80 percent of land vehicles insured

The Transport Ministry has revealed that 80 percent of land vehicles have been insured following an announcement of a requirement for third party insurance, reports Sun Online.

Transport Authority Chairman Abdul Rasheed Nafiz explained that 20 percent of registered land vehicles remained uninsured due to lack of documents.

Owners of uninsured vehicles are being fined MVR 750 under the current regulations, Nafiz said.

The insurance premiums are divided into four categories, based on the type of vehicle: MVR 150 for 50cc motorcycles; MVR 175 for 50Ccc to 250cc motorcycles; MVR400 for over 250cc motorcycles; MVR750 for private cars; MVR1,000 for taxis; MVR1,500 for leased vehicles; and MVR2,000 for vehicles used for other purposes.

Companies that provide third-party insurance in the Maldives are Ceylinco Insurance, Allied Insurance, Amana Takaful and Sri Lankan Insurance.