New wave of changes in auto insurance is rising

Current motor vehicle insurance termination figures are nine percent higher than the previous year. During the annual wave of changes in November, the number of layoffs rises rapidly to eight times the annual average. This is reported by the Aboalarm cancellation service. The reason for this is that motorists can give notice until November 30.

In November, for example, the volume of cancellations increased by almost 700 percent, as shown by an analysis of more than 230,000 cancellations by Aboalarm. The number of casualties in the current month is nine percent higher than that of November 2021 (from November 1 to 14).

There’s a reason for this: “In the competition for new customers, auto insurers drop their prices by around four percent from August to November,” explains Félix Riesenberg, Aboalarm’s press spokesman. Experience has shown that prices rose again in December and were higher in the summer months.

More than half of drivers cancel their car insurance because it’s too expensive (59 percent), as an underwriting alarm survey of more than 12,000 cancellers shows. With the price increase, another cost factor is the second most common reason for termination (26 percent). Dissatisfaction with customer service or service in general is less important in firing (8 percent) than it is in buying or selling a car (6 percent).

Changing car insurance is worth it for most customers. According to the underwriting alarm survey, the amount of the premium fell for 52 percent of those who switched, for 45 percent the price stayed more or less the same, and only three percent paid more after switching insurance. .

“By switching, you can quickly save a few hundred euros a year,” says Felix Riesenberg. Loyal customers who have never switched providers may benefit the most, especially since many of them are facing increased prices.

“Even if you really don’t want to change your insurer, you can improve the price-performance ratio with a strategic termination,” explains Felix Riesenberg. According to Aboalarm, the background is that providers often make attractive offers to new customers that hide their existing customers. “After termination, many insurers will contact you with a take-back offer. Otherwise, you can call and simply ask for better terms,” ​​says Felix Riesenberg.

Customers who want to lower their insurance premiums even further can take advantage of several savings options by changing rates: If the car is older, it’s usually worth switching from comprehensive to partial comprehensive insurance. A deductible, an annual contribution payment or a small group of drivers can also lead to savings.

In addition, the insurance coverage can be specifically supplemented by the conclusion of a new contract: the insurer must refrain from opposing gross negligence. High performance policies cover accidents involving all animals, as well as consequential damages from marten bites.

The article “The wave of change in motor vehicle insurance is increasing” was published on November 23, 2022 in the category News by Solveig Grewe with the keywords car insurance, consumer, cost, news, motor vehicle, survey, released.


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.