Car insurance more expensive: How drivers can protect themselves from rising costs

Car insurance more expensive: How drivers can protect themselves from rising costs

How www.merkur.de reports, car insurance is becoming increasingly more expensive. According to the vehicle insurance index from the comparison portal Verivox, costs rose by an average of 8.8 percent last year.

This price increase affects all types of car insurance, including liability, comprehensive and comprehensive insurance. Experts had already warned last autumn of noticeable price increases, which would primarily affect existing insurance contracts.

One of the main reasons for the price increase is the increase in car accidents after initially driving less during the corona pandemic. In addition, car manufacturers have increased their spare parts prices, resulting in more expensive repairs. Reinsurers such as Munich Re and E+S Rück had therefore already predicted significant price increases in autumn 2022.

Due to these developments, higher insurance costs are expected to impact consumers. Car owners have to prepare for increasing expenses, especially when it comes to renewing existing contracts. This could also lead to consumers increasingly looking for cheaper tariffs and thus cause an increase in the switching season in autumn.

Overall, this development reflects a change in the insurance market that will ultimately place financial strain on consumers. Car insurance is becoming a luxury that fewer and fewer people can afford, which could impact the insurance industry and the car buyer market in the long term.