Motor vehicle insurers in the red zone: Experts recommend adjusting premiums

Motor vehicle insurers in the red zone: Experts recommend adjusting premiums

According to a report by www.volksfreund.de, owning your own car is expected to become more expensive as Allianz Insurance and other car insurers have been in the red over the past year. This was attributed to increased costs for repairs and spare parts, while customer contributions remained at the same level or even became cheaper. Allianz announces that due to the continued rise in prices, contributions must be adjusted to price developments.

The ongoing deficit of motor vehicle insurers shows that the increased costs for repairs and spare parts are having a significant impact on the industry. The necessary adjustment of contributions is likely to lead to higher costs for car owners. This could result in more and more consumers being forced to forego the use of private vehicles or to consider alternative mobility solutions. Additionally, it could also have an impact on the automobile market as higher insurance costs can influence consumers' purchasing decisions.

Rising car insurance premiums could also lead car owners to look for cheaper vehicles, which could result in a shift in demand for certain vehicle models or types. Manufacturers may be forced to adapt their offerings to changing demand in order to remain competitive.

Overall, it is expected that the announced adjustment of vehicle insurance premiums will have far-reaching effects on the market, consumers and the automotive industry. It remains to be seen how the situation will develop in the coming years.