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Car insurance gets considerably more expensive

Nov 04, 2016
3 min reading time

Car insurance premiums have risen sharply in one year. Young people in particular are feeling the pain. They have faced an average premium increase of €224. In fact, it's fair to say that you've already had a car insurance premium increase, or you're about to get it. However, there are options. A premium increase is a good time to compare car insurance.

As the claims burden increases and there is a lot of competition among insurers, premiums will have to rise. The reason for this is multiple. At the end of last year, the Dutch Central Bank called upon car insurers to increase the premium for third-party car insurance. Insurers were engaged in a fierce competition over the price of car insurance. Insurers had to go along with this to prevent policyholders from switching to the competition. Another factor is that damage repair is becoming increasingly expensive due to built-in techniques. When replacing a damaged mirror, the technology in the mirror must also be replaced. This makes damages more expensive to repair.

How much more expensive has car insurance become?

The big losers are young drivers. Until the end of 2015, they were already paying significantly more premiums compared to drivers aged 24 and over. The difference has now become even greater. This group of policyholders has been presented with an average car premium increase of €224. This is an increase of almost 20% compared to the end of 2015. On average, across all car insurance policies, the premium increased by €144 per year. Especially the third-party insurance has become more expensive.

What can you do against these premium increases?

If your insurer is going to increase the premium, you will be notified. You can object, but this will have no effect on the insurer's policy. Of course, you don't have to accept the increase. You can cancel the car insurance and switch to another insurer. This sounds like a lot of hassle, but it is precisely not. It is a matter of choosing another car insurance policy and canceling the old one.

Does switching make sense?

Does it make sense to switch when all insurers are raising premiums? Certainly it makes sense. This is because the premiums charged by insurers differ greatly among themselves. The most expensive insurer can charge as much as three times as much premium as the cheapest insurer. The differences in premium are often not caused by differences in coverage. In fact, the cheap insurer may even have better terms and conditions compared to more expensive insurers.

So don't just agree to a premium increase, but compare your car insurance premium with dozens of other insurers. Chances are you'll come out considerably cheaper.

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