Switching Insurance: Huge Savings Potential for Drivers

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Of: Simon Mones

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New customers often get the best deals when it comes to auto insurance. Drivers can take advantage of this. However, only in a small window of time.

If you want to save on your car in the face of rising costs, the easiest way to do so is to change your car insurance. You can almost always find a cheaper rate than the one you are currently using. Now, in the fall, the hot phase begins, because November 30 is the official deadline to terminate an existing car insurance policy.

Car insurance can usually only be canceled at the end of the year. Unlike many other policies, a notice period of one month must be observed in the case of vehicle insurance. That is why November 30 is the final deadline. If there is no notice of termination before December 1, the contract is automatically extended for one more year. A termination can only take place in special cases.

Drivers can save money by switching insurance companies. (Iconic image) © CHROMORANGE/Imago

Switching Insurance: Huge Savings Potential for Drivers

The termination of the current insurance must be made in writing in any case. If you want to be sure, send the cancellation by certified mail, return receipt requested. However, before you cancel, the new car insurance should be in the towel. This must start on January 1 if you want to continue driving legally in the new year.

Before concluding a new contract, it is advisable to carefully compare the different offers. You should always compare several insurers, especially when purchasing a policy with expensive comprehensive insurance. Price differences of 50 percent and more with comparable performance are not uncommon. Comparison through online price comparison portals is particularly easy: it is better to check several at the same time.

Switching insurance: The most expensive providers are not necessarily the best

The most expensive provider is not always the best in an individual case, and the cheapest is not always the worst. The personal situation is important in the evaluation. If you park outdoors on the edge of the forest, you should think about protection against marten bites, for example. Avalanche insurance on the roof is probably wasted money in North Germany.

But there may also be differences in standard services. Cheap rates, for example, often do not protect against theft of permanently installed parts, such as the radio or navigation system. Direct insurance is usually comparatively cheap, but contact is only made by email, letter or through a direct line.

Insurance change: New rates offer savings potential for drivers

In Germany, relatively cheap motor vehicle liability insurance is required by law. Comprehensive insurance to protect against self-inflicted damage, on the other hand, is voluntary and is particularly valuable for new or expensive cars. The cheapest option is the all-risk option, which covers, among other things, repair costs in the event of glass breakage and elemental damage such as storms, hail or lightning. The more expensive comprehensive insurance also protects against vandalism, such as intentionally scratched paint.

Policyholders can also save with new rate types. Telematic rates, for example, promise savings in quotes. The insured’s driving style is recorded and the premium is adjusted accordingly. If you drive defensively, you pay less. Some insurance companies also offer a 15 percent discount on policies for dash cam users. Even those with the prospect of cheaper insurance don’t necessarily have to switch. Sometimes it is enough to present the offer to the current insurance company to receive a lower premium.

You can find even more exciting automotive topics in the free 24auto.de newsletter, which you can subscribe to right here.

By the way, anyone who misses the November 30 deadline for completion doesn’t necessarily have to wait a whole year. There are ways to get out of the contract even during the year: for example, if the insurance company increases the premium, the client has a special one-month right of termination. The reason may be the change of classifications in the regional type or class. (Holger Holzer/SP-X)

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