Motor vehicle insurance 2024: price increase on a historic scale – financial expert gives savings tip

Motor vehicle insurance 2024: price increase on a historic scale – financial expert gives savings tip

According to an analysis, car insurance prices will become massively more expensive in the coming year. According to an analysis by the comparison portal Verivox, fully comprehensive insurance in the affordable price segment will be 16 percent more expensive, liability tariffs will increase by 12 percent and partially comprehensive insurance will increase by 11 percent. Even in the medium tariff segment, drivers have to dig deeper into their pockets.

Insurers justify these price adjustments with inflation-related increases in repair costs and increased loss rates, which have driven the industry into the red.

These price increases can have a significant impact on the market, consumers and the auto insurance industry. On the one hand, car owners have to expect higher costs, which puts a strain on their monthly budget. This may result in some consumers deciding to switch to cheaper insurance or switch to other modes of transportation.

On the other hand, the higher prices may mean that some consumers can no longer afford the insurance premiums. This could lead to an increase in uninsured cars, posing a risk to both drivers and other road users.

Additionally, the higher prices may impact the auto insurance industry. It is possible that some insurance companies can make more profits and improve their financial situation due to higher premiums. On the other hand, the higher prices could also lead some policyholders to switch to cheaper providers, which could lead to a loss of customers and revenue for some companies.

Overall, this analysis clearly shows that car insurance prices will increase significantly in the coming year. Consumers should therefore review their insurance policies and consider alternative options to save costs.

According to a report from www.tz.de.