Drivers have to prepare for significantly increasing insurance costs. This is indicated by figures from the comparison portal Verivox.
In the upcoming price round for car insurance, it is likely to become significantly more expensive. The offers for people changing insurance are currently 21 percent higher than a year ago, according to calculations by the comparison portal Verivox. This does not mean that price increases of this magnitude will also occur for existing insurance, but the offers provide an indication of the development of prices.
“The first insurers have updated their tariffs and are implementing further price adjustments,” says Wolfgang Schütz, managing director of Verivox Versicherungsvergleich. “Last year’s price increases were not enough to compensate for the motor vehicle insurers’ deficits.” In addition, insurance costs for damage continued to rise, due, among other things, to ever higher costs for spare parts and rising hourly rates for workshops.
The German market leader in car insurance, HUK Coburg, pointed this out a few days ago. She also expects significant price increases in the market – but rather lower than the 21 percent that Verivox determined for those switching insurance.
Liability increases the most
The portal recorded the highest increases in motor vehicle liability insurance at 25 percent for medium tariffs. In the area of partial comprehensive insurance, the increase is 21 percent, and in the case of fully comprehensive insurance, the increase is 20 percent.
For insurers, low prices for competitors’ customers who are willing to switch remain an important sales tool, said Schütz. “Motorists therefore don’t simply have to accept price increases. By switching insurance, they can continue to benefit from low prices for new customers.”
The current price data is based on user calculations at Verivox in the period from September 1st to 25th of this and last year, which are summarized anonymously into an index.
Source: Stern
