Motor insurance, How much does it cost?
Car insurance quotes for a 7-horse horse power petrol car (motor TPL)
in USD| TPL premium | Variation from 2004 to 2009 | Remarks | ||||
|---|---|---|---|---|---|---|
| Country | March 2010 | March 2004 | of the premium | of the $ | of the CPI 2 | |
Algeria | 27.5 | 28 | -1.78% | +1.2% | 17.96% |
|
Senegal | 135.4 | 96 | 41% | -7% | 15.22% | |
Saudi Arabia | 93.3 | 100 | -6.7% | 0% | 23.06% |
|
Lebanon | 1003 | 125 | -20% | -1.5% | 23.77% |
|
Tunisia | 1994 | 140 | 42.1% | +9.2% | 19.55% |
|
Cameroon | 156 | 164 | -4.8%% | -7% | 17.30% | |
Côte d'Ivoire | 164 | 169 | -2.9% | -7% | 22.15% |
|
Morocco | 334 | 292 | 14.3% | -4.4% | 13.66% |
|
Motor insurance tariffs: continuous disparities
The disparities that existed in 2004 within the same geographic area and for the population of comparable standard of living are still there in 2010.
In the Maghreb region, tariff gaps between Morocco and Algeria have grown between 2004 and 2010. From 1 to 10.4 in 2004, this gap has risen from 1 to 12 in 2010. The situation is even more disadvantageous for Algeria if we consider the +17.96 variation of consumer prices for the same period.
In Morocco, the tariff increase has been more or less offset by the rising cost of living. The increase in value of Moroccan dirham versus the dollar by +4.4% is also to be taken into account. In Tunisia, the introduction of a new method for the calculation of the motor premium does not allow any comparison with the 2004 period.
In Saudi Arabia, car insurance quotes have fallen between 2004 and 2010. Like in Algeria, this nominal decrease has become worse by the +23.6% inflation. In real terms, Saudis pay less for their motor insurance in 2010 than in 2004.
In sub-Saharan Africa, the picture is even more mixed. It is in Senegal that tariffs have reported the highest increase with +41%. This rise is visibly higher than the inflation rate. The CIMA zone countries are benefiting also from the decline of the American currency in relation to the CFA franc (-7%).
Rated in dollars or in CFA francs, Cameroonian and Ivorian car insurance quotes have slightly gone down between 2004 and 2010. In real terms, the fall of these quotes is clearly more consistent in these two countries.
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