Inflation does not spare the level of premiums for those who change car insurance, even if the price increases are comparatively modest compared to the general inflation rate. And yet, if you switch, you can save quite a bit of money.
As the car insurance index of the comparison portal Verivox shows, depending on the type of insurance, people switching insurance increased by up to five percent compared to the previous year. The premium for fully comprehensive insurance in the medium price segment increases by an average of five percent. Liability tariffs are three percent more expensive and partially comprehensive tariffs by two percent compared to October 2021. Premium increases are also inevitable in the low price segment – the prices for partial and fully comprehensive insurance increase by four percent each – for liability it is two percent.
While in motor vehicle liability insurance the benefits for injured parties are decisive, in comprehensive insurance the value of the insured car plays a role, among other things.
The comparison portal expects even higher premium increases for existing customers. Because after the Corona year 2020, the mileage increased again. As a result, insurers had to settle more claims again. At the same time, inflation also makes repair costs more expensive. And despite rising premiums, policyholders can still save when switching. The difference between the middle and cheapest price segment is 26 percent on average. At 27 percent, the savings potential is greatest in fully comprehensive insurance.
“Policyholders should now compare tariffs and secure a favorable offer,” advises Wolfgang Schütz, Managing Director of Verivox Versicherungsvergleich GmbH. “Because in the current changing season, they benefit from the insurers’ competition for new customers and thus more attractive offers.” As the motor insurance index shows, the price level falls towards the end of the year after having peaked for the year in the summer.
In principle, the following applies: If the contribution to the car insurance increases as a result of the reclassification, the insured have a special right of termination. Car insurance policies usually last for a year. Unlike other insurers, car insurance offers the option of canceling with just one month’s notice to November 30th, not three months as usual. If you cancel your car insurance now, you can switch to a cheaper insurance on January 1 of the following year. Insurance companies lure new customers with sometimes significantly cheaper policies without having to cut back on insurance cover.
Verivox calculates the motor vehicle insurance index together with the statistics expert Professor Wolfgang Bischof from the Augsburg University of Applied Sciences.
