The average motor third party liability insurance premium increased by 22 percent to €144 in the first ten months of 2023, the Estonian Motor Insurance Bureau (LKF) said.
The first ten months of the year saw 28,000 motor insured incidents, matching the previous year’s figure. The average damage per case is €2,100.
LKF board member Andres Pirsalu said insurance providers have different models for calculating damages.
“The price of motor insurance is not a fixed amount and depends on many factors, such as the type of vehicle, its purpose, technical specifications, traffic history of the owner and a few dozen other aspects. But the thing that most affects the insurance premium is the number. are about the insured events, extent of damage and market competition,” Pirsalu said, urging people to compare different offers before taking out an insurance policy.
The expert said annual premiums vary greatly from one year to the next. “For example, the average premium for 2018 was €142, while it fell to €102 in 2021. From there, the average began to rise again, reaching €117 by the end of October 2022 and €144 this year. “
Pirsalu said prices fell during the Covid pandemic because there were fewer accidents. “But if there are more accidents and damage now due to winter road conditions, it will impact the price level.”
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