With these 5 tips it is possible

five tips
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Insurance savings: 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 gone up. You notice it especially in the supermarket or at the gas station. The question arises: Can money be saved elsewhere in return? 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 Verversicherungten. The same generally applies to all other insurance companies.

The background: Fewer payment dates mean lower personnel and administration costs for the provider. “They then 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 living situation as much as possible. “For example, you save premiums if family members move and have private liability insurance that changes from a family rate to an individual rate,” explains Elke Weidenbach from the NRW consumer advice center in Düsseldorf.

Or: Spouses and registered living partners only need home contents insurance after they move into the shared apartment. “And even with personal liability insurance, a joint contract is sufficient,” says Böhne. Therefore, it is worth selecting insurance contracts and taking a close look at each individual policy.

Tip 3: Regular Rate Comparison

“In the property and liability insurance sector, contracts should not be left dormant 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 available on better terms for a long time.”

However, when checking insurance contracts, the focus should not be on the premium amount, but on the insured benefits, says Böhne. In the event of damage, ultimately, it is crucial that the insurance contract offers sufficient protection, “and not that it is the cheapest.”

Tip 4: Deductible Lowers Premiums

The insurance premium can also be partially reduced by agreeing to a deductible. This is possible, for example, in personal liability or motor vehicle insurance. What about a deductible? “It protects against termination by the insurer of the insurance contract in a minor case, since the insurance only claims for really existential damage,” says Böhne.

Tip 5: Don’t be blinded by premium rates

Do not conclude any so-called premium rates without a thorough examination: “The included services may exceed the actual need and need-based insurance coverage can also be taken out more cheaply,” says Böhne.

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 centers.

(axd/dpa)

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