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More than 1 mln renewed mandatory vehicle insurance contracts

The number of clients who purchased new mandatory vehicle insurance contracts at the end of 2011 came to 1.03 million, but only 738,000 of these clients switched insurers, fresh data from financial market regulator PSzÁF show.

About 116,00 of the new contracts concerned company fleets.

Clients who switched insurers saved 28.5% of their fee costs and are now paying 7% less than before as result of the new accident tax which insurers collect on behalf of the government. The average fee for cancelled contracts was HUF 24,987 compared to HUF 17,868 for new contracts. The difference between average fees overall was 28.8%, including those clients who took out the new policy from their former insurers.