Experts expect an average increase of around 10 percent in mandatory car insurance premiums

In the information sent to MTI, the association drew attention to the fact that the 12 insurance companies concerned can announce their tariffs by November 2 at the latest, thus starting the end-of-year KGFB campaign. Affected customers can then compare the options available on the market with the premium offered by their existing insurance company, which they must receive by post by November 11, or by e-mail in the case of an e-communications contract.

It is possible to cancel the existing contract until midnight on the first of December at the latest.

The president of the motor vehicle section of the FBAMSZ pointed out that claims payments increased significantly this year, by almost 20 percent, which is why insurers cannot avoid raising premiums. Lajos Papp indicated: they expect that the level of the fee increase compared to last year's fees will be around 10 percent on average, so the average annual fee for the newly concluded year-end anniversary contracts for passenger cars will be around HUF 32-33 thousand.

Based on the experience of previous years, approximately 10 percent of those affected take advantage of the opportunity to change insurance, based on this, even in the current campaign, the number of replaced contracts may approach 100,000, he added.

In the announcement, it was highlighted that the average price at the end of the year is significantly lower than the average price of HUF 48,000-49,000 experienced in other periods of the year. The primary reason for the discrepancy is the special composition of the affected vehicle fleet. The end-of-year campaign applies to the insurance of older cars purchased before 2010, and a significant number of them have the most favorable B10 bonus level, and more favorable premium multipliers are also associated with the higher average age of the operators.

The deadline for choosing the new insurance is December 31, but according to the president of the FBAMSZ motor vehicle section, it is advisable to conclude the new mandatory motor vehicle liability insurance contract at the same time as canceling the existing contract.

Before January 1, 2010, motorists could take out compulsory insurance with a uniform anniversary date of January 1. For the contracts of motor vehicles purchased since then, the date of purchase is no longer the starting day of the calendar year, but the date of purchase, when it is possible to change the insurance company, so since 2010, the proportion of KGFB contracts at the end of the year has been decreasing year by year.

(Source: autokalauz.co.hu; MTI | Image: pixabay.com)