Motor insurance: premium increase in Germany

Two German insurance aggregators have reported double-digit increases in motor liability premiums in 2023.

Motor vehicle owners renewing their insurance policies in the near future will be looking at an average rate increase ranging from 11% to 13%. According to Check24, the average premium for a motor third-party liability policy cost 304 EUR (322 USD) in October.

Insurance companies are blaming this surge in rates on the constantly rising repair costs. For the record, the German Insurance Association (GDV) had predicted losses exceeding 2.5 billion EUR (2.65 billion USD) for its member companies compared to last year.