As of today, any road accident will be recorded by insurance companies and the history of the driver will be taken into account when determining the appropriate premium to be paid at the time of the renewal.

Whilst the Bonus-Malus scheme for insurance comes into force today on April 1st for Albania, it's not until next year that the citizens are likely to notice its effects.

Those who do not have an accident over the course of the year will see their premiums reduce, whilst drivers who have a history of being at fault for collisions could see their costs rise to as much as double.

Vehicle drivers themselves may be in two minds about the implementation of this scheme, however in general it being viewed positively.

The guidance approved by the Board of the Financial Supervisory Authority sets out the criteria for calculating the universal Bonus-Malus system to be applied by all insurance companies.

In countries where this system has already been implemented, such as across the EU, there has been a verified reduction in the total number of accidents since the scheme's introduction.

As such, the ultimate aim of introducing the scheme in Albania is to create safer conditions on the country's roads.