Auto insurance seems to be reaching its ceiling. After just over a year and a half of continuous price increases, this trend is beginning to come to an end. In October, The average premium for car insurance has reached 395 euros per year according to the Check24 comparator, which makes it three consecutive months of reduction since July, the month in which it reached its maximum.
In that month, the average price was 448 euros. Compared to the same period in 2023, which was 386 euros, The increase then was 16%. Now, comparing the months of October last year and the current gap is 4.8%since an average of 377 euros was paid for a car policy.
Prices had been rising since February for six months in a row, but now they are beginning to ease. The trend of three consecutive months of falls constitutes the first time in two years that this has happened.
This Check24 analysis takes into account third-party and comprehensive policies, both with and without deductible from more than 30 insurers. According to the CEO of the comparator in Spain, Timm Sprenger, this is “a new and unprecedented scenario in the last two years” and he stated that “the increases in car insurance premiums are being left behind.”
And many insurers specialized in this field, which suffered in 2023 due to the increase in repair costs and injury rates, have recovered so far this year. For example, Línea Directa, whose main business is cars (almost 80% of its income), lost 4.4 million last year, while until September, the company recorded a profit of 41 million.
Others, like Mapfre, are still in that correction phase and announce that they will continue to raise premiums to try to remedy the losses that this branch still incurs in Iberia.
#price #automobile #insurance #reduces #growth #consecutive #month
