The wave of changes in car insurance grows – Auto

The current number of auto insurance cancellations is nine percent higher than the previous year. During the annual wave of changes in November, the number of terminations rapidly increases up to eight times the annual average. This is reported by the Aboalarm cancellation service. The reason for this is that drivers can still cancel until November 30.

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

There is a reason for this: “In the competition for new customers, car insurers reduce 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 auto insurance because it’s too expensive (59 percent), as an underwriting alarm survey of more than 12,000 cancellations 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 when canceling (8 percent) than it is when buying or selling a car (6 percent).

For most customers, switching auto insurance is worth it. According to the underwriting alarm survey, the premium dropped for 52 percent of those who switched, for 45 percent the price stayed nearly the same, and only three percent paid more after switching insurance.

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

“Even if you really don’t want to change your insurer, you can strategically improve the price-performance ratio,” 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,” ​​advises Felix Riesenberg.

Customers who want to lower their insurance premiums even further can use 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 cover can be specifically supplemented by concluding 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.

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