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The cost of compulsory motor third party liability insurance may increase by 30%: When will this happen and why
It seems that we are gradually preparing for an increase in prices for compulsory motor vehicle liability insurance. It is not for nothing that the vice president of the insurance company Renaissance, Sergey Demidov, recently stated that over the past two years, prices for spare parts for Korean and Chinese cars have increased by an average of 60%.
The logic is clear. The more expensive the parts, the more expensive the repairs and the higher the insurance premiums, so it is more expensive to have compulsory motor third party liability insurance to have enough money to cover these payments.
About a month ago, Komsomolskaya Pravda cited a forecast by the National Automobile Union that the cost of compulsory motor third party liability insurance would increase by 30% in 2025. At that time, Deputy Director of the Russian Automobile Insurance Union (RSA) Sergei Efremov admitted that growth was possible, although he doubted that it would be that strong.
“The average insurance premium may increase, but I don’t think such a sharp increase is necessary,” Efremov told kp.ru.
According to him, the average payment for insurance claims under CASCO and OSAGO increased by 10-15%, which is due to the fact that spare parts have become more expensive and the cost of repairs has increased.
- These figures are not entirely unexpected. We are already living in this reality and, strictly speaking, we do not want it to become cheaper, - said Jan Heitzer, vice-president of the National Automobile Union, on air at Radio KP.
And the insurance industry is talking about rising prices for spare parts, saying that society is preparing for an increase in the cost of compulsory motor vehicle liability insurance, the expert explained.
"It is obvious that the goal of this front man is to endlessly increase the cost of compulsory motor third party liability insurance," Heitzer said.
At the same time, he paid attention not only to the cost of spare parts, but also to the quality of the products.
"The counterfeits are catching up with us," Heizer said. "You can sell it for a low price, but that's the biggest risk.