Good news for drivers: car insurance prices in Budapest, Hungary have stabilized for autumn

Published: December 02 2023

In this article, we have some good news for drivers in Budapest, Hungary. The prices for car insurance have stabilized for the autumn season, bringing some relief to motorists. We will discuss the details of the price stabilization and what it means for car owners in Budapest.

The inflation rate, driven by the increase in claim payments, has had an impact on the prices of mandatory car liability insurance. Over the past year, these prices have increased by an average of 12%. However, the good news is that the price growth has almost completely halted. At the end of September, the average price for car liability insurance was 52,500 Hungarian forints. Compared to the same period in 2022, the insurer's claim expenses increased by 8%. This is a significant decrease compared to the previous quarters, which saw growth rates of 10-12%.

While the overall nationwide growth rate for car insurance prices still shows a 12% increase on an annual basis, there are some promising signs in Budapest. In the last quarter, the average price for normal passenger cars only increased by 0.8%. This is a significant slowdown compared to the previous quarters, which saw growth rates of 2.5-7.5%. The average annual price for cars at the end of the third quarter was 52,500 Hungarian forints, only about 500 forints higher than the previous quarter. There was a difference of over 26,000 forints in the average premium based on the driver's place of residence. In Budapest, the annual average premium increased by 15%, while non-Budapest contracts saw a 12% increase.

While passenger cars saw a slowdown in price growth, other vehicle categories experienced two-digit increases in premiums. Individual contracted taxis, large buses, and trucks all saw price increases. However, there was a slight decrease in premiums for fleet heavy trailers. It's important to note that these are average changes and individual contracts may vary.

If you are not satisfied with your car insurance premium or the quality of insurance services, you have the option to choose a new insurance contract on your contract anniversary. Many people have this opportunity in the last month of the year, so it's worth taking some time to compare quotes from different insurers and select the best option for you.

The stabilization of car insurance prices in Budapest brings some relief to drivers. With a slowdown in price growth for passenger cars and the availability of new insurance contracts, motorists have an opportunity to find the best insurance option for their needs.

Are car insurance prices in Budapest, Hungary stable for autumn? Yes, car insurance prices in Budapest, Hungary have stabilized for autumn.

By how much have the average car insurance prices increased in the past year in Hungary? The average car insurance prices have increased by an average of 12% in the past year in Hungary.

What is the average cost of compulsory motor vehicle liability insurance (kgfb) for personal cars at the end of September? The average cost of compulsory motor vehicle liability insurance (kgfb) for personal cars at the end of September was 52,500 Hungarian forints.

How much have the insurance payouts increased for kgfb in 2022 compared to the same period in the previous year in Hungary? The insurance payouts for kgfb have increased by 8% in 2022 compared to the same period in the previous year in Hungary.

Is there a sustained decrease in the kgfb prices in Hungary? Yes, there is a sustained decrease in kgfb prices in Hungary. The decrease is reflected in the 10% and 12% decreases observed in the previous quarters of this year.

What was the average increase in kgfb prices for normal-use passenger cars in the last quarter in Hungary? In the last quarter, the average increase in kgfb prices for normal-use passenger cars was only 0.8%, compared to 2.5% and 7.5% increases in the previous quarters.

What was the average annual fee for car insurance at the end of the third quarter in Hungary? At the end of the third quarter, the average annual fee for car insurance in Hungary was 52,500 Hungarian forints, which is about 500 forints higher than the previous quarter.

What was the difference in the average insurance fee for car owners based on their place of residence at the end of September in Hungary? At the end of September, there was a difference of over 26,000 Hungarian forints in the average insurance fee for car owners based on their place of residence in Hungary.

How much have the average fees increased for car owners in Budapest compared to non-Budapest contracts in Hungary? The average fees for car owners in Budapest have increased by 15%, while non-Budapest contracts have seen a 12% increase in Hungary.

Has the increase in car insurance prices slowed down in Budapest in the last quarter? Yes, the increase in car insurance prices has slowed down in Budapest in the last quarter.

What is the MNB's adjusted kgfb index for personal cars in Budapest in September? The MNB's adjusted kgfb index for personal cars in Budapest in September stood at 130%, which corresponds to pre-pandemic levels.

Are there significant price increases for other vehicle categories in Hungary, such as individual taxi contracts, large buses, and trucks? Yes, there are significant price increases in other vehicle categories in Hungary. Individual taxi contracts, large buses, and trucks have experienced double-digit increases in fees.