Car Insurance Premiums Surge to Record Highs in Germany

Driven by rising repair costs, auto insurance premiums have increased by nearly 25% over the past year.

New car insurance contracts in Germany are now approximately 24% more expensive than they were a year ago, according to Verivox.
The most significant increases are seen in comprehensive coverage policies, with premiums rising by 25%.
Price hikes are attributed to escalating costs for auto parts and repair services, surpassing general inflation rates.
Industry experts predict that insurance premiums will continue to rise through 2026 as insurers aim to offset losses.
The German insurance industry is expected to face a deficit of up to two billion euros this year due to these cost increases.