2023-07-19 23:12:14
As can be seen from the ‘Car insurance price index’ drawn up by Kelisto.eslos Car insurance they became more expensive and 22% in the second quarter of 2023 compared to the same period of the previous year, which translates into a increase of 137 euros in the annual premium, going from an average cost of the policy of 613 to 751 euros. The all-risk modality continues to lead progress, with an unprecedented increase in all records of 29% between the second quarter of 2023 and the same period of the previous year, which leads users of this type of product to pay 480 euros more a year for the same protection for your car.
The analysis shows the evolution of premium prices in the different types of policies (Third Party, Extended Third Party and All Risk), without assessing coverage and services. “This Auto insurance price index is completely independent and analyzes information from more than 20 companies in the insurance market,” he highlights.
«The differences between modalities are still very wide. Although all-risk insurance was 29% more expensive in the second quarter of 2023 compared to the same period of the previous year, the increase in the cost of insurance to third parties (12%) and extended third parties (9.76%) is more moderate, although equally notable and well above what was registered in other years”, points out the spokesperson for Seguros de Kelisto.es, javier martinez.
In relation to the previous quarter, car policies increased in price by 2.38% during the April-June 2023 period, which shows a slowdown in the trend registered since 20222. All-risk continues to lead the rise, with premiums 5.47% more expensive, but expanded third-party insurance only rose 0.97% and third-party insurance fell 2.17%, although they cost, on average, 40 euros more than last year. Between the first quarter of 2023 and the last months of 2022, the Index registered a rise of 14%3, so the data indicates that the cost of premiums is putting the brakes on.
On the other hand, the month-by-month evolution shows that the brake on policy prices could only have been temporary: the cost of car insurance remained stable or even fell between April and May 2023, but in June 2023 Another rise was registered again: 3.48% in third parties, 1.61% in extended third parties and 8.29% in all risk, reaching a record price of 2,226 euros as average premium.
Goodbye to the ‘open bar’ of cheap policies
“Insurers are moderating the rise in prices, but it is too soon to launch the bells on the fly,” he advances. After this slowdown there is a change of strategy Obviously: now, companies better select the profiles to which they offer a policy, especially in online channels. As a consequence, the least attractive users in the eyes of insurers (i.e. those with higher claims rates, who include an additional driver, who are too young or who are on delinquency lists) do not receive many offers, and the options the ones that remain are more expensive. Therefore, although the raw figures indicate a slowdown in the rise in prices for Auto insurance, the scenario can be difficult for those who renew the policy or want to find a new one»he warns.
“In view of the data, we are faced with a silent rise in price for policyholders less sought after by insurers, who need insurance to circulate and add an extra headache at the end of the month, ”explains the Kelisto.es Insurance spokesman.
Ceuta, Melilla, Cádiz and Almería, the most expensive
According to the Kelisto Car Insurance Price Index, Ceuta, Melilla, Cádiz and Almería are the worst provinces to purchase Auto insurance for third parties and extended third parties, based on the average prices registered in each territory by the rater.
In the autonomous city of Ceutathe average cost of a basic policy amounts to 588 euros, a difference of 303 euros per year (+106%) compared to the cheapest province on average, The Rioja.
Regarding all-risk insurance, Melilla (3,583 euros average premium) and Ceuta (2,976 euros) remain in the ‘top 5’ of the most expensive provinces to take out a policy for your car, but Lugo enters the podium ( 3,137 euros) and Lleida (3,105 euros).
Auto insurers, as shown by the Kelisto index, offer very different prices depending on the policyholder’s town of residence, since they take into account the risk of claims such as traffic accidents or theft.
The increase in Cars costs 138 euros for each insured
On average, Spaniards spend 138 euros more on auto insurance in the second quarter of 2023, compared to the same period of the previous year. Taking into account that, according to data from the Spanish Union of Insurance and Reinsurance Entities (Unespa), 79% of Spanish households have a policy for their car, the extra cost of this increase amounts to 2,039 million euros.
Despite inflation has slowed During these months, due to the decrease in energy prices, the increase in the cost of insurance products, together with food, continues to tighten the accounts at the end of the month for thousands of families.
Inflation continues to penalize the purchase of new vehicles
The sale of new vehicles is beginning to recover from the blow caused by the pandemic and is getting closer to figures prior to 2020. June left a total of 101,000 registered cars in Spain, a 13% growth compared to the same month last year and the best June of the last three years.
The data is still far from the average of the last decade, but it points to a recovery that is hampered by the price of insurance at all riskthe most common for cars that are released on the road.
The effort of a buyer of a new car, in such a difficult context, is penalized by the 29% year-on-year increase in these policies, ideal to protect the car from any accident or mishap, but increasingly expensive. Despite the perceived slowdown in the rate, the end of this second-round inflationary process is not yet in sight, greatly influenced by the increase in the costs of materials and labor in the workshops. Last week, the CEO of Grupo Catalana Occidente, Hugo Serraexplained that the forecast is for insurance prices to continue growing throughout 2023, to offset both this increase in costs and the unexpected rise in car mobility in recent months, despite the difficult economic context.
«The increase in car insurance continues, so it is still a good idea, whether we want to change insurance or if we want to protect a new acquisition, compare and get a cheaper policy, with which we can save around 90 euros per year for the same coverage. If we are going to make a disbursement for a new vehicle, it is almost a matter of survival to compare offers and not stay with the first policy that is put in front of us when buying the car; Many dealerships and vehicle brands, such as Toyota, are boosting their insurance business, but we must avoid the temptation to contract a product with so many price variations the first time,” he says. Martínez.
Tips to save on car insurance
Although weighing how much car insurance costs is a very important factor, when it comes to getting the best price and saving on this bill, you must not only look at the price, but also at other fundamental factors, such as analyzing what coverage each policy includes . In this way, the consumer will be able to ensure that he is paying the minimum possible for the coverage and benefits that he is really going to need.
These are the essential guidelines for saving on car insurance:
● Analyze the prices of insurance companies. Whether you want to change companies or if what you are looking for is a policy for your new car, a comparator is perfect for finding not only the cheapest car insurance, but also the one that is most complete for the lowest possible price. You can save up to 31% (84 euros per year), the difference between the most expensive car insurance and the cheapest in our ranking of the best car insurance, with similar coverage.
● Analyze what your car insurance covers. Depending on the characteristics of your vehicle, you may not need the most comprehensive car insurance on the market. For example, if your car normally sleeps in the garage, theft coverage will not be as necessary. On the other hand, if your car is already very old, it may not be convenient for you to contract an all-risk modality that covers damage to the vehicle. Take into account the particularities of your vehicle and the use you give it to contract only those coverages that you are going to use.
● Maintain a good accident history. Not having issued accident reports or accumulating traffic fines can help you get cheaper car insurance. The cheapest car insurers also tend to reward good drivers, so try not to commit offenses that could turn your driver profile into a risk profile.
● Contract several insurances in the same company can also help you save on your car insurance. If you want to insure another vehicle, take out home insurance or get a health policy, you can do it at the same time that you take out your car insurance.
What are the cheapest car insurance for a medium profile?
MMT – 138 Third Parties
MMT – 163 Third parties expanded
Quality Auto – 170 Third Parties
pelayo – 176 Third Parties
Quality Auto – 180 Third parties expanded
They attacked – 181 Third Parties
Real – 182 Third Parties
They attacked – 192 Extended Third Parties
Direct Seguros – 194 Third Parties
AXA – 200 Third Parties
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