New cars in the Duisburg harborImage: AFP/Archive / Ina FASSBENDER
Motor vehicle insurance prices have risen significantly in recent months. On average, the policy is currently 21 percent more expensive than a year ago, the comparison portal Verivox announced on Monday. Prices have increased in all segments. There were particularly significant cost increases for motor vehicle liability, which became more expensive by an average of 25 percent.
For partially comprehensive insurance, the average increase was 21 percent, for fully comprehensive insurance it was 20 percent. For the comparison, Verivox reportedly compared data from September 1 to September 25, 2024 with that of the same period last year.
Despite the general price increases, drivers can still find comparatively cheap tariffs, emphasized Verivox. If you change insurance, you could “often save a quarter of the premium.” The greatest savings potential lies in liability insurance. If you want to change on January 1st, you can usually cancel your current insurance policy by November 30th.
According to Verivox, the reason for the price increases is, among other things, an intervention by the financial supervisory authority Bafin. “Last year’s price increases were not enough to compensate for the motor vehicle insurers’ deficits,” explained Wolfgang Schütz from Verivox. “That’s why the Bafin intervened as a supervisory authority and asked insurers to take further measures.”
