What caused concern were the price increases applied to 0 km cars, which in the last two weeks have averaged 40%. insurance priceswhich also recorded significant increases.
The question motorists ask themselves is: because the insurance premium increases in greater proportion than the sum insured for the vehicle.
Gustavo Trias explains it from the Association of Insurance Companies Insurance premiums are linked to the accident rate. There the car repair value, liability coverage and repair of your customer’s car are calculated.
What’s been happening lately is this lack of spare partsdue to the inconveniences with importing, given that 80% of cars are imported, plus the increase in spare parts prices which in 2022 was 170% compared to an inflation of 94.8%, meant that the increases were strongly transferred to the fees.
“On the other hand, the sum insured of the car covered by the insurer is derived from the value of the vehicle on the road,” the manager reported.
“We’ll see increases of 20% or 25% monthly in some cases in those insurers who issue and invoice their policies monthly,” said Juan Ignacio Perucci, general manager of Cinalli Insurance Broker.
“The monthly adjustment has its positive effect in keeping the insured sum updated, which allows you to be well covered in the event of an accident, but logically it has its correlation in the increase in prices“, He admitted.
In the case of car prices, the sums insured are influenced by several aspects. The first is that the values of lThe 0km vehicles have been updated following the movements of the informal dollar. When new cars increase, used cars inevitably follow, which in many cases follows inflation, the manager said.
“Finally, the establishment of the PAIS tax applicable on foreign purchases of freight transport services (increased last week to 17.5%) directly affects the sums insured for vehicles”, explained Perucci. “For the last three months we have seen increases of between 40% and 50% on many new and used vehicles“, She said.
According to Santiago Villagra, commercial director of Banca DDN (insurance broker), the increases have been significant in recent years, but May vary from company to company, depending on the individual circumstances of each insured, he clarified.
“Usually the insured sums are updated monthly based on the Infoauto table and the companies. Currently in policies invoiced annuallythe sums have increased by more than 100%”he warned.
“We are following the trend of the sums in this type of policy that are not obsolete compared to reality. On the other hand, there are annual policies with monthly billing, where the sum insured is updated month by month,” he explained. Generally, “as the insured value increases, the premium increases,” Villagra explained.
From the evolution of the market expected in this context during 2024, Insurers agree that there will be an upward trend in insurance prices, even “higher than the value of the vehicles”, Trias said. Especially because now there are more accidents compared to before the pandemic, he adds.
Of course, everything will depend on the evolution of inflation, joint agreements, the value of the dollar and the availability of spare parts, they listed. Perucci said that he is looking forward to the new year”an update of the sums insured very similar to the last part of 2023, and an increase in insurance prices in the same direction.” Car values have been updated, on average, 20% less than the annual inflation value. “We expect the same behavior,” he said.
Source: Clarin
