OREANDA-NEWS  Since the beginning of 2023, Russians have become twice as likely to insure cars. This is evidenced by the research of the technology company Inssmart.

From January to September, drivers issued 267.4 thousand CTP policies. The number of completed transactions increased from 38.8 to 62.1 thousand per month. At the same time, the insurance fee increased by 20-25 percent. Since the beginning of the year, the cost has increased from 6.8 to 8.3 thousand rubles.

"A significant increase in the cost of CTP is associated with a change in the exchange rate difference (prices for spare parts and repairs have increased). Companies have been able to increase the tariff corridor, as the Central Bank expanded it last year. Many more policies are issued at the maximum rate," commented Inssmart founder and CEO Artur Kolomiets. The number of contracts concluded for voluntary CASCO insurance increased by 10 percent, to 22.1 thousand units. In January, 4.12 thousand citizens issued such policies, and in September — 4.56 thousand customers. The cost of insurance increased by 10 percent, from 71 to 79 thousand rubles. The prices for CASCO Lite insurance have not changed.

The Central Bank explained the growing popularity of car insurance by the rise in price of cars. From April to June, the volume of issued CASCO insurance increased by 58 percent year-on-year, to 2 million contracts, the regulator explained. Such demand was caused by the limited supply of cars on the market, rising prices for cars and repairs, and fears of receiving insufficient compensation under CTP policies in the event of an accident.