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Riding lawn mowers: Federal government plans compulsory insurance from 2023 | Financial expert interview
Mowing the lawn could become more expensive for hobby gardeners in the future if the federal government's plans go according to their plans. Self-propelled work machines and forklifts with a maximum speed of up to 20 km/h will be subject to insurance from December 23, 2023. This also applies to riding lawn mowers when they are used on public property. Anyone who does not comply with this insurance requirement is committing an administrative offense and can expect a fine or, in the worst case, even a prison sentence. However, according to the General Association of Insurers (GDV), the insurance requirement does not need to be extended, as such work machines are usually already covered by the vehicle owner's private liability insurance. GDV Managing Director Jörg Asmussen...
Riding lawn mowers: Federal government plans compulsory insurance from 2023 | Financial expert interview
However, according to the General Association of Insurers (GDV), the insurance requirement does not need to be extended, as such work machines are usually already covered by the vehicle owner's private liability insurance. GDV Managing Director Jörg Asmussen emphasizes that the current solution is sufficient and that there has been no known case of damage where liability insurance coverage was not sufficient.
The planned change in the law is based on the EU directive on motor vehicle liability insurance (“KH directive”).
Impact on the market
The introduction of compulsory insurance for riding lawnmowers may have an impact on the market. On the one hand, prices for riding lawn mowers could rise because insurance costs would be included in the sales price. This could lead to many consumers switching to cheaper alternatives, such as electric or gasoline push lawn mowers.
Impact on the consumer
For consumers who already own a riding lawn mower, compulsory insurance means additional costs. You must purchase general liability insurance specifically for the device. This can make mowing the lawn more expensive overall. Consumers could therefore consider whether purchasing a riding lawn mower is still worthwhile or whether they should switch to other, cheaper alternatives.
Impact on the industry
The planned insurance requirement may also have an impact on manufacturers and dealers of riding lawn mowers. If fewer consumers are willing to bear the higher costs of riding lawnmowers, including insurance, demand could decline. This could result in manufacturers and retailers experiencing losses and potentially having to look for alternatives to maintain sales.
Source: According to a report by www.t-online.de
Read the source article at www.t-online.de