Berlin. Because damage has recently become more expensive, prices for vehicle insurance are likely to rise significantly. Climate change also plays a role.
Car insurance is becoming more expensive: the German market leader HUK-Coburg expects increases in the market in the low double-digit percentage range for the next price round, as CEO Jörg Rheinländer explained. The HUK itself will also be in this area. However, he did not give exact figures yet.
Economy in Berlin
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Rheinländer named three drivers in particular: These are the prices for Spare parts recently increased significantly. From 2013 to 2023, the HUK sees an increase of a good 70 percent. That is almost 43 percentage points more than inflation during this period. And prices are currently rising significantly faster than inflation. Rheinländer sees, among other things, the reason for this Design protectionwhich still applies to many visible parts.
Also read: Verivox warns of these price drivers for motor vehicle insurance
Climate change also plays a role
Also the hourly billing rates Auto repair shops have loud AN increased significantly faster than inflation. From 2022 to 2023 it was almost 10 percent. According to Rheinländer, climate change also plays a role. “We are seeing climate change ramping up,” he said. This can be seen in the damage events in the comprehensive insurance sector. The average damage caused by hail, for example, increased. While typical hail damage used to be around 3,000 euros, in events such as the massive hail in Benediktbeuern on the edge of the Bavarian Alps last year, the average was more than 5,000 euros.
As a rough estimate, Rheinländer assumes that around 10 percent of the upcoming price increases are due to climate change. The rest is roughly evenly distributed between more expensive spare parts and higher workshop costs.
