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28th October, 2019

Drivers to pay 15% more for insurance

Insurance brokers expect an average 15% increase in compulsory vehicle insurance fees (Casco), according to spokesman Lajos Papp of the Independent Insurance Brokers Association.

Insurance rates for vehicles bought before January 1, 2010 will be released on November 2. Car owners have until December 1 to terminate their existing contracts and sign a new one before the end of the year.

The end-of-year campaign affects some 1.1 million motorists, of whom 10% generally change insurance companies.

The coverage ratio in Hungary is 20%, which is considered low by international standards.

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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