2023-12-15 15:01:04
In the mid-range of cars, insurance multiplied by a year / d. alday
The car insurance fee corresponding to next January will arrive with an increase of 20 percent in relation to the December value, according to the estimated projection in the loss coverage services sector.
Last November the quota adjustment represented 9 percent more; in December, 10 percent; and for January an update of “at least” 20 percent is expected.
Until last year, readjustments in insurance premiums occurred every three months and were 7, 8 or 10 percent each time.
Now, the new increase will be due, beyond the monthly inflation rate that, by modifying the costs of materials and labor for vehicle repairs, increases the insurance fee, because by resolution of the National Insurance Superintendence – SSN- Civil Liability (mandatory and basis of all automobile insurance) will increase from 39,000,000 pesos to 80,000,000 pesos.
Let’s look at the trajectory of the insurance cost of a mid-range vehicle – 2013 model – with comprehensive coverage. The behavior of the values was as follows: in March 2023, 10,000 pesos were paid; in November 2023, 22,000 pesos; in December 2023, 27,500 pesos. In the sector they estimate that in January 2024 you will have to pay around 40,000 pesos.
Until some time ago, insurance advisor Alberto Straini recalled, all contracts were for annual coverage, meaning that the period covered was 365 days; some automatically renewed and others by agreement between the parties. That period is now subject to monthly rebilling. Thus, companies say month by month how much the fee costs.
The variation in the value of insurance depends on different factors that make up the actuarial calculation (a cost estimate). Among others, the value of spare parts, the price of supplies and the logistical cost are taken into account to be able to carry out the repair processes of a vehicle.
Straini gave as an example the virtual situation that would be experienced for the repair of a car next January in a body and paint shop in the Region.
“Naphtha increased by around 70 percent in 15 days and the value of energy is already expected to double in the first half of January. That means that a fender that had a certain cost in November or December will cost twice as much for the same job. The inputs they use are all imported and with an official dollar with a different value, all of this is going to increase. So, it is impossible for the value of the insurance to slow down,” said the producer.
The variation in the value of insurance depends on the actuarial calculation (cost estimate)
Regarding the insurance values for imported automobiles, there are no longer many possibilities for estimating costs for January. “That is difficult,” Straini stressed, “because it is a very sensitive item, since at that level everything is dollarized.”
Automobile insurance users have been suffering from permanent updates in premiums, increases that are estimated between 7 and 9 percent per month.
In this situation of the last days of the year with already large jumps in prices, for example, of fuel, and of deregulatory measures of the economy, without yet very defined values, vehicle owners think about how to tighten their belts against what that can come
To reduce expenses, one of the first resources that users resort to is to lower the level of coverage and those who pay for an all-risk service lower it, for example, to complete third-party insurance and thus, in addition to the Civil liability has some benefits against theft or partial destruction.
“People check their accounts and call us and tell us: ‘I need to spend less,’ but there is no way in this area to lower the premiums without lowering the quality of the coverage. And that is done, for example, by increasing the deductible and that means that the exposure to risk increases, to the point that if it reaches a certain value, the insurance is no longer convenient, because if there are several incidents, it already has to be done. pay the insured,” explained Straini.
Home insurance
There are also surprises with the readjustments that are made in the premiums of the policies that protect the home and its assets.
Insurance, in that case, that covers losses in a medium-category home (against fire, theft, civil liability and hail) cost 17,500 pesos in March 2023; In November it rose to 26,000 pesos; and by next March it is expected to be around 35,000 pesos.
Straini pointed out that “it must be taken into account that houses have several electronic goods, more than one television and more than one computer, and if a theft occurs and they have to be replaced, it does not cost less than 1 or 2 million pesos.”
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