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Published on Monday, March 15, 2021 5:23 PM by Meilleurtaux.com
Most insurers have announced a freeze on their rates in 2021. Some organizations even go so far as to partially reimburse policyholders. These decisions were made following the drop in claims last year. The situation is not, however, likely to continue. In 2022, prices may start to rise again.
La Maif, Suravenir and GMF are among the establishments that have maintained the price of auto insurance in 2021. The same practice has been observed among groups that hold niche markets. This is the case with Mutuelle Fraternelle d’Assurances (MFA). We can also cite the French health insurance mutual (MACSF) and the general military provident association (AGPM).
This decision is not without consequences, however. This rate freeze could have repercussions on prices in 2022. This is what Cyrille Chartier-Kastler, president and founder of Facts & Figures, said. In question, the spare parts which cost more and more expensive.
The cost of spare parts on the rise
According to Cyrille Chartier-Kastler, insurers could seek to offset this growth in 2022. Indeed, the price of spare parts has already increased by 6% from 2018 to 2019. A 4.4% increase followed between 2019 and 2020.
This development would be due to the proliferation of large cars, and in particular SUVs. It must be said that current vehicles have more electronic equipment. This leads to an increase in the cost of labor.
Thus, over the last 8 years, the growth rate has been 2.8% per year, and 3.2% in 2020. The price of components for painting has increased by 3.5% and 4.2% in 2020.
The increase in the cost of spare parts would be driven by that of windshields. Their price jumped 11% in one year, in 2019. Thus, for a Peugeot 508, you now have to pay 308 euros. This price can go up to 1,007 euros for a Q5, the SUV of the Audi brand.
The same goes for the bumpers. They cost 313 euros for a Toyota Yaris. The amount climbs to 1,170 euros for a Citroën DSS7.
Strong pressure in the face of competition from bancassurers
For now, competition gives drivers an advantage. Indeed, mutuals are forced to moderate their prices to gain market share against bank insurers. Moreover, to remain competitive, the latter reduced their average prices by 3 euros (excluding tax) between 2018 and 2019.
Three quarters of new subscriptions came to them in 2019. 140,000 new contracts were signed at Crédit Agricole, and 135,000 for Crédit Mutuel. In all, they gathered 56% of new signatures. The figures move away from Macif as well as Matmut. These establishments respectively obtained 65,000 and 34,800 new contracts.
In addition, the drop in claims in 2020 enabled insurers to avoid a review of their rates. Facts & Figures firm indicates an 80% decrease in the number of thefts and accidents. This translated into a saving of 2.2 billion euros, underlines the association UFC-Que Choisir. Thus, at several companies, in addition to a frozen tariff, customers were entitled to compensation.
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