Motor insurance rates on the rise in Turkey

According to market professionals, with a 135% increase compared to 2021, compulsory third-party liability and comprehensive motor insurance rates have beaten all records for increases in 2022.

This hike is driven by the rising price of vehicles, repair costs and spare parts, as well as the sharp depreciation of the Turkish lira.

In order to fight this upward trend, local insurers are cancelling certain services provided to customers. For instance, several insurers are now prohibiting the use of credit cards to pay premiums. The aim is to avoid the commission charges levied by credit card providers.