Tips from the financial expert: Why it's worth changing your car insurance before November 30th

Tips from the financial expert: Why it's worth changing your car insurance before November 30th

According to a report by www.swr.de,
November 30th is an important deadline for drivers to reconsider their car insurance. Car insurance premiums are expected to rise next year due to increased workshop costs. According to Holger Rohde, scientific director of the insurance and law department at Stiftung Warentest, changing your vehicle insurance can be worthwhile. The magazine “Finanztest” has already calculated that between 500 euros and more than 800 euros can be saved annually.

As an economist, it is important to analyze how this increase in insurance premiums may affect the market and consumers. The increased workshop costs are a direct cost driver for insurance companies, which ultimately pass these costs on to consumers. This leads to increasing expenses for car owners who are already faced with other costs associated with owning and operating a vehicle.

An increase in insurance premiums can also have an impact on the competitive situation in the industry. Insurance companies that are able to keep their premiums lower could be more attractive to customers looking for savings opportunities. This could lead to increased competition, with insurance companies trying to improve their offerings to attract and retain customers.

From a consumer perspective, it is advisable to explore the possibility of switching car insurance to realize potential savings. It is important to compare different offers carefully and consider individual needs and requirements to choose the best possible option. Ultimately, switching car insurance can provide significant savings and help consumers reduce their financial burden.