Car insurance more expensive: Car owners have to dig deeper into their pockets

Car insurance more expensive: Car owners have to dig deeper into their pockets

Car owners now have to dig noticeably deeper into their pockets to pay for their vehicle insurance. Compared to the previous year, prices have increased by an average of 20 percent, although inflation has fallen. In particular, costs have increased by an average of 21 percent for fully comprehensive insurance policies, by 18 percent for liability policies and by 19 percent for partially comprehensive insurance policies. Even if you simply change your insurance without buying a car, the tariffs will then increase further.

A key driver for this increase in costs is the continuously rising prices for car spare parts. Added to this are increased personnel costs in workshops and the increasingly complex technology and electronics in modern car models. According to the Tagesschau, this increased effort also increases the duration of repairs.

The situation is unlikely to improve significantly in the future as claims costs continue to rise and motor vehicle insurers continue to struggle with losses. Managing director of Verivox Versicherungsvergleichs, Wolfgang Schütz, predicts that insurers will have to further increase their premiums in the medium term in order to become profitable.

In order to keep costs as low as possible, Nadja Feder, spokeswoman for Verivox, recommends investing time in reviewing and adapting your existing insurance. For example, tariffs can become cheaper if the vehicle travels fewer kilometers per year. In addition, many insurance companies offer discounts if the premiums are paid annually instead of monthly. Removing adult children who no longer use the vehicle from the insurance contract can also pay off financially.