Changing car insurance: Save up to 85% on costs - tips from the financial expert.

Changing car insurance: Save up to 85% on costs - tips from the financial expert.

According to a report by www.swr.de, it is worthwhile for vehicle owners to think about changing or changing their vehicle insurance contract. According to a study by “Finanztip”, 85 percent of costs can be saved if the right contract is chosen. This can be done, for example, by restricting the “driver circle” or other measures.

It becomes particularly expensive when novice drivers are included in the “driver group”. In some cases, insurance including an 18-year-old driver even costs six times as much. It is therefore important to check whether it makes sense to include new drivers in your car insurance or not. A reduction in mileage also leads to cheaper insurance premiums. If drivers switch to other means of transport for certain routes and thereby drive significantly fewer kilometers per year, they can achieve premium savings of up to 20 percent or 13 percent.

According to “Finanztip”, savings of up to 85 percent are possible on vehicle insurance. For example, switching from a large, well-known insurer to a cheaper insurer for an average driver with a five-year-old Golf and driving 15,000 kilometers per year can save €283 per year. However, there are also opportunities to achieve savings within the insurance, for example by switching from monthly to annual payments (up to 90 euros in savings) or by joining a workshop (approx. 140 euros in savings). “Finanztip” also recommends natural hazard protection for people who live in areas with a risk of flooding. In many cases this does not cost extra and is becoming increasingly important due to climate change.

This information can have a significant impact on the insurance market. If consumers learn about the possible savings, this could lead to increased switching between vehicle insurance policies. Cheaper rates could increase the competitiveness of some insurance companies, while others may introduce new offerings to remain competitive.

In addition, due to the increase in natural hazards due to climate change, insurance companies could take measures to offer customers cost-effective natural hazard protection. This could lead to changes in insurance policies and premiums.

Overall, the findings from the “Finanztip” study could lead to consumers rethinking their vehicle insurance and looking for cheaper options. This could increase competition in the insurance market and lead to changes in the industry.

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