Rising Car Insurance Costs Expected to Increase by 120% by 2023

Costs for drivers continue to rise, with car insurance estimated to be 120% more expensive by the end of 2023.

After the devaluation of the currency, which was more than 20% after the measures taken by the Central Bank after the STEP, a series of increases began to be reflected in prices and car insurance will not be left behind.

Although inflation for August will not be known until mid-September, it is estimated that the annual increase in this essential service for drivers will be 120% per year.

As detailed by El Día through statements by producer Alberto Straini, it is estimated that, since the beginning of the year, category insurance, complete third party and all risk have increased by 8% per month in the last 8 months, which would give 64%.

“In September it will have an increase of the order of 10%, so we will reach December with a variation from January, which in the case of complete third-party coverage will be from 115 to 120%,” he assured.

And also, he indicated: “They move in those terms but for months to say the insurance responds to inflation like any product on the gondola and increases according to inflation.