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Compulsory insurance for ride-on lawn mowers etc.: What financial experts say about it
According to a report in the Süddeutsche Zeitung, the federal government is planning to make insurance compulsory for ride-on lawnmowers, forklifts and slow tractors. In the future, these vehicles will have to have motor vehicle liability insurance. Until now, it was sufficient for the owner's private liability insurance to cover damages. The new insurance requirement is expected to come into force at the end of December 2023. The compulsory insurance will be regulated uniformly and will also regulate the compensation of traffic victims in the event of the insolvency of a car insurer. In the future, liability insurance will have to have large amounts, comparable to those for cars or trucks. 7.5 million euros are prescribed for personal injury, 1.5 million euros for property damage and 50,000 euros for financial loss. A private…
Compulsory insurance for ride-on lawn mowers etc.: What financial experts say about it
According to a report in the Süddeutsche Zeitung, the federal government is planning to make insurance compulsory for ride-on lawnmowers, forklifts and slow tractors. In the future, these vehicles will have to have motor vehicle liability insurance. Until now, it was sufficient for the owner's private liability insurance to cover damages. The new insurance requirement is expected to come into force at the end of December 2023.
The compulsory insurance will be regulated uniformly and will also regulate the compensation of traffic victims in the event of the insolvency of a car insurer. In the future, liability insurance will have to have large amounts, comparable to those for cars or trucks. 7.5 million euros are prescribed for personal injury, 1.5 million euros for property damage and 50,000 euros for financial loss. Private liability insurance will no longer be sufficient.
The new compulsory insurance will lead to higher costs for owners of ride-on lawnmowers, forklifts and agricultural machinery. Anyone who fails to comply with this obligation is committing a criminal offense and can be sentenced to a prison sentence of up to one year. The vehicle can also be confiscated. However, it remains unclear whether the government will begin sanctioning immediately.
The insurance industry could benefit from the new regulation. However, the General Association of Insurers (GDV) rejects the regulation as unnecessary. Until now, general liability insurance would have always been sufficient.
It should be noted that a higher insurance requirement only applies if the vehicles are used on publicly accessible areas. In the home garden, higher insurance is not necessary.
This new insurance requirement could have an impact on the market, the consumer and the industry. The cost of insurance will increase, resulting in higher prices for owners of riding lawnmowers, forklifts and farm equipment. This could reduce demand for these vehicles. The insurance industry could gain new customers, while GDV sees the regulation as unnecessary.
Source: According to a report in the Süddeutsche Zeitung, https://www.sueddeutsche.de/wirtschaft/versicherungshaftung-aufsitzrasenmaeher-gabelstapler-1.5462802
Read the source article at www.focus.de