Most drivers can cancel their car insurance at the end of the year. Image source: Audi
From tomorrow the battle for customers between motor insurers will officially begin. No vendor can afford to sit back and wait. According to the comparison portal Check24, almost one in three think about a tariff change. Verivox reports that the contribution for fully comprehensive insurance in the mid-price segment is increasing by an average of five percent.
According to Check24, consumers’ desire to change this year is 25% higher than the previous year. In 2021, nearly a quarter of respondents thought about changing their car insurance.
Analysis from the comparison portal shows that 41% of respondents consider their current insurance too expensive. 81% of those willing to change say they want to save money with a new insurance contract.
“Many policyholders feel their auto insurance is too expensive,” says Michael Roloff, chief executive of auto insurance at Check 24. so in many cases it will be worth changing insurance. “
When changing rates, most customers use comparison portals. 61% assume they will find the best deals there. 33% rely on direct contact with the insurance company and 21% on the insurance broker.
Meanwhile, competitor portal Verivox assumes that insurance exchange premiums will increase by up to five percent from the previous year, depending on the type of insurance. The comparison portal expects even higher premium increases for existing customers. With a change, according to Verivox, customers could save up to 27%.
The premium for fully comprehensive insurance in the medium price segment increases by an average of five percent, as shown by the Verivox auto insurance index. Liability rates are 3% more expensive and 2% partially inclusive rates compared to October 2021. Premium increases are inevitable even in the low price segment: Partial and full insurance prices have increased by 4% each – for civil liability is 2 percent.
“The big insurers had already announced an increase in auto insurance premiums and our auto insurance index confirms this trend,” explains Wolfgang Schütz, managing director of Verivox Versicherungsvergleich GmbH. “Price increases are still moderate for people who change insurance. We expect higher premium increases for existing customers. “
Verivox creates the Motor Insurance Index together with statistician Professor Dr. Wolfgang Bischof of the Augsburg University of Applied Sciences. The prices for the new contracts have been evaluated for drivers who change their car insurance on January 1, 2023. The evaluation period has been extended from October 1 to 10.
After the Corona year 2020, the mileage has increased again. As a result, insurers had to pay off more claims again. At the same time, inflation makes repair costs more expensive. Despite the increase in premiums, policyholders could still save when they switch, explains Verivox. The difference between the average price segment and the cheapest one is on average 26%. At 27 percent, the savings potential is greater in comprehensive insurance.
“Policyholders should now compare rates and secure a favorable offer,” advises Wolfgang Schütz. “Because in the current change of season, they benefit from competition from insurers for new customers and therefore more attractive offers.” According to the auto insurance index, the price level drops towards the end of the year after reaching an annual high in the summer.
Author: VW editorial team
