Increasing car insurance contributions: Consumers have to dig deeper into their pockets

Increasing car insurance contributions: Consumers have to dig deeper into their pockets

The situation on the market for car insurance in Germany is heading. More and more insurers are forced to raise their prices, which could have a significant impact on drivers. In particular, increasing repair costs and changing consumer behavior play a crucial role in this development.

The causes of the price increase

The increase in prices for vehicle insurance is primarily due to the higher repair costs. According to the Federal Association of Consumer Centers, the increasing costs for spare parts and workshop services are passed on to customers. This not only affects traditionally operated vehicles, but also increases electric cars, the repair costs of which have increased significantly in recent years. Jörg Asmussen, managing director of the German insurance industry association, explains that accident damage to electric cars costs an average of 25 percent more than with conventional vehicles, although fewer damage are reported as a whole.

Current developments on the insurance market

The latest reports on massive price increases are worried about many drivers in Germany. For example, the Hannoversche insurer HDI is planning to increase the vehicle insurance premiums by up to 70 percent, while HUK-Coburg recorded a minus of almost 217 million euros in the operational business for car policies. The insurer Rhion also announces to end thousands of policies after the costs for car repairs have risen from 50 to 76 million euros within a year.

The large context of pricing

These developments are not to be viewed in isolation, but also show trend -based change in consumer behavior. Thanks to the online comparison portals, customers are increasingly willing to change your insurance companies in order to find cheaper offers. This "willingness to change" of consumers complicates the insurance companies to build long -term customer loyalty, which was previously promoted previously by the conclusion of additional, more profitable insurance.

The reaction of the supervisory authorities

Financial supervision Bafin has also spoken out and demands an increase in prices in the vehicle insurance industry. It points out that the insurers have often made optimistic assumptions about the amount of future damage inflation. A permanently deficient economic branch is not portable, according to BaFin in her letter.

conclusion: effects on consumers

For many drivers, this means that they have to prepare for higher contributions in the near future. Industry experts forecast industry -wide price increases of almost eight percent on average. The pressure is growing because insurers are forced to rethink their business models in order to position themselves sustainably in an increasingly competitive and changing market. Drivers should therefore remain active, check their options and, if necessary, renew or adapt their car insurance regularly to achieve the best price.

The current framework conditions in the insurance industry stand for an exciting but challenging time in which consumers and insurers are equally required to redesign the future of car insurance.

- Nag