Motor insurers are drastically raising prices for 2023: who changes can save

Frankfurt Insurance will soon become more expensive for many motorists. “Motor insurers have to increase their annual premiums by at least ten percent on average in order not to suffer losses next year,” says Stefan Schmuttermair, automotive expert at the Hanover Re E + S Rück branch. Therefore, a change of insurer can be useful at this time. The following overview shows when this is the case and what consumers should be aware of.

Why is car insurance getting more expensive?

One of the reasons for the premium increases is the rise in spare parts prices and repair costs, also due to high inflation. Additionally, there are longer repair times due to disrupted supply chains due to the war in Ukraine. This further increases costs. After the Corona break, many people travel by car again, which increases the frequency of claims. According to E + S Rück, if insurers did not adjust their premiums, they would have an operating loss of two billion euros.