Car insurance more expensive: car owners pay up to 21% more

Car insurance more expensive: car owners pay up to 21% more

Car owners find themselves in an unpleasant situation as the cost of car insurance has increased significantly, despite the general relaxation in the inflation rate. According to Verivox's vehicle insurance index, prices have increased by about 20 percent compared to last year. In particular, the costs have increased by an average of 21 percent for fully comprehensive insurance tariffs, by 19 percent for partial comprehensive insurance and by 18 percent for liability policies. Even after simply changing insurance without purchasing a car, partial and fully comprehensive insurance rates continued to rise.

These price increases are largely caused by the rising costs of car spare parts and higher personnel costs in workshops. In addition, the increasingly complex technology and electronics in modern vehicles contribute to longer repair times. Wolfgang Schütz, managing director of Verivox Versicherungsvergleichs, gives little reason for hope and explains that motor vehicle insurers continue to record losses due to the constantly rising claims costs. In order to become profitable again, insurance premiums will have to continue to rise in the medium to long term.

In order to keep insurance costs as low as possible, Nadja Feder, spokeswoman for Verivox, recommends regular reviews and adjustments to the existing insurance. For example, tariffs can become cheaper if fewer kilometers are driven per year. Furthermore, many insurance policies offer price advantages when paying annually versus monthly. Removing adult children from the insurance contract when they no longer use the vehicle can also save costs. Car owners should therefore invest time to optimize their insurance costs and avoid unnecessary expenses.