance is voluntary and provides coverage for hail and other natural disasters, fire, theft of the vehicle or vehicle’s parts, technical damage due to collision with another vehicle or other movable and immovable objects on the road, parking damage, etc.

The statutory time limit for final adjudication of a MTPL claim is up to three months (Article 496(1) of the Civil Liability Code).

By law, the insurance company has 15 days to decide on a filed claim after all documents requested by the insurer have been submitted. Within this time limit, the insurer must determine and pay the amount of the claim or the sum insured or reasonably refuse payment.

If the risks covered by the insurance are greater, the company may require additional documents/evidence of the event and as a consequence the decision may be delayed, the deadline may not be more than 3 months. Provided that additional documents are required, the company is obliged to notify you of this within the stated 15-day period.

The law does not detail the rates of compensation payable for a particular type of damage. Estimates are made by experts. If you believe the values are unreasonably inflated, you may file an objection to the amount of the damage assessment.

The objection should be in the form of a complaint in which you set out your reasons in detail and provide written or medical evidence in support. You are advised to consult a lawyer, preferably one specializing in Insurance Law.

There are various reasons why you may be refused Motor Third-Party Liability insurance.

• You may have been identified as a 'risky customer' by the company concerned or be on their 'blacklist'. Usually these are customers with a record of a large number of accidents and damage caused or those who own a large number of cars.
• Another reason is that you currently have a valid and/or unexpired policy with another company, in which case it may not be possible to get a new policy. You need to visit the company and apply for cancellation.
• If the vehicle is mainly driven by foreigners, they may also not allow you to purchase a MTPL insurance. We advise you to check all the circumstances or ask for information from the company or intermediary that rejects you.

For a variety of reasons, insurance companies inflate the cost of MTPL insurance by adding a percentage of individual owner's risk.

For cars with foreign registration that will not be registered in Bulgaria, you need to purchase Border Insurance. This insurance is only purchased directly at the offices or headquarters of the insurance companies without insurance intermediaries. Its term is from one to three months.

You can purchase Border Insurance with a local insurer abroad. It is valid for about 1-3 months, but the cost is relatively higher than standard Motor Third-Party Liability insurance.

Alternatively, you can order standard MTPL insurance from Bulgaria to be delivered to you by courier. You can order it online; a bank payment of the policy and delivery costs is required in advance.