Reduce vehicle insurance costs: This is how drivers save up to 42 percent!

Reduce vehicle insurance costs: This is how drivers save up to 42 percent!

According to a report by Welt.de, car insurance costs have risen significantly for many drivers this year. In an evaluation of around 400 comprehensive insurance tariffs from 70 motor vehicle insurers, the comparison portal Verivox found that simply choosing a deductible offers an average of 28 percent savings potential and even up to 42 percent at peak. Other contract adjustments can also lead to significant cost savings. For example, a model driver from Berlin with a VW Golf VII can save an average of 450 euros per year by switching to a 300 euro deductible. A workshop commitment can lead to a price reduction potential of 36 percent, while a reduced mileage of 5,000 kilometers can offer savings of up to 16 percent. In addition, the insurance can be reduced by 6 percent if you switch from monthly to annual payment.

The rising cost of car insurance is a nuisance for drivers, but the study results show that there are ways to reduce these costs. By choosing a deductible or adjusting mileage, drivers can make significant savings. Switching from monthly to annual payment methods can also lead to a reduction in insurance costs.

As an economist, I analyze the impact of these developments on the insurance market and consumers. Rising insurance costs may force consumers to look for ways to save, which could lead to increased competition among insurance providers. Providers that offer flexible and customer-focused tariffs could gain a competitive advantage in this environment. Consumers, in turn, can benefit from a wider choice of insurance products and competitive prices.

Overall, the study shows that it may be worthwhile for consumers to review their vehicle insurance and make adjustments if necessary to save costs. With the right contract adjustments, drivers can achieve significant savings and thus alleviate the financial pressure caused by increased insurance costs.