The Discourse of Increase in Motor Vehicle Insurance is Misleading the Public

Atilla Benli, President of the Association of Turkish Insurers (TSB), stated that the increase in vehicle insurance costs was not due to the hikes of insurance companies, but due to the reflection of the replacement and towing costs of the increased prices on premiums.
In the statement made by the TSB, Benli's views were included in the evaluations regarding the increase in vehicle insurance costs.
  Emphasizing that Turkey is struggling with the cost of living, Benli said, "Recently, developments in inflation, changes in exchange rates, disruptions in global supply chains, increased minimum wages, and the market value of vehicles and spare parts costs will increase this situation as an increase in automobile insurance premiums," he said.
Benli pointed out that vehicle prices increased by 120 percent last year and 360 percent in the last two years, which means an increase in the value of the insured asset, and stated that automobile insurance premiums also increased depending on vehicle prices.
Benli stated that the increase in the value of the insured vehicle is guaranteed with a "fixed premium" and said:
Benli explained that insurers do not hesitate to take responsibility in the difficult days that the epidemic started: "Companies make model automobile insurance and set prices according to the amount of damage. Therefore, the sector offers prices to consumers within the framework of non-scheduled conditions, according to the insurance premium balance. Here, we see that the increase in premium levels has reached 10 percent. "These are legal premiums because of the fair value of the vehicles, not the increase in risk premiums included in the corporate premiums. The insurance sector is the only sector that does not reflect the cost to the consumer, and there are misunderstandings in the public."