Car insurance: beware of hidden premium increases

CHECK24 SL

Car insurance: beware of hidden premium increases

Munich (ots)

  • Motor vehicle insurers are already issuing invoices for 2022: check quotes and compare offers
  • CHECK24’s special termination calculator helps uncover hidden premium increases
  • Euro am Sonntag: CHECK24 is the best car insurance comparison portal

Motor vehicle insurers are submitting premium bills for the coming year. Policyholders should review them carefully. Anyone who has been accident-free on the road in the last year can generally look forward to a better no-claims class (SF-class) in 2022. If nothing changes in other listing-relevant characteristics (e.g. regional or type class), the insurance quote would have to be reduced. Insurers can easily hide price increases by not lowering the premium as much as they should.

In the example, car insurance currently costs 458 euros per year. The insurer demands 446 euros next year, around three percent less. But a look at the comparative quote shows that the costs should have dropped to 413 euros.1) The insurance quote for the new car is too high by eight percent: a hidden quote increase by the insurer.

“Even with lower premiums, many customers still have significant savings potential by switching auto insurance.”says Dr. Rainer Klipp, Managing Director of Motor Vehicle Insurance at CHECK24. “Especially right now, it’s worth comparing prices from different providers. Since July, the average liability premium for switching insurance companies has dropped 16 percent.”

A hidden premium increase is not obvious to consumers at first glance. The CHECK24 special termination calculator helps to discover that price increase. Owners of vehicles with a primary expiration date of January 1 can cancel the contract as usual before the November 30 deadline. In the event of a (hidden) premium increase, policyholders have a special right of withdrawal one month from receipt of the premium bill.

EURuro on Sunday: CHECK24 is the best car insurance comparison portal

CHECK24 is the best car insurance comparison portal. This was the result of a study carried out by EURuro on Sunday together with the German Customer Institute (DKI).2) In addition to the overall victory, CHECK24 wins the price/performance subcategory by a clear margin and more than full points. On average across the 15 test profiles considered, consumers save the most on CHECK24. The portal also offers a comparison of most auto insurers and most rates.

CHECK24’s 300 experts provide advice on all aspects of car insurance

CHECK24 insurance experts will advise you personally by phone, chat or email on all matters related to motor vehicle insurance. In addition, CHECK24 customers are supported by our chatbot 24 hours a day in many matters related to the service. In your personal insurance center, customers manage their insurance contracts, regardless of who they have contracted with. You benefit from automatic price and service checks and can easily optimize your insurance coverage and save at the same time.

Comparison portals promote competition between providers: total savings of €318 million per year

Comparison sites encourage competition among auto insurance providers. Consumers saved a total of €318 million by switching in one year. This was the result of a representative study conducted by WIK-Consult, a subsidiary of the Scientific Institute for Infrastructure and Communication Services (WIK).3)

1The comparative premium shows the level to which the insurance premium would have fallen due to the better SF class in the next year (if the factors were the same). Insurers are required to include this contribution on your bill.

two)Source: EURuro am Sonntag (Issue 40/21): Policy change made easy, p. 32/33

3)WIK-Query ( https://www.wik.org/fileadmin/Studien/2018/2017_CHECK24.pdf)

About CHECK24

CHECK24 is the largest comparison portal in Germany. The free online comparison of numerous providers creates constant transparency and customers often save several hundred euros when switching. You can choose from more than 300 car insurance rates, more than 1,000 electricity providers and more than 850 gas providers, more than 300 banks and credit brokers, more than 350 telecommunications providers for DSL and mobile communications, more than 10 000 affiliated electronics, home goods and auto tire stores, 300+ car rental companies, 1,000,000+ accommodation providers, 700+ airlines and 75+ tour operators. Use of the CHECK24 comparison calculator and personal customer advice seven days a week is free for consumers. CHECK24 receives remuneration from providers.

CHECK24 supports the EU quality criteria for comparison portals

Consumer protection is the highest priority for CHECK24. Therefore, CHECK24 actively participates in the application of uniform European quality criteria for comparison portals. The EU Commission’s list of principles “Key Principles for Comparison Tools” contains nine recommendations for objectivity and transparency, which CHECK24 complies with on all points, including classifications, market coverage, currency of data, customer reviews, ease of use and customer service.

Press contact:

Florian Stark, Public Relations Manager, Tel. +49 89 2000 47 1169, [email protected]
Daniel Friedheim, Director of Public Relations, Tel. +49 89 2000 47 1170, [email protected]

Original content from: CHECK24 GmbH, transmitted by news aktuell

.

Leave your vote

Leave a Comment

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.