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Drivers beware: Don't cheat on your vehicle insurance mileage!
Cheating on mileage when it comes to car insurance can have expensive consequences. Learn why it's better to be honest. Financial savings options included.
Drivers beware: Don't cheat on your vehicle insurance mileage!
Saving on car insurance can be tempting for many drivers, but some choose a dishonest route by falsifying their vehicle's actual mileage. According to Verti Versicherung AG, Germans spend an average of 250 euros per year on motor vehicle liability insurance and can quickly accumulate considerable amounts over the years. Insurance premiums depend heavily on annual mileage, as higher mileage is seen as a higher risk of accidents.
There are around 50 different factors that insurance companies consider to determine rates, with mileage being just one of them. The portal “versicherungscheck24.de” warns against cheating when specifying the number of kilometers, as this can lead to serious consequences in the event of an accident, such as the insurance company refusing to pay or high additional payments for the policyholder.
It is recommended that policyholders accurately state their estimated annual mileage by calculating the average from previous years. There are also kilometer classes that cover the range of kilometers driven, for example from less than 6,000 kilometers to over 30,000 kilometers per year. Although cheating with mileage information is not recommended, some insurance companies offer mileage-based car insurance policies that allow for reimbursement of the excess amount or additional payment.