Motor vehicle insurance: Why it can be worth changing - financial expert gives tips for finding a cheaper tariff

Motor vehicle insurance: Why it can be worth changing - financial expert gives tips for finding a cheaper tariff

According to a report by www.suedkurier.de, many car insurers are planning to increase premiums. The average property damage in motor vehicle liability insurance rose from 2,400 euros in 2013 to around 3,700 euros in 2022. In addition, after the end of the corona-related mobility restrictions, the number of accidents has increased again, leading to higher damage. The Rhineland-Palatinate consumer advice center assumes surcharges in the double-digit percentage range.

Against this background, many insurers reduce prices at the end of the switching season in competition for new customers. Existing customers, on the other hand, often experience an increase in premiums in the second year of the contract, for example because improved comprehensive insurance ratings are not passed on.

The Federal Association of Consumer Organizations advises consumers to take a close look at the details of the current and possible new contract and to use several comparison portals. It is also advisable to check the offers on the websites of well-known insurers and to rely on independent test reports.

Insured persons should also check their notice period and ensure that the change modalities and discount offers of the new insurance meet their needs. Personal circumstances play a role when deciding between partial and fully comprehensive insurance.

It is important to be aware that the amount of the premium depends on various factors, including the vehicle and the registration district. It is therefore advisable to carefully examine the individual conditions and premiums of different insurers in order to make the best possible decision.

Overall, the announced premium increase may lead to an increase in insurance costs for consumers, especially for owners of vehicles with a higher risk of damage. It remains to be seen what the market reaction will be to insurers' premium increases and how consumers will respond.