Save money on insurance: this is how it works

five tips
Saving on insurance: this is how it works

Insurance can be expensive. However, not all protections are necessary, and savings can often be made with existing insurance policies. 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 Versicherte. The same generally applies to all other insurance companies.

The background: Fewer payment dates mean lower administrative 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, after family members have moved, premiums are saved if you switch private liability insurance 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 even with personal liability insurance, a joint contract is enough,” 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 liability insurance industry, contracts shouldn’t be left sitting 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 checking 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 sufficient protection, “and not that it is the cheapest”.

Tip 4: The deductible lowers premiums

The insurance premium can also be partially reduced by agreeing to a deductible. This is possible, for example, in personal civil liability or 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 5: Don’t be blinded by premium rates

Don’t conclude any so-called premium rates without a thorough examination: “The included services may exceed the actual need and you can also take out need-based insurance coverage 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.



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