You can also save on car insurance

You can also save on car insurance

Drivers feel the effects of inflation on several occasions. Smart rate adjustment helps reduce insurance costs.

By Wolfgang Mulke


3 minutes

You can save some money by insuring your car.

You can save some money by insuring your car.
© Christin Klose/dpa-tmn

Financially, motorists are currently going through a wringer from several sides. High fuel costs are just one of the factors driving the price. Replacement parts, repairs or services such as oil changes have also become massively more expensive. According to the independent consumer portal Finanztip, an oil change this year cost 25 percent more than in 2017.

Even auto insurance doesn’t know bargain prices anymore. The average annual premium is now 425 euros; after all, partial or full insurance is already included in this sum. But in the coming year another hammer threatens: according to reinsurer Munich Re, premiums must rise by ten percent just because of inflation.

Comparing the prices of the policies offered for general liability and comprehensive insurance will be one of the few ways to reduce car expenses this year. The season of change is about to begin: at the end of November, most drivers can take over better contracts at the beginning of the new year. A second possibility is the adjustment of the tariff characteristics, says Kathrin Gotthold, an expert at Finanztip. “We have identified a particular savings potential this year.”

According to Gotthold, this range is due to changing driving behavior and rising fuel prices. The waiver can affect insurance costs: if you drive less, you have to pay a lower premium. For example, if the customer estimated an annual mileage of 15,000 kilometers at the conclusion of the contract, but only drove 10,000 kilometers, he paid nine percent more liability than necessary.

Even small changes help save

Therefore, it makes sense to report a realistic value to the insurance company. “Estimate honestly, but defensively,” recommends Gotthold. Looking at the odometer reading and the insurance contract can also be worthwhile in retrospect. According to Finanztip, more and more companies grant retroactive adjustments to mileage, with the corresponding reduction in costs.

Car owners should also take a look at other rate features that can be influenced. Because even small changes quickly bring a cheaper rate. This includes, for example, the payment method. Those who have their premiums billed monthly pay nine percent more than if they billed annually. Even switching from semi-annual to annual payment saves 3 percent. Another element is the workshop connection. Getting involved means eleven percent less premium. A deductible for partially comprehensive insurance also pays off in lower costs. A franchise of 150 euros saves an average of 20 percent.

There are also significant price differences between providers. How big they are for the 2023 contribution can’t be said yet. Rates are only gradually coming onto the market. With a few entries on internet comparison portals, you can find a better deal and replace your old insurance with a new contract. This is usually possible until the end of November. Cancellation must be made in writing in any case. Depending on the contract, an email is sufficient, or it must be sent by letter.

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