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BMW Car Insurance Almost Twice As Expensive As Cheapest Brand
For a BMW you pay on average twice as much premium as for the cheapest brand to insure: Citroën. This is evident from a data analysis by Independer based on millions of comparisons. The average price for car insurance has more than doubled in ten years.
In August 2015, you paid an average of €582.32 per year. In August this year, that amount is €1,186.78. The increase was greatest for young drivers. If you are between 18 and 24 years old, the average car insurance costs almost €2,000 per year. In percentage terms, young drivers are the worst off. Compared to August 2015, this group is 103 percent more expensive. The increase is less in the 55 to 64 age group. Calculations by Independer show a premium increase of almost 80 percent for this group.
“When you look at the costs of car insurance in the 18 to 24 age group, they can increase considerably,” says Menno Dijcks, car insurance expert at Independer. “That is bitter, but there is a logical explanation. You have only just got your driver’s license and have built up few to no claim-free years. As a result, you get a less premium discount. Because you also do not have much experience, the insurer considers you an extra big risk compared to an experienced driver.”
Cheapest brands
The premium increase is the result of various factors. For example, insurers are spending more money on claims. In the past four years, insurers have seen an increase every year. Car parts are becoming more advanced and expensive, such as electric cars. Replacing them costs more money. With inflation and a general increase in, for example, the price of raw materials and labor, this results in a higher premium. Premiums are also rising considerably at the brand level. Citroën drivers pay the least on average for their car insurance. The annual premium is almost €980. Compared to August 2015, they are more than 98 percent more expensive. Owners of Renault and Fiat are also relatively cheap. They transfer around €1,000 to their insurer every year.
Why so expensive?
According to Independer’s figures, BMW drivers pay the most. The average annual premium is just under €1,900. Compared to August 2015, they pay 83 percent more. “Larger and heavier cars, such as a BMW, cause more damage in a collision. In addition, replacement parts for these vehicles are also more expensive and are stolen more quickly,” says Dijcks. “Do you drive a Fiat or Renault? Then it is often a smaller vehicle that weighs less. You will see this directly reflected in the annual premium.”
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