Consorcio is the insurer of last resource of compulsory motor car third-party liability insurance for vehicles rejected by the market, as well as for fleets of any public body that requesting this cover. It is also the guarantee fund for damages caused by unknown, uninsured or stolen vehicles.
Article 4 of the Law of Third Party Liability and Motor Insurance, approved by Legislative Royal Decree 8/2004 dated 29th October and modified by Law 21/2007 dated 11th July.
The amounts of the mandatory insurance cover will be:
The above amounts will be updated on the basis of the European retail price index, by the same percentage communicated by the European Commission for the review of the minimum amounts as picked up in section 2 of article 1 of the Council's Directive 84/5/CEE dated 30th December 19893 relating to the approximation of the legislations of the Member States with regard to third party liability insurance resulting from the circulation of motor vehicles. To this effect, the updated amount will be published by means of a resolution by the Directorate-General of Insurance and Pension Funds.
Should the amount of the indemnities exceed the amount of the mandatory insurance cover, said maximum amount will be satisfied by the mandatory insurance cover and the remainder up to the total amount will be satisfied by the voluntary insurance or by the party that is responsible for the accident, as appropriate.