Car insurance is 10% more expensive than last year in Spain: this is how you can save up to 500 euros

Motorists' wallets in Spain are taking another hit. The country's Organisation of Consumers and Users (OCU) has issued a warning about the 10 per cent increase in the price of car insurance in the last twelve months, according to CPI data published by the INE national institute of statistics.

This increase, described by the OCU as "surprising and difficult to justify", should be an incentive for policyholders to thoroughly review their current policies.

The organisation stresses that drivers have a real opportunity to save up to 500 euros per year if they take the time to compare offers between different companies.

The price differences are notable. For the same vehicle and driver profile, comprehensive insurance can range from 550 to 2,500 euros. Comprehensive with excess insurance can range from 300 to 900 euros. For extended third party cover, prices vary between 250 and 500 euros.

The OCU also offers specific advice for older vehicles, given the average age of the Spanish car is 14.5 years old. For these cars, it recommends taking out third party insurance, preferably extended, to include essential cover such as damage to windows, fire, theft or collision with animals.

Another alternative is the comprehensive insurance with excess, which allows a considerable economic reduction in exchange for assuming part of the cost in the event of a claim.

Against this backdrop of rising prices, the OCU insists on the importance of comparing and adapting the policy to the real needs of the driver and the vehicle in order to avoid overpaying.