According to insurance broker Insura.hu, the average price in the third quarter was 212,400 forints (approx. 530 euros), 4% higher than in the previous year.
The average hull premium for new cars was recently 251,700 forints. For used cars, there were differences depending on the origin of the vehicle. The average price for imported used cars was 213,300 forints, while the average price for domestically traded cars was 221,500 forints. 20% of policyholders took out a policy for vehicles older than eight years. With an average price of 175,200 forints, comprehensive insurance policies taken out online were well below the overall average.
Gábor Kozma, Managing Director of Insura.hu, explained that the 4% increase in average premiums practically corresponds to the inflation rate during this period. Prices for spare parts and service fees have risen slightly more. Kozma sees the fact that four-fifths of domestic vehicles are still not covered by comprehensive insurance as a problem. This means that there is no protection against theft, self-inflicted damage and increasingly frequent damage caused by natural hazards.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.