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Risk of mileage cheating: consequences for motor vehicle insurance
Find out why drivers shouldn't cheat when reporting mileage on their car insurance. Saving money can prove to be an expensive mistake. An important guide for drivers.
Risk of mileage cheating: consequences for motor vehicle insurance
Drivers who cheat on their car insurance by falsifying their vehicle's mileage should urgently think again. According to “Verti Versicherung AG”, Germans spend an average of 250 euros per year on their motor vehicle liability insurance. With partial insurance, this amount increases to around 340 euros and with fully comprehensive insurance to around 565 euros. Over a period of ten years, this can quickly add up to over 5,650 euros, which can be a major burden in addition to the already high expenses for gasoline, maintenance and other costs.
The insurance premium depends heavily on how many kilometers the vehicle covers per year. Insurers assume that the risk of accidents increases as the number of kilometers increases. Some drivers may therefore be tempted to manipulate the mileage information in order to save money. However, this can have serious consequences, as the insurance company could refuse to pay in the event of an accident or demand a large additional payment from the policyholder.
It is advisable to specify the actual annual driving requirement as accurately as possible in order to be adequately covered in the event of damage. There are different mileage classes that are associated with different annual mileage. Occasional drivers should plan around 6,000 kilometers per year, commuters should plan around 12,000 kilometers. People who also go on vacation by car should add additional mileage.
Although cheating on mileage is discouraged, there are still ways to save money on car insurance. Some insurance companies offer mileage-based car insurance, where the premium is estimated at the beginning of the year and the actual mileage is reported at the end of the year. Depending on the difference, customers will receive a refund or may have to pay additional money. However, mileage-based insurance is only recommended for occasional drivers, as it becomes more expensive than conventional insurance when you drive more than 10,000 kilometers.