Car insurance is becoming up to 15 percent more expensive - experts warn of price increases

Car insurance is becoming up to 15 percent more expensive - experts warn of price increases

According to a report from www.augsburger- Allgemeine.de, those insured with motor vehicles must expect price increases of up to 15 percent. According to a study by ADAC Autoversicherung, over 60 percent of citizens suffer greatly from increased driving costs. More than one in three drivers are currently considering switching providers because vehicle insurance premiums are being increased massively. According to surveys by the comparison and sales portals Check24 and Verivox, the tariffs are rising by over ten percent. According to Verivox's motor vehicle insurance index, contracts for the insurance types - liability, partially comprehensive and fully comprehensive - have become 13 percent more expensive on average, and even 15 percent more expensive in the cheaper lower price segment.

These price increases have a significant impact on the market and consumers. Many insured people feel heavily burdened because fuel costs are already high. 41 percent of those surveyed leave their car parked more often, and almost as many drive more slowly and more fuel-efficiently. In addition, 60 percent consider comparing fuel prices when filling up. The uncertainty and search for cheaper prices shows that rising insurance costs are having a strong impact on consumer behavior.

Insurance companies are increasing prices due to increased accident repair costs and loss rates. This is leading to historic price increases, making it increasingly difficult for many drivers to bear the costs. The rising prices for car spare parts over the last decade as well as the recent explosion in the costs of raw materials and energy have forced insurance companies to increase premiums. Another effect is that those willing to switch benefit from cheaper new customer tariffs, while existing customers feel the steeper price increases.

Overall, it is clear that rising vehicle insurance costs are having a significant impact on the market and consumers. It is expected that many insured people will change provider due to the price increases in order to find cheaper tariffs. This could lead to increased competition among insurance companies and impact the automobile insurance market as a whole.