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Motor vehicle insurance costs are exploding: three billion euros in losses - what drivers need to know
Find out why there is a risk of a price shock when it comes to car insurance and how drivers can save - all the important information here! Car insurance prices rise by 20% - Find out more now. 🚗 #car insurance #price shock #driver #saving
Motor vehicle insurance costs are exploding: three billion euros in losses - what drivers need to know
The cost of car insurance in Germany has risen by an average of 20 percent within a year, while the general inflation rate is falling. Car owners have to dig deeper into their pockets for liability, partially comprehensive and fully comprehensive insurance. New tariff generations and increased repair costs for cars are the main reasons for the price increases. According to the General Association of the German Insurance Industry, motor vehicle insurers recorded losses of over three billion euros in 2023.
Insurers such as HUK Coburg have already had to increase prices for existing customers due to the increased costs and are planning further tariff increases. Car owners should therefore rely more on comparisons between providers, as the savings potential varies significantly between different tariffs. Options such as workshop loyalty, telematics tariffs and annual payment methods can enable savings.
It is expected that motor vehicle insurers will have to increase their premiums in the future in order to become profitable again. It is advisable to check your car insurance annually and change if necessary to get the best conditions. Careful selection of insurance tariffs is crucial in order to avoid unintentionally experiencing disadvantages in terms of services. Third party insurance is mandatory, while partially comprehensive and fully comprehensive insurance should be chosen depending on your needs. Special insurance conditions must be observed for electric cars, such as fully comprehensive all-risk coverage and sufficient battery insurance.
Changing your vehicle insurance is usually possible at the end of the year, although special termination rights apply in the event of premium increases. It is advisable to regularly check the conditions in order to benefit from the best offers on the market and to optimize costs.