This new year has come with some State’s general budgets renewed, something that is not trivial if one takes into account that Spain had with Cristóbal Montoro’s public accounts since 2018. One of the sectors most affected by the new text is that of insurance. And is that the increase in the Tax on Insurance Premiums (IPS) will mean between 25 and 30 additional annually for families (provided they have all the affected policies), according to the estimates made by Acierto.com.
The tax rate is expected to rise from the current 6% to 8%, a measure that It will affect car, home and life policies tangentially (only in the complementary coverage to the main death), and that will affect the 95% of Spanish families, gross: 17.6 million families. Let’s see the most prominent increases below.
Home insurance
One of the main reasons why home insurance is canceled is the price of the premium, according to various studies. We are talking about an amount that each year usually increases a little. On many occasions, the rise tends to respond to the CPI; others, like this time, is because it increases by a small percentage.
Average spending on these policies is around 295 euros. So in 2021, he home insurance get on 6 euros more, what will mean some 231 euros. Something that will affect 72% of Spanish households, who have their home insured.
Car insurance
Another key to the new budgets is that cars in 2021 will be more expensive. And it is that to the increase of the registration tax, it is added the insurance one.
The average price of car insurance is around the 340 euros per year, figure that will rise by 7 euros more, according to calculations by Acierto.com.
Almost 80% of Spaniards who have a car will be affected by this increase, having a policy.
Death insurance
The funeral or burial insurance it will be another of those most affected by the tax increase. In Spain, around 44% of families have taken out this type of policy. The average that was paid is 328 euros per year, figure that with the increase of about 6 euros will go to 334 euros.
Liability insurance
Lastly, this guy will get more expensive around five euros. According to the Civil Code, if a person causes harm to others, they are in the obligation to repair them by law. The ‘culprit’ can be either a private individual or a large company; In any case, the risk of this type of contingency and the amount with which it will be necessary to compensate varies in each case. This is where liability insurance comes in, which addresses the incident.
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