YEREVAN. – As of March 31, auto insurance policies were signed for 367,800 vehicles in Armenia, the Automobile Insurers’ Bureau informs.

The number of insured vehicles grew by 2,100, as compared to February.

From January to March, the total amount of insurance premiums made up 7.4 billion drams (approx. $18,020,748), and 2.7 billion drams (approx. $6,575,137) were actually paid as compensation.

A total of 4,500 car accidents occurred in March, against 5,400 in February, and the average insurance payment for one accident was 202,200 drams (approx. $492).

Between January and March, the average amount of insurance for one vehicle was about 20,000 drams (approx. $50). So, considering that the minimum cost for an annual auto insurance policy is 25,000 drams (approx. $60) in Armenia, short-term—that is, less than one-year—auto insurance policies form a large number in the country.