How Does Auto Liability Insurance Work in Greece?
Automobile insurance coverage and laws in Greece is similar to those of the United States. Greece has coverage limits that are mandatory on an automobile insurance policy and requires insurance for motorists that are from other European countries. Greece also has requirements that are needed for automobile insurance for expatriates and for automobiles that have been rented. Automobile insurance for third party liability is regulated by the Greek Motor Insurers' Bureau.
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Mandatory Liability Coverage
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Individuals that live in Greece and have a motor vehicle or trailer are required to have compulsory or mandatory coverage. Mandatory coverage in Greece consists of bodily injury or liability and property damage. The amount of mandatory liability coverage for automobile insurance is 500,000 European Currency Units or ECUs. This coverage applies to the insured individual and any other person driving the vehicle with the insured's permission. Passengers in the vehicle are considered third-parties.
Exemptions
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Greece has exceptions to mandatory automobile liability and property damage coverage that applies to government entities. This includes vehicles that belong to the State and foreign state vehicles in which there are reciprocity agreements. International organizations, such as the Red Cross, are also exempted from mandatory automobile coverage. When a vehicle has been exempted from automobile coverage, a certifying document will be provided by the State.
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Green Card
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The Green Card is an International Motor Vehicle Certificate that is issued to individual motorists from other countries and expatriates that are residing in the country. Green Cards are issued to individuals when an international automobile insurance policy has been purchased. Insurance companies in Greece that provide third party liability insurance are required to become members of the Greek Motor Insurers' Bureau. This means that individuals who have a Green Card are covered for third party liability when an accident occurs.
Green Card System
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European countries, including Greece, developed the Green Card System or International Motor Vehicle Certificate which began on January 1, 1953. This is a form of automobile insurance where one policy is purchased from the home country that provides coverage in other European countries. The object behind the Green Card System was to provide individuals who were a victim of third party liability compensation when injury was caused by a motorist from another country.
Car Rentals
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Third party liability insurance is required for all car rentals in Greece. This insurance covers any person or property that are outside of the rental vehicle. This includes damage or injury to another vehicle or driver. The amount of third party liability coverage as of 2009 is up to $85,000 (U.S. Dollars) when there is injury or property damage to another person.
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