News

Coris News August 2007

Welcome to the Summer edition of Coris News.

Spotlight on: Hungary

In this month's edition of Coris news we will look at Hungary.

Hungary's capital city is Budapest, with a population of 1,700,000. Hungary, with a total population of 10 million, joined the European Union on May 1 2004.

Compulsory insurance concerns every kind and type of vehicle and owner, e.g. mopeds, military vehicles, city council vehicles and state vehicles are included.

Minimum limits of Insurance cover are as follows:
Personal Injury: €6,100,000 (1500M Hungarian Forint)) for each victim
Material Damages: €2,000,000 (500M HUF) for each single loss event

Liability

Liability can be strict or fault based.
Where there is no proof that either party involved in the accident committed an offence, each party bears its own loss.

As a member of the European Union the Multi-lateral agreement, Internal Regulations and 4th Directive provisions are all in force.

Limitation

For cases involving strict liability, the limitation period is 3 years, increasing to 5 years for fault based liability.

Guarantee Fund

The Guarantee fund compensates injured third parties in the following cases:

when the damage is caused by an untraced vehicle, the Fund only covers personal injury.
ii) when the damage is caused by an uninsured vehicle, the Fund covers both material damage and personal injury.

Legal Costs

Costs follow the event and solicitors fees are generally 2.5%-5% of the settlement figure.

General

Loss of use, hire of an alternative vehicle, engineers fees, recovery charges, depreciation are all recoverable.
 
 

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