The compulsory insurance campaign is in full swing - these insurers are poised for victory

Approximately 400,000 owners of passenger cars affected by the year-end campaign have until 1 December

to decide whether to switch to new compulsory insurance or continue their current contract into the following year.

The indexed premium offered by the existing insurer for the following year is a key factor in this decision. In accordance with legal requirements, policyholders with contracts expiring on 1 January should have received notification of this premium by 11 November. It is this premium that can be used to compare offers from other insurers.

"Anyone who has not received their premium notice should contact their insurer or the broker acting as an intermediary in the contract as soon as possible," advises Gábor Kozma, CEO of the brokerage firm. "However, it is important to note that those who have signed a contract with an e-communication discount should look for this document in their email inbox rather than their postbox."

Premium development may follow very different patterns in the individual fee segments. The majority of people who have switched so far have achieved significant savings of up to HUF 10,000. However, some have only achieved a minimal reduction in premiums by switching contracts, while others will have to pay more next year than this year (especially if they have caused damage in the past year). Therefore, all affected motorists are recommended to compare the offers of individual insurers during the remaining two weeks.

Of those who have switched contracts so far, nearly two-thirds have taken out new insurance with three of the dozen or so insurers offering compulsory motor vehicle liability insurance: Genertel, K&H and Signal.

The year-end KGFB campaign essentially applies to cars purchased by their current owners prior to 2010. Accordingly, the brand distribution reflects the composition of car sales at that time: 11% of the compulsory insurance policies taken out with the company as part of the campaign relate to Opel cars; 10–10% relate to Suzuki and Volkswagen cars; and 9% relate to Ford cars. The most common model years were those registered between 2003 and 2007, immediately before the 2008 financial crisis. Sixty percent of the compulsory insurance policies currently taken out relate to these five years.

Cover photo: Shutterstock