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Car insurance more expensive: customer from Lüdenscheid outraged
Find out why car insurance is becoming more and more expensive and how consumers are reacting to it. Insurers complain about cost increases while customers are faced with rising premiums. Specific reasons and possible solutions are discussed.
Car insurance more expensive: customer from Lüdenscheid outraged
The cost of car insurance is continually rising, which is causing dissatisfaction among customers. Insurers, for their part, complain about rising costs. A 50-year-old ADAC member from Lüdenscheid reported a premium increase of around 25 percent when his contract was extended, which he could not understand due to his impeccable driving history. The increase from around 160 euros quarterly to over 200 euros with a no-claims class of 50 and a contribution rate of 16 percent represented a considerable financial burden for him; insurance appears unaffordable, especially for novice drivers.
The increased spare parts and material costs are cited as the main reason for the increase in contributions, but a detailed breakdown of the cost drivers is missing in the ADAC letter. According to an ADAC spokesman, raw material and intermediate product costs such as paints in the automotive industry have become more expensive over the past year, leading to higher spare parts and material costs. Increased wages have also contributed to the cost increases. Despite an increasing number of accidents since the bridge closure in the Märkischer Kreis, the regional class for fully comprehensive insurance has not increased further in 2024. In Wagner's case, the only factor that played a role was a lower type class due to the upgrade in his vehicle.
The General Association of the German Insurance Industry (GDV) warned of billions in losses for car insurers in 2024. According to a GDV forecast, a sharp increase in premiums to 33.6 billion euros is expected, but this may still not be enough to cover expenses for administration and claims. A deficit of up to two billion euros is forecast. A survey earlier this year found that 58 percent of car owners received a direct price increase. Despite a lack of clarity about the exact impact of the current situation on premiums, the GDV emphasized that this was the responsibility of the individual insurers.