New model classes 2022: Millions of drivers affected by higher insurance costs

New model classes 2022: Millions of drivers affected by higher insurance costs

According to a report by www.nordbayern.de, the type classes for many drivers are adjusted just in time for the turn of the year. The new classification affects around 13 million cars in Germany, with 7.4 million cars receiving a higher classification and 5.4 million cars being classified in better type classes.

This change in type classes has a direct impact on drivers' vehicle insurance premiums. Cars that are classified in higher type classes usually have to pay higher insurance premiums, while cars in lower type classes are rewarded with lower premiums. This can result in a significant financial burden for drivers, especially if they own a car that is classified in a higher type class.

The impact on the insurance market is also significant, as insurance companies have to adapt their tariffs to the new type classes. This may lead to a shift in the competitive landscape, as some insurers may offer more attractive rates for cars in lower model ranges to attract customers.

For the automotive industry, the reclassification of type classes could also mean that certain car models become less attractive to potential buyers due to their damage history and repair costs. This could impact sales and demand for certain car models.

Overall, the adjustment of the type classes will lead to noticeable changes in the car insurance premiums for millions of drivers, while it could also have an impact on the insurance market and the automotive industry as a whole. It is advisable that drivers review their current insurance contracts and, if necessary, obtain quotes from different insurance companies in order to minimize the impact of the reclassification of the type classes on their financial situation.