2023-12-21 13:03:47
Car Insurance Prices Increase in November 2023
Car insurance prices have increased in the month of November, according to a test conducted by the research and analysis department at the digital insurance agency Wobi. The insurance prices of various vehicle models have seen a significant rise, with the Nissan Qashqai becoming more expensive by about 3.7%, Skoda Octavia by about 2.5%, and Mitsubishi Outlander by about 4.3%.
On average, car insurance prices increased by 0.5% in November, with mandatory insurance prices increasing by 1.8% and the price of comprehensive insurance remaining unchanged. In addition, from the beginning of 2023, car insurance prices have risen by about 18% on average.
Compared to the month of November last year, insurance companies raised the prices of policies by an average of 26%. The increase of comprehensive insurance stood at an average of 31%, and mandatory insurance at an average of 10%.
The increase in insurance prices is attributed to a number of factors, including a rise in vehicle theft and the tightening of insurance companies’ vehicle protection requirements. Data also shows that the quarterly reports of insurance companies have played a role in influencing the prices of insurance policies.
There are significant differences in the prices of policies, coverage offered, and protection requirements among insurance companies, with Wobi’s research department performing a price comparison between the offers of 10 insurance companies. The differences in prices can add up to thousands of shekels, urging drivers to carefully compare policies before renewing car insurance.
Nadav Schreibman, director of the research and analysis department at Wobi, emphasized the importance of comparing policy terms, protection requirements, and the cost of insurance. In light of the recent price increases, drivers are advised to pay attention to the tightening of protection requirements as well as the significant price differences between insurance companies.
Overall, car insurance prices have seen a substantial increase, and it is crucial for drivers to research and compare policies to find the best options for their vehicles.
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