2023-08-21 22:30:21
22.08.2023 – 00:30
comparis.ch AG
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Press release
Comparis analysis of the online car insurance market
17% increase in car insurance premiums, a consequence of inflation
After years of falling premiums, car insurance is becoming more expensive once more, as illustrated by the results of an analysis by Comparis. In the second quarter of 2023, the average premium was 17% higher than in the same quarter of the previous year. “This price increase is not a surprise, but it is the magnitude of the year-on-year increase that is striking,” says Andrea Auer, mobility expert at Comparis. Indeed, the motor insurance market remains highly competitive.
Zurich, August 22, 2023 – Car owners are in danger of looking gloomy: following several consecutive years of falling insurance premiums, prices are now rising once more, and in a drastic way, as an analysis of insurance premiums reveals. fully casco insurance for new customers of comparis.ch, the online comparator. In the second quarter of 2023, the average premium for various vehicle types was 17% higher than in the same quarter of the previous year, which constitutes a price difference of 142 francs. If we compare over three years, premiums are up 10%.
“This increase in car insurance prices is not a surprise, it is rather the magnitude of the increase over one year that is striking”, says Andrea Auer, mobility expert at Comparis. Indeed, the motor insurance market remains highly competitive.
Insurers cover themselves
According to the responses collected by Comparis, insurers are unanimous as to the potential reasons why premium monitoring is desirable. Many people are confronted with inflation, which is still relevant. In particular, it increases the price of spare parts or repairs. According to the Comparis consumer price index, electricity costs alone increased by 25.5% compared to the same quarter of the previous year.
“Insurers are not all affected in the same way by what is called claims cost inflation,” says Andrea Auer. It can therefore be expected that the price adjustments will also vary from provider to provider. “Price competition in the motor insurance sector is thus relaunched”, explains Andrea Auer.
In addition, insurers face higher premiums from reinsurers for coverage such as hail.
Saving potential still exists for motorists
Despite the rise in prices in recent months, the level of insurance premiums remains 4% lower than five years ago.
“If you haven’t changed car insurance for a long time, you can still benefit from lower premiums,” explains Andrea Auer. Do not hesitate to compare because the rates vary enormously from one insurer to another.
The expert expects the rise in premiums to continue in the future: “Inflation is a subject that will probably occupy us once more in the next two years. It is therefore better to count on a further increase in car insurance premiums. »
Method
For the period from January 1, 2018 to July 31, 2023, comparis.ch analyzed car insurance prices for Swiss men and women on a quarterly basis. For this purpose, only bonus offers for the VW Golf, VW Polo and Škoda Octavia were taken into account, models for which a minimum number of significant offers is established each quarter. The fact that the frequency is variable for each of these three models was also taken into account. In addition, a number of factors have been defined, such as the age of the vehicle (maximum ten years), the number of kilometers traveled (maximum 100,000 km) or the amount of the deductible for partial or complete casco (0 franc or maximum 1000 francs)
For more information :
Andrea Auer Mobility Expert Telephone: 044 360 53 91 E-Mail: media@comparis.ch comparis.ch
About comparis.ch
With more than 80 million visits per year, comparis.ch is one of the most visited websites in Switzerland. The company compares the rates and services of health insurance companies, insurance companies, banks and telecom operators. It also presents the largest online offer in Switzerland for automobiles and real estate. With its detailed comparisons and in-depth analyses, it contributes to more transparency in the market. comparis.ch thus strengthens consumer expertise in decision-making. The company was founded in 1996 by economist Richard Eisler.
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