Published on September 14, 2023

Auto insurance: a second quarter marked by price increases

In Italy, auto insurance is becoming more expensive, and this trend is seen across the country. According to the latest report released by the Insurance Supervisory Authority (IVASS), in the second quarter of 2023, the average RC premium was 374 euros, an increase of 5.9 percent over the previous year. Influencing the trend was the growth in the frequency of claims, which was also due to the increase in traffic and the average cost of claims, which reached 5,113 euros in 2022. Also complicit in the growth of auto insurance costs is inflation. The IVASS survey also turns the spotlight on auto liability premiums by age group.

Black box for premium discounts

In southern Italy, in particular, there is evidence of growing interest among motorists in adopting a black box for their cars. This device records vehicle movements and mileage, and can be useful in reconstructing events in case of accidents or third-party damage. The provinces of Caserta (where the adoption rate is 63.5 percent) and Naples (with 51.6 percent) have the highest percentage of motorists using this technology. Other southern provinces, such as Crotone (42.1 percent), Foggia (35.3 percent) and Catanzaro (33.3 percent), also show significant use. On the other hand, black box adoption is minimal in Bolzano, where only 3.8 percent of contracts signed, in the second quarter of 2023, include its use. Even in Trento, only 7 percent of auto policies include this technology, which, once installed in the vehicle, offers information about the driver’s driving behavior in exchange for discounts on the insurance premium.

It is good to remember, however, that the black box, in addition to being effective in obtaining a reduction in the cost of the policy, is a necessary tool to achieve greater safety when driving. So much so that from July 2022 it is mandatory for newly approved cars throughout the EU. The design of a safety device that can be applied to cars is a service that Viasat (now part of Targa Telematics) has been offering for several years to its Customers with insurance black boxes or satellite anti-theft devices, guaranteeing H24 assistance in case of an accident, thanks to its Operations Center. If new cars come out with devices already in production, it is then possible to equip themselves with these ‘life-saving’ tools even in aftermarket.v

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