Car insurance: are you one of the drivers who pay the most?


(Photo credits: © Rido – stock.adobe.com)

Behind an average increase of 3% in 2023 in the car insurance premium, there are real differences. Who are these policyholders paying the high price to cover their vehicle?

Inflation invites itself in all areas, and car insurance is no exception. However, according to insurance comparator Assurland.com, the increase should be limited to 3% in 2023. A figure measured in comparison with inflation of 6.2% over a year observed in November 2022. Nevertheless, not all drivers are accommodated in the same boat, and some will experience a real explosion in prices.

A 3% increase in car insurance premiums… hiding an 18% increase

On average, the prices of car insurance contracts should increase by 3%, from 611 euros per year to 630 euros in 2023. But behind this average hides another reality: young drivers. In the same period, the average increase for drivers in the 18 to 25 age group should be… 18%! in the question? An over-representation of this population in accidents: 25% of 18-25-year-olds have reported at least one injury in the past 3 years, compared to 18%, for example, for 56-65-year-olds.

For beginners, it is a double penalty: in addition to a non-existent or almost non-existent bonus coefficient, prices will also skyrocket due to the simple increase in contributions. In 2023, they will thus have to pay just under 1,255 euros during the year, i.e. twice the average for all age categories combined.

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The prize for the most expensive car insurance premiums goes to Île-de-France

In addition to the age of the insured motorist, his place of residence also plays an important role in the amount he has to pay to his insurance company in order to drive legally. Thus, the inhabitants of Île-de-France pay an average annual contribution of 745 euros, above the national average, and much higher than the inhabitants of Brittany, the cheapest region with an average contribution of 491 euros.

Again, it is the proportion of claims recorded by insurance companies that affects the rates they charge. Accidents are less numerous in Brittany than in Île-de-France, where a 9% increase in fatal accidents was recorded between 2019 and 2021.

A favorable context for the increase in car insurance prices

The increase in car insurance premiums is also explained by the increase in vehicle repair costs. Thus, the price of labor has increased by 3.5% in 2022, while the price of spare parts has really exploded with an average increase of 10% during the year.

On the side of spare parts, inflation is not the only reason for the increase: the increasing technical nature of vehicles and their equipment makes repairs more and more expensive for insurance companies, forcing them to raise their rates. .

In addition, climatic hazards such as floods or storms are more and more frequent and intense. Damage to vehicles is therefore more frequent, resulting in increased damage and therefore a necessary transfer of repair costs to motorists. Despite the prices, drivers still remain attached to their vehicle’s cover and 55% are thus insured against all risks, the most expensive formula.

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