The compulsory vehicle insurance became more expensive on January 1, 2023.
The price increases differ from insurance company to insurance company and range from 12 to 15 percent. New prices apply to all categories of motor vehicles. The Association of Insurers of Serbia states that the new prices have been approved by the National Bank of Serbia (NBS).
The traffic safety expert, Milan Božović, says that the increase in the price of mandatory vehicle insurance will imply, in addition to additional costs for drivers, that the insurance will be able to pay them damages in proportion to the new prices of cars, spare parts, and working hours in service stations.
“With the drastic increase in the price of cars, both new and used, and the increase in the prices of spare parts, it was necessary to increase the price of insurance policies as well. If you report the damage to your insurance company and they have to calculate its amount based on the value of the car and the price of spare parts on the day of the damage, considering that the prices of the cars have gone up by 20 to 30 percent, then they will have to pay more, and in order to be able to pay more to everyone, insurers have to increase their prices”, Božović explained.
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