Record high number of insured vehicles

The number of insured vehicles grew by about half a million from early June to last Friday when the deadline for the insurance coverage of all vehicles expired.

Finance Ministry sources, however, said that despite the expiry of the grace period granted, a new system for cross-checking insured vehicles against those with license plates will not take place before the ministry’s list is updated, so that this time there are no errors made.

According to data from insurance companies, the number of insured vehicles has reached 6.2 million, the highest in the last few years at least, up from 5.6 million in end-2016.

The same data also reveal that the majority of newly insured vehicles are motorbikes, and a high number of them have only been insured for just a few months, which means the increase in state revenues will be negligible.