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Car insurance: prices continue to rise
Learn how you can save despite rising car insurance costs. Tips and tricks for optimizing your posts. By Bleranda Shabani.
Car insurance: prices continue to rise
The ever-increasing costs associated with vehicle insurance represent a financial burden for drivers. According to reports from WirtschaftsWoche, vehicle insurance prices have risen by an average of 20 percent, which is partly due to the high costs of spare parts and tradesmen. Despite a gradual decline in inflation, there is no reduction in insurance premiums in sight as insurers continue to struggle with rising claims costs.
The managing director of the comparison platform Verivox, Wolfgang Schütz, warns of the ongoing price increase for motor vehicle insurance. Last year there were already significant increases in the tariffs for partial and fully comprehensive insurance. Due to rising claims costs and ongoing inflation, insurers continue to plan to increase their premiums to remain profitable.
The financial burden on insurers is reflected in the figures from the General Association of the German Insurance Industry, which show a deficit of over three billion euros for motor vehicle insurers for 2023. Market leaders like HUK Coburg had a deficit of over half a billion euros last year alone, which is leading to further planned tariff increases.
Despite rising costs, drivers have options for reducing their car insurance premiums. Significant savings can potentially be achieved by comparing different providers, adjusting annual mileage, choosing a deductible and restricting the number of drivers. Regularly reviewing and adjusting existing insurance policies can help drivers save money despite the rising cost of car insurance.