The Ministerial Committee for Legislation has approved of a bill by Justice Minister Ayelet Shaked (Jewish Home) that would allow Finance Minister Moshe Kahlon (Kulanu) to return 1.5 billion shekels ($386 million US) to holders of compulsory vehicle insurance.
The refunded money would be accompanied by lowered compulsory insurance prices over the next three years. Next year the costs would go down by 17 percent (about 250 shekels or $64 US on average). The next year costs would drop by 13 percent (about 200 shekels or $51 US on average). The third year would see a final drop of 5 percent, averaging about 50 shekels ($13 US).