Huge movement and price increase is expected for Hungarian car insurances

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This year, more than one million vehicles are expected to be affected by the compulsory motor third party liability insurance (kgfb) campaign at the end of November, and the Hungarian Association of Independent Insurance Brokers (FBAMSZ) expects that up to 120,000 of them will sign kgfb contracts, MTI from his report.

In addition to movement, it can also be expected that insurers increase their premiums by 5-10 percent compared to the previous year, thus, in the case of passenger cars, the annual average fee may increase to HUF 35-40 thousand, however, the amount is still lower than in the case of bills during the year, at an average fee of around HUF 60 thousand, which is explained by the special composition of cars in the year-end campaign.

For the first of January typically take out insurance for vehicles purchased before 2010, and three-quarters of these have the most favorable, B10 bonus grade.

In Hungary, since 1 January 2010, in the case of kgfb contracts, the date of purchase is no longer the beginning of the calendar year, but the date of purchase. While previously all motorists were able to change contracts uniformly on January 1, since then, only vehicles that have not changed ownership since 2010 have been affected on that day. The proportion of kgfb contracts at the end of the year is declining year by year, but even today almost 1.1 million vehicles, including about 650,000 passenger cars, fall into this category.

Lajos Papp, President of the Automotive Section of FBAMSZ, drew attention to the fact that the expectations of the Magyar Nemzeti Bank (MNB) may appear for the first time in the tariffs announced for January 1, which would eliminate extreme charges that cannot be justified by damage statistics and curb excessive pest surcharges that empty the bonus-malus system. As a result, the premium structure of insurers may even change significantly, so this year it is definitely justified to compare the premiums of individual insurers.

Although the year-end campaign is quieter year by year due to the ever-narrowing circle of stakeholders, the expert says that due to the expected changes in the current campaign, the proportion of those who choose to switch may increase.

In 2020, insurers will also be able to announce their year-end tariffs by 2 November at the latest. The customers concerned will then be able to compare the options available on the market with the premium offered by their existing insurer, which they must receive by post or, in the case of an e-communications contract, by e-mail by 11 November. The existing contract can be terminated by midnight on 1 December at the latest, however, the deadline for selecting new insurance is 31 December.

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