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24th October, 2017

Car insurance fees set to rise

Car owners can expect a slight increase in compulsory vehicle insurance fees when insurers announce their new rates on November 2, according to industry observers.

Online insurance broker Netrisk expects the average annual fee to be Ft 18,000-20,000, an 18-20% rise from last year.

Observers say 80,000-90,000 clients will change their insurer this year.

Motorists have until December 1 to cancel existing contracts and until the last day of the year to sign a new contract.

Since 2013, it is no longer compulsory for insurance companies to announce their fees. If they do not, then the old rates will remain in effect in the following year.

For cars bought after January 1, 2010, the calendar year for insurance begins on the day of purchase.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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