Canceling car insurance: How does it work and what should you bear in mind? Tips from financial experts.

Canceling car insurance: How does it work and what should you bear in mind? Tips from financial experts.

According to a report by www.waz.de, many drivers are once again faced with the decision of whether they should change their car insurance. The consumer advice center warns of rising contributions in 2024 and recommends changing by November 30th to save money. By switching from the most expensive to the cheapest insurance, you can sometimes save several hundred euros per year. However, it is important to pay attention not only to the price, but also to the insured services in order to avoid trouble in the event of damage.

The rising premiums result from the increase in the number of accidents and inflation, which makes repairs more expensive. According to experts, a price increase of at least ten percent can be expected. This can result in drivers having to bear higher costs. It is therefore recommended to check your own vehicle tariff in order to reduce expenses. A change can be worthwhile, especially after many years with an insurer, as new customers usually receive significantly more discounts. Nevertheless, it is advisable to ask the current provider to receive a possible discount.

When changing car insurance, it is important to correctly compare the conditions of the different providers. Comparison portals on the Internet should be used with caution as they often do not offer a complete market overview. It is advisable to ask different insurance companies directly and obtain offers in order to find the best contract. In addition, customers should take into account the insurance benefits and not just the premiums in order to be adequately covered in the event of damage.

It is important to cancel your old car insurance by November 30th at the latest in order to end the contract at the end of the year. An informal letter stating the contract number, vehicle and cancellation date is sufficient.

Overall, it is advisable to change your car insurance by November 30th in order to realize possible savings before the premiums are expected to increase in 2024.