The new year brings some variations in the prices for Motor Third-Party Liability insurance

January 31, 2022

See more trends for January 2021 and January 2022 in the article*

What is the price for MTPL insurance in the first month of 2022? Who pays the cheapest and the highest price for insurance?
Which engine capacity is subject to the largest percentage change? Drivers of what age experience the highest increase in the cost of an MTPL?
What is the total increase in the cost of Motor Third-Party Liability insurance for January 2022 compared to January 2021?

The observed trends in the article are for Region 1 (Sofia) and for the following parameters:

The data observed is for two months - January 2021 and January 2022.

1. January 2022 starts with a shift in the prices of Motor Third-Party Liability insurance compared to the same month last year:



The cheapest price for which you can buy Motor Third-Party Liability insurance in 2022 is 240.46 BGN, which is 40.66 BGN more than the previous year, when the lowest price was 199.80 BGN.

The highest price for MTPL insurance in 2022 is 1 004.95 BGN, compared to 948.85 BGN in 2021 - the increase is 56.10 BGN.

You can see the deviation in the average, the lowest and the highest price for the period in the graph:



2.The premium varies according to the driver's age and the vehicle's engine capacity.

On average, the price increase for the period was 10.30%, with the largest increase recorded for:

• drivers over the age of 45 – 34.72 %;
• vehicles with engine capacity of up to 2 000 cm³ – 12.46 %.

Indicator - driver's age:

The slightest increase is for drivers up to 25 years of age - 7.13% (30.87 BGN), however, this age group usually pays higher insurance prices. Drivers under 25 are at a higher risk than drivers in other age groups as they are considered to have insufficient driving experience.

Drivers up to 45 years of age also experience a significant increase in price - 26.23% or 87.81 BGN. The BGN(lev) equivalent of the increase in the price for the age group 45+ is 89.51 BGN.



By indicator - engine capacity:

Talking about engine capacity, the highest recorded price is for vehicles with capacity up to 2 000 cm³.

Drivers with motor vehucles with such capacity will pay 347.43 BGN in January 2022 , marking an increase of 12.46% compared to January 2021, when the price was 308.93 BGN. The difference in BGN is 38.50.
The graph below illustrates the difference between the MTPL premiums for vehicles with different engine capacity and their average costs:



The smallest change is for vehicles with engine capacity up to 1,600 cm³, followed by vehicles with engine capacity up to 1,300 cm³, i.e. the difference is as follows:8.83 % or 25.03 BGN and 9.37 % or 26.06 BGN.

The price increase of MTPL insurance for the town of Sofia is 10.30%. *You can check all parameters that affect the price of MTPL, as well as its exact price for a specific vehicle, at: https://24ins.bg/en/motor-third-party-liability/.
The statistical data includes the prices of the insurance companies - Armeec, Allianz, Bul Ins, Bulstrad, Groupama, Generali, DZI, Euroins, Lev Ins, Uniqa and OZK.
The prices shown are applicable to first-time clients, as in some cases insurance companies provide discounts for renewals.

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