HEIDELBERG / LONDON (IT BOLTWISE) – Car insurance prices continue to rise, albeit more slowly than before. Significant price increases have been recorded, particularly in the area of fully comprehensive insurance. Experts see the cause primarily in the increased repair and spare parts costs.
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The costs of car insurance in Germany continue to rise, although not at the rapid pace of recent years. According to the motor vehicle insurance index from the comparison portal Verivox, prices for new contracts in the cheapest price segment have increased by around seven percent compared to the previous year. This development shows that the dynamics of price increases have weakened somewhat after they had risen by a quarter in the previous year.
Comprehensive insurance is particularly affected by the price increases, with costs increasing by eight percent. Comprehensive insurance and liability insurance are also affected by price increases, at six and five percent respectively. Aljoscha Ziller, managing director of Verivox Versicherungsvergleich, explains that fully comprehensive insurance remains the insurer’s problem child, as the rising repair and spare parts costs are particularly noticeable here.
Interestingly, there are significant differences between the individual insurance offers. Even between medium and cheap tariffs there can be price differences of up to 52 percent. Some insurers have already returned to profits and could therefore offer cheaper prices, while others are forced to further increase premiums. The market therefore remains volatile and difficult for consumers to understand.
Verivox’s car insurance index is based on calculations from users who want to change their insurance. It gives an indication of the direction in which prices could develop, although it does not reflect the prices of all insurance companies. For example, the German market leader HUK Coburg is not represented on comparison portals such as Verivox. This fact shows that consumers should carefully choose their insurance to find the best deals.
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