Following complaints claiming increases in the cost of mandatory vehicle insurance are extreme, the Competition Authority has launched a preliminary investigation into the practices of specific insurance companies.
The fee for mandatory vehicle insurance increased from TL 1,060 in early 2015 to TL 4,500. This increase of approximately 400 percent has caused outrage among the public.
While individual car owners have voiced complaints regarding the decision, drivers of commercial vehicles have organized protests.
Experts from the Competition Authority are currently working on reports from a preliminary investigation into the allegations, and those reports will soon be completed.
Upon completion of the investigation, if the seven-member Competition Authority decides that the insurance companies conspired to fix prices and thereby violated the law, then another investigation may be launched into the companies in question.
Source: Daily Sabah