Drivers in price shock
Car insurance is becoming significantly more expensive
01:41 min
Car insurance is becoming more expensive
These savings tips help
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It will be more expensive!
Car insurance is a loss-making business. Consumers must therefore expect price increases. But with a few expert tips, you can still save money.
Insurance companies are making losses
Not only drivers, but also insurers are groaning over expensive repair costs. Last year, Insurers suffered total losses of three billion euros made, says Jörg Asmussen, General Manager of the German Insurance Association. Things are not looking any better in 2024, he says. Increased material and personnel costs, but also the increase in damage from extreme weather such as hail, are causing problems for the industry. From the insurers’ point of view, only one thing helps: You have to raise prices.
This is what consumers can do now
In the end, consumers pay. According to the comparison portal Verivox, premiums for car insurance were already 22 percent above the previous year’s levelAccording to Handelsblatt, the insurer HDI is increasing prices by as much as 70 percent. “We assume that Insurers are increasing prices for existing customers more than with tariffs for new customers,” says Michael Roloff, Managing Director of Car Insurance at the online comparison portal Check24. His advice is therefore: Compare prices and change insurance. November is a good time for this, the comparison portal writes in response to RTL’s query: Since insurance policies must be canceled by November 30th so that customers can change their insurer on January 1st, a drop in prices can be observed year after year.
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This way you can save even without switching
But even without switching, you can save money on your car insurance. Drivers should Check tariff regularly and adjust if necessary: For example, if your contract contains a mileage that is significantly higher than the distance you actually drive per year, you can save a lot of money by making the appropriate adjustments.
Michael Gebhardt from ADAC also advises drivers Ask your insurance company directly about savings opportunitiesfor example if you Car in a garage instead of parking on the street or by a so-called Telematics tariff: A small box is attached to the car, which Driving behavior analyzed. “Drivers who drive particularly defensively, carefully and considerately then benefit from discounts on their insurance rates,” says Gebhardt. However, this means revealing a lot of personal data. (iga)
