Price changes in car insurance: Storms make partially comprehensive insurance more expensive
Created: 03/09/2022, 14:58
According to experts, price drivers are primarily the partially comprehensive tariffs.
© Rene Traut/Imago
Drivers need strong nerves these days.
Not only are fuel prices rising, but also insurance rates, some of which are significantly higher.
For the first time in over a year, average
motor vehicle insurance premiums*
are above the previous year's level.
According to experts, price drivers are primarily the
partially comprehensive tariffs
: They are currently 8.5 percent more expensive than 12 months ago.
This is shown by the car insurance index of the comparison portal Verivox.
Storms make partially comprehensive insurance up to 8.5 percent more expensive
In the semi
-comprehensive segment
, the price swing has been around for a while.
Here, the average premiums have been above the previous year's level since autumn 2021, as stated in the Verivox announcement.
At the end of the year, they were 8.1 percent more expensive - currently it is even 8.5 percent.
This is shown by the
motor vehicle insurance
index, which Verivox compiled in cooperation with the statistics expert Professor Dr.
Wolfgang Bischof from the Augsburg University of Applied Sciences.
The price development compared to the same month of the previous year was examined.
Since motor insurance prices are subject to seasonal fluctuations, this year-on-year comparison is particularly meaningful for depicting general price trends.
According to the announcement, Wolfgang Schütz, Managing Director of Verivox Versicherungsvergleich GmbH, explains the
reasons for the price increase
as follows: “In 2021, the insurers had to pay for a particularly large number of storm damages in the partially comprehensive insurance.
This led to price increases in this segment.
Not all providers have priced in these additional costs.
This is why this expensive trend in partially comprehensive insurance could continue in the coming months.”
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Turnaround at the turn of the year: prices above the previous year again for the first time
In the fall, favorable
prices in the other lines of insurance
initially compensated for the increase in partially comprehensive tariffs.
In the meantime, however,
higher liability prices (+3.6%
) are also contributing to the general increase in prices on the motor vehicle insurance market, as the press release goes on to say.
Accordingly, the continued low prices in the fully comprehensive insurance segment have a cost-reducing effect.
Drivers here are currently paying an average of 5 percent less than a year ago.
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In the mix of all types of insurance, the
average prices have been
above the previous year's
level since December
.
“Previously, they were cheaper throughout 2021.
In November 2020 they were above the previous year's value for the last time.
The year-on-year price increase is currently around 1 percent.
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Percent savings potential with low tariffs
The new expensive trend has not yet fully arrived in the
cheap price segment
, as the communication also states.
Only in the
partial casco segment
are the prices of the cheapest tariffs "almost one percent above the level of the previous year, in all other types of insurance they have fallen".
On
average across all sectors
, policyholders pay
around four percent less for the cheapest offers than they did a year ago
.
As a result, there is currently a gap of 26 percent between cheap offers and tariffs from the middle price segment
"Even price-conscious drivers do not have to do without comprehensive insurance cover," says Wolfgang Schütz.
"The market comparison shows that many tariffs from the cheapest price segment also include important services such as protection against damage as a result of gross negligence or a Mallorca policy."
Source: Verivox communication of March 8, 2022
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