The Savings on Insurance Costs in Eldan Leasing

How to protect yourself from rising car insurance prices: Nowadays, buying a new car is no longer "just" buying a new car, it brings with it a host of "friends". 

What do we mean by friends? We come to the dealership to buy a new car with the whole family, with our best savings and loans, and we renew ourselves. It sounds so simple, but then we get home and call the insurance agency, and here the dream may turn into a nightmare and the picture changes when we discover the cost of insuring a new car - and that's a different story.

For those who follow, in recent months car insurance prices have jumped by tens of percent. In some models, it is no longer a matter of a few hundred shekels, but an increase of thousands of shekels. In extreme cases, high insurance prices constitute a significant portion of the "on the road" price of the car. Until today, we never thought about insurance prices when we went to buy a car, and now we either need to increase the loan or, in extreme cases, even give up the car.

Why have insurance prices risen so much lately? There are many reasons for this, but the main and most worrying one is the increase in car thefts. The data from car tracking companies do not lie: there are meteoric jumps in the number of car thefts, especially electric ones but not only, also off-road vehicles and other popular models. So the insurance becomes much more expensive. Beyond that, the issue of car repairs after an accident is no longer cheap: once when a car was damaged, they would replace the bumper, today this bumper has sensors, cameras, information infrastructures, which means that the parts have become very expensive, which also explains the thefts.

To check whether these amounts are really significant, we went to the website of one of the insurance companies and asked for a quote for the most popular electric car in Israel: BYD ATTO 3. The price for comprehensive + mandatory insurance is 6,720 shekels for a driver with no offenses or claims. But then we added a young driver, 18 years old. And then we discovered that the price jumped to about 11,450 shekels for the same car, but with an 18-year-old driver.

According to Galia Shimoni, Private Leasing Sales Manager at Eldan: "As is known, in our private leasing deal, insurance costs are already included, there is comprehensive coverage for the customer for all damages. Insurance costs have recently risen significantly, especially for young drivers. We offer the customer a deal that is much more economically worthwhile because our price includes treatments, maintenance, insurance, and towing. And it is even more economical for those who need insurance for a young or new driver, our price is only 169 shekels per month, which represents a very significant benefit."

If we take as an example the same popular BYD ATTO 3 in Eldan's private leasing route, we see that the initial down payment for such a car, model 2024, is 8,900 shekels. The monthly payment amount is flexible depending on the down payment amount, and the monthly price is 3,190 shekels. But these prices do not only include the price of the car: this is a price that includes treatment costs, maintenance costs, licensing costs, and most importantly: insurance. And more than that: let's not forget that we do not buy a car exactly according to the day our young driver received a license, sometimes we need to "add" them to the insurance in the middle of the period and only then be shocked by the amount of the addition. With Eldan, adding the young driver is barely noticeable in the monthly pocket. Given the small amount, maybe we can even ask the young driver to participate in the expenses.

Protect yourself from the rise in insurance prices as once said in the slogan "What is certain is insurance and what is insurance ... Eldan! Have a good trip.