Car insurance 2023: Price increase expected – tips for cost savings and checking for a change

Car insurance 2023: Price increase expected – tips for cost savings and checking for a change

According to a report by www.merkur.de, consumers are facing further price increases for car insurance in the new year. According to the comparison portals Verivox and Check24, tariffs have increased by a double-digit percentage since last year. This means insurance costs for car owners could rise significantly.

One possible impact of these price increases could be that car owners look for cheaper insurance options. This could lead to increased competition among insurance providers as they try to offer cheaper deals to attract customers. Additionally, car owners could also opt for alternative insurance options such as telematics plans to save costs.

Another effect of these price increases could be that consumers switch providers more often to keep costs down. This could lead to higher turnover among insurance providers and encourage them to offer more attractive offers in order to retain customers in the long term. Competition could therefore lead to increased customer focus and innovative insurance offerings.

Overall, increases in car insurance prices may result in a more dynamic and competitive market, with providers competing more for customers and being more responsive to consumers' needs.

This article is an analysis from an economic perspective based on the Merkur article.