Motor vehicle insurance in 2023: Experts advise switching – price increases on a historic scale

Motor vehicle insurance in 2023: Experts advise switching – price increases on a historic scale

According to a report from www.ruhr24.de, car insurance prices are rising significantly this year. Insurers justify the price increase with higher expenses caused by inflation. The increase is said to be in the double-digit percentage range, with comparison portals reporting an average of 13 percent. According to experts, prices for existing customers could rise more than those for new customers. Nevertheless, there is an opportunity for drivers to mitigate the increase by switching insurance, as there may be a cheaper tariff.

The significant increase in the price of motor vehicle insurance is putting a financial burden on consumers. Drivers face higher insurance costs, which can have a negative impact on their household budgets. There could also be a change in demand in the insurance market as consumers look for cheaper offers.

The insurance industry itself will likely have to adapt to a changing customer structure as more consumers consider changing their vehicle insurance. Insurance companies may be forced to offer more competitive rates to retain or attract new customers.

Overall, the significant increase in car insurance prices is expected to lead to increased competition in the market as consumers increasingly look for better deals. Companies in the insurance industry may need to adjust their strategies and rates to respond to changing demand and increased competition.