Cost of car insurance rises to more than 20 per cent

As of today, it will cost more to insure a car in the future, because the cost of vehicle insurance has increased, which is one of the items that must be paid during vehicle registration.

Insurance companies have adjusted prices by about 22 per cent, meaning drivers who, for instance, paid 10,000 dinars for car insurance will now have to pay about 12,000 dinars.

The Association of Insurers told Euronews Serbia that the price increase only applies to vehicle insurance and not to other insurances such as life or real estate. The Secretary General of the Association of Insurers of Serbia, Duško Jovanović, said that the main reason for the increase in the price of vehicle third-party liability insurance is the increase in the price of spare parts, caused by inflation worldwide.

“There is also an increase in the price of transport and damage assessment services, and a significant item that has influenced the increase is the price of service centres because prices in our country have reached those in the most developed European countries. The overall situation in the automotive market negatively affects the business of insurance companies in the vehicle insurance sector. On the one hand, vehicles are becoming increasingly sophisticated and expensive, including the electric ones, which are more susceptible to damage, while on the other hand, there is a noticeable jump in the market price of used vehicles, which are the benchmark for determining vehicle damage compensation,” says Jovanović.

(Euronews, 03.08.2022)

Photo credits: Tanjug/Sava Radovanović

This post is also available in: Italiano

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