Insurance premiums increased by 3% in 2022

The average insurance premium cost is 630 euros in 2022, which represents an increase of about 20 euros compared to the previous year. However, significant variations exist depending on the region.

As we have seen, the global economic situation favors inflation, which has never been as high as in 2022. The war in Ukraine, and the rising energy prices due to Europe’s dependence on Russian Oil and Gas, are also causing a surge in spare parts and repair costs. The COVID-19 pandemic still has consequences, while climate change is causing a significantly increased claim rate in the automotive sector, with damage costs estimated at 1.3 billion euros in 2023.

A direct consequence for drivers is the projected significant increase in insurance premiums in 2023, a trend already observed in 2022, with an increase of about 3%, meaning an average insurance premium set at 630 euros, compared to 611 euros last year.

Read our article “How much does electric car insurance cost?”

Is Brittany a haven of savings for drivers?

Of course, this rate is just an average, and variations are significant depending on the region and the age of drivers. Notably, Brittany is the least impacted region in France in 2022, with these increases. The auto insurance policy there is the cheapest, with an average of 491 euros, while in Île-de-France, it can cost at least 745 euros!

Everyone remembers their first car insurance premium, especially young people, who pay a high price. Up to their third year of insurance, insurers apply a surcharge (100% the first year), fearing they will generate more claims due to lack of driving experience. Such that 18-25-year-olds pay an average annual premium of 1,255 euros in 2022, compared to 523 euros for those aged 46-55.

Finally, the choice of your car brand also impacts the insurance amount. It is thus known that Japanese cars, reputed for their reliability, generate the lowest premiums. Conversely, owning a Tesla, Porsche, or Maserati won’t help your expenses, even if they are hybrid or electric!

Source : Assurland.com

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