Car insurance up by 45% in March

The third-party car insurance (OC) price has gone up by 45 percent in March y/y and stood at PLN 1,054 on average, according to the mfind.pl insurance comparison website. The biggest hike was in Warsaw, were insurance prices went up by 79 percent. The most expensive insurance was in Wrocław, were drivers had to pay PLN 1,439 on average (PLN 1,312 in Warsaw). The price of the OC insurance has gone up in recent months, which even prompted the antitrust watchdog UOKiK to launch investigations whether such hikes were justified. Although UOKiK head Marek Niechciał admitted that there are a number of factors which could justify the price increase. “Insurance companies can't lose out money on these insurance policies,” Niechciał said. Experts from mfind.pl said that one of the main reason for the price increase, was the end of the price wars between insurers, that caused them huge losses. It seems that despite robust y/y growth, the prices are getting stable. Between January and March the price went up by only 2 percent.