The average premiums for mandatory liability insurance have modestly increased by 3 percent in the first nine months of this year, according to data from Netrisk. On the other hand, there is a noticeable 20 percent rise in premiums for comprehensive insurance policies.
In 2024, the average annual premium for mandatory motor vehicle liability insurance (kgfb) saw a moderate increase, staying below the rate of inflation. During this period, the average premium for policies purchased through Netrisk was 59,000 forints, compared to just under 58,000 forints in the same period of the previous year.
„This represents a less than 3 percent increase in premiums, which falls short of the 3.7 percent inflation rate in the first eight months of the year. The restrained price hike can be attributed to many drivers moving up a bonus-malus level, resulting in more favorable classification. Additionally, competition among insurers and the awareness of drivers play a significant role in this regard. Drivers are choosing the insurer offering the most favorable premium,“ said Márton Besnyő, CEO of Netrisk. He added that the number of mandatory insurance policies taken out increased significantly by 22 percent to over 478,000.
Significant premium increases are observed in comprehensive insurance policies. According to Netrisk data, the average annual premium for policies taken out between January and the end of September was close to 172,000 forints, which is 20 percent higher than the previous year.
Besnyő Márton explained that the price hike is partly due to the increase in servicing costs, but the rising prices of new cars have also contributed to the increase in comprehensive insurance premiums. For example, in August, according to official KSH data, the price of new cars was 6.6 percent higher than a year ago. Comprehensive insurance is primarily taken out for new or young, a few years old cars.
Netrisk has compiled the current average premiums for the most common car brands based on contracts signed in August. For Suzuki, the average mandatory premium is just under 48,000 forints, while their comprehensive insurance exceeds 120,000 forints. Dacia owners paid less than 48,000 forints for mandatory insurance, with comprehensive insurance below 105,000 forints. Toyota owners paid nearly 57,000 forints for mandatory insurance, with comprehensive insurance exceeding 158,000 forints. Opel and Ford had average mandatory premiums of 60,000 and 65,000 forints, with comprehensive insurance premiums of 116,000 and 166,000 forints, respectively.
The data provided by Netrisk offers valuable insights into the trends in mandatory and comprehensive car insurance premiums, highlighting the factors influencing the price changes in the industry.