Despite falling inflation, life in Germany is still quite expensive. That’s why saving is still the order of the day for many people. There is an opportunity to save money not only when shopping, but also in the area of Insurance Unimagined savings potential opens up that many consumers are unaware of. If you take these simple tricks into account, you can not only find cheaper insurance, but also save several hundred euros.
Save money on insurance: rely on the annual calculation method
You can save a lot of money on insurance by paying your premiums annually instead of monthly. What many people don’t know is that partial payments make insurance more expensive because they cause additional administration costs. The following applies: the shorter the payment interval, the higher the surcharge.
For example, the insurance becomes three percent more expensive if paid every six months and even more than 10 percent more expensive if paid monthly. If you want to save hundreds of euros per year, simply change the way you pay and pay the insurance premiums once a year. This can be done by calling the insurance company or sending a written message, depending on the tariff conditions.
Cancel unnecessary policies
Hardly any other country has as many insurance policies per capita as Germany. On average, a German citizen has six insurance policies. But in most cases, so much insurance is actually not necessary. Therefore, you should not take out unnecessary insurance policies at all or cancel them immediately if they no longer fit your current life situation.
According to the Association of Insured Persons, insurance that is considered less important includes, for example, cell phone insurance, glasses insurance or luggage insurance. These are usually characterized by limited services and often incur high costs. Costs that you can save without hesitation.
Save money on insurance: Compare rates regularly
Even if you received an attractive offer when choosing your insurance, it is advisable to check your insurance contracts at regular intervals. Because some insurance services may be outdated and there may now be better offers – often even at significantly more advantageous conditions.
It may therefore be worthwhile to check other insurance providers. However, when reviewing contracts, the focus should not only be on the premiums, but above all on the insured services. In the event of damage, what ultimately matters is that the insurance you take out offers comprehensive protection and is not necessarily the cheapest. In the worst case scenario, you could even have to bear additional costs in the event of damage.
Adjustment of benefits after changes in life situation
If you want to save money on your insurance, it is important to regularly check whether your policies still fit your current life situation. For example, if your children have moved out, you can save costs by switching from family liability insurance to individual liability insurance.
If you move in with your partner, shared household contents and personal liability insurance is often sufficient. Regardless of whether you are married or not, it is worth checking your insurance contracts regularly to ensure they are up to date to save money.
Sources: nt-v.de, schmerl.versicherung and handelsblatt.com
2023-10-03 12:25:12
#tips #save #euros #insurance
