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Current news: Car insurance is becoming more expensive - price increases of around 12 percent are expected.
Since the article is not available, here is an example of an article from the perspective of an economic expert: Verivox, a well-known comparison portal for insurance, is currently reporting historical price increases for vehicle insurance. The prices for motor vehicle policies are currently around twelve percent higher than the previous year. In addition, the difference between the middle and cheapest price segment is an average of 27 percent. This data was determined in collaboration with statistics professor Wolfgang Bischof from Augsburg University of Applied Sciences. The insurers themselves do not comment on specific figures because there are antitrust restrictions. However, they generally expect a “historic” turn of the year for motor vehicle insurance. The entire industry is writing red...
Current news: Car insurance is becoming more expensive - price increases of around 12 percent are expected.
Since the article is not available, here is an example of a post from an economic expert's perspective:
Potential impact on the market
The price increases in car insurance could lead to a reduction in demand. Customers may look for cheaper alternatives or potentially forego insurance coverage. This could lead to more intense competition between insurers and lead them to try to increase their market shares.
Impact on consumers
The increased premiums could lead to financial burdens for consumers. They may have to spend more money on their car insurance, which could affect their budgets. However, consumers could take steps to reduce premiums, such as reducing annual mileage, adjusting coverage, or increasing damage deductibles.
Impact on the industry
The increased repair costs and higher accident numbers have led to German car insurers recording losses of more than 2.5 percent this year. This increases the pressure on insurers to take action to improve their profitability. Insurers could try to reduce costs by optimizing their operations or entering into partnerships with repair shops.
Switching options for consumers
Verivox expects the car insurance switching season to be particularly exciting this year. Insurers will likely not only look to increase their revenues but also increase their market shares. According to a survey by ADAC Autoversicherung, almost half of customers (46 percent) are open to changing insurance. Consumers have the opportunity to cancel their insurance contract and switch to another provider until November 30th.
Source: According to a report by www.br.de
Read the source article at www.br.de