Car Insurance 10% More Expensive: How to Save Up to 500 Euros?

The wallets of Spanish motorists are facing another blow. The Organisation of Consumers and Users (OCU) has issued a warning about a 10% increase in car insurance prices over the past twelve months, according to the Consumer Price Index data published by the National Statistics Institute.

This rise, described by the OCU as "surprising and difficult to justify," should encourage policyholders to thoroughly review their current policies.

The organisation highlights that drivers have a real opportunity to save up to 500 euros annually if they take the time to compare offers from different companies.

Price differences are significant. For the same vehicle and driver profile, comprehensive insurance can range from 550 to 2,500 euros. Opting for comprehensive insurance with a deductible, the range is between 300 and 900 euros. For extended third-party coverage, prices vary between 250 and 500 euros.

The OCU also provides specific advice for older vehicles, given the average age of 14.5 years of the Spanish car fleet. For these cars, it recommends taking out third-party insurance, preferably extended, to include essential coverages such as glass damage, fire, theft, or collision with animals.

Another alternative is comprehensive insurance with a deductible, which allows for a considerable economic reduction in exchange for assuming part of the cost in the event of an accident.

In this landscape of rising prices, the OCU stresses the importance of comparing and adapting the policy to the real needs of the driver and the vehicle to avoid overpaying.