Car insurance rates will increase in 2023, insurance experts said in a consumer protection panel on Tuesday.
But it is not just inflation that is driving up costs, which also translates to higher salaries for employees. Higher claim costs and fewer reserves are also responsible for the two-digit increase expected next year.
Even though there were fewer deadly accidents, accidents with severe injuries have gone up, says Raymond Lang, head of Insurnext. What could the customer do to reduce their costs?
“The client should negotiate more. Fewer kilometres, declining certain insurance add-ons. Even if that’s between €2 or €300 less, that’s an improvement.” In addition, as a consumer, you can look to save money by taking packages, combining for example a housing and car insurance in one.
It remains relatively inexpensive to insure electric vehicles, says Raymond Lang, cautions however that tariffs may also increase in this area in future.
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.