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Average motor insurance premium up 22 percent on year in Estonia

Cars.
Cars. Source: Siim Lõvi /ERR

The Estonian Motor Insurance Bureau (LKF) said that the average motor third party liability insurance premium grew by 22 percent to €144 over the first ten months of 2023.

The first ten months of the year have seen 28,000 motor insured events, which matches last year's figure. The average damage per case is €2,100.

Andres Piirsalu, member of the board of LKF, said that insurance providers have different models for calculating damage.

"The price of motor insurance is not a fixed sum and depends on several factors, such as type of vehicle, its purpose, technical specifications, the owner's traffic history and a few dozen other aspects. But the things most affecting insurance premiums are the number of insured events, the extent of damage and market competition," Piirsalu said, urging people to compare different offers before committing to an insurance policy.

The expert said that the annual premium has varied greatly from one year to the next. "For example, the average premium was €142 for 2018, while it dropped to €102 in 2021. From there, the average started going up again, hitting €117 by late October 2022 and €144 this year."

Piirsalu said that the price fell during the Covid pandemic because there were fewer crashes. "But if wintry road conditions will now result in more crashes and damage, that will in turn affect the price level."

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Editor: Barbara Oja

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