Increase in Used Car Prices Reflected on Insurance


The prices of second-hand cars have increased significantly in the recent period. Due to this increase, it was announced that the traffic insurance fees also increased.

During the pandemic period, various problems have occurred in the automotive sector and automobile manufacturing, especially when the epidemic first started, it almost came to a standstill. Afterwards, there was a significant rise in the used car market.

Honorary President of Istanbul Insurance Agencies Association Turusan Bagci, “The price increases in the second-hand vehicle market are also reflected in the insurance prices with the multiplier effect. he said. The increase in vehicle prices increased the price of insurance pointed.

The higher the price, the higher the insurance premium.

second hand car

Turusan Bağcı, Honorary President of Istanbul Insurance Agencies Association, in his statement “As second-hand vehicle prices have increased, insurance prices indexed to it have also increased. The situation is different for new cars. The insurance premiums of new cars are lower. Insurance companies low premium for new cars gives the price. The reason is that the accident rate is very low in zero vehicles. Citizens use it much more carefully because they bought it. “ said.


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Bağcı is responsible for determining insurance prices. vehicle value list Said it was based. Honorary President, “When pricing a second-hand vehicle for insurance, the vehicle value list is taken as a basis. In other words, the market fair value is taken as a basis, and these prices constantly updated he clarified his words.

The number of people taking out insurance returns to normal

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In compensation for loss of value paid by companies to citizens, 10% increase Bağcı stated that “We can say that the number of people who took out insurance in 2021 has returned to normal compared to 2020. However, there are still cars in bed. School buses as. We see not being insured in that category. But we can say that we are back to normal in all other vehicles.” used the phrases.

Honorary President Bağcı and finally installment car insurance While adding that their sales increased a lot, “Credit card usage has increased to almost 90 percent in traffic insurance. This rate has increased very much due to the pandemic.” he said.

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