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Hungarian Cars Getting Older and Older

An average Hungarian drives a 12-year-old Opel of grey or polished silver colour – a recent survey conducted by Generali PPF Holding (GPH) amongst its clients in nine Central and Eastern European (CEE) countries showed.

Based on the survey, the top list at its Hungarian subsidiary is not a surprise at all, neither in respect of compulsory motor third party liability insurance policies [Hungarian abbreviation: kgfb] nor in respect of the so called "Casco" voluntary vehicle insurance policies. As regards kgfb contracts, Opel is the leading brand with a 13-percent share, Suzuki is the second having 11 percent of the market, whereas Volkswagen is third with its 8.7-percent share. Regarding Casco policies, Suzuki overtook Opel; therefore, the order on this market is: Suzuki (15.4%), Opel (15.3%) and Ford (13%).

Apart from insured brands, no uncommon information has been revealed by the survey regarding car colours either: cars insured by Generali are mostly of grey or polished silver colour (in case of kgfb policies, their ratio is 26%; in case of Casco contracts, it is 36%). The mean age of automobiles insured by members of the GPH group in Europe is between 8 and 16 years. In Hungary, most of the insured cars are 14 years old (the ratio of this 20%). The second most substantial category is the group of 8-year-old cars with a ratio of 18%. As regards kgfb policies, the mean age of cars insured in Hungary is 12 years; while in case of Casco contracts, it is only half of that value, i.e. 6 years. In respect of colours, the most popular colours are exactly the same as about 10 years ago. The reason for this phenomenon might be that due to the crisis, many car-owners could not afford to replace their old cars with new ones. This means, in effect, that not only kgfb-insured cars but also those that also have Casco insurance policies are getting older and older. (Already, almost half of the cars with Casco insurance belong to the 6–10-year-old age group. Furthermore, grey and polished silver colour cars are the most likely to cause an accident because they are not easily spotted, they are invisible at dusk, but still, most of the cars in Hungary are of one of these colours.

In most Central and Eastern European (CEE) countries, only a small minority has additional Casco insurance; in Hungary, only 14.5%. In the Czech Republic, one car-owner in four (25%) has Casco, in Croatia, one in five (20%), in Bulgaria, only 5%, in Serbia, a mere 3%. Slovenian car-owners are at the other end of the scale: in this CEE country, almost 50% of car-owners have additional Casco insurance.

The average cost of maintaining a car in Hungary is HUF 32,921 (~EUR 115) per month. This amount includes all expenses related to car ownership, such as gasoline costs, insurance and maintenance plus eventual repairs; however, substantial differences can be observed between the expenses of Budapest-based car-owners and those that live in the countryside. Car-owners living in Budapest and those with at least a college education have more expenses - more than HUF 40 thousand per month (~EUR 140).

Source: Napi Gazdaság

Last Updated on Friday, 30 August 2013 09:11

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