Compared to the previous year: car insurance has become considerably more expensive

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Business Compared to the previous year

Car insurance has become significantly more expensive

| Reading time: 2 minutes

Reinsurers had already predicted strong price increases in autumn 2022

Reinsurers had already predicted strong price increases in autumn 2022

Source: SP-X

Higher prices apparently also for car insurance: Liability, partial and fully comprehensive insurance have become almost nine percent more expensive compared to the previous year. This is the result of figures from a comparison portal.

Dhe car insurance has become considerably more expensive. According to the car insurance index of the comparison and broker portal Verivox, car policies across all types of insurance currently cost an average of 8.8 percent more than a year ago, as the Heidelberg company announced on Sunday. Verivox expects further noticeable price increases, especially for existing car insurance contracts, as well as a lively changeover season in autumn. Towards the end of the year, numerous car owners look for cheaper tariffs every year.

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Motor vehicle policies are offered in three forms: the compulsory liability for all car owners, as well as partial and comprehensive insurance. The previous price increase of 8.8 percent relates to all of these types of insurance. Verivox calculates the index together with the statistician Wolfgang Bischof from the Augsburg University of Applied Sciences.

Prices dropped briefly during the pandemic

This obviously happened what was prophesied in the insurance industry last autumn. During the corona pandemic, car insurance initially became a little cheaper because people drove less and there were fewer accidents as a result. According to data from the General Association of the German Insurance Industry, the average motor vehicle liability policy cost 87 euros in 2019 and 83 euros in 2021.

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In the meantime, the number of accidents has risen sharply again. In addition, car manufacturers have sharply increased their spare parts prices, which makes repairs more expensive. Reinsurers such as Munich Re and E+S Rück had therefore predicted sharp price increases in autumn 2022.

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