According to Stefan Schuttermair, the savings potential when changing car insurance providers is particularly high this year.
(Photo: dpa-tmn)
Frankfurt Insurance will soon become more expensive for many motorists. “Motor vehicle insurers have to increase annual premiums by at least ten percent on average in order not to make losses next year,” says Stefan Schmuttermair, motor vehicle expert at Hannover Re subsidiary E+S Rück. A change of insurer can therefore be worthwhile right now. The following overview shows when this is the case and what consumers should be aware of.
Why is car insurance getting more expensive?
One reason for the premium increases are the increased prices for spare parts and repair costs, not least because of high inflation. In addition, there are longer repair times due to disrupted supply chains as a result of the Ukraine war. This drives up the costs further. After the Corona break, many people are traveling by car again, which increases the frequency of claims. According to E+S Rück, if the insurers did not adjust the premiums, they would face an operating loss of two billion euros.
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