Motor vehicle insurance 2024: Why millions of drivers have to prepare for higher costs and how you can save.

Motor vehicle insurance 2024: Why millions of drivers have to prepare for higher costs and how you can save.

According to a report from www.merkur.de,

Motor vehicle liability insurance will be more expensive for some models from 2024. Around 7.4 million drivers are affected, while around 70 percent of drivers have no changes. The insurance costs depend on the type class of the vehicle, which is determined by the General Association of the German Insurance Industry.

A lower type class means lower costs. The type classes are determined based on the damage records of the vehicles from 2020 to 2022. New type classes have been defined for the coming year, which will have an impact on insurance costs. Some models, such as the Ford Focus 1.0 and the Audi Q5 50 TDI Quattro, will be classified three classes higher, which will result in higher costs for owners. Mercedes, Audi and BMW models also see increases in type classes, which leads to rising insurance costs.

However, there is also positive news. Some models such as the Suzuki Ignis and Dacia Jogger will be rated several model classes lower, which will result in cheaper insurance costs for car owners. Calculations show that some car owners can save up to 24 percent on liability insurance and 19 percent on comprehensive insurance premiums.

These changes can have a big impact on insurance premiums, car purchases and the market value of vehicles. It's important for car owners to review and compare their insurance policies to find the best deals and save costs. In total, almost 13 million drivers will be affected by the new type classes, which means that almost one in six drivers in Germany will be affected by the changes. It is important for car owners to be aware and prepare for possible changes.