Be it radiator grilles, headlights or trunk lids: the prices for car spare parts have been rising for years. This could affect drivers’ insurance premiums.
Because the prices for car spare parts continue to rise, owners have to prepare for higher insurance premiums. Between August 2023 and August 2024, the prices for spare parts rose by an average of 6.2 percent, said the general manager of the German Insurance Association (GDV), Jörg Asmussen. “For radiator grilles it was even over 10 percent.”
This also leads to higher costs for insurers. “Last year, the average property damage in a car’s motor vehicle liability insurance was around 4,000 euros – in 2013 it was 2,500 euros,” Asmussen continued. Last year, motor vehicle insurers therefore made a loss of around three billion euros and are expecting a loss of around two billion euros for 2024.
Clear connection between spare parts prices and premiums
Each insurance company decides for itself whether to pass these cost increases on to drivers through higher premiums. “However, there is a clear connection between rising spare parts prices and insurance premiums,” emphasized Asmussen.
According to the GDV, the increase in the price of spare parts is a long-term development. “The costs for car spare parts are rising rapidly and are largely independent of general price developments.” Trunk lids and rear side panels are twice as expensive today as they were ten years ago and the prices for taillights have risen by 86 percent.
Source: Stern
