Saloon car owners in the south who buy annual car insurance to drive north will have to pay a higher price starting Tuesday, following a decision by Turkish Cypriot officials.
Car insurance on an annual basis will now cost €180, according to Kathimerini Cyprus, a noticeable jump from €120 that was in place since 1 June 2012.
Automobile insurance companies in the north have been lobbying for the increase since April, but a decision that would have raised prices in early summer was blocked at the last minute.
But the new price will not affect drivers who buy insurance on a monthly, quarterly, or semi-annual basis
The new price will not affect drivers who buy insurance on a monthly, quarterly, or semi-annual basis, who will continue to buy those short time premiums at the same price, €25 for one month, €50 for three months, and €90 for six months.
The new annual price won’t affect car owners who drive pickup trucks, who will continue to pay €45 for monthly insurance and €150 for the whole year. Buses, motorbikes, and minibuses will see no changes either.
Efforts to reverse decision
According to Kathimerini, some group companies in the north who have Greek Cypriot representatives in the south have asked for the decision to be blocked.
It is possible that a price cap may be put on saloon annual prices as early as Wednesday, but sources said some increase in the annual price is inevitable.