Car insurance is becoming more expensive: switching is worth it with savings of up to 30%!

Car insurance is becoming more expensive: switching is worth it with savings of up to 30%!

Motor vehicle insurance premiums in Germany have increased significantly, both for fully comprehensive and partially comprehensive insurance. According to an analysis by the comparison portal Verivox, contributions are currently up to 16 percent higher than last year. These price adjustments are due to increased repair costs and higher loss rates.

These premium increases are urgently needed for insurers to cover rising costs. However, they come at a bad time for drivers as the cost of living is already high.

The evaluation shows that fully comprehensive insurance premiums in the affordable price segment have increased by 16 percent, partially comprehensive insurance rates by eleven percent and liability tariffs by twelve percent. In the middle price segment, premiums for fully comprehensive insurance have increased by 13 percent, for partial comprehensive insurance by eight percent and for liability by ten percent.

According to Wolfgang Schütz from Verivox, consumers can benefit from switching insurance, as insurers are also offering significantly lower prices for new customers this year in order to expand their customer base. Switching insurance can bring savings of up to 31 percent.

Source: According to a report by www.mdr.de

Analysis and Impact:

The increased vehicle insurance premiums have an impact on the market, consumers and the industry.

In the market, the higher premiums may lead to increased demand for cheaper insurance offers. Insurers that offer cheaper rates could attract new customers and expand their customer base. This could lead to increased competition among insurers and potentially lead to price competition.

For consumers, the increased premiums mean higher costs for vehicle insurance. This can increase the financial burden on drivers, especially in times of high living costs. However, changing insurance can be a possible solution to save costs.

In terms of the industry, the increased repair costs and higher claim rates indicate that there may be more motor vehicle accidents or that repair costs have increased. This could be due to various factors, such as an increase in traffic volume or greater complexity of vehicle technology.

In summary, the increased vehicle insurance premiums in Germany are having an impact on the market, consumers and the industry. Switching insurance can bring savings and increase demand for cheaper insurance offers.

Source: According to a report by www.mdr.de