Insurers interviewed by the Prime agency said the increase in hull rates in the market from the start of the month ranged from 15% to 20%.
The cost of comprehensive insurance has been impacted by the increase in car prices, as the price of the policy is directly affected by the amount insured. In addition, the rate of inflation, the exchange rate (the cost of the spare part), the cost of a standard hour, the driver’s unprofitability and the region where the vehicle is registered also play a role. For break-even drivers, the changes were almost imperceptible, insurers assure.
The policy growth in the market by 15% is not the limit of the price increase, but only the beginning. Spare parts continue to rise in price and insurers are obliged to fulfill their obligations to customers.
Work is now underway to install alternative high-quality spare parts. Dealers are already ready for this as alternative spare parts are fairly standard, often made in the same factory and used by the manufacturers themselves. The Asian direction is now being developed.
Also, with the increase in the shortage, the risk of car theft especially for the dismantling of spare parts has increased. According to insurers, the most popular budget models are especially at risk.
Source: Z R