How to get the cheapest car insurance on the market | The truth

These are figures collected in the 'Car insurance price index' prepared by the online savings comparator, Kelisto.es. According to its authors, this report, “is completely independent and analyzes information from more than 20 companies in the insurance market,” makes a comparison of the cheapest car insurance for an average driver profile.

In this sense, the cheapest car insurance in April 2024 is the third-party policy from Qualitas Auto (171 euros). Depending on the platform, this insurer offers a very competitive policy that includes some of the most valued coverages, such as complete travel assistance or free choice of workshop, at no additional cost.

The second cheap car insurance in the ranking is from Balumba, with a premium of 183 euros per year, followed by the basic policy from Direct Seguros, for 189 euros.

These insurers also offer extended third-party insurance, with additional coverage, such as theft, fire or broken windows, for a fee only a few euros higher.

Direct Seguros' extended third-party insurance, for example, costs 201 euros, only 12 euros more than its more basic counterpart. Kelisto also points out that some of the services it includes are optional and to contract them you have to pay extra, “so it is very important to compare not only prices, but also coverage, before opting for cheap car insurance,” he explains.

According to the platform's analysis, which shows the evolution of premium prices in the different types of policies (third party, extended third party and all risk), without evaluating coverage and services, it indicates that these data “remove any possibility of stabilization in the cost of this product, despite the signs that indicated this at the end of 2023.

Taking into account that, according to data from the employers' association Spanish Union of Insurance and Reinsurance Entities (Unespa), 79% of the country's households have a policy of this type, the extra cost of this increase for all drivers reaches 3,000 million euros.

«Despite the fact that the inflation data are better than during 2022 and 2023, Spaniards continue to suffer the consequences of the increase in the cost of such a basic product for the majority of households. During the beginning of the rise, at the beginning of 2023, policies with only essential coverage seemed safe, but now the increase in costs is spread across all modalities,” indicates the Insurance spokesperson. KelistoJavier Martínez.

The index prepared from approximately 23,000 monthly user ratings on the website comparator shows that by type, comprehensive policies are the most expensive and continue to lead the rise, with an increase of 34.48% year-on-year. during the first quarter of 2024, going from 1,995 euros in the same period of 2023, to 2,638 euros from January to March of this year.

This is followed by the extended third-party modality, with intermediate coverage, which rose 24.4% year-on-year, up to 563 euros; The most basic policies, from third parties, rose by 17.54%, so those who opt for this type of policy will pay 448 euros for the premium.

The car insurance price index also details that in the quarter-on-quarter evolution, car insurance prices have increased by 13% between January and March 2024 compared to the previous quarter (October to December 2023), going from a cost average premium from 829.51 euros to 938.49 euros.

By modalities, extended third party (11.24% increase) and all risk (11.57%) are the most expensive in the quarter-on-quarter comparison.

Regarding the month-to-month evolution, the average cost increased by 2.76% in January compared to December 2023, 3.89% in February compared to the previous month and 5.53% in March.