- 50 percent less insurance premium for pure liability instead of comprehensive insurance
- Surcharges: 217 percent for any group of drivers, 75 percent for higher mileage
- Premiums for Existing Customers Increase by More Than Ten Percent on Average – It’s Worth Switching
The price of car insurance is made up of more than 50 rate characteristics. Pure liability insurance, for example, costs on average 50 percent less than comprehensive insurance.1) If vehicle owners choose partial comprehensive insurance instead of comprehensive insurance, they pay an average 25 percent less.
Another characteristic that affects the price of car insurance is the annual mileage. Consumers who only drive 6,000 kilometers instead of 12,000 kilometers a year pay an average of twelve percent less.
“Insurers derive from accident statistics which characteristics and characteristics of the owners cause a lot of damage and which a little”, says Michael Roloff, Managing Director of Motor Vehicle Insurance at CHECK24. “Statistically speaking, what causes more accidents makes car insurance more expensive. Rate characteristics such as age, mileage and driver group have a particularly strong influence on the car premium.”
Since the various features of the rates do not have the same effect on the premium for all insurers, it is worth making a comparison. While some providers give discounts for certain features, others charge surcharges. For example, if a car is insured at 150 hp instead of 116 hp, some insurers give a ten percent discount, while others add 18 percent.
“It is important that when choosing auto insurance, consumers pay attention to personalized services and not select based on individual discounts”Michael Roloff says. “So that insurance coverage is not compromised, all information must be truthful.”
Surcharges: 217 percent for any group of drivers, 75 percent for higher mileage
Any group of drivers makes car insurance very expensive. On average, insurers add 217 percent if the pool of drivers is not restricted. The contribution also increases significantly with higher mileage. Consumers who travel 35,000 kilometers instead of 12,000 kilometers a year pay an average of 75 percent more.
The age of the insured also influences the premium: those over 75 pay an average of 68 percent more compared to 45-year-old insureds. With a significantly higher engine power of the car (290 hp instead of 116 hp), the annual fee increases by 62 percent.
Premiums for Existing Customers Increase by More Than Ten Percent on Average – It’s Worth Switching
According to a representative YouGov survey commissioned by CHECK24, 30 percent of decision makers (co-)responsible for car insurance questions are considering switching insurance. One possible reason: 41 percent of respondents believe their current car insurance is too expensive. Most of those who are willing to switch want to save money with a new insurance contract.
“Many policyholders feel that their car insurance is too expensive,” Michael Roloff says. “This sentiment is not misleading: on existing contracts, we are currently seeing strong premium increases averaging more than ten percent, so switching insurance will be worthwhile in many cases.”
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.
1) Example calculations for all available rates in the CHECK24 comparison. Profile example: Change of insurance on January 1, 2023, VW Golf VII 1.0 TSi (HSN: 0603, TSN: BVV), first registration: February 2020, purchase and owner registration: August 2020, used car, purchase in cash, use: single private (including travel), 12,000 km/year, vehicle user: policyholder (45 years old, 27-year-old driver’s license), married, employed, no points, no children in the household, no home ownership, parking: street (public), civil liability insurance (SF 20) and comprehensive insurance (SF 20) with excess of 300 euros including partial insurance with excess of 150 euros, workshop selection: all rates, annual contribution payment; 06268 Barnstaedt
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+ accommodations, 700+ airlines, 75+ package tour operators and service providers around 70 categories have the right offer for you. Use of the CHECK24 comparison calculator and personal customer advice seven days a week is free for consumers. CHECK24 receives remuneration from providers. C24 Bank also belongs to the CHECK24 Group. CHECK24 is based in Munich and is represented at 18 other locations in Germany.
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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.
Original content from: CHECK24 GmbH, transmitted by news aktuell