Car insurance continues to rise, price rises 12.20%

The increase in auto insurance prices continues unstoppable, inflation has impacted this financial product and at the end of November it stood at 12.20%, the highest increase reported in more than two decades, according to data from the National Consumer Price Index.

This means that people who renew their auto policy will pay more for it, or those who are going to insure themselves for the first time will pay more than what they would spend a year ago.

Car insurance prices have increased due to various factors, including inflation and shortages in spare parts as well as auto parts, which has made vehicle repairs more expensive, coupled with a higher accident rate. In addition, the increase also has to do with the fact that during the pandemic these products fell in price and by 2022 the cost of this service was adjusted.

There is more accident rate

This year the accident rate in these insurances reports an increase of 12.5%, mainly caused by the reopening of activities, which among other things has caused an increase in road accidents. In addition to this, the shortage and increase in the cost of spare parts has impacted the cost of repairing vehicles with reports of damage, so that the amounts to be paid for the reported claims have been higher, according to data from the National Insurance Commission. and Bonds.

From January to September of this year, insurers have paid 56.4 billion pesos in auto claims.

All this has caused the car segment to reflect a 72.3% drop in profits in the third quarter, compared to what was reported in 2021.

yuridia.torres@eleconomista.mx