3% increase in motor insurance rates in France

motor insuranceThe insurance aggregator Assurland.com has conducted a study on motor insurance costs in France. While it has remained the same since 2020, the average motor insurance premium has increased by 3% in 2022 to reach 630 EUR (663.648 USD). The average rate was 611 EUR (691.896 USD) in 2021.

This increase is mainly driven by a 10% rise in spare parts costs and 3.5% in repair costs.

Natural catastrophes that occurred in recent months in France have also led to the compensation of 337 000 vehicles between 18 June and 4 July 2022. As a result, French insurers have incurred losses exceeding 1 billion EUR (1.05 billion USD) due to climate-related claims.

The study also revealed that motor insurance rates vary according to the motorists' age. For instance, young drivers (18-25 years old) pay a premium of 1 255 EUR (1 322 USD), due to their lack of driving experience. This age group is the most involved in road accidents.

Rates also fluctuate depending on the region. The cheapest insurance contract can be found in Brittany, where the premium is 491 EUR (517.224 USD), as opposed to the Île de France where the average premium can reach 745 EUR (784.79 USD).

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