Change by November 30th and save
Corona intensifies the yo-yo effect: car insurance is now as cheap as it was five years ago
17.11.2020 | 10:01
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Consumers currently pay an average of 268 euros for motor vehicle liability insurance. That is 20 percent less than in July (337 euros), as the comparison portal Check24 reports. Accordingly, the average motor vehicle liability premium was last at such a low level in 2015.
Some providers increase contributions before November 30th
“Every year we observe that the prices for motor vehicle insurance fall until shortly before the changeover date on November 30th,” says Tobias Stuber, Managing Director Motor Insurance at Check24. If you want to change your car insurance, you shouldn’t wait until the last moment, the experts emphasize.
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Because individual insurers increase their premiums again before November 30th. After that at the latest, prices will pick up again.
Motor insurers are paying customers back due to Corona
Stuber cites the corona crisis as one of the reasons for the price drop. “Due to exit and travel restrictions, the general volume of traffic and thus the frequency of accidents fell during the corona pandemic,” said the expert. “The insurers had to settle fewer claims and that is now having a positive effect on insurance premiums.” The regular yo-yo effect on premiums has increased again this year due to the crisis.
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In fact, many customers are getting money back from their car insurance for the past insurance year. At Allianz, for example, more than 60,000 customers have already received a refund because they drove less this year than expected, as a spokesman said when asked by the “Tagesspiegel”. “Customers who have driven less than stated at the beginning of the insurance year due to the corona will get the excess premium back.”
HUK Coburg expects “significant” repayments to customers
HUK Coburg has also announced that it will allow its customers to participate financially in possible cost savings, should the damage event remain favorable until the end of the year. “From the current perspective, this will be significant from the company’s point of view,” said a spokeswoman for the “Tagesspiegel”. The HUK is currently assuming around five percent lower claims expenditure than usual for this year.
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In principle, the motor vehicle insurance premium is of course calculated individually. The amount of the contribution depends on a number of factors. You can read more about the individual points and the current development in the following articles:
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