Motor vehicle insurance 2024: prices increase by 20 percent

Motor vehicle insurance 2024: prices increase by 20 percent

Car owners are facing a significant increase in car insurance costs even as inflation has calmed down. According to Verivox's auto insurance index, insurance costs have increased by about 20 percent compared to last year. This affects liability as well as partial and fully comprehensive tariffs, with the latter having become more expensive by an average of 21 percent. The price increase is primarily driven by rising costs for car spare parts and higher personnel costs in workshops. The increasingly complex technology and electronics in modern car models also play a role and extend repair times.

Wolfgang Schütz, Managing Director of Verivox, predicts that motor vehicle insurers will continue to record losses due to persistently high claims costs. In order to become profitable again, insurance companies will probably have to increase their premiums in the medium term. In view of this development, Nadja Feder from Verivox recommends that car owners regularly check and adjust their existing insurance. Potential savings can be achieved by making online comparisons and adjusting the tariff based on the kilometers actually driven per year or paying annually instead of monthly. Additionally, removing adult children from the policy can provide savings if they no longer use the vehicle. It is advisable to invest time in optimizing insurance costs to minimize the financial burden.