– Insurance premiums can be expensive. But often there is potential for savings. Consumers should be aware of this advice.
Consumer prices have risen. You notice it especially in the supermarket or at the gas station. The question arises: Can money be saved elsewhere instead? Yes, for example with insurance companies. If you follow a few tricks, you will drive cheaper.
Tip 1: Annual payment
You can save on insurance with just one simple step. “For example, with car insurance, it’s usually cheaper if you pay your premium once a year instead of monthly,” says Julia Alice Böhne of the Hamburg-based consumer protection organization Bund der Verversicherungten. The same generally applies to all other insurance companies.
The background: Fewer payment dates mean lower administration and personnel costs for the provider. “Then they pass these savings on to consumers in the form of discounts,” says Böhne.
Tip 2: Benefit adjustment after a change in living situation
Insurance contracts should always reflect the current life situation as far as possible. “For example, you save premiums if family members move and have private liability insurance that changes from a family rate to an individual rate,” explains Elke Weidenbach of the NRW consumer advice center in Düsseldorf.
OR: Spouses and registered life partners only need household contents insurance after moving into the shared apartment. “And a joint contract is also sufficient for personal liability insurance,” says Böhne. Therefore, it pays to select insurance contracts and take a close look at each individual policy.
Tip 3: Regular price comparison
“In the property and casualty insurance industry, contracts shouldn’t sit idle in folders for years,” advises consumer advocate Weidenbach. It is better to check contracts at regular intervals. Julia Alice Böhne also sees it this way: “Because some insurance coverage is becoming obsolete and has been cheaper and better available for a long time.”
However, when examining insurance contracts, the focus should not be on the amount of the premium, but on the insured benefits, says Böhne. In the event of damage, it is ultimately crucial that the insurance contract offers adequate protection, “and not that it is the cheapest”.
Tip 4: cancel superfluous policies
Particularly plausible: Not taking out superfluous policies in the first place or canceling them as soon as possible. From the point of view of the Federation of Insured Persons, said expendable insurance includes mobile, glasses or luggage. “They generally have a poor range of services, but they are comparatively expensive,” explains Böhne.
Tip 5: The deductible lowers premiums
The insurance premium can also be partially reduced by agreeing to a deductible. This is possible, for example, in private civil liability or all-risk motor vehicle insurance. What speaks of a deductible? “It protects against the insurer’s termination of the insurance contract in a minor case, since the insurance is only claimed for truly existential damage,” says Böhne.
Tip 6: Critically check bundle discounts
Many insurers lure them in with so-called benefit packages: they offer discounts to consumers if they take out multiple policies with them at the same time. “One insurer, for example, offers a package discount on insurance policy premiums of up to 15 percent,” explains Böhne. But even if the deals seem appealing at first glance, she should always review them carefully and only conclude if they’re not only cheap, but also offer protection that’s tailored to her individual needs.
Consumer advocate Weidenbach points out that insurers that offer different contracts are not the best insurers in all areas. “If insurance companies have very good terms in one area, it doesn’t automatically apply to others,” says Weidenbach.
Tip 7: Don’t be blinded by premium rates
Don’t conclude any so-called premium rates without a thorough examination: “Included services may exceed actual need, and need-based insurance coverage can also be purchased more cheaply,” says Böhne.
The comparisons on Stiftung Warentest help in the search for good and cheap insurance. It may also be advantageous to seek personal advice at one of the consumer advice centres.