OTSPV electronic policy is a reliable and modern type of insurance protection?

Author: Olena Zadoyna 2020-08-14

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Electronic policy is gaining popularity among Ukrainian drivers.
As of the beginning of June, more than 14,000 electronic contracts of OTSPV have been concluded. The amount of insurance payments received under electronic contracts amounted to UAH 9.4 million.
Ukrainian drivers have the opportunity to conclude a contract of compulsory motor third party liability insurance since February 7, 2018 in accordance with the Order of Natskomfinposlug №3631 from 31.08.2017 'On approval of amendments to the Regulations on the peculiarities of the conclusion of contracts of compulsory insurance of civil liability of owners of land vehicles.'
The main advantages of an electronic insurance contract compared to a paper policy are:
possibility to conclude an insurance contract independently, through the insurer's website, at a convenient time. However, the electronic contract can also be concluded in the office of the insurance company or through insurance intermediaries, such as banks;
-electronic agreement is formed directly in the MTIBU database. Thus, the client avoids the risk of obtaining a fake or falsified policy, and information about the new contract is guaranteed to be recorded in the centralized database of the MTIBU. The client also receives confirmation of the fact of concluding an insurance contract on his e-mail box in the form of a visual form of the policy;
-the ability to pay for the OTSPV agreement using Internet payment tools;
-in case of exclusion of the insurer from the members of the MTIBU, the conclusion of OTSPV agreements with such IC is terminated automatically;