Everything becomes more expensive
Although some electric cars are becoming cheaper, almost everything in the car world is becoming more expensive. Also your car insurance. The average premium for car insurance increased by more than 8 percent in the first quarter of this year compared to the same period last year.
Research by comparison site Autoverzekering.nl shows that the average car insurance premium in the first three months of this year was 8.2 percent higher than in the first quarter of 2023. Anyone who took out car insurance in the first quarter of this year will pay on an annual average of €862 in premiums. For comparison: at the beginning of 2023 you still paid an average of €797 in premium for your car insurance.
In particular, the premiums for all-risk insurance have increased by 9 percent. The premium for third-party insurance increased by an average of 8.4 percent, and that of third-party insurance with limited comprehensive cover by an average of 7.1 percent. According to Autoverzekering.nl, high inflation and the rising claim burden are among the reasons for the premium increase. High inflation and a rising claim burden, among other things, caused car insurance premiums to rise in the first quarter. “Car insurers pass on the increased costs in the premiums with some delay. You see that the high inflation of 2022 and higher costs, such as increased repair costs, have gradually been incorporated into the premiums in 2023,” says Jerry Poel of Autoverzekering.nl.
Will premiums continue to rise indefinitely? Thats not sure. There is a chance that premiums will stabilize or even become lower. In 2023, fewer passenger cars were stolen than a year earlier and that trend continued in the first quarter of this year. “If this trend continues, we could potentially expect a stabilization or even a decline in premiums, which would be welcome relief for many car owners,” Poel said.
– Thanks for information from Autoweek.nl