Inflation is driving up the cost of car insurance - Compare now!

Inflation is driving up the cost of car insurance - Compare now!

According to a report from www.rheinpfalz.de, high inflation rates have a massive impact on vehicle policies. Compared to the previous year, the premium level is on average twelve percent higher. There are big differences between insurance companies, so it's worth comparing them.

This development is confirmed by Wolfgang Schütz, managing director of the price comparison portal Verivox. He speaks of historic price increases for motor vehicle policies. Many consumers shopped around and changed their insurance policies by the end of November. The changes in liability insurance are particularly noticeable. Verivox has already published offers at the end of October 2021 and noted that the changes in premiums compared to the previous year are in the double-digit percentage range. However, this is only an average and the differences between individual insurance companies can be significantly larger.

Viewed in detail, partial and fully comprehensive insurance are particularly affected. For partially comprehensive insurance, the increase is on average 41 percent, while for fully comprehensive insurance the increase is less dramatic and is around 14 percent. Insurance for small vehicles is particularly hard hit, with an increase of 61 percent.

A further increase in insurance premiums is expected for the coming year. Due to the rising costs of repairs and the decline in new registrations, a so-called loss-to-loss ratio of 77.3 is expected. Combined with other factors such as insurance fraud, it is expected that insurers will charge higher premiums.

This development has a direct impact on the market and consumers. Driving is becoming more expensive and consumers have to expect rising premiums. It is therefore advisable to compare the different insurance offers in order to save costs.

Source: According to a report from www.rheinpfalz.de, www.rheinpfalz.de