Hungary sees lower car insurance premiums as used‑car market remains robust

The Hungarian National Bank’s KGFB index shows that average annual compulsory car‑insurance premiums fell 4.7% to 55,407 forints in the first quarter, while insurers’ claim payouts rose 11.8% over the same period, reflecting tighter competition and higher repair costs.

In May, the domestic used‑car market recorded a record‑high turnover, with about 84,200 passenger cars changing owners – a 6.8% year‑on‑year increase. Registrations have stayed above the 80,000‑unit mark for four consecutive months, helped by a strong exchange‑rate effect that boosted used‑car imports by nearly 20% and lifted new‑car sales by roughly 10%.

A joint KSH‑Használtautó.hu survey shows the average listing price of a used vehicle in May was 5.51 million forints, only slightly above the previous year. Gasoline and diesel models dominate the market, accounting for over 90% of listings, while hybrids and fully electric cars together represent less than 10% of the supply.