Motor vehicle insurance: Financial expert explains when partial and fully comprehensive insurance makes sense and which factors influence the premium.

Motor vehicle insurance: Financial expert explains when partial and fully comprehensive insurance makes sense and which factors influence the premium.

According to a report by www.24auto.de,

Motor vehicle liability insurance is mandatory, while partial and fully comprehensive insurance is optional. The article discusses when additional protection might be worthwhile.

As an experienced business professional, it is important to understand that choosing car insurance is an important financial decision for car owners. The type of insurance can have a significant impact on the market, the consumer and the insurance industry as a whole.

Comprehensive insurance offers more comprehensive protection and also covers damage to your own vehicle caused by self-inflicted accidents and vandalism. Due to the additional benefits, the premiums for fully comprehensive insurance tend to be higher than for partially comprehensive insurance. The decision as to whether fully comprehensive insurance is worthwhile often depends on the value of the vehicle.

Partial comprehensive insurance mainly covers damage caused by external influences such as fire damage, storm and hail damage, glass breakage and theft. The premium for partially comprehensive insurance is usually lower than for fully comprehensive insurance.

However, the costs of comprehensive insurance are not only influenced by the choice of insurance type. Factors such as the age of the driver, the number of kilometers driven annually, commitment to the workshop, type class, regional class and no-claims class also play a role in calculating the premium. In addition, a higher deductible can help reduce the cost of insurance by allowing the policyholder to cover part of the costs themselves in the event of damage.

Overall, the choice of car insurance should be carefully considered as it can have a significant impact on the car owner's financial health. Car owners should examine all available options and choose the insurance that best suits their individual needs and financial capabilities.