The calculations made by Rankomat show that during the first 3 months of 2023 the motor insurance market recorded another drop in prices compared to the same period last year. The average premium decreased by nearly 10%. At the same time, price reductions are not as dynamic as in previous years,

Gazeta Ubezpieczeniowa reports.

Rankomat noted that the average motor insurance prices grew dynamically in 2015-2017. The average premium started to decrease only at the end of 2017. In the first quarter of 2023, the average price of compulsory vehicle insurance amounted to PLN 490 and was 9.6% lower than in the first quarter of 2022.

"In the first three months of 2023, the average premium for compulsory vehicle insurance decreased by 1.4% compared to the previous quarter. This is rather an effect of minor price adjustments in some insurance companies than a general reduction. Policy prices have remained stable since the third quarter of last year, but the economic situation indicates a need for an upward trend. Growing inflation and the ever-increasing value of claims settled under third party liability policies will sooner or later force insurers to change their pricing policy", commented Tomasz Masajlo, President of the Management Board of Rankomat.

*EUR 1 = PLN 4.69 (01.04.2023)