Car insurance is more expensive: switch smartly now and save!

Car insurance is more expensive: switch smartly now and save!

Current developments in the area of ​​motor vehicle insurance show a significant increase in premiums, which poses challenges for drivers. Ahead of the upcoming fall season, car insurance costs are rising again. Loud Picture The prices for new contracts in the cheapest segment are currently around 7% higher than in the previous year, when premiums already rose by 25%.

The fully comprehensive tariffs are particularly eye-catching, with their increase of 8% reaching the highest values ​​in the affordable range. Partial comprehensive tariffs also increase by 6%, while liability tariffs remain comparatively moderate with an increase of 5%. Aljoscha Ziller, Managing Director of Verivox, describes fully comprehensive insurance as a “problem child”, which is due to the increasing repair and spare parts costs. However, there is positive news for liability premiums: the strongest price increases here appear to be over for the time being.

Price differences and exchange options

The differences between the cheapest and the middle tariffs can sometimes be up to 52%. While some providers actively offer lower premiums, others are forced to increase their prices. The notice period for car policies runs until at least the end of November, giving drivers a short period of time to evaluate their options. It is recommended to use an insurance comparison calculator, taking into account that not all insurers are listed on comparison portals, such as the market leader HUK Coburg Verivox reported.

Few drivers also know that significant savings can be made by switching insurance. Loud Verivox You can save up to 850 euros by switching. An example of this is a Volkswagen UP! with a new value of around 16,000 euros, whose insurance costs were significantly reduced by switching from “WWK KFZ Basis with XtraSchutz” to “Verti Basis with Kasko Clever second vehicle tariff” - from 1,252.09 euros to 402.00 euros per year.

Motor vehicle insurance market in Germany

Motor vehicle insurance plays a central role in the German insurance system and is the largest division of property and casualty insurance. It includes the legally required motor vehicle liability insurance, comprehensive insurance and motor vehicle passenger accident insurance. In 2023, there were 94 companies in Germany offering motor vehicle liability insurance, with Allianz being the largest provider with around 10% of all 70.4 million motor vehicle liability contracts, according to this Statista.

The average annual premium for motor vehicle liability was around 256 euros in 2023, while partially comprehensive insurance cost around 82 euros annually and fully comprehensive insurance cost an average of 333 euros per year. This highlights the need for car owners to regularly review their options and change insurance if necessary.