During the summer months, many Albanians choose to spend their holidays abroad. Especially in neighboring countries, such as Montenegro, North Macedonia or Greece, but sometimes even in more distant European countries, the main means of travel is the car. But how much did they insure their car when they moved abroad?
The latest data from the Financial Supervisory Authority confirms this trend during the summer, as Green Card insurance appears to have experienced a significant increase.
Green card insurance for all vehicles registered in Albania that travel abroad has seen a 13% increase in gross written premium volume from January to July of this year, bringing the total value to 1.2 billion lek. This was accompanied by a 7.7% increase in the number of contracts calculated for January-July 2024.
In addition to Albanians who spend their holidays abroad, there is also a large number of foreigners who choose to spend their holidays in Albania. But despite this fact, border insurance for vehicles with foreign license plates circulating within the territory of Albania has experienced an increase in premiums, but a decrease in contracts. The volume of gross written premiums increased by 1.3% compared to the first 7 months of 2024, while the number of contracts decreased by 0.1%.
From February 1st of this year, all cars traveling to Montenegro benefited from a discount on the insurance price for the "Green Card". From the €400 premium for 1 year, they now pay only €50. Meanwhile, from April 1st, Albanian citizens also gained the opportunity to travel to North Macedonia with the "Green Card" insurance policy with a 1-year term, at a reduced price of €50.
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