What is OCTA?
Compulsory third party motor insurance (OCTA) is your safety cushion so you can go about your daily car journeys without worry. However, if you cause an accident, your third-party liability insurance will cover the damages caused by the accident.
An OCTA is a prerequisite for taking part in road traffic. If you drive without a valid OCTA policy, you could be fined and, if you cause an accident, you will have to pay for all the damages yourself.
What is covered by OCTA?
OCTA covers both material damage and moral damages, for example:
- kompe costs related to the repair or destruction of the car;
- expenses for damage to roads, buildings or the environment;
- medical treatment for the injured person;
- compensation for disability or death, etc.
OCTA liability
You can get OCTA compensation if you are the victim of a road accident and your health or property is damaged. In this case, you must apply to the insurer of the person at fault for compensation.
Good to know!
- An OCTA policy purchased in Latvia is also valid in countries of the European Economic Area, Switzerland, Serbia and Andorra. If you are travelling outside Latvia, make sure that the OCTA is also valid in the countries you will be crossing. You may need to buy local insurance or an International Insurance Agreement or Green Card.
- The price of an OCTA is influenced by your driving experience and judgement - the longer and better you drive without breaking the rules of the road, the cheaper it will be. If you live in a city, where the risk of accidents is higher, you will pay more than people living in rural areas. If you buy a longer-term policy, the price will be better.
- You don't need to have an OCTA policy with you when you are on the road, but it will be useful if you get into an accident, so it's good to have it available on your smartphone, for example. If you are travelling abroad, make sure you take a printed OCTA policy with you!
- If you sell a car with a valid OCTA policy, you can get money back for the unused period, but the new owner has to buy a new policy.
- If you are found guilty in a road accident, the OCTA policy will not compensate you or your property for the damage, this requires CASCO insurance.
- To receive insurance compensation after an accident, it is important to record the circumstances of the accident by making an Agreed Statement or calling the National Police. The deadlines for both the at-fault party and the victim to report the incident to the insurer must then be respected, e.g. the at-fault party must submit a copy of the agreed statement to his/her insurer within 10 days.
What customers say about us
Always a pleasant cooperation, both in the professional aspect and in communication in general. Detailed and precise, but at the same time in simple words, information about the nuances and risks of insurance allows you to choose the right one for you with confidence. RED Insurance Broker is a reliable partner who truly understands the client's needs and is able to find the best possible solution within the agreed costs.
Dina Mirac
HR Director for the Baltics
Ltd Do IT
