Deadline for changing car insurance is November 30th: 88 percent know it, according to MDRfragt.

Deadline for changing car insurance is November 30th: 88 percent know it, according to MDRfragt.

According to a report from www.mdr.de from November 3, 2023, the deadline for changing your vehicle insurance is at the end of November. The General Association of Insurers (GDV) states that only around one in 20 policyholders actually changes providers. However, a survey by MDRfragt shows that 88 percent of car owners in Central Germany know the deadline. Of those surveyed, 41 percent have already compared prices, while 50 percent have not yet done so. Only seven percent plan to look for a new policy.

The low willingness to change is due to the fact that 79 percent of those surveyed feel comfortable with their current insurer. In addition, 36 percent see no possibility of saving, 24 percent are generally not willing to change and 12 percent find the effort too great. Of those surveyed, 63 percent said they had no intention of changing insurance.

It's worth checking the price of your car insurance for drivers. As a rule, insurance will be more expensive this year, by an average of 12 percent. The price increases are due to several factors, such as the increase in claims and increased repair costs due to inflation. Higher prices for spare parts, paint and wages as well as rental car costs for accident replacement cars are also cost drivers.

This information has implications for the automobile insurance market as rising prices and reluctance to switch may result in existing insurance companies increasing their profits. The low willingness to switch can also mean that competition between providers is not as strong as it could be.

For consumers, this means they should check the prices of their current car insurance to ensure they are not paying excessively high premiums. In some cases, switching insurance can result in significant savings.

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