3 months Ago
Sharp Increases Across Coverage Types
The inclination started after a quick pool during the time of COVID-19 in 2020 and developed significantly more elevated force from the year 2022. According to the latest figures, the average annual premium for a non-life motor insurance policy has risen to almost €1,588 per year—roughly €400 more than two years ago. Peace of mind against third-party claims (WA) is now around 12% or €150 per year. Insurance specialist users have increased by about €375 in coverage policies (Beperkt casco) that offer protection against fire, storm and theft incidents. Accordingly, the increases were most noticeable with fully comprehensive (all-risk) insurance, which climbed by more than 50 percent to an average increase of €668 within 2 years.
Reasons Behind the Hike
Many trends are causing this increase, according to experts. Since 2014, the cost of settlements for insurers and parts, coupled with inflation, has soared. Newer, more expensive parts can also drive up a repair bill, and modern cars (especially EVs) have far more complex components. On top of that, inflation and higher wages and input costs have also been blamed for the spike in those premiums.
