The government is working with local insurance companies to introduce a new comprehensive motor vehicle insurance package to cover damages and loss of vehicles, the Minister of Transport and Civil Aviation, Mohamed Ameen has revealed.
As part of ongoing efforts to revamp transportation networks and the regulatory framework, Minister Ameen told national radio ‘Dhivehi Rajjeyge Adu’ that the currently mandatory Third-Party Liability only provides protection against legal and financial liabilities if a vehicle causes injury or damage to another person or their property.
In order to address the shortfall in the regulatory framework, the government is in the process of drafting the required amendments to the transportation law, he said.
Highlighting that a lot can be done even before the proposed amendments are moved by the Parliament, the Minister revealed plans to introduce an additional vehicle insurance package within the next two months.
"The amendments once brought will help us solve a lot of our traffic problems. However, under the existing law, we are working with insurance companies to introduce an additional insurance package on top of the third party insurance. The new comprehensive insurance package is expected to be introduced within the next 45 days to two months,” he explained.
Third-party insurance is mandatory for all registered vehicles in the Maldives, covering damages to third-party property and bodily injuries or death caused by the insured vehicle.