Wave of cancellations in car insurance: Car policies are especially cheap right now

Wave of car insurance losses: Your neighbor may have already changed! Auto policies are particularly cheap right now

According to data from Aboalarm, available exclusively for FOCUS Online, this year there is a real wave of casualties in motor vehicle insurance. No wonder: On average, drivers save 27 percent by switching.

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Car insurance season is in full swing. If you want to cancel your contract yourself without giving a reason, you still have 7 days, until November 30. All drivers whose premiums are expected to rise in 2022 can still switch insurers in December, and that pays off, an Aboalaram assessment shows.

Car insurance prices are not the same throughout the year. In fact, prices drop towards the end of the year when the industry looks for new customers. Aboalarm has noted that car rates for new customers are currently lower than the previous year. One of the reasons is probably the corona pandemic, which caused the traffic volume to drop temporarily, especially during peak hours.

Those who change for the first time save several hundred euros on average

The transition season for motor vehicle insurance has accelerated since October. “Car insurers reduce prices by around four percent from August to November in order to win new customers against the competition,” explains Félix Riesenberg, press spokesman for Aboalarm. In the low-cost market segment, prices were even seven or eight percent lower than the previous year.

“By switching, you can quickly save a few hundred euros a year,” says Riesenberg. The average savings potential for switching from mandatory motor vehicle liability insurance is immense: According to Verivox calculations, customers who switch now save an average of 27 percent off their previous premium. This value is so high because customers who have never switched providers benefit the most.

One in four are looking for a new car insurance policy

Apparently these drivers have now woken up too: According to the subscription alarm, this year’s cancellation figures for October were about eleven percent higher than the same month last year. At the end of November, the number of cancellations will reach its peak, predicts Aboalarm. According to previous observations, the number of contract terminations then amounts to eight times the annual average, as shown by an evaluation of more than 250,000 terminations that has occurred through Aboalarm. The figures were accumulated from 2018 to 2020. Therefore, four out of five losses in auto insurance occur in October and November.

According to a survey by the Sirius Campus research institute, more than one in four policyholders can imagine switching auto insurance this year. There haven’t been that many in a long time.

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